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 (2004-2018), Chambers Asia-Pacific (2010-2018), Asia-Pacific Legal 500 (2003-2017), The International Who’s Who of Capital Markets Lawyers (2011-2014), AsiaLaw Profiles (2005-2014) and IFLR 1000’s Guide to the World’s Leading Financial Law Firms (2006-2017).
Chambers Asia Pacific has named Mr. Stone a leading lawyer for many years in corporate / M&A, private equity, equity capital markets, debt capital markets and high-yield products. The publication quoted a client as saying “It’s rare to have someone who can smoothly integrate M&A, litigation, corporate restructuring and all the IPO issues — but he’s able to deliver in every jurisdiction.”
Mergers and Acquisitions
Mr. Stone has led numerous M&A and private equity matters around the Asia Pacific region. Clients were quoted in Chambers Asia Pacific 2017 as stating that Mr. Stone is “an extremely smart guy,” with one singling him out as “one of the best negotiators I’ve met.” Clients also commented that he has “strong commercial instincts and is a creative lawyer” with “great technical skill.” Some of his recent M&A experience includes advising:
- Equis Funds in its US$5 billion sale of Equis Energy to Global Infrastructure Partners, the largest renewable energy acquisition in history.
- MassMutual International in its US$1.7 billion sale of MassMutual Asia to an investor group led by Yunfeng Financial Group.
- Auchan Retail S.A. in Alibaba’s US$2.88 billion investment in Auchan’s Hong Kong-listed subsidiary Sun Art Retail Group Ltd, and a strategic alliance between Auchan, Alibaba and Ruentex Group.
- Citigroup in its US$3 billion sale of a 20 percent stake in China Guangfa Bank to China Life Insurance.
- First Gen Corp. in Philippines Renewable Energy’s US$1.3 billion tender offer to acquire up to 32 percent of Energy Development Corp.
- JD.com in its acquisition of Tencent’s e-commerce businesses and the acquisition by Tencent of a 20 percent stake in JD.com, valued at US$5.2 billion.
- Ctrip.com in its partnership with Priceline Group in which Priceline invested US$500 million in Ctrip.com.
- Visteon Corp. in the US$1.5 billion sale of its 50 percent stake in Yanfeng Visteon Automotive Trim Systems to HASCO.
- WeWork Inc. in its acquisition of 100 percent of the share capital of NakedHub Holdings Limited, a major provider of co-working spaces in China, Hong Kong, Australia and Vietnam.
- Celltrion GSC and Celltrion Holdings in their sale of 4.42 million shares of Celltrion, Inc. to an affiliate of Temasek for US$129 million.
- Indosat in its sale and leaseback of 2,500 towers to Tower Bersama Infrastructure for US$519 million, the largest tower sale and leaseback transaction to date in Indonesia.
- American Express in its strategic partnership with, and minority investment in, Lianlian.
- Meadville Holdings in its business combination with TTM Technologies and the sale of its laminates business to its controlling shareholder for US$860 million.
- Vanship in its US$576 million sale of six VLCC-owning companies to Navios Maritime Acquisition Corp.
- Elang Mahkota Teknologi (Emtek) in its licensing agreement with BlackBerry.
- Telekom Malaysia in its US$1 billion acquisition of Excelcomindo Pratama.
- Citigroup in the sale of the customer portfolio of its merchant acquiring business in 11 Asia Pacific markets to Wirecard.
- Rizal Commercial Banking Corp. in its US$402 million minority stake strategic sale to Cathay Life Insurance.
- CRIC Holdings in its US$770 million acquisition of China Online Housing Technology Corp. from Sina.
- CME Group in its strategic alliance with, and acquisition of 25 percent of, Bursa Malaysia Derivatives.
- Nomura in its acquisition of the Indian outsourcing subsidiaries of Lehman Brothers, named one of Asian-Counsel’s “Deals of the Year.”
- Yahoo! in its acquisition of Monday Technology.
- Korea Deposit Insurance Corp. in its US$686 million sale of 51 percent of Korea Life Insurance.
The leading legal directories have ranked Mr. Stone as a tier 1 corporate finance lawyer in Greater China, Indonesia, the Philippines and Singapore, due to his extensive experience across the region. In Asia Pacific Legal 500, clients commented that they “depend on him …” and he is praised as a “really good practitioner with a reputation for being a standout player.” In Chambers Asia Pacific 2017, clients commented that he “wins particular praise for his expertise in high-yield matters.” Some of his recent experience includes representing the issuers or underwriters on:
Equity Capital Markets
- JD.com’s US$2 billion IPO on Nasdaq and US$1.33 billion concurrent placement of Class A ordinary shares to Tencent.
- Melco Crown Entertainment Ltd.’s US$1.3 billion IPO of ADRs 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.
- Vipshop’s US$163 million follow-on offering of ADRs.
- 7-Days Inn’s US$220 million IPO on Nasdaq.
- priceline.com’s US$160 million IPO on Nasdaq and US$346 million registered follow-on offering.
- CEMEX Holdings Philippines’ US$535 million IPO on the Philippine Stock Exchange, sold internationally under Rule 144A and Reg. S.
- SMN (Protelindo)’s US$405 million re-IPO transaction and sale of shares under Rule 144A and Reg. S.
- Mitra Keluarga Karyasehat’s US$340 million IPO and listing on the Indonesian Stock Exchange.
- Melco Crown Philippines’ US$337 million re-IPO.
- Bloomberry Resorts Corp.’s US$230 million re-IPO under Rule 144A/Reg. S.
- Korea Telecom’s US$2.2 billion registered ADR offering on the NYSE, named Finance Asia’s “ADR Offering of the Year.”
- Garuda Indonesia’s US$529 million IPO under Rule 144A/Reg. S.
- XL Axiata’s US$500 million Rule 144A/Reg. S rights offering and US$600 million offering of XL shares under Rule 144A/Reg. S.
High-Yield and Other Debt Offerings
- Paiton Energy’s US$2 billion secured project bond offering under Rule 144A/Reg. S.
- Medco Energi’s US$300 million 144A/Reg. S offering of senior notes and subsequent tap of an additional US$100 million notes.
- Modernland Realty’s US$190 million, US$150 million and US$240 million offerings of senior notes.
- Barminco Finance’s US$350 million Rule 144A/Reg. S high-yield offering of senior secured notes.
- Bumi Serpong Damai’s US$200 million, US$225 million and US$70 million offerings of senior notes.
- First Gen Corp.’s US$250 million offering of senior notes.
- Energy Development Corp.’s US$300 million high-yield offering.
- Bukit Makmur Mandiri Utama’s US$350 million Rule 144A/Reg. S high-yield offering of senior notes.
- 21Vianet Group’s RMB2 billion (US$300 million) high-yield offering of 6.875 percent bonds and tender offer to purchase RMB1 billion of 7.875% bonds.
- Offering of notes or convertible notes for Baidu, Ctrip, YY, Yuzhou and several other issuers.
Prior to moving to Asia, Mr. Stone spent several years in Skadden’s New York office.
To view a list of Mr. Stone's representative matters, please click here.