23 June, 2019
China Telecommunications Corporation’s Philippines Third Telecom License Project
Shearman & Sterling is advising China Telecommunications Corporation (CTC) on its joint venture with Udenna Corporation with respect to the joint venture’s telecommunications project in the Philippines.
In November 2018, the consortium of CTC and Udenna Corporation was declared as the winning bidder in a competitive and challenging bidding process to be the third new major player in the Philippines telecommunications industry. CTC was required to fulfill a number of commitments within a short period of time following the declaration to secure its status as the third new major player.
This deal – a nationwide greenfield telecom project in a country with a population of more than 100 million – is a very rare opportunity around the globe.
CTC is a large-scale and leading integrated information services operator, providing wireline and mobile telecommunications services, internet access services, information services and other value-added telecommunications services primarily in China.
Udenna Corporation is a Philippine holding company with interests in many industries, including petroleum, shipping and logistics, and real estate and property development.
The Shearman & Sterling team was led by partner Li Chen (Beijing/Hong Kong-Mergers & Acquisitions), with support from partners Lee Edwards (Beijing-Mergers & Acquisitions), Anna Chung (Seoul-Project Development & Finance) and Etienne Gelencser (Tokyo-Project Development & Finance); counsels Kenneth Ching (Hong Kong-Finance) and Scott Baggett (Seoul-Project Development & Finance); associates Patrick Liu (Hong Kong-Mergers & Acquisitions), Richard Ou (Shanghai-Mergers & Acquisitions), Kuinan Wei, Weina Guan (both Beijing-Mergers & Acquisitions), Claude Jiang (Shanghai-Project Development & Finance), Wang Liu (Beijing-Project Development & Finance), Jean-Louis Neves Mandelli and Anna Lam (both Singapore-Project Development & Finance).
