Freshfields Bruckhaus Deringer has advised Hutchison Whampoa on the settlement of its dispute with KPN Mobile, which has resulted in Hutchison buying back its share in the two companies’ joint venture 3 at a 90 per cent discount.
Allen & Overy advised KPN Mobile in 2000, when it bought its stake in 3 for £900m and advised the mobile operator on the settlement, which has seen its stake sold back to Hutchison Whampoa for just £90m.
In August 2000, KPN announced that it was willing to sell its stake, but the threat of the impending trial has focused minds and forced the sale.
The two companies have been embroiled in litigation since March this year when 3 sought £1bn from its parents – Hutchison Whampoa, KPN Mobile and NTT DoCoMo – to extend banking loans.
Freshfields partner Christopher Pugh instructed One Essex Court’s Lord Grabiner QC. Neil Radford provided Hutchison Whampoa with corporate advice. Allen & Overy partner Jonathan Hitchin instructed Stephen Moriarty QC of Fountain Court Chambers.