Electric vehicle made by China's NIO Inc. Courtesy photo Skadden and Akin Take on Abu Dhabi Sovereign's $739M Investment on NYSE-Listed Chinese Electric Vehicle Maker
This is expected to be the single largest strategic investment in a Chinese electric vehicle company by a Middle Eastern investor.
June 21, 2023 at 06:01 PM
2 minute read
Skadden, Arps, Slate, Meagher & Flom and Akin Gump Strauss Hauer & Feld are advising on Abu Dhabi government-backed investment vehicle CYVN Holdings' $738.5 million investment in New York Stock Exchange-listed Chinese electric vehicle maker NIO Inc.
Under the deal, CYVN will acquire about 85 million newly issued Class A ordinary shares of NIO at a per share purchase price of $8.72, according to a June 20 press release. The successful closing of the investment will also see CYVN own a 7% stake in the Chinese electric vehicle maker, while being entitled to nominate one director to NIO's board, NIO said in a June 20 filing with the U.S. Securities and Exchange Commission.
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