At the end of January 2020, China Energy Engineering Group Planning and Engineering Co., Ltd. (hereinafter referred to as “CPE”) successfully completed the closing of the acquisition of all of the shares of GHESA Ingeniería y Tecnología, S.A. (hereinafter “Ghesa”) and Empresarios Agrupados Internacional, S.A. (hereinafter “EAI”) in Madrid, Spain.
The project is the largest acquisition in Spain to date in which an engineering design enterprise is acquired by a Chinese company and is the first investment project completed after the President Xi Jinping’s visit to Spain in 2018. The sellers in this project were Iberdrola, Naturgy, and Técnicas Reunidas. Currently, Ghesa and EAI have become two wholly-owned subsidiaries in Spain owned by CPE.
EAI (the surviving company of the merger of EAI and Empresarios Agrupados, A.I.E.) and Ghesa are world-renowned international engineering and design firms with more than 50 years of experience in this field and own projects in more than 40 countries around the world. At the same time, CPE is also one of the world's leading engineering design companies. CPE and its subsidiaries provide world-leading full life cycle services in fields including coal, gas, new energy, etc., with dozens of project development and implementation experience in Europe, North America, the Middle East and other countries.
JunHe, being the PRC legal counsel of the CPE and the coordinator responsible for coordinating with the foreign law firms in the project, has provided comprehensive legal services in the project, including but not limited to participating in the design of the investment structure, providing advice as to the laws of the PRC and foreign countries, coordinating with foreign law firms to carry out due diligence and other legal works, drafting, reviewing and revising the merger & acquisition transaction documents and participating in negotiations, reviewing and amending the bank financing documents and participating in negotiations, assisting in preparing documents for seeking approval/filing in the PRC, assisting in completing the closing, and providing legal services with respect to post-investment integration. During the transaction, JunHe, based on a deep knowledge of the project and core demands of the negotiating parties, and its accurate understanding of the business focus, assisted the parties with effective communication and facilitated the progress of the negotiation and the project, and therefore was highly praised and recognized by clients and other parties of the transaction.
JunHe team representing Ghesa was led by ZHOU, Xianfeng (Elvis), QIN, Yu (Bill) and HE, Fang and the case was primarily undertaken by HE, Fang and LIU, Yang. ZHOU, Jun and Lee, Alex Jao Jang also provided critical support in respect of issues regarding the financing.