Offshore law firm Mourant Ozannes has advised China CITIC Bank Corporation and The Export-Import Bank of China on facilities with a total commitment of around USD2.63 billion for a consortium led by Apex Technology, PAG and Legend Capital Management.
The facilities support the consortium's acquisition of Lexmark International, a US-incorporated printer and software manufacturer.
Lexmark was acquired in an all-cash transaction with an enterprise value of approximately USD4 billion. The acquisition closed in November 2016 and is the second largest outbound acquisition in the technology sector ever completed by a Chinese investor and the third largest US public takeover ever done by a Chinese investor.
Apex Technology designs, manufactures and markets inkjet and laser cartridge components for remanufacturers and distributors, and is the largest manufacturer and solution provider for the global aftermarket imaging supplies market. The company is headquartered in Zhuhai, Guangdong, China.
Mourant Ozannes partner, Simon Lawrenson, says: "Apex's acquisition of Lexmark reflects a wider trend we have seen throughout 2015 and 2016 of a surge in Chinese outbound M&A activity, and was one of the largest Asian investments in the US in the last 12 months. Our dedicated offshore finance team, which is now the fastest growing in Asia, is regularly instructed to advise on the offshore aspects of the most high value and complex matters and we are pleased to have worked with White & Case to ensure the smooth completion of the transaction."
The Mourant Ozannes team, which advised on the Cayman law aspects of the deal, was led by partner Simon Lawrenson, with associate Paul Trewartha. White & Case also advised China CITIC Bank Corporation and The Export-Import Bank of China.
