King & Wood Mallesons represents Daimler AG in BAIC Motor transaction

King & Wood Mallesons has represented Daimler AG and Daimler Northeast Asia to sign a package deal with BAIC Motor Corporation and parent company Beijing Automotive Group that includes the share subscription agreement.

According to the agreement, Daimler AG will invest RMB 5.13bn for a 12 per cent stake in BAIC Motor by way of share subscription. This comes ahead of BAIC Motor’s intention to launch an initial public offering (IPO) in the future.

As the legal counsel of Daimler, King & Wood Mallesons took the lead and was fully engaged in all aspects of this transaction including, inter alia, providing legal advices at the pre-transaction stage, the design of transaction structure, legal due diligence of the target company, and negotiation and execution of transaction documents.

The project was led by Xu Ping, lead partner in the Beijing office, along with a group of core team members with the assistance of Liu Cheng, a partner in the Beijing office, and Candy Chan, a partner in the Hong Kong office.