Phoenix Education Publishing Co.
O’Melveny represented Chinese media and publishing company Phoenix Education in its acquisition of children’s book business of Illinois-based Publication International Ltd. (PIL). Phoenix Education purchased assets relating to the children’s book business from PIL and PIL’s subsidiaries in the US, the UK, Australia, and Spain, as well as shares of PIL’s subsidiaries in Germany, France, and Mexico. In addition to structuring and negotiating the purchase agreement, O’Melveny assisted Phoenix Education in setting up a holding company in the China (Shanghai) Pilot Free Trade Zone and negotiated a comprehensive transition service agreement covering warehousing, IT services, sales force, and accounting. The deal marks the largest cross-border acquisition within the publishing industry in Chinese history, according to China Dealmaker magazine.