White & Case Advises Qingdao Haier Co., Ltd in US$5.4 Billion Acquisition of General Electric's Appliance Business
Firm Advises Haier Group in Global Strategic Partnership with General Electric
Global law firm White & Case LLP is advising Haier Group, a Chinese consumer electronics manufacturer, on its strategic cooperation framework agreement with General Electric (NYSE: GE).
As a first step in this partnership, Qingdao Haier Co., Ltd. ("Qingdao Haier") (SSE:600690), a company that is 41% owned by Haier, will acquire GE’s appliances business ("GE Appliances") and will be licensed to use the GE brands for 40 years.
White & Case is also acting as international legal counsel to Qingdao Haier on the acquisition. The acquisition will create a global leader in the appliance industry. The acquisition of GE Appliances is an important investment in expanding Haier’s presence in the US and the Western hemisphere. Haier is the world's leading home appliance provider, with global revenues amounting to US $32.6 billion and profits of US $2.40 billion in 2014.
The White & Case team was led by partners Vivian Tsoi, Alex Zhang, Greg Pryor, Dan Latham, John Shum, David Li, Daren Orzechowski, Scott Weingaertner, Rebecca Farrington, Axel Schulz, Steven Lutt and Doug Halsey.
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