Cleary Gottlieb represented Hanwha General Chemical Co., Ltd. in its acquisition of the aftermarket gas turbine business of Ansaldo Energia S.p.A. through equity purchase of eight entities in seven jurisdictions (Brazil, Japan, Mexico, Netherlands, South Korea, the United Kingdom, and the United States).
The transaction signed on March 18, 2021, and closed on June 29, 2021.
Based in Genoa, Italy, Ansaldo Energia is a leading international player in the power generation industry, as a manufacturer of and service provider for gas turbines and generators.
Based in Seoul, South Korea, Hanwha General Chemical is South Korea’s leading producer of purified terephthalic acid (PTA), a primary component in many types of polyester. As part of the transaction, Hanwha General Chemical has acquired Power Systems Mfg. LLC (PSM) in the U.S. and Ansaldo Thomassen B.V. (ATH) in Netherlands, which are international leaders in hydrogen combustion technology.
Cleary assisted Hanwha General Chemical in securing clearance from the Committee on Foreign Investment in the United States (CFIUS) in connection with its acquisition of PSM, a gas turbine services provider based on Florida. CFIUS concluded that there are no unresolved national security concerns with respect to the transaction.