Five firms lead on landmark $7.1bn China takeover of US meat giant
Five US firms have taken lead roles on a major M&A deal which is set to become the largest-ever Chinese takeover of a US company. China meat processing giant Shuanghui International Holdings has this week offered to buy the world's largest pork producer, Smithfield Foods, for a price of $7.1bn (£4.7bn).
May 30, 2013 at 06:30 AM
2 minute read
Five US firms have taken lead roles on a major M&A deal which is set to become the largest-ever Chinese takeover of a US company.
China meat processing giant Shuanghui International Holdings has this week offered to buy the world's largest pork producer, Smithfield Foods, for a price of $7.1bn (£4.7bn).
If the deal goes through, it will create one of the biggest global pork production, processing and packaged meat companies in the world. The $7.1bn value includes the assumption of Smithfield's net debt.
Paul Hastings is advising Shuanghui on M&A, employment, finance, intellectual property (IP) and tax, with a global team led by corporate partner and chair of Greater China Raymond Li.
Other partners involved in the deal included the firm's chair of global M&A Carl Sanchez in San Diego, finance partner Michael Chernick in New York, global trade partner Scott Flicker in Washington DC and Vivian Lam in Hong Kong.
Fellow US firm Troutman Sanders is also acting for Shuanghui, with lead partners on the deal including Richmond-based corporate partners Mason Bayler, David Meyers and Coburn Beck.
Virginia-based Smithfields, meanwhile is taking advice from US firms Simpson Thacher & Bartlett and McGuireWoods.
The Simpson Thacher team included 21 lawyers from Hong Kong, New York, Beijing and Washington DC, advising on M&A, credit, capital markets, regulation, employment, tax, environment and IP. The team was led by New York corporate partners Robert Spatt, Patrick Naughton and Jay Baviskar, alongside Beijing partner Shaolin Luo.
McGuireWoods fielded a team including Richmond-based corporate partners David Oakey and James Anderson, and Steven Kittrell, the managing partner of the firm's Washington DC office.
Skadden Arps Slate Meagher & Flom also has a role on the deal, acting for Barclays Bank as financial adviser to Smithfields. The firm's team is led by New York M&A partners Neil Stronski and Paul Schnell.
The transaction is scheduled to close in the second half of 2013, but remains subject to shareholder approval and other conditions.
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