The $150 million (€130 million) acquisition of Fortune media brand by Fortune Group Holdings was advised by global law firm Dechert LLP. It was purchased from Meredith Corporation Limited.
The sale is expected to go through in 2018 subject to regulatory approvals and customary purchase price adjustments. Fortune Group Holdings Limited is owned entirely by Chatchaval Jiaravanon.
Jiaravanon is looking to ramp up investments in Fortune’s digital capabilities and is aiming to expand the brand to provide premium business content.
The Dechert team working on behalf of Chatchaval Jiaravanon was led by Hong Kong-based corporate partner David Cho and national partner Yang Wang and involved cross-border efforts in the US and Germany.
Cho said: “The acquisition exemplifies the current appetite for outbound investment in the media industry from Asian investors.”
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