Perfect World Announces Going-Private Transaction

Skadden acted as U.S. legal adviser to the special committee of independent directors of China-based online game developer and operator Perfect World Co., Ltd. (NASDAQ: PWRD) in the company's going-private acquisition by Perfect Peony Holding Co. Ltd., owned by Perfect World founder and board chairman Michael Yufeng Chi, and Perfect World Merger Company Limited, a wholly owned subsidiary of Perfect Peony. The transaction, which values the company at approximately $1 billion, was announced April 26.