Geely acquires Volvo

    April 16, 2010 | BY

    clpstaff &clp articles

    Privately-owned PRC automotive group, Zhejiang Geely Holding Group (Geely) has paid US$1.8 billion to acquire 100% of Volvo Car Corporation from Ford Motor…

    Privately-owned PRC automotive group, Zhejiang Geely Holding Group (Geely) has paid US$1.8 billion to acquire 100% of Volvo Car Corporation from Ford Motor Company.

    This is the first takeover of an international premium carmaker by a Chinese corporation. In addition, it is the largest international automotive acquisition by a privately held Chinese company.

    The transaction is pending regulatory approvals, but both Geely and Ford expect it to be completed in the third quarter. It encompassed agreements on intellectual property rights, supply and research & development arrangements between the two companies.

    Representing Geely was a multi-office Freshfields Bruckhaus Deringer team that included Beijing corporate partner Jack Wang and Hong Kong corporate partner Teresa Ko. Colleagues in London, Moscow and New York were also involved. PRC counsel to Geely was a team from Haiwen & Partners, led by partner Lan Jie. Hogan & Hartson acted for Ford, and Swedish counsel was provided by Cederquist.

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