Simpson Thacher Represents Focus Media in $325 Million Acquisition of Target Media
01.19.06
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Simpson Thacher is representing Focus Media Holding Limited (Nasdaq: FMCN) in its announced merger with Target Media Holdings Limited. The transaction is one of the first, private sector mergers between two Chinese companies, each of which has U.S. backing. Under the terms of the share purchase agreement, shareholders of Target Media will receive $94 million in cash and 77 million ordinary shares of Focus Media. The transaction is expected to be completed in the first quarter of 2006.
Focus Media operates the largest out-of-home advertising network in China using audiovisual flat-panel displays based on the number of locations and displays in its network. Over 1,200 international and domestic advertisers had placed advertisements through its networks as of September 30, 2005. Target Media is one of the largest out-of-home flat panel display advertising network operators in China in terms of number of locations and number of flat-panel displays in its network. Both companies are based in Shanghai.
The Simpson Thacher team includes Chris Lin, Adam Furber, Anthony Choi, Daniel Fertig and Zhangming Pan in the Hong Kong office, and Patrick Naughton (M&A) and Thomas Gray (Tax) in the New York office.