Freshfields and A&O advise on $3.4bn China green energy deal
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken roles on the largest Chinese M&A deal so far this year, reports The Am Law Daily. The deal, which is set to close this week, sees Chinese power company GCL-Poly Energy acquire leading solar-cell parts manufacturer Jiangsu Zhongneng Polysilicon Technology Development for $3.4bn (£2.1bn).
July 17, 2009 at 05:36 AM
2 minute read
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken roles on the largest Chinese M&A deal so far this year, reports The Am Law Daily.
The deal, which is set to close this week, sees Chinese power company GCL-Poly Energy acquire solar-cell parts manufacturer Jiangsu Zhongneng Polysilicon Technology Development for $3.4bn (£2.1bn).
Six international firms worked on the complex transaction, with Freshfields representing GCL-Poly, while Hogan & Hartson Hong Kong M&A partner Gordon Ng is serving as local counsel to the company.
Douglas Tanner, head of the global securities group at Milbank Tweed Hadley & McCloy, is advising Jiangsu Zhongneng, the main operating entity of a company called GCL Solar Energy Technology.
A&O is serving as counsel to convertible bondholders that own debt issued by Jiangsu Zhongneng that will be converted into shares of GC-Poly. The firm is also advising exchangeable bondholders that own debt issued by GCL-Poly that will be converted into shares of Jiangsu Zhongneng. Convertible bondholders are also being advised by Ropes & Gray corporate partners Alison Bomberg and Scott Jalowayski in Hong Kong.
David Wang, the chair of Paul Hastings Janofsky & Walker's Shanghai office, is advising several major shareholders of Jiangsu Zhongneng on the sale of their shares.
Hoping to take advantage of China's efforts to meet the challenges of climate change by investing in clean energy projects, the Hong Kong-based GCL-Poly announced in late June that it would expand its green portfolio by acquiring Jiangsu Zhongneng.
GCL-Poly plans to finance the acquisition by paying $200m (£123m) in cash, selling $350m (£215m) in secured notes, and issuing 10 billion new shares of Jiangsu Zhongneng.
Independent shareholders of Jiangsu Zhongneng still need to approve the deal before its completion.
The Am Law Daily is the website of The American Lawyer, Legal Week's US sister title.
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