Paul, Weiss client The Carlyle Group, together with other investors, successfully took private Focus Media for $3.7 billion in the largest-ever going-private deal by a Chinese company. The Carlyle Group invested in Focus Media, China's largest lifestyle-targeted interactive digital media network, through its Asia Partners III fund alongside FountainVest, CITIC Capital, China Everbright, Nanchun Jiang and Fosun International Limited.

As has been widely reported in several media outlets, including The New York Times, the Wall Street Journal and the Financial Times, Paul, Weiss client Nexen Inc. (Nexen), a Canada-based global energy company with operations in the UK, Canada, Nigeria, the United States and elsewhere, was acquired for more than $15 billion by CNOOC Ltd., China's state-owned offshore oil and gas company. Under the terms of the transaction, which will see TSX- and NYSE-listed Nexen go private, CNOOC acquired all of Nexen's outstanding common shares for $27.50 per share in cash, a premium of 61 percent to the closing price on the NYSE immediately prior to the announcement of the acquisition.

Paul, Weiss client KKR has entered into a definitive agreement with Singapore-listed United Envirotech Limited (UEL), a leading water treatment and recycling solution provider in China, for a $40 million common equity investment. The proceeds of the investment will be used to fund the acquisition of UEL's water treatment plants, as well as upgrading the existing plants and working capital. The investment is expected to conclude by March 2013 and is subject to customary conditions, including approval from UEL's shareholders.

Paul, Weiss client DreamWorks Animation SKG, Inc. signed an agreement with media fund China Media Capital, media conglomerate Shanghai Media Group and investment company Shanghai Alliance Investment Co, Ltd. to establish joint venture company Oriental DreamWorks, which is positioned as the leading China-focused family entertainment company. The company will engage in the development and production of Chinese animated and live-action content and will pursue business opportunities in live entertainment, theme parks, mobile, online, interactive games and consumer products.

As reported in The New York Times, Paul, Weiss client Oaktree Capital Management agreed to a sale of its aircraft leasing company JSA International, which operates as Jackson Square Aviation, to Mitsubishi Corp.'s unit UFJ Lease and Finance Co., Ltd. for U.S. $1.3 billion. San Francisco-based Jackson Square, set up in 2010 with $500 million seed money from Oaktree, operates a fleet of about 70 aircraft with branch offices in Seattle, Miami, Europe and Asia. The deal will be financed with cash and bank loans and is expected to close in December.

Paul, Weiss client Asia Satellite Telecommunications Company Limited (AsiaSat) disposed of its entire interest in SpeedCast Holdings Limited, the Hong Kong-based network and satellite communications service provider, to SpeedCast Acquisitions Limited, which is owned by leading global private equity firm TA Associates.

In an interview with the Cable & Satellite Broadcasting Association of Asia (CASBAA)'s Connections magazine, Corporate partner Jeanette Chan discusses China's media environment and its impact on her practice. The interview, titled "Legal Eagle Soars with China Market," is part of the CASBAA's quarterly focus on its members.

After negotiations that lasted almost two years, our client, Janus Capital Group Inc. announced an agreement for a strategic alliance with The Dai-ichi Life Insurance Company, Limited, the third-largest life insurer in Japan. Dai-ichi Life will acquire at least 15% (and no more than 20%) of Janus's outstanding common shares through open market purchases and potentially through the exercise of conditional options issued to Dai-ichi Life by Janus. As part of this alliance, Dai-ichi Life will support Janus's distribution initiatives in Japan and plans to invest $2 billion of its general account assets with Janus, including seed capital for Janus investment strategies.

Paul, Weiss client Nexen Inc., an independent, Canada-based global energy company, has entered into a definitive agreement under which CNOOC Limited, China's largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world, will acquire all of the outstanding common shares of Nexen for $27.50 per share in cash, in a transaction valued at approximately $15.1 billion. Once completed, the deal will be the largest overseas acquisition ever by a Chinese company, and it comes as companies around the world work to build their holdings in so-called unconventional resources, which include gas-rich hard rock formations.

On June 27, client Mitsui Sumitomo Insurance Company Limited (MSI) acquired 26 percent of India-based Max New York Life Insurance Company Limited for Rs 27.3 billion (approximately U.S. $475 million).