Baker & McKenzie Advises the Al-Futtaim Group on its Acquisition of Strategic Interest in the RSH Limited

Baker & McKenzie.Wong & Leow has advised the Al-Futtaim Group on its acquisition of a strategic interest in RSH Limited. This is the second time the Al-Futtaim Group has instructed Baker & McKenzie on a major acquisition in Singapore, after its successful voluntary conditional cash offer and privatization of Robinson and Company Limited in 2008. Together with Robinson and Company Limited, the acquisition gives the Al-Futtaim Group a significant retail presence in Singapore and immediate access to several key Asian markets.

RSH Limited is a leading pan-Asian marketer, distributor and retailer for sports, golf, active lifestyle and fashion products, and was until October 2010 officially listed on the main board of the Singapore Exchange. The RSH Group retails and distributes over 50 international brands in 9 countries, including Singapore, Malaysia, Thailand, United Arab Emirates and Australia.  RSH Limited’s portfolio of international fashion-brands include Zara, Mango, bebe, Massimo Dutti, Bershka, Pull and Bear, Ted Baker and Lacoste.

The Al-Futtaim Group is a leading, integrated commercial, industrial and services organization founded over 70 years ago, and is one of the most respected corporations in the lower Gulf region. 

The Baker & McKenzie team was led by partner Ai Ai Wong, head of the Corporate & Securities practice in Singapore and head of the Private Equity Practice Group in Asia. The team had lead responsibility for the multijurisdictional legal due diligence, drafting and negotiation of the transaction agreements, advising on the debt restructuring of the RSH Group and general transaction management.  

Commenting on the acquisition, Ai Ai Wong said, "It has been a real pleasure to work once again with Al Futtaim on another significant transaction, and to be part of the team putting together the deal that will enable them to be a major pan-Asian retail player. The transaction played to Baker & McKenzie's strengths - the ability to deliver a seamless service across different disciplines and over multiple jurisdictions, and to provide sound but commercially-savvy advice on structuring challenges."

Babu Mathew, Legal Director (Trading) for the Al-Futtaim Group, commented, “It was a complex transaction having multi dimensional challenges and we were immensely benefitted from Baker & McKenzie’s advice and guidance in successfully completing this transaction. Once again Baker & McKenzie has proved that when it comes to advising on and handling major acquisitions, they are second to none.”

The Baker & McKenzie team also included Corporate & Securities partner Kelvin Poa and associates Daryl Liu and Selwyn Lim, and Finance & Projects partners James Huang and Emmanuel Hadjidakis and associates Kenneth Chuah and Dennis Lim.

Standard Chartered Plc acted as deal advisers and Wong Partnership acted for the vendor, Peak Retail Investments Pte. Ltd.