Paul Hastings LLP, a leading global law firm, announced today that the firm represented Shuanghui International Holdings Limited (“Shuanghui International”), the owner of China’s largest publicly-traded meat processing enterprise, in the successful completion of its US$7.1 billion acquisition of Smithfield Foods, Inc. (NYSE: SFD). Smithfield’s shareholders approved the merger on September 24 and the transaction closed on September 26, 2013.
Announced in May 2013, this was arguably one of the most challenging and closely watched deals of the year, not only because of its size and breadth, but also due to several complex regulatory components. Paul Hastings handled all regulatory aspects for Shuanghui International and ensured seamless coordination by providing a multi-jurisdictional team of lawyers on legal issues related to M&A, antitrust, employment, finance, global trade and tax.
The team advised on all critical matters of the transactionincluding a unique alternative debt financing structure, a “qualified pre-existing bidder provision” and the deal’s review by the Committee on Foreign Investment in the United States (“CFIUS”).
The Paul Hastings global team on this ground-breaking transaction was led by Raymond Li, Partner and Chair of Greater China, who ensured seamless coordination between Shuanghui and our multi-jurisdictional team of lawyers on legal issues relating to M&A, employment, finance, global trade and tax.
Paul Hastings chair of Global Merger & Acquisitions Carl Sanchez, Finance partner Michael Chernick and Global Trade partner Scott Flicker led the Paul Hastings team in the US, which also included associates Elizabeth Razzano, Lauren McGurty, Michael LaPlante, Ellen Holmes and Dana Stepnowsky. The Hong Kong M&A and finance teams were led by partner Vivian Lam, with support from associates Fang Pei, Celia Chau, Erika Wan, Katherine Watlington and Wilson Yiu.
Partners from the Washington D.C., New York, Los Angeles, London and Paris offices of Paul Hastings were also critical members of the overall effort, including Hamilton Loeb, Thomas Mounteer, Todd Duffield, Erika Collins, Mario Ippolito, Jeff Pellegrino, Charles Patrizia, Steve Harris, Alexander Lee, Barry Sher, Kevin Logue, Pierre Kirch, Garrett Hayes and C. Scott Hataway, and associates Edward Holmes, Felicia Yen, Donald Boyajian, Devon Winkles, Kevin Broughel and Morgan Heavener.
Paul Hastings previously advised Shuanghui International and its subsidiaries on a series of offshore shareholding restructurings and a highly complex asset restructuring and the resultant US$2.5 billion general offer to acquire A-shares in Shuanghui Investment. This transaction was one of the largest public company M&A transactions in China and was awarded “M&A Deal of the Year 2012” by China Business Law Journal.
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