Baker McKenzie has advised Evergrande Health Industry Group Limited ("Evergrande Health" or "the Company"), a company listed on the Main Board of the Hong Kong Stock Exchange, on its acquisition of the remaining 17.6% stake in National Electric Vehicle Sweden AB (NEVS) for a total consideration of approximately USD 379 million. Upon completion of the acquisition, NEVS has become a wholly-owned subsidiary of the Company.
NEVS is a global electric vehicle company based in Sweden. NEVS focuses on fields including intelligent electric vehicle manufacturing, motor electronic control, smart charging and vehicle-sharing.
Baker McKenzie fielded a top multijurisdictional team led by Partner Christina Lee, assisted by Brian Wong (Special Counsel) and Stephanie Mak (Associate) in Hong Kong; Carl Svernlov (Partner) and Erik Holmgren (Associate) in Stockholm.
“China is the world's largest electric vehicle market, and this transaction will no doubt pave the way for our client to explore the enormous potential of the new energy vehicle market," Christina Lee said. "Drawing on our strengths in complex cross-border transactions, we are very pleased to have brought this deal to fruition for our long-standing client."
Baker McKenzie has advised China Evergrande Group on a number of other significant transactions since 2015, most recently including all of the Company's investments in electric vehicle-related businesses in 2018 and 2019. China Evergrande Group is a company listed on the Hong Kong Stock Exchange with a market capitalization of close to HKD 300 billion and is the majority shareholder of Evergrande Health. China Evergrande Group is a Fortune Global 500 company.
Baker McKenzie is one of the leading firms for cross-border transactions, providing strategic advice on deals involving the world’s leading financial institutions and multinational companies. The Firm regularly advises target companies, offerors, selling shareholders and financial advisers on the acquisition and disposal of companies listed on stock exchanges in Hong Kong and other major financial centers. With many of its lawyers enjoying established working relationships with local regulators in Hong Kong and other key markets, the Firm is able to guide clients through all stages of the process, providing valuable insight on regulatory developments that could impact the value and feasibility of cross-border transactions, as well as on ongoing compliance issues. The team also assists listed companies in the restructuring of shareholdings, use of stock as consideration, and block trades.