Global law firm Clifford Chance has advised Haier Smart Home on the global regulatory filings for its acquisition of Carrier’s Commercial Refrigeration business (CCR) for an enterprise value of US$775 million. Clifford Chance provided advice on highly complex regulation.
The transaction represents the first ever merger filing made by a Chinese company before the European Commission under the new Foreign Subsidies Regulation (FSR) regime, which started to apply in July 2023, and was unconditionally cleared in all concerned jurisdictions, including the antitrust and FDI regimes.
Lead partner Yong Bai said, “We are delighted to help our longstanding client Haier secure unconditional clearances under the new Foreign Subsidies Regulation regime and navigate the complex antitrust and FDI regulations, supporting their strategic expansion into the commercial refrigeration space. This transaction underscores our firm’s global platform and our expertise in helping our clients navigate complex cross-border regulations.”
Yong was supported by counsel Dayu Man in Hong Kong, associate Nan Lan in Shanghai, trainee lawyer Ziwen Wang and legal analyst Xinyi Zhan in Beijing. The complex transaction also involved lawyers from the firm’s global network, including antitrust, foreign direct investment and FSR specialists:
- Brussels: Partners Richard Blewett and Anastasios Tomtsis, assisted by Georgios Yannouchos, Katharine Missenden, Helga Gudmundsdottir, Maria Tsoukala, Jonathan Blondeel, Ilya Stekunov, Avani Joshi, Laura Zsarnai, Hanna Hänström and Wawrzyniec Józefów;
- Washington D.C.: Partners Renée Latour and Brian Concklin, assisted by Sabine Kobienia and Erica Hackett;
- DĂĽsseldorf: Partner Dimitri Slobodenjuk, assisted by Caroline Scholke and Arne Gayk;
- London: Chandralekha Ghosh, Jordan Bernstein, Cecilia Moore, Valentina Issler and Ivan Panton;
- Barcelona: Carme Briera;
- Prague: Stanislav Holec, Martin Hrachovina and Lukas Ljubovic;
- Amsterdam: Jurre Jurriëns;
- Paris: Partner Katrin Schallenberg, assisted by Hendrik Coppoolse and Justin Kottin;
- Warsaw: Marta Michałek-Gervais.
Compass Lexecon acted as the lead economist.
Haier is a leading global provider of better life and digital transformation solutions. The transaction marks Haier’s expansion from its existing household refrigeration business into commercial refrigeration by acquiring CCR, a leading global commercial refrigeration solutions provider. CCR has a sales network spanning Europe and the Asia Pacific region.
Clifford Chance previously advised Haier Group on the global regulatory filings for its acquisition of a 20% equity stake in Shanghai RAAS from Grifols. Clifford Chance is a leading legal adviser of Chinese enterprises on the global regulatory aspects of their transactions, having advised on China National Tire & Rubber Corporation’s renewal shareholders’ agreement concerning the governance of Pirelli, Baosteel’s JV with Saudi Aramco and PIF to establish first integrated steel plate manufacturing complex in Saudi Arabia and Sinosteel’s acquisition of control of Samancor Chrome.
