Zhongsheng’s Acquisition of Jardine Matheson’s Mercedes-Benz Dealership in China

Allen & Overy advised Zhongsheng Group Holdings Limited on the deal.

Zhongsheng Group Holdings Limited (Zhongsheng), a leading automobile distribution group in China, acquired Zung Fu China from the Jardine Matheson group.

Under the agreement, Zhongsheng will acquire the entire issued share capital of Zung Fu China, which operates the Mercedes-Benz auto dealership business in China under the Zung Fu brand, from the Jardine Matheson group. The total consideration for this transaction is approximately USD1.3bn which will be settled by Zhongsheng in both new Zhongsheng shares and cash.

Completion of the transaction is subject to customary conditions, including approval by regulators in the PRC and Zhongsheng’s shareholders.

The A&O team was led by Tess Fang (Picture) with Hong Kong listing expertise provided by Lina Lee. The partners were supported by associates Clara Chang and Michelle Tsang and trainees Michael Cheng and Eugenia Wan. Banking advice was provided by partner Cindy Lo and associate Zoe Lau.

 

Involved fees earner: Clara Chang – Allen & Overy; Tess Fang – Allen & Overy; Zoe Lau – Allen & Overy; Lina Lee – Allen & Overy; Cindy Lo – Allen & Overy; Michelle Tsang – Allen & Overy;

Law Firms: Allen & Overy;

Clients: Zhongsheng Group Holdings Ltd.;

Sonia Carcano

Author: Sonia Carcano