LI KA-SHING’S CK Hutchison Holdings has hired law firm Paul Hastings to work on the blockbuster sale of its ports business, a major win for an adviser that rarely cracks the top of M&A league tables, according to people familiar with the matter.
The decision marked a shift for CK Hutchison – the Hong Kong conglomerate has worked on many of its deals with law firms such as Freshfields and Linklaters before.
CK Hutchison this week announced the US$19 billion sale of the bulk of its ports, including in Panama, to a consortium led by BlackRock, marking one of the biggest acquisitions of the year.
Paul Hastings ranks 30th in the global rankings for deals, according to data compiled by Bloomberg. Founded in 1951, Paul Hastings has a presence in Asia, Europe, Latin America and the US, according to its website.
Weil, Gotshal & Manges provided legal advice to the BlackRock consortium, the people said, asking not to be identified because the matter is private.
Other law firms are likely to join and work for CK Hutchison or the acquiring consortium as they move towards a definitive agreement, the people said.
Representatives for Paul Hastings, Weil, Gotshal & Manges and CK Hutchison did not respond to requests seeking comment.
Along with the law firms, one of the biggest infrastructure deals in recent years has a clear winner on Wall Street: Goldman Sachs Group, Bloomberg News has reported. BLOOMBERG
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