Hong Kong, 30 July 2007 – LAWFUEL – The Legal Newswire – Baker & McKenzie’s mergers and acquisitions team in Hong Kong recently acted for Hong Kong-listed Matrix Holdings Limited (“Matrix”) on its acquisition of all of the equity interests of The Funrise Group for a consideration of US$23 million, subject to certain adjustments. Matrix will indirectly hold 100% of the equity of the Funrise Group through Maxibase International Limited, an indirect wholly-owned subsidiary of Matrix.
Matrix is an investment holding company and is mainly engaged in the manufacturing and trading of gift items, novelties and infant and pre-school children toys. It operates four plants, two in Danang City, Vietnam; one in Zhongshan, and one in Shenzen, the People’s Republic of China. The Funrise Group is principally engaged in the design, sales and distribution of quality, innovative toys under proprietary and licensed brands. It sources substantially all of its products from various original equipment manufacturers in Asia.
The acquisition will enable Matrix to expand considerably its product range and design capability as well as its revenue source and customer base.
The Baker & McKenzie team, led by corporate partner Lawrence Lee in Hong Kong, acted as deal counsel on this transaction, and included associates Marc-Alexandre Poirier, Christina Lee and Kenneth Wong. The team was also supported by lawyers in the firm’s US offices.
Quam Capital Limited acted as financial adviser to Matrix Holdings Limited.