SHANGHAI, Dec. 8 2004 – LAWFUEL – First with law news – In the largest M&A transaction to come out of China, Lenovo Group Limited (HKSE: 0992), China’s leading technology enterprise, announced that it has entered into a definitive agreement to
acquire IBM’s global PC business and to form a strategic alliance with IBM.
The consideration includes US$1.25 billion in cash and stock, plus certain
assumed liabilities. Closing is expected to take place in the first half of
2005. Weil Gotshal acted as the coordinating counsel for Lenovo in this
transaction.
“We are very pleased to have the opportunity to work on such a landmark
transaction,” said Steven Xiang, managing partner of Weil Gotshal’s Shanghai
office. Stephen Dannhauser, Chairman of the Firm, commented, “This is the
second major transaction that the Shanghai office has completed since opening
in July, which shows we are capable of handling complex cross-border
transactions in the most important emerging market in Asia.” In October this
year, the Shanghai office advised Lenovo in the sale of its IT services
business to software and solutions provider AsiaInfo Holdings, Inc., in a
stock transaction valued at $36.3 million.
Steven Xiang led the Weil Gotshal team, assisted by counsel Suat Eng Seah,
senior associates David Meredith, Feng Xue, Catherine Sun and Kevin Ban,
associates Connie Dong and Zhang Ying, senior researcher Huijun Wang, and
legal assistants Fiona Jin and Tony Zhu in Shanghai, as well as others in the
firm’s New York, Washington DC and Silicon Valley offices.
Weil, Gotshal & Manges LLP is an international law firm of more than 1,200
attorneys, including approximately 300 partners. Weil Gotshal is headquartered
in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas,
Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Shanghai, Silicon
Valley, Singapore, Warsaw, Wilmington and Washington, D.C.
