Uría Menéndez praised by China Business Law Journal for its involvement in the “Deal of the Year 2014”
Uría Menéndez has been praised for its involvement in one of the deals of the year included in the special report published in the December/January issue of the China Business Law Journal (CBLJ).February 13, 2015
Uría Menéndez has been praised for its involvement in one of the deals of the year included in the special report published in the December/January issue of the China Business Law Journal (CBLJ). It particularly commends its role as adviser of the Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC) in the syndicated senior secured loan of EUR 550 million (USD 675 million) to Millennium Gain, a wholly-owned subsidiary of Fosun International, one of the largest privately-owned conglomerates in China.
The loan was made in connection with Fosun’s EUR 1 billion purchase of the insurance arm of Portuguese-owned Caixa Geral de Depositos. The assets purchased included Fidelidade, the leading life and non-life insurance market operator in Portugal, health insurer Multicare, and Cares, a travel and transport insurer.
This transaction is one of the largest deals completed by a Chinese non-SOE to date, and is the largest acquisition the Fosun Group has made outside of China. The success of the deal marked the start of a trend among similar Chinese private sector companies with outbound ambitions. The deal also demonstrated the strength of China’s finance industry in successfully executing landmark transactions and guiding enterprises undertaking deals in new markets.
A joint team led by White & Case with Uría Menéndez advised ICBC and BOC.
Uría Menéndez’s team was headed by partner Juan Martín Perrotto, who was assisted by managing associate Rodrigo Peruyero from the Beijing office, and lead partner Francisco Brito e Abreu, counsel Ana Sá Couto and senior associate Manual Cordeiro Ferreira from the Lisbon office. The group advised ICBC and BOC on Portuguese financing and corporate matters.