HONG KONG, November 15, 2018 – Dechert LLP advised Fortune Group Holdings Limited, wholly owned by Chatchaval Jiaravanon, on the purchase of FORTUNE media brand for US$150 million from Meredith Corporation Limited. The acquisition is subject to regulatory approvals and customary purchase price adjustments, and is expected to close in 2018.
Mr. Chatchaval will own FORTUNE as a personal private investment independent of his family’s business, the Charoen Pokphand Group. He plans to increase investments in FORTUNE’s digital capabilities and looks to expand the brand as part of a strategy to become the premium business content provider worldwide.
The Dechert team working on behalf of Chatchaval Jiaravanon was led by Hong Kong-based corporate partner David Cho and national partner Yang Wang. The cross-border team included Philadelphia-based partner Thomas K. Johnson II (Labor), Frankfurt-based partner Clemens York (Antitrust/Competition), New York-based partner Joshua H. Rawson (Intellectual Property) and New York-based partner Joshua Y. Milgrim (Tax). Additional team members included counsel Spencer Park (Corporate), associates Iris Park (Corporate), Beverly J. Ang (Antitrust/Competition), Thomas J. Miller (Antitrust/Competition) and Michael Okkonen (Antitrust/Competition).
Commenting on the acquisition, David said, “The acquisition exemplifies the current appetite for outbound investment in the media industry from Asian investors. Our work on the transaction demonstrates Dechert’s expertise on cross-border M&A transactions and our detailed understanding of the telecommunications, media and technology sector.” Yang added, “The acquisition is a great example of our team’s ability to serve Asian clients in cross-border transactions, supported by Dechert’s integrated pool of experts around the world.”
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