18 August, 2016
Clyde & Co Westlink JLV* has advised Sanpower Group, the multi-national conglomerate, on its joint venture with Liberty Mutual, the insurance group.
The deal will see Sanpower purchase a majority stake (51%) in Liberty Mutual's wholly owned Chinese insurance subsidiary, Liberty China. On completion Liberty China will become a joint venture between Sanpower and Liberty Mutual.
Clyde & Co Westlink JLV advised Sanpower Group on all People's Republic of China (PRC) regulatory aspects and the transaction documents, including a share purchase agreement and shareholders agreement.
The deal was led by Clyde & Co Partner Michael Cripps, assisted by Carrie Chen, PRC Partner, Clyde & Co Westlink JLV and Lin Xiaolin, Senior Associate, Clyde & Co Westlink JLV.
Michael commented: "We are delighted to have worked with Sanpower Group throughout this complex joint venture agreement. As a firm we are pleased to have been able to offer the full range of expertise required to complete the deal and look forward to working on similar projects in the future."
"This transaction demonstrates that market consolidation is continuing as businesses remain on the hunt for ways to drive their top-line growth."
"The search for growth is taking insurance businesses into new markets. The Asian market, in particular, has been experiencing significant levels of transactional activity, with Chinese and Japanese insurers dominating the landscape both as targets and acquirers."
*Clyde & Co Westlink JLV is a PRC joint law venture, approved by the Ministry of Justice, between global law firm Clyde & Co and PRC law firm Westlink Partners.
