Simpson Thacher Represents Goldman Sachs PIA in Acquisition of Stake in Guandong Midea Electric Appliances Co., Ltd.
11.28.06
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The Firm represents Goldman Sachs Principal Investment Area ("PIA") in its subscription and purchase of 10.71% of the share capital of Guangdong Midea Electric Appliances Co., Ltd. (the "Company") on a fully diluted basis. The Company is based in Shunde, Guangdong Province, China and is one of the largest white goods manufacturers in China. PIA entered into a Private Placement Agreement with the Company, and a Shareholders Agreement with Midea Group Co., Ltd. and Foshan Shunde Kailian Industry Development Company (two largest shareholders each controlled by the founder). This transaction is a landmark PIPE deal in that it may be the first PIPE deal under the new legal framework for foreign strategic investment in Chinese-listed companies established early 2006 with the definitive agreements being signed.
The Simpson Thacher M&A team includes Jin Park, Shaolin Luo, Anthony Choi, Zhengming Pan, Kevin Zhang and Vivien Mao. George Wang advised on OFAC issues. Jeanne Annarumma advised on VCOC issues. Michael Naughton advised on HSR issues.