LawFuel – April 24 2009
Davis Polk & Wardwell is advising BearingPoint, Inc. in connection with its sale to PricewaterhouseCoopers LLP of a significant portion of its North American Commercial Services business and associated global development centers in China and India for $25 million. The transaction includes a sale of BearingPoint’s entire equity interest in BearingPoint Information Technologies (Shanghai) Limited, its wholly owned China global development center, and a sale by BearingPoint Business Consulting Pvt Ltd of substantially all of the assets of its India global development center. The sale of the U.S. and China assets will be conducted, subject to “higher or better” offers, under Section 363 of Chapter 11 of the U.S. Bankruptcy Code and will be subject to bankruptcy court approval. The transactions are expected to close before mid-2009 and are subject to other customary closing conditions. The financial terms of the Asian transactions were not disclosed.
BearingPoint, based in McLean, Virginia, is one of the world’s largest providers of management and technology consulting services to Global 2000 companies and government organizations in more than 60 countries worldwide.
The Davis Polk corporate team advising on the North American sale includes partners Nancy L. Sanborn, John A. Bick and Jeffrey Small, associates H. Oliver Smith, Mark P. Holloway and Shane Tintle and legal assistant Lindsay Allen. Partner Frank J. Azzopardi and associate Matthew J. Bacal are providing intellectual property advice. The tax team includes partner Kathleen L. Ferrell and associate Matthew Kohley (not yet admitted). Partner Barbara Nims and associate Ron M. Aizen are providing employment advice. All members of the Davis Polk team listed above are based in the New York office.
The corporate team advising on the Chinese sale includes partners Mark J. Lehmkuhler of the Hong Kong office and Howard Zhang (admitted only in Massachusetts) of the Beijing office, and associates Zhan Chen, Harold Tin and Steven Sha (not yet admitted), all of the Hong Kong office. Partner Kathleen L. Ferrell and associate Matthew Kohley (not yet admitted) of the New York office are providing tax advice.
The corporate team advising on the Indian sale includes partner Kirtee Kapoor and associates Allan C. Lai and Sriram Kilapakkam, all of the Hong Kong office
