Cleary Gottlieb is representing CJ CheilJedang (CJCJ), a subsidiary of the CJ Group, in its $1.8 billion acquisition of a controlling 80 percent stake in Schwan’s Company.
The existing shareholders of Schwan’s Company are rolling over their shares for a 20 percent stake in the company.
The transaction, which was announced on November 15, 2018, is expected to close in the first quarter of 2019 and represents the largest acquisition to date by the CJ Group.
CJCJ is the largest food producer in South Korea. Schwan’s Company is a leading frozen food company based in the United States.