Simpson Thacher Advises on China Best Buy Deal
05.16.06
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The firm is advising Best Buy in its acquisition of a majority interest in Jiangsu Five Star, China's fourth largest appliance and consumer electronics retailer. The transaction will enable Best Buy to have a retail presence in China through Five Star's 136 stores in eight of China's 34 provinces. The transaction has already received Chinese government regulatory approvals and is expected to close in June 2006.
Upon closing, Best Buy will hold a majority ownership interest in Five Star for an investment of US$180 million, including and injection of US$122 million in capital.
The attorneys working on the deal include Phil Culhane, Geoffey Chan, Dan Fertig, and the rest of the firm's Hong Kong office.