CVC Capital Partners Investment Asia V L.P., CVC Capital Partners Asia V Limited and CVC Capital Partners Asia V Associates L.P. entered into the Shareholders’ Agreement to acquire 36.4% stake in I.T Limited for HKD 1.3 billion on December 5, 2020. As per terms of transaction, Brooklyn Company Limited will acquire 435.1 million shares at HKD 3 per share. As per terms of transaction, Founder Holdco shall have the right to appoint three directors on the board of EquityCo, and CVC Holdco shall have the right to appoint two directors. Transaction is subject to approval by shareholder on SGM. On January 19, 2021, the Offeror has received a decision from the SAMR unconditionally approving the Proposal and the Scheme. As on February 16, 2021, The I.T Limited has filed a summons for directions to convene the Scheme Meeting and will file a petition with the Court seeking the sanction of the Scheme. Such summons is due to be heard by the Court on March 4, 2021. As on March 21, 2021, Scheme meeting will held on April 16, 2021. Transaction is approved by the shareholder s on April 16, 2021. As on April 26, 2021, transaction is approved by the Court. Transaction is approve by the Board of I.T Limited. Transaction is expected to complete on August 30, 2021. As on April 26, 2021, transaction is expected to complete on April 28, 2021. Morgan Stanley Asia Limited acted as financial adviser to the CVC parent of Brooklyn Investment Limited. Jackson Woo of Challenge Capital Management Limited and Benny Chung and Noelle Hung of China Tonghai Capital Limited acted as financial advisor to I.T Limited. PricewaterhouseCoopers Hong Kong acted as accountant to I.T Limited. David Lamb and Angie Chu of Conyers Dill & Pearman LLP acted as legal advisor to I.T Limited. Paul Hastings LLP acted as legal advisor to I.T Limited. CVC Capital Partners Investment Asia V L.P., CVC Capital Partners Asia V Limited and CVC Capital Partners Asia V Associates L.P. completed the acquisition of 36.4% stake in I.T Limited on April 28, 2021. The Founder Group will remain the majority shareholder of the privatized company, which will become two businesses, I.T and A Bathing Ape (“BAPE”). CVC will become a significant minority shareholder and strategic partner for the BAPE business. The Founder Group will maintain its commitment to the continued growth of the I.T business. Andrew Crook, Brian Harley, Tommy Tam, I-Ming Tan, Cynthia Zhang, George Lau, Declan Ng, Michihiro Nishi, Rachel Cheng, Iris Mok, Shunsuke Nagae, Taro Kono, Beanka Chiang, Eunice Leung, Anson Wong, Matthew Truman, Michael Pallaras, Shawn Tan, Richard Blewett and Yong Bai of Clifford Chance and Joanne Collett, Jonathan Betts, Natalie Neto and Nicholas Davies of Walkers acted as legal advisor to CVC parent of Brooklyn Investment Limited.