Herbert Smith Freehills has acted for I Squared Capital on a $1.86 billion deal to purchase Hutchison Global Communications (HGC), which turned to Freshfields Bruckhaus Deringer for counsel. 

White & Case was also involved in the acquisition, advising on financing matters for I Squared. Meanwhile, Linklaters represented the banks – Credit Agricole, Credit Suisse and Deutsche Bank, according to Basis Point, a Thomson Reuters publication – that provided I Squared a loan to fund the HGC acquisition. 

The deal is subject to shareholders' approval and is expected to close in October, said Hutchison in a filing. 

A unit of Hutchison Telecommunications Hong Kong Holdings, HGC offers fixed-line telecommunication services for corporations and residential users in 134 countries and territories worldwide, including three major hubs in Hong Kong, Los Angeles and London. 

I Squared usually invests in global infrastructure in energy, utilities and transport, and its purchase of HGC is its first telco investment.

The Herbert Smith team was led by Hilary Lau and Mark Robinson, with support from fellow partners Jason Sung and Mark Jephcott.