30 November 2016 (Beijing Time), King & Wood Mallesons advised Apex Technology Co., Ltd. (, SZSE: 002180) on successfully acquiring Lexmark International, Inc. (Lexmark), a world renowned printing and software company. Apex led a group of investors including PAG Asia Capital and Legend Capital to acquire 100% of Lexmark at an enterprise value of approximately US$4 billion (about 26 billion RMB). To date, this has been the biggest outbound transaction in the print industry, and is yet another example of China’s successful track record in offshore acquisitions.

艾派克是全球领先的兼容打印耗材供应商,也是全球领先的兼容耗材芯片和核心部件的供应商。美国利盟是打印成像解决方案、企业软件、硬件和服务等领域在世界上具有重要影响力的领先企业,其业务遍及170多个国家。

Apex is the world’s foremost supplier of aftermarket printer consumables, aftermarket consumable chip and core components. Lexmark is a global leading company focused on printing and imaging solutions, enterprise software, hardware and other services, with a network across more than 170 countries.

此次交易对于两家企业来说具有积极深远的影响:艾派克将利用美国利盟品牌、技术及全球网络加速在海外市场的业务增长。美国利盟的高品质产品也将获得更广泛地进入中国市场的机会,继续推进其发展战略,使其能大规模地进入快速增长的亚洲市场,为提升其全球业务增长提供更有利的条件。

The transaction will bring forth long-term benefits for both companies. Leveraging Lexmark’s brand, technology and global network, Apex will be able to accelerate its business growth in overseas markets, while Lexmark’s top of the line products will enjoy wider access in the Chinese market. Lexmark will be able to further promote its development strategy by enabling it to fully penetrate the fast-growing Asian markets.

本次交易是中国非金融上市公司最大海外并购案之一,涉及中国上市公司对于美国上市公司的竞购,需要同时满足中国和美国的法律和监管要求。特别是从交割条件的准备工作(尤其是CFIUS批准的取得)、投资人团的投资安排落地、贷款融资的落实直至交割的完成,整个交易在高度竞争的环境和紧迫的时间压力下完成,面临了多重挑战。该交易于美国当地时间2016年11月29日完成交割,合并正式生效。

This deal is one of the biggest overseas M&A transactions by a non-financial Chinese listed company. It involves a Chinese listed company’s acquisition of a US listed company, and therefore is required to comply with both PRC and US’s legal and regulatory requirements. Facing multiple challenges, the transaction was concluded in a highly competitive environment with a demanding timetable particularly in the lead up to completion, including during the processes of preparation of terms of delivery to obtain CFIUS’ approval, investors consortium, and the implementation of a loan financing. The acquisition took effect local time on 29 Nov, 2016 in the United States.

金杜为艾派克近年来多起资本运作及收购交易担任法律顾问,之前曾在其对美国SCC公司的收购交易中担任艾派克境内外交易律师。金杜专业团队的专业能力受到艾派克一致好评。在本交易中,金杜担任艾派克此次并购项目法律顾问,全程为此次收购项目提供法律服务。该项目负责合伙人为徐萍律师、潘渝嘉律师、王建学律师、吕膺昊律师、黄文律师、杨晓荃律师、刘成律师。

Acting as Apex’s legal counsel, KWM has advised Apex on a number of its capital market transactions and acquisitions in recent years, including its previous acquisition of Static Control Components, Inc. (SCC). KWM’s professionalism and capability have won high praises from the client. In this transaction, KWM has acted as Apex’s legal counsel, providing legal advice on all aspects of this acquisition. The lead partners include Xu Ping, Pan Yujia, Wang Jianxue, Lv Yinghao, Huang Wen, Yang Xiaoquan and Liu Cheng.