Huafon Group’s $240 Million Acquisition of Biomaterial Business from DuPont

King & Wood Mallesons acted as the lead international legal counsel of Huafon Group.

On May 31, 2022, Huafon Group closed its acquisition of certain biomaterial business and technologies of DuPont, which transaction was first announced in October 2020.

The acquisition was in the form of an asset acquisition, involving assets located in the United States, China, India, and other countries and regions in Europe and Asia, with a total transaction value of approximately US$240 million.

After the two parties signed the definitive agreements, the transaction passed the antitrust review in multiple jurisdictions. Parties submitted voluntary declaration to and, after long-term efforts, obtained the clearance by the Committee on Foreign Investment in the United States (CFIUS), and finally successfully closed the transaction.

Zhejiang Huafon Group is a large-scale privately-owned enterprise mainly focusing on new chemical materials business, also engaging in finance, new energy, port logistics, processing trade and other businesses.

DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. 

The KWM transaction team was led by partner Ling Huang (Picture). The project team members include counsel Ning Liu (M&A, New York office) and associates Jiaxing (Jason) Xu and Ruisheng (Larry) Li (both M&A, Shenzhen office). The KWM teams who served the client in this project also include partner He Huang and team (PRC law, Beijing Office), partner Mark Raskin and team (intellectual property, New York office), partner Jun Kang and team (US tax, New York office), partner Yinghao Lv and team (financing, Beijing office). 

Involved fees earner: Huang He – King & Wood Mallesons; Ling Huang – King & Wood Mallesons; Jun Kang – King & Wood Mallesons; Ning Liu – King & Wood Mallesons; Mark Raskin – King & Wood Mallesons; Ruisheng Li – King & Wood Mallesons; Xianhong Xu – King & Wood Mallesons; Lv Yinghao – King & Wood Mallesons;

Law Firms: King & Wood Mallesons;

Clients: Huafon Group ;

Sonia Carcano

Author: Sonia Carcano