07/09/2019 | News release | Distributed by Public on 07/08/2019 22:28
Clifford Chance advises Carrefour on its proposed sale of a controlling stake in its activities in China to Suning.com
Leading international law firm Clifford Chance has acted as Hong Kong and Dutch legal counsel to Carrefour Nederland B.V. (Carrefour) on the proposed sale of its 80% equity interest in Carrefour China to Chinese electronics and e-commerce retailer Suning.com. The transaction values Carrefour China at an enterprise value of €1.4 billion (US$1.58 billion).
With a presence in China dating back to 1995, Carrefour China operates a network of 210 hypermarkets and 24 convenience stores. Suning.com is a leading retailer in China, operating a network of over 8,881 stores in more than 700 cities and runs one of the country's largest e-commerce platforms. Carrefour will retain a 20% stake in the business.
A cross-border team in Hong Kong, Beijing, Shanghai, Singapore and Amsterdam advised on the deal. Led by partner Emma Davies, the team consisted of partner Gregory Crookes, counsel Yi Yang and Elizabeth Kong, foreign legal consultants Brian Harley and Anthony Fay, registered foreign lawyer I-Ming Tan and associates Ernest Shen, Mercia Wang and Leen Kranenburg. Richard Blewett led and advised on the antitrust aspects of the deal, with support from senior associate Dayu Man.