Baker McKenzie advised Evergrande Health Industry Group Limited (Evergrande Health), a company listed on the Main Board of the Hong Kong Stock Exchange, on its acquisition of 51% stake in National Electric Vehicle Sweden AB (NEVS) for a total consideration of USD 930 million.

NEVS is a global electric vehicle company based in Sweden. Its core business is focused on intelligent automobiles and it has previously acquired the core assets and intellectual property rights of Swedish automobile company SAAB Automobile AB. In China, NEVS has a production facility in Tianjin and is planning to develop a production base in Shanghai.

Baker McKenzie fielded a top multijurisdictional team led by Partners Lawrence Lee and Christina Lee in Hong Kong, supported by Simon Leung (Partner), Betty Wong (Special Counsel), Brian Wong (Associate) and Bonnie Lau (Associate) in Hong Kong; Sze Shing Tan (Principal) from Singapore member firm Baker McKenzie Wong & Leow; Scott Silverman (Special Counsel), Annie Wat (Associate) and Jeff Wang (Associate) in Beijing; and Anders Fast (Partner), Carl Svernlov (Partner), Mats Rooth (Partner), John Gustafson (Senior Associate), Erik Holmgren (Associate) and Georg Jonsson (Associate) in Stockholm.

Commenting on the deal, Christina Lee said: “We take great pride in advising Evergrande in this deal as they continue to diversify their business into innovative and emerging industries of the future. This transaction demonstrates our ability to provide effective, integrated and seamless advice to clients in major cross-border transactions.”

Baker McKenzie has advised China Evergrande Group on a number of other significant transactions, including the takeovers of Evergrande Health and HengTen Networks (another listed entity of the Evergrande Group) in 2015. China Evergrande Group is a company listed on the Hong Kong Stock Exchange and the parent company 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 centres. 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.