Chinese-listed LED manufacturer Inventronics has acquired the digital systems business of European lighting giant ams Osram for EUR550 million (USD580 million) in the largest cross-border deal for a listed LED A share in the past five years.
White & Case and Commerce & Finance advised Inventronics on overseas law and PRC law, respectively.
The team from White & Case, led by M&A partner Murad Daghles, received support from IP partner Martin Munz, labour law partner Hendrik Röger, regulatory/public law partner Lars Petersen, antitrust partner Tilman Kuhn, and five local partners Thyl Haßler, Mathis Rust, Anna Dold, Sebastian Stütze and Julia Sitter.
Freshfields’ partners Julia Sellmann, Christoph Seibt, Philipp Dohnke, Shen Yuxin, Alexander Schwahn and Frank Montag acted as ams Osram’s legal advisers on German civil and corporate law, Chinese corporate and capital market law, as well as advising on intellectual property, tax and regulatory law in connection with the transaction.
Haiwen’s partners Fang Xiajun and Zheng Yan advised CICC, the sole financial adviser on the deal.
Given the widespread geographical presence of assets in 35 countries involved in the acquisition, the legal matters encompassed various complex aspects, including determining the scope of the transaction’s subject matter, the asset transfer, multi-jurisdictional due diligence, transaction agreements and procedures, disclosure of information regarding major asset restructuring of listed companies, procedures for outbound investment by domestic enterprises and cross-border payments.
ams Osram, formerly known as one of the world’s top three lighting giants alongside General Electric and Philips, has divested most of its lighting businesses in recent years.
Inventronics, based in Hangzhou, witnessed its overseas revenue accounting for 45.59% in 2021. Through this acquisition, the company aims to enhance its comprehensive overseas presence and expand coverage to major lighting original equipment manufacturers in Europe, the Middle East, and Africa.