Global law firm White & Case LLP is advising Haier Group on the acquisition of Sanyo Electric Co., Ltd's consumer and commercial use washing machine businesses, its consumer use refrigerator business, and its white goods sales divisions in Japan and South East Asia. Completion of the transaction is expected at the end of March 2012.
Commenting on the proposed transaction, White & Case partner Vivian Tsoi said: "The acquisition is part of Haier's strategy to continue to expand its overseas strategy. We are delighted to have assisted Haier in this multi-jurisdictional transaction."
The agreement will see Haier acquire all shares in the Sanyo business relating to:
(1) the manufacture and sale of consumer and commercial use washing machines in Japan
(2) Japan and Thailand-based engineering and development of consumer use refrigerators
(3) the manufacture and distribution of refrigerators, washing machines and other products in Vietnam, Indonesia, the Philippines and Malaysia.
In summary, Haier will acquire two R&D centers, four manufacturing factories and six sales companies. Haier Group will also be granted the right to sell certain white goods, including washing machines, refrigerators and televisions in Vietnam, Indonesia, the Philippines and Malaysia under the "SANYO" brand for a fixed period of time.
The White & Case team was led by Vivian Tsoi (Beijing), Charlie Wilson (Singapore) and David Case (Tokyo) with support from a dedicated team from White & Case's Asia offices including Eric Marcks, Patrick Ma, Kenneth Mackay, Siyuan Pan, Eddie Lo and Hiroshi Naito.
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