Kion: $738m investment from China
In connection with the investment, Stuttgart-headquartered law firm Gleiss Lutz advised Kion as well as its shareholders Kohlberg Kravis Roberts & Co and Goldman Sachs. London magic circle firm Freshfields Bruckhaus Deringer also provided advice for Kion.
Shandong will first acquire a 25 per cent stake in Kion through its affiliate Weichai Power Co, then – in connection with the planned IPO of Kion – Weichai can increase its stake to 30 per cent whilst also purchasing a 70 per cent stake in the hydraulics business of Kion subsidiary, Linde Material Handling.
The transaction is still subject to the approval of the relevant authorities and third parties, if applicable.
The Gleiss Lutz team was led by partners Jan Bauer and Cornelia Topf, both M&A, Frankfurt. Hong Kong-headquartered King & Wood Mallesons, German firm Hengeler Mueller and Los Angeles-based firm Paul Hastings advised Weichai which is dual listed in Hong Kong and Shenzhen.