August 2017, Grandland Holdings Group Limited ("Grandland"), advised by King & Wood Mallesons (“KWM”), has entered into with LIXIL Corporation (“LIXIL”), a Share Sale and Purchase Agreement, pursuant to which, Grandland will acquire from LIXIL, the entire share capital of Permasteelisa S.p.A, the global leader of curtain wall manufacturing domain, at a consideration of EUR 467 million.

Permasteelisa, as the undisputed worldwide leading Contractor in high-end customized curtain wall industry, with world-renowned performance record and in particular, well-established market presence in countries along the Belt and Road, enjoys a history of shaping the most iconic skylines and cityscapes around the world, with past projects including the Sydney Opera House, Apple's New HQ Campus and the World Financial Center in Shanghai.

Grandland is a large-scale comprehensive high-tech enterprise, committed to effectively improving people’s livelihood and living environment, with specific focus on architectural decoration activities and also integrated business in equity investment and financial services. This transaction not only realizes a powerful combination in the construction domain, attracting great attention, but is also expected to create synergy between Grandland and Permasteelisa, through integration of the two firm’s complementary resources and capabilities in technology research and development, strengthening global presence, enhancing brand awareness and image, completing current industry chain and other aspects. Under the Belt and Road Initiative, Grandland will also closely collaborate with Permasteelisa to jointly pursue the construction market of the Belt and Road countries.

KWM serving as legal counsel for Grandland, provided comprehensive and all-round legal services throughout the transaction. At the same time, KWM’s active coordination in the client, Grandland’s communication with a number of organizations, including its financial advisors, overseas legal counsels and financing advisors, contributed to the successful execution of this transaction, and is highly recognized by the client and the other advisory firms involved.

This project is led by Shanghai office partner Wang Lixin, Shenzhen office partner Xiao Lan, supported by associates Gu Xiangjun, Liu Xiaoping, Zhang Chaojun, Xu Liang and Pei Yiliang. The transaction is subject further to regulatory filings or approvals in China, the US and Russia. KWM will continue to advise Grandland on the successful closing of the deal.

Partner Wang Lixin said, “We’re honored to have assisted Grandland in this milestone acquisition transaction. Leveraging KWM’s extensive industry experience and professional services, we assist an increasing number of Chinese enterprises with their outbound investments. And in the favorable policy environment of the Belt and Road initiative, we help seize opportunities for their globalization to achieve higher goals.”