Greenland Acquisition Corporation’s $76 Million Acquisition of Zhongchai Holding (Hong Kong) Limited

Ellenoff Grossman & Schole LLP are acting as US legal advisors to Greenland, and T&C Law Firm is acting as legal advisor to Zhongchai Holding. Ogier is acting as British Virgin Islands legal advisor to Greenland Acquisition Corporation on its acquisition of Zhongchai Holding (Hong Kong) Limited.

Greenland, which is listed on the Nasdaq Stock Market in New York, signed a share exchange agreement for the purchase of Zhongchai from its current shareholders on 12 July 2019. Zhongchai, through its operating subsidiaries, is a leading developer and manufacturer of transmission products for forklift trucks and other materials handling machines in China. In addition, Zhongchai is also developing new robotic cargo carriers, which it plans to produce and sell in the near future.

Under the terms of the share exchange agreement, Greenland will acquire all of the outstanding shares in Zhongchai from its shareholders in exchange for 7,500,000 newly issued ordinary shares in the listed Greenland, valuing Zhongcai at around US$ 76 million. The transaction is subject to the satisfaction of customary closing conditions, including approval of Greenland’s shareholders. The transaction is expected to close by the end of 2019, following Greenland’s special shareholders’ meeting to approve the acquisition.

Ogier advised with a team led by Michael Killourhy (Picture) with support from associates David Mathews and Tiffany Ager.

Involved fees earner: Tiffany Ager – Ogier LLP; Michael Killourhy – Ogier LLP; David Mathews – Ogier LLP;

Law Firms: Ogier LLP;

Clients: Greenland Acquisition Corporation;

Author: Ambrogio Visconti.