Chow Tai Fook Jewellery Group Ltd. (SEHK:1929) entered into a conditional agreement to acquire Hearts On Fire Company, LLC from Glenn Rothman, Hearts On Fire Holdings Trust, HOF Executive LLC, HOF Employee LLC and Fine Diamonds S.A. for $150 million in cash on June 17, 2014. The consideration will be paid on a cash-free and debt-free basis, subject to adjustment upon completion. The acquisition will be fully funded by Chow Tai's internal cash resources. Chow Tai Fook will remain focused on its business in the Greater China region, Hearts On Fire will be run as a standalone business within the group under the continued leadership of Chief Executive Officer and Chairman, Glenn Rothman, and the Hearts On Fire senior management team. For the year 2013, Hearts On Fire Company reported revenues of $104.8 million.

The transaction is subject to all statutory requirements, necessary governmental and regulatory consents and certain determination letters and certificates being obtained or approved. The deal is also subject to applicable waiting period under the HSR Act having expired or been terminated. No shareholder approval is required for the transaction. The transaction is expected to close on the third business day following the satisfaction (or waiver) of the conditions to the transaction. Following completion of the transaction, Hearts On Fire is expected to make a positive contribution to financial results and operations of Chow Tai. Rothschild (Hong Kong) Limited acted as the financial advisor for Chow Tai Fook Jewellery Group Ltd. Oppenheimer & Co. Inc. acted as financial advisor for Hearts On Fire Company. Elaine Chan of Ruder Finn Asia acted as public relations advisor in the transaction. Jon Perry, Esther Yee, Steve Suzzan, Sue Ross, Jared Campbell, Linda M. Merritt, Erin Roth, Chris Andersen, Michael P. Flamenbaun, Sheldon Elefant, Neil G. Sparber, Alan L. Aronson, Daniel L. Wellington and Agin Neely of Norton Rose Fulbright LLP acted as legal advisors to Chow Tai Fook Jewellery Group Ltd. John Lin of Jones Day acted as legal advisor to Hearts on Fire.

Chow Tai Fook Jewellery Group Ltd. (SEHK:1929) completed the acquisition of Hearts On Fire Company, LLC from Glenn Rothman, Hearts On Fire Holdings Trust, HOF Executive LLC, HOF Employee LLC and Fine Diamonds S.A. on August 31, 2014. All the conditions under the agreement have been fulfilled.