International law firm, Weil, Gotshal & Manges, represented long-standing client General Electric Co. on its digital energy business’ global alliance with China XD Electric Group, a Shanghai listed company and also one of China’s largest manufacturers of electricity transmission and distribution equipment.
The three major components of the partnerhsip are:
- Creation of a global partnership to combine GE’s grid automation and service capabilities with XD Electric’s comprehensive portfolio of primary power equipment to offer customers an array of integrated transmission and distribution solutions
- Establishment of a joint venture (JV) with XD Electric to offer customers in China localized grid automation solutions
- GE’s purchase of a 15 percent equity stake in XD Electric and appointment of a representative to the XD Board of Directors
The transaction was announced by GE on May 7, 2012; more details about the deal can be found here.
“We are very pleased to have assisted GE in this ground-breaking transaction with China XD Electric.” said Steve Xiang, Weil’s Head of China practice. “This is the second major transaction in China that Weil had represented GE in the recent months, following the successful closing of GE’s joint venture with Aviation Industry Corporation of China.”
Weil’s team was led by partner Steven Xiang, head of Weil’s China practice, assisted by partner Suat Eng Seah and associates Chifei Wang, Joyce Du and Haitang Xu in Shanghai, and counsel Wenfeng Li in Beijing. The New York team was led by partners Howard Chatzinoff and Charan Sandhu, and assisted by associates Vaughan Petherbridge, Caroline Geiger, Arman Kuyumjian, and David Gail.
