Sullivan & Cromwell advised Taiwanese switching power supply manufacturer AcBel Polytech and Millbank represented Swedish-Swiss multinational ABB in the former’s acquisition of the latter’s US-based electricity conversion division for USD505 million.
AcBel’s purchase aims to grow its customer base in North America and strengthen its local service capabilities.
Partner Lin Ching-Yang led the Sullivan & Cromwell team in Hong Kong with the support of special counsel Joon Seok Hong, and associates Rui Xi and Wang Yiwen, as well as New York-based partner Brian Hamilton.
Partners Benjamin Walker in New York and Juan Rodriguez in London advised on antitrust matters, with help from associates Christopher Graham in New York, and Fabian Uebele and Dominic Connors in London, while New York-based special counsels Eric Queen and Bradley Smith, and associate Clea McClellan assisted with US antitrust law.
The Milbank team in New York included corporate partners Neil Whoriskey and Iliana Ongun with associates Jonathan Schwartz, Tiffany Han, and Eleen Zhou, with the support of dispute resolutions partner Nathaniel T Browand, tax partner Max Goodman, and executive compensation and employee benefits associate Kelly Bartley.
The transaction is subject to regulatory approvals and is expected to be completed in the second half of 2023.
Apart from manufacturing and designing switching power supplies, AcBel also serves the sustainable energy and electric vehicle industries.
ABB’s power conversion division is based in Plano, Texas, and employs roughly 1,500 employees worldwide, predominantly at three major sites and the US headquarters with a clear focus on the North American market.
