Jonathan B. Stone
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 (2004-2017), Chambers Asia-Pacific (2010-2017), 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).

Mergers and Acquisitions

Mr. Stone recently represented Citigroup in its US$3 billion sale of a stake in China Guangfa Bank to China Life Insurance; and Neptune Orient Lines in its sale of APL Logistics for US$1.2 billion to Japan’s Kintetsu World Express. He also represented Rizal Commercial Banking Corporation in its US$402 million minority stake strategic sale to Cathay Life Insurance. He represented, in its acquisition of the e-commerce businesses of Tencent Holdings and the acquisition by Tencent of a 20 percent stake in, valued at US$5.2 billion. He also represented in its partnership with Priceline in which Priceline invested US$500 million in; Whale Media Investments in its purchase of Forbes Media; and Visteon in the US$1.5 billion sale of its 50 percent stake in Yanfeng Visteon Automotive Trim Systems to HASCO. He also led Skadden’s representation of 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; as well as Mahaman Assets in its US$225 million proposed management-led leveraged buyout of Silverlink Resorts, the holding company for Amanresorts Group and PT Indosat in its sale and leaseback of 2,500 towers to PT Tower Bersama Infrastructure for a total potential consideration of US$519 million. The transaction is the largest tower sale and leaseback transaction to date in Indonesia. Mr. Stone also led Skadden’s representation of American Express in its strategic partnership with, and minority investment in, Lianlian, a payment services provider in China; Meadville in its business combination with Nasdaq-listed TTM Technologies and the sale of its laminates business to its controlling shareholder for US$860 million; and Vanship in its US$576 million sale of six VLCC-owning companies to Navios Maritime Acquisition Corporation. He represented CRIC in its acquisition of China Online Housing Technology from Sina for a purchase price of US$770 million; CME Group in its strategic alliance with, and acquisition of, 25 percent of Bursa Malaysia Derivatives; Malayan Banking in the U.S. aspects of its US$1.4 billion acquisition of Kim Eng Securities, a transaction that was named Best Cross-Border Deal of the Year - 2011 by FinanceAsia; ASAT Holdings in its financial restructuring and sale of its operations; Nomura Holdings in its acquisition of the Indian outsourcing subsidiaries of Lehman Brothers, a deal that was selected as one of Asian-Counsel magazine’s 2008 Deals of the Year; Yahoo! in its acquisition of Monday Technology of Taiwan; and Citibank, in its US$427 million acquisition of Bank of Overseas Chinese. Mr. Stone also represented Ashmore Investment Management as lead investor in its US$402 million acquisition of Asian Netcom and East Asia Networks; and Telekom Malaysia in its US$1 billion acquisition of Indonesian wireless operator PT Excelcomindo Pratama. He represented PT Telekomunikasi Indonesia (Telkom), Indonesia’s leading telecommunications provider, in a series of transactions valued at more than US$1.5 billion, named as FinanceAsia’s Most Innovative M&A Deal. He also represented Telkom 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. He also represented Bank of America Merrill Lynch as financial advisor to Sterlite in its US$10 billion merger with Sesa Goa and the Vedanta Group restructuring.

In addition, Mr. Stone represented Korea Deposit Insurance in its US$686 million sale of 51 percent of Korea Life Insurance; Korea Electric Power Corporation (KEPCO) in its US$682 million sale of 45.5 percent of Powercomm; and Lone Star Funds in its $US1.2 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. Recently, he represented Citigroup as financial advisor to PetroChina in its US$750 million 13e-3 going-private tender offer for Jilin Chemical Industrial and to ASE in its US$784 million acquisition by scheme of arrangement of ASE Test and 13e-3 going-private transactions.

Mr. Stone represented the government of Indonesia in its US$551 million privatization by strategic sale of 51 percent of PT. Bank Central Asia; SK Evertec Co. in the sale of its petrochemical business to BASF AG and Blockbuster Entertainment in certain aspects of the worldwide dissolution of the Blockbuster/Virgin Music joint venture.

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 IPO and Nasdaq listing;’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’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 Holdings’ US$163 million follow-on offering of ADRs; 7-Days Inn’s US$220 million IPO and Nasdaq listing; Agria’s US$283 million IPO and NYSE listing of ADRs; the US$2.2 billion registered ADR offering on the NYSE by Korea Telecom, named FinanceAsia’s ADR Offering of the Year;’s US$160 million IPO on Nasdaq and US$346 million registered “follow-on” offering; Internet Gold-Golden Lines’s U.S. IPO; Sunday Communications’s US$300 million IPO and Hong Kong/Nasdaq dual listing; several U.S.-registered offerings by NYSE-listed United Rentals; India in its shelf registration and shelf takedown; and American Express in a U.S. registered offering of cash exchangeable equity-linked notes. Mr. Stone acts as U.S. securities counsel to Telkom, listed on the New York, London, Jakarta and Tokyo stock exchanges, and, which is listed on Nasdaq.

High-yield debt offerings: PT Bumi Serpong Damai’s US$200 million high-yield offering of 5.5% guaranteed senior notes due 2023 and US$225 million high-yield offering of 6.75% senior notes due 2020; Honghua’s US$200 million offering of 7.45% senior notes due 2019; PT Modernland Realty’s US$57 million high-yield offering of 9.75% guaranteed senior notes due 2019; 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; 21Vianet Group’s RMB2 billion high-yield offering of 6.875% bonds and tender offer to purchase RMB1 billion of 7.875% bonds; US$200 million offering of 7.750% senior notes by China Automation; First Gen’s US$250 million offering of senior notes and US$50 million follow-on “tap”; US$300 million offering of high-yield bonds by Energy Development Corporation; US$250 million offering of guaranteed senior notes and US$130 million offering of guaranteed senior notes by Bakrie Telecom; US$300 million cash tender and consent solicitation and refinancing by Bukit Makmur Mandiri Utama (BUMA); the US$150 million offering of guaranteed notes and warrants by Coastal Greenland; the US$250 million offering of guaranteed notes by PT Excelcomindo Pratama. and a related consent solicitation; several tender offers by Excelcomindo for its high-yield notes; the US$350 million offering of high-yield notes by Philippine Long Distance Telephone Company (PLDT); a consent solicitation and cash tender by PLDT; two offerings of high yield notes by ASAT and a US$200 million offering of senior subordinated notes with registration rights by United Rentals; proposed high yield notes offerings by PT Medco; Finspace (Canadoil Group); First Ship Lease Trust; PT Energi Mega Persada; and several other proposed high yield notes offerings.

Equity Linked and Preferred Offerings: Convertible notes offerings for E-house, Tal Education, Vipshop Holdings, YY, PT Medco Energi Internasional, Mahavir Spinning, Ashok Leyland, 3i Infotech and Jain Irrigation. He also represented SK Corporation and SK Telecom Co. in a US$1.25 billion offering of notes, exchangeable into SK Telecom ADRs; and KEPCO in an offering of “going public bonds” exchangeable into shares of Powercomm Corporation and Macau Legend Development in its US$390 million placement of convertible preferred stock.

IPOs and follow-on offerings with 144A/Regulation S tranche: PT Prodia Widyahusada’s US$111 million combined primary/secondary IPO of common shares and listing on the Indonesia Stock Exchange; PT Mitra Keluarga Karyasehat’s US$340 million IPO and listing on the Indonesian Stock Exchange; Inox Wind’s US$163 million combined primary/secondary IPO and dual listing on the Bombay Stock Exchange and the National Stock Exchange in India; Melco Crown (Philippines) Resorts’s US$337 million follow-on offering; Bloomberry Resorts’s US$230 million re-IPO under Rule 144A/Regulation S; Melco Crown Entertainment’s listing on the Hong Kong Stock Exchange; Jaiprakash Power Ventures’s QIP on the Bombay Stock Exchange; PT Garuda Indonesia’s US$529 million IPO under Rule 144A/Regulation S; PT XL Axiata and Axiata Group in its US$600 million offering of XL shares under Rule 144A/Regulation S; First Gen in its US$300 million rights offering; PT Tower Bersama in its US$232 million IPO; Nickel Asia in its US$106 million IPO; Ascott REIT’s US$400 million placement of shares to finance its US$1 billion serviced residence acquisition; Jaypee Infratech’s US$500 million IPO; Vista Land & Lifescapes’ US$464 million IPO; Aboitiz Power’s US$218 million IPO; Alliance Global Group’s US$445 million follow-on offering; MindTree Consulting’s US$54 million IPO; Spice Communications’ US$130 million IPO; Lanco Infratech’s US$237 million IPO and US$150 million follow-on offering; GMR Infrastructure’s US$172 million IPO; Suzlon Energy’s US$339 million IPO; United Phosphorous’ US$215 million follow-on QIP; First Gen in its US$185 million IPO; Filinvest Land’s US$234 million follow-on offering; Thai Oil Public Company in its $788 million IPO, which was named FinanceAsia’s “IPO of the Year”; the privatization by IPO of PT Bank Mandiri; the US$700 million IPO and privatization of Petroleum Authority of Thailand, which was named FinanceAsia’s IPO of the Year; Biocon’s IPO, which was named FinanceAsia’s Small-cap Deal of the Year; and 3i Infotech in its 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


  • Hong Kong
  • New South Wales, Australia
  • New York
  • New Zealand


  • Member of the Advisory Board of the Auckland University Law Review (2006-Present)

Jonathan B. Stone

Partner, Corporate Finance; Mergers and Acquisitions