Shearman & Sterling is advising China Telecommunications Corporation on its joint venture with Udenna Corporation with respect to the joint venture’s telecommunications project in the Philippines.
In November 2018, the consortium of China Telecommunications and Udenna Corporation was declared the winning bidder in a competitive bidding process to be the third new major player in the Philippines telecoms industry.
China Telecommunications was required to fulfill a number of commitments within a short period of time following the declaration to secure its status as the third new major player. This deal – a nationwide greenfield telecom project in a country with a population of more than 100 million – is a rare opportunity in global terms.
The Shearman & Sterling team was led by partner Li Chen (Beijing/Hong Kong), with support from partners Lee Edwards (Beijing), Anna Chung (Seoul) and Etienne Gelencser (Tokyo). Counsel Kenneth Ching (Hong Kong) and Scott Baggett (Seoul), and associates Patrick Liu (Hong Kong), Richard Ou (Shanghai), Kuinan Wei and Weina Guan (Beijing), Claude Jiang (Shanghai), Wang Liu (Beijing), Jean-Louis Neves Mandelli and Anna Lam (Singapore) were also involved in the transaction.