Suning Appliance Co., Ltd. ("Suning", stock code: 002024.SZ) officially announced on September 27, 2019 that its subsidiary ("Suning International") has completed the acquisition of Carrefour China Holdings N.V ("Carrefour China"), with an acquisition price of 4.8 billion RMB equivalent euros. After the acquisition, Suning International will hold 80% share of Carrefour China.
Carrefour, a leading retail group in the world, was established in 1959 as a Fortune 500 company and officially entered the Chinese market in 1995. As of March 2019, Carrefour has opened more than 210 large-scale supermarkets and 24 convenience stores in China, covering 22 provinces and 51 large and medium-sized cities, with about 30 million members. With the acquisition of Carrefour China, Suning Group will accelerate the expansion as well as specialized and refined operation of fast-moving consumer goods while locking in the resources of domestic high-quality large-scale comprehensive supermarkets, bringing new exploration to the integration and innovation of various businesses under Suning Group, which is a key step in Suning's smart retail layout.
The legal team of Jingtian & Gongcheng has been providing legal services for Suning Group for years. It has assisted Suning Group in completing the acquisition of Football Club Internazionale Milano,TTK express and many other projects. As the joint legal consultant of Suning Group, Jingtian & Gongcheng once again provided professional, precise and detailed legal services in this transaction.
As one of the leading Chinese law firms in China, Jingtian & Gongcheng has rich legal service experience in overseas capital markets, corporate investment and mergers & acquisitions. It has assisted many domestic and foreign clients to complete a large number of well-known, complex and innovative mergers & acquisitions transactions and provided all-round professional legal services. Jingtian & Gongcheng’s representative projects include: China North/South Railway Merger Project, Wanda Group's Acquisition of AMC, TUS International's Acquisition of Telit Onboard Communication Business, Hedy Holding Co Ltd.' Acquisition of Focus Media (Backdoor Listing), Baidu's Acquisition of 91 Wireless Networks, Haidilao hot pot's Acquisition of Pizza Express, L 'Oreal's Acquisition of MG Mask, Meitu's Acquisition of Dajie, Sany Group's Acquisition of Putzmeister Holding GmbH of Germany, Shuanghui International's Acquisition of Smithfield Foods of the United States, etc.
