Ant Financial to Enter Into Joint Venture With CIMB’s Subsidiary Touch ‘n Go in Malaysia
08.01.17
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The Firm is representing Ant Financial Services Group in connection with its entry into an equity joint venture with CIMB Group Holdings Berhad’s subsidiary, Touch ‘n Go Sdn Bhd (“TNG”), in Malaysia. TNG will be the majority shareholder in the new joint venture entity and Ant Financial will be a minority shareholder.
Currently, millions of users across Malaysia use Touch ‘n Go cards daily for electronic payment purposes at toll roads, public transportation systems, parking and retail outlets. The capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services. This is Ant Financial’s first investment in Malaysia. This transaction is subject to closing conditions and the required regulatory approvals.
The Simpson Thacher team includes Ian Ho, Erik Wang and Olivia Tang (M&A); and Étienne Renaudeau and Mathieu Coquelet Ruiz (Antitrust).