On May 31, 2022, Huafon Group closed its acquisition of certain biomaterial business and technologies of DuPont, which transaction was first announced in October 2020. Zhejiang Huafon Group is a large-scale privately-owned enterprise mainly focusing on new chemical materials business, also engaging in finance, new energy, port logistics, processing trade and other businesses. Huafon Group is Headquartered in Wenzhou, Zhejiang. The acquisition was in the form of an asset acquisition, involving assets located in the United States, China, India, and other countries and regions in Europe and Asia, with a total transaction value of approximately US$240 million. After the two parties signed the definitive agreements, the transaction passed the antitrust review in multiple jurisdictions. Parties submitted voluntary declaration to and, after long-term efforts, obtained the clearance by the Committee on Foreign Investment in the United States (CFIUS), and finally successfully closed the transaction.
In this transaction, KWM acted as the lead international legal counsel of Huafon, and was responsible for transaction planning, project due diligence, drafting and negotiation of transaction documents, closing, and coordination of the services of multiple US and Chinese law firms. The transaction was led by partner Ling Huang. The project team members include counsel Ning Liu (M&A, New York office) and associates Jiaxing (Jason) Xu and Ruisheng (Larry) Li (both M&A, Shenzhen office). The KWM teams who served the client in this project also include partner He Huang and team (PRC law, Beijing Office), partner Mark Raskin and team (intellectual property, New York office), partner Jun Kang and team (US tax, New York office), partner Yinghao Lv and team (financing, Beijing office).
