Freshfields and Paul Weiss advise as Chinese-owned aluminium business buys US rival for $2.3bn
Paul Weiss and Fried Frank are acting opposite the magic circle firm
August 30, 2016 at 09:28 PM
2 minute read
Freshfields Bruckhaus Derigner, Paul Weiss Wharton & Garrison and Fried Frank Harris Shriver & Jacobson have all secured mandates as Zhongwang USA buys US aluminium company Aleris Corp for $2.3bn (£1.75bn).
Ohio-headquartered Aleris is currently owned by an investment fund group led by Oaktree Capital, with Apollo management and Sakaty Advisers owning minority interests.
Freshfields is advising Zhongwang USA on the deal with a cross-border team including the firm's China head and Hong Kong-based capital markets partner, Teresa Ko. New York corporate partners Timothy Wilkins and global M&A co-head Peter Lyons are also acting for ZhongWang.
Zhongwang USA is backed by Chinese billionaire Liu Zhongtian, who owns a majority stake in the business and is the company chairman. It is an investment company owned by Zhongwang International Group, parent company of China Zhongwang, which is the second largest aluminium extrusions producer in the world.
Paul Weiss is advising Oaktree capital on the deal, while Fried Frank is acting for Aleris. Fried Frank's appearance on the deal comes after it ended its Asia operations last year, which comprised one office in Hong Kong and a base Shanghai.
The deal is subject to regulatory approval and is expected to close in the first quarter of 2017.
Zhongwang is paying $1.11bn (£848m) in cash for Aleris and will take on the company's $1.22bn (£932.5m) in net debt.
China Zhongwang listed on the Hong Kong stock exchange in 2009. Chinese private law firm Commerce & Finance Law Offices advised on Chinese law, while offshore firm Conyers Dill & Pearman advised on the Cayman Island law aspects.
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