Cleary Gottlieb represented Huabao International Holdings Limited, (Huabao) in its proposed acquisition of 100 percent of the equity interests of Jiahao Foodstuff Limited, (Jiahao).
The purchase price to be paid by Huabao to Jiahao’s shareholders include a base purchase price of $694.450 million plus certain interest payment (subject to certain adjustments on the aggregate purchase price). The transaction agreements were executed on June 27, 2018, and the deal is expected to be closed in the second half of 2018.
Huabao is a Hong Kong-based investment holding company principally engaged in flavors and tobacco-related businesses. Jiahao is a leading company principally engaged in the production, sales, marketing and distribution of a broad range of condiment products predominantly to restaurants in China. Jiahao’s products include wasabi paste, concentrated fruit juice, chicken bouillon, and functional soy sauce.