Leading global law firm Herbert Smith Freehills has advised US packaging solutions provider Amcor on an approximately HK$1 billion sale of Hong Kong-listed AMVIG Holdings Limited (02300. HK), which operates a tobacco packaging and printing business in China.
Amcor sold its 47.63% shareholding in AMVIG to Golden Vision Buyout Fund SPC, which was acting for its segregated portfolio, Golden Vision Buyout Fund I SP.
Upon completion on 1 October, Golden Vision will become the largest shareholder in AMVIG. The transaction will be followed by a mandatory general offer by the purchaser for the remainder of the shares in AMVIG. The sale was conducted through a competitive auction process.
"We are delighted to have advised our key institutional client on its second global strategic transaction in the past 10 months,” said Hong Kong partner Tommy Tong.
Last November, Melbourne partner Rodd Levy led a team advising Amcor on its US$6.8 billion acquisition of US-based packaging company Bemis Company Inc, and a redomiciliation share exchange scheme of arrangement for Amcor valued at A$18 billion. The deal was completed in November 2019.
“This was a structurally challenging acquisition to close,” said Tommy. “As a small but critical part of Amcor’s global repositioning of its core business, it’s great to have seen this deal to fruition with the client.”
Tommy led the team advising Amcor, assisted by senior consultant Sheena Loi and senior associate Matt Li in Hong Kong.
Shanghai partner Nanda Lau led a mainland China corporate team to provide PRC regulatory advice. Counsel Leo Wang from the Herbert Smith Freehills Kewei joint operation office, senior associate Angela Zhao and associate Tianchan Li in Shanghai, and Beijing associate Weili Zhong provided support.
Partner Adelaide Luke and associate Frederick Good in Hong Kong advised on competition law aspects of the transaction.
Singapore partner Jamie McLaren led a Singapore team in alliance with Prolegis to assist on Singapore law aspects (the seller is a Singapore incorporated entity).