Davis Polk Advises Canon Investment Holdings on Acquisition of Altair Nanotechnologies

Davis Polk & Wardwell LLP is advising Canon Investment Holdings on its proposed acquisition of a majority interest in Nasdaq-listed Altair Nanotechnologies Inc. Under the terms of the definitive agreement, Canon Investment Holdings will purchase newly issued common shares of Altair Nanotechnologies representing 51% of Altair Nanotechnologies’ common shares outstanding immediately following closing on a fully diluted basis. The transaction is valued at approximately $48.9 million. The transaction, expected to close by January 2011, is subject to approval by Altair Nanotechnologies’ shareholders, satisfaction of certain closing conditions and receipt of regulatory approvals, including approval from the Committee on Foreign Investment in the United States.

Davis Polk is also advising Canon Investment Holdings’ subsidiary Zhuhai Yintong Energy Co. Ltd. on a conditional supply and technology license agreement with Altair Nanotechnologies and its subsidiary Altairnano for the conditional sale and purchase of certain battery cells and proprietary lithium-titanate material and the licensing of related technology.

Headquartered in Reno, Nevada with manufacturing in Anderson, Indiana, Altair Nanotechnologies is a leading provider of fast response battery systems technology. Headquartered in Zhuhai, China, Canon Investment Holdings is the holding company of Yintong Energy, which is an advanced manufacturer of high-capacity and high-power lithium battery products.

The Davis Polk corporate team includes partner Mark J. Lehmkuhler and associates Miranda So, Abhishek Kolay and Ying Su. Other team members include partner Frank J. Azzopardi (Intellectual Property), partner Kathleen L. Ferrell (Tax), partner Barbara Nims (Benefits), counsel Margaret M. Ayres (Regulatory), counsel John T. Wright (Benefits), counsel Stephen M. Pepper (Antitrust) and counsel Loyti Cheng (Environmental). Members of the Davis Polk team are based in the Hong Kong, New York and Washington DC offices.

www.davispolk.com


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