Firm Advises Gangtai Group Corporation Limited on Euro 230m Acquisition of Buccellati
09 Jan 2017
International law firm Simmons & Simmons advised Gangtai Group Corporation Limited (Gangtai Group), a leading private owned conglomerate from China, on the acquisition of an 85% stake of Buccellati Holding Italia S.p.A., a prestigious Italian luxury jewellery brand with close to 100 years of history. The equity value of the transaction is approximately Euro 230m.
On 23 December 2016, Gansu Gangtai Holding (Group) Co., Ltd. (Gangtai Holding), a controlled subsidiary of Gangtai Group that is listed in the Shanghai Stock Exchange has announced a plan to inject the Buccellati business into Gangtai Holding. The transaction, which is still subject to conditions precedent, will introduce Buccellati into one of the most important Chinese groups of the jewellery business with a plan to expand the brand globally.
Commenting on the transaction, partner Eric Lin, said: "Simmons & Simmons is delighted to have advised Gangtai Group on this high profile Chinese M&A transaction in Italy. It was our sustained team efforts from our Beijing, Milan, Paris and London offices that pushed the deal over the line."
Dario Spinella, corporate partner based in Milan, added: “The experience of our China Desk team in Italy, together with the synergy of our international team who worked across four jurisdictions, contributed to the success of this transaction. Our knowledge in managing Sino-European M&A deals is continuously growing and appreciated on the market.”
Zhou Feng, the vice chairman of Gangtai Holding, commented: "This transaction marks an exciting development for Gangtai Holding. We are hugely appreciative of the first class professional advice we received from the Simmons & Simmons team throughout the process."
The joint Italian-Chinese team was led by Dario Spinella, partner based in Milan, and Eric Lin, partner based in Beijing, assisted by senior associate Carlotta Robbiano and associate Paolo Guarneri based in Milan and associate Megan Wang based in Beijing.
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