A subsidiary of S&C client Hon Hai Precision Industry (2317.TW) (Foxconn), entered into a conditional share purchase agreement to acquire approximately 33.9% shares of Maxnerva Technology Services Limited (1037.HK) from FSK Holdings Limited and FDG Fund L.P. The sellers hold investments in Maxnerva for a number of investors including Foxconn and SK Inc. (034730.KR). Following completion of the acquisition, Foxconn will be required to make conditional cash offers for Maxnerva’s remaining shares and all outstanding share options. The acquisition and the offers are all-cash transactions, valuing Maxnerva at approximately HK$450 million (approximately $57.4 million).
Maxnerva is principally engaged in smart manufacturing, smart office and new retail solutions businesses, improving the effectiveness and efficiency of the production lines, plant facilities and the management of the industrial parks of its industrial clients. The transaction constitutes Foxconn’s long-term investment in Maxnerva and is intended to simplify Maxnerva’s ownership structure and support more streamlined operational decisions.
The S&C team advising Foxconn is led by Kay Ian Ng and Ching-Yang Lin and includes Rosana Tse and trainee solicitor Grace Gao. Juan Rodriguez and Axel Beckmerhagen advised on antitrust matters.