28 January, 2016
Nasdaq-listed Jinpan International Ltd. announced on January 25, 2016 that it had entered into an agreement and plan of merger (the "Merger Agreement") with a buyer consortium consisting of affiliates of Forebright Capital Management Ltd., a Hong Kong-based private equity firm and Mr. Zhiyuan Li, president and chief executive officer of Jinpan International. Subject to the terms and conditions of the Merger Agreement, all of Jinpan's outstanding shares currently not owned by the buyer consortium will be acquired by the buyer consortium, with the company valued at US$98.5 million. Following the closing of the merger, Jinpan International will delist from Nasdaq and become a privately held company.
Jinpan designs, manufactures and markets electrical control and distribution equipment used for industrial, utility and infrastructure projects. It has four production facilities in China and is one of the country’s largest manufacturers of cast resin transformers.
Skadden advised Forebright on the transaction. The deal team included partner Peter Huang, associate James Chang, and international legal consultants Min Lu and Chunbei Li.
