International law firm Freshfields Bruckhaus Deringer has advised Hong Kong conglomerate Hutchison Whampoa on the establishment of a strategic alliance between its subsidiary A.S. Watson Holdings (AS Watson) and Temasek.
The alliance has been formed by Temasek taking up an indirect equity interest of 24.95% in AS Watson for approximately US$5.6bn.
AS Watson is the largest international health and beauty retailer in Asia and Europe, with more than 10,500 stores operating more than a dozen brands – including prominent Hong Kong retail brands PARKnSHOP, Fortress, and Watsons pharmacies. In the UK and Europe, AS Watson brand portfolio includes the Superdrug and Savers retail chains.
Freshfields advised Hutchison Whampoa throughout the strategic review of AS Watson, as well as the resulting transaction and strategic alliance with Temasek.
The Freshfields team was led by Hong Kong corporate partners Robert Ashworth and Simon Weller.
