Diversity & Inclusion
Corporate Finance and Mergers and Acquisitions
Jonathan Stone is head of Skadden’s corporate practice in Asia excluding Japan and leader of the Hong Kong office. He represents bidders, sellers and target companies in cross-border merger and acquisition transactions, financial investors in private equity transactions, and issuers and underwriters in corporate finance transactions (including equity and high-yield debt). Mr. Stone has been named as a "leading lawyer" or "expert" for M&A and corporate finance in several publications and surveys, including Chambers Global (2004-2015), Chambers Asia-Pacific (2010-2014), Asia-Pacific Legal 500 (2003-2014), The International Who’s Who of Capital Markets Lawyers (2006-2014), AsiaLaw Profiles (2005-2014) and IFLR 1000’s Guide to the World’s Leading Financial Law Firms (2006-2013).
Mergers and Acquisitions: Mr. Stone recently represented JD.com, in its acquisition of the e-commerce businesses of Tencent Holdings Ltd. and the acquisition by Tencent of a 20 percent stake in JD.com, valued at US$5.2 billion. He also represented Ctrip.com International in its partnership with Priceline Group in which Priceline invested US$500 million in Ctrip.com; Whale Media Investments in its purchase of Forbes Media LLC; and Visteon Corporation, a manufacturer of auto parts, in the US$1.5 billion sale of its 50 percent stake in Yanfeng Visteon Automotive Trim Systems Co., Ltd. to HASCO. He also led Skadden’s representation of Celltrion GSC Co., Ltd. and Celltrion Holdings Co., Ltd. in their sale of 4.42 million shares of Celltrion, Inc. to an affiliate of Temasek Holdings for US$129 million; Adrian Zecha in the US$358 million sale of Silverlink Resorts Ltd, the owner of the Aman resorts hotel chain, to a joint venture between Peak Hotels & Resorts Group Ltd and Adrian Zecha; and PT Indosat Tbk. in its sale and leaseback of 2,500 towers to PT Tower Bersama Infrastructure Tbk for a total potential consideration of US$519 million. The transaction is the largest tower sale and leaseback transaction to date in Indonesia. He led Skadden’s representation of Citigroup Inc. in connection with its sale of Citibank Savings Inc. to BDO Unibank Inc., the Philippines’ largest lender; American Express in its strategic partnership with, and minority investment in, Lianlian Group, a payment services provider in China; Meadville Holdings Ltd. in its business combination with Nasdaq-listed TTM Technologies Ltd. and the sale of its laminates business to its controlling shareholder for US$860 million; and Vanship Holdings Ltd. in its US$576 million sale of six VLCC-owning companies to Navios Maritime Acquisition Corporation. He represented CRIC Holdings Ltd. in its US$770 million acquisition of China Online Housing Technology Corporation from Sina Corporation; CME Group Inc. in its strategic alliance with, and acquisition of, 25 percent of Bursa Malaysia Derivatives Berhad; Maybank in the U.S. aspects of its US$1.4 billion acquisition of Kim Eng Securities; ASAT Holdings Ltd. in its financial restructuring and sale of its operations; Nomura Holdings Inc. in its acquisition of the Indian outsourcing subsidiaries of Lehman Brothers; Yahoo! in its acquisition of Monday Technology Co. Ltd. of Taiwan; and Citibank N.A. in its US$427 million acquisition of Bank of Overseas Chinese. Mr. Stone represented Ashmore in its US$402 million acquisition of Asian Netcom Corporation Ltd. and East Asia Networks Ltd.; and Telekom Malaysia Berhad in its US$1 billion acquisition of Indonesian wireless operator PT Excelcomindo Pratama. Mr. Stone represented PT Telkom in a series of acquisition and sale transactions valued at more than US$1.5 billion as well as in its US$360 million acquisition, related US$280 million debt restructuring and settlement of US$1.5 billion of arbitration claims of PT AriaWest International.
Mr. Stone represented Korea Deposit Insurance Corporation in its US$686 million sale of 51 percent of Korea Life Insurance Co. Ltd.; Korea Electric Power Corporation (KEPCO) in its US$682 million sale of 45.5 percent of Powercomm Corporation; and Lone Star Funds in its US$1.2 billion acquisition of Korea Exchange Bank. He also represented Citibank N.A. in several proposed acquisitions in Korea and Taiwan and in the divestment of its stake in Fubon Financial Holdings Ltd. He represented Citigroup Inc. as financial advisor to PetroChina in its US$750 million 13e-3 going-private tender offer for Jilin Chemical Industrial Company Ltd. and to ASE Inc. in its US$784 million acquisition by scheme of arrangement of ASE Test Ltd. and 13e-3 going-private transactions.
Corporate Finance: Mr. Stone has represented the issuer or underwriters in numerous corporate finance transactions, including the following:
U.S.-registered offerings: MOL Global’s US$164 million initial public offering and NASDAQ listing; JD.com’s US$2.05 billion IPO and Nasdaq listing, and US$1.33 billion concurrent placement of Class A ordinary shares to Tencent; Melco Crown Entertainment (Macau) Ltd.’s US$1.3 billion IPO and Nasdaq listing, US$581 million follow-on registered offering, US$190 million shelf-registration and take-down offering, and US$230 million take-down offering; 7-Days Inn Corporation’s US$220 million IPO and Nasdaq listing; Agria Corporation’s US$283 million IPO and NYSE listing; Korea Telecom’s US$2.2 billion registered ADR offering on the NYSE; priceline.com’s US$160 million IPO on Nasdaq and US$346 million follow-on offering; Vipshop Holdings’ US$163 million follow-on offering of ADRs; and U.S registered offerings for Internet Gold-Golden Lines Ltd., Sunday Communications, Rediff.com India Ltd., American Express Credit Corporation and United Rentals.
High-yield debt offerings: Honghua Group’s US$200 million offering of 7.45% senior notes due 2019; Modernland’s US$190 million offering of senior notes due 2019 (including an exchange offer and consent solicitation) and US$150 million offering of senior notes due 2016; First Gen Corp’s US$250 million offering of senior notes and US$50 million follow-on ‘tap’; China Automation Group Ltd.’s US$200 million offering of senior notes; Mingfa Group’s US$100 million offering of senior notes; First Gen Corp’s US$300 million notes offerings and numerous other high-yield debt offerings, including for Energy Development Corporation, Bakrie Telecom, Coastal Greenland, PT Excelcomindo, Philippines Long Distance Telephone Company, ASAT Holdings Ltd. and United Rentals, Inc.
Other debt offerings: Numerous convertible notes offerings, including for E-house, Tal Education, Vipshop Holdings Ltd., YY Inc., PT Medco Energi, Mahavir Spinning Ltd., Ashok Leyland Ltd., 3i Infotech, Jain Irrigation and SK Corporation; Melco Crown Entertainment’s RMB 2.3 billion offering of bonds; and several notes offerings for Baidu Inc. totaling US$3.5 billion.
IPOs and follow-on offerings with 144A/Regulation S tranche: Melco Crown (Philippines) Resorts Corporation’s US$337 million follow-on offering; Melco Crown Entertainment’s HKSE listing; PT Garuda Indonesia’s US$529 million IPO; Axiata and XL Axiata in a US$600 million offering of XL shares; First Gen Corp’s US$163 million IPO and US$300 million rights offering; Tower Bersama’s US$232 million IPO; Nickel Asia’s US$106 million IPO; Ascott REIT Ltd.’s US$400 million placement; Jaypee Infratech’s US$500 million IPO; Vista Land’s US$464 million IPO; Aboitiz Power’s US$218 million IPO; Alliance Global’s US$445 million equity offering; GMR’s US$172 million IPO, Lanco’s US$237 million IPO and Thai Oil’s US$778 million IPO.
Prior to moving to Hong Kong, Mr. Stone was based in Skadden’s New York office.
LL.B. (Honors), University of Auckland, 1990 (Senior Prize in Law)
B. Com., University of Auckland, 1990
Member of the Advisory Board of the Auckland University Law Review (2006-Present)