Baker & McKenzie LLP
09/26/2024 | Press release | Distributed by Public on 09/25/2024 21:37
Baker McKenzie FenXun Advises Mondelēz on Acquisition of Majority Stake in Evirth
Global law firm Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have advised Mondelēz International on the signing of an agreement to acquire a significant majority stake in Evirth, a leading manufacturer of cakes and pastries in China, subject to customary closing conditions, including regulatory approval.
Founded in 2013, Evirth is a leader in frozen-to-chilled cakes and pastries in China, a category currently estimated at USD 3 billion, growing at a compound annual growth rate of about 15 percent. Mondelēz already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its iconic brands, including Oreo and Philadelphia. This deal will significantly expand Mondelēz's investment in frozen-to-chilled cakes and pastries in China.
The deal team, comprising a cross-practice team of lawyers from Baker McKenzie and FenXun, was led by M&A Partners Olivia Tyrrell (Chicago) from Baker McKenzie and Cherrie Shi and Kelly Han (both in Shanghai) from FenXun.
Other key team members involved were: Vivian Wu (Partner, Investigations, Compliance & Ethic, Beijing), Laura Liu (Partner, Antitrust & Competition, Beijing), Yilan Yang (Senior Counsel, Intellectual Property, Beijing), Joseph Yue (Senior Counsel, Employment, Shanghai) and Steven Chen (Associate, M&A, Hong Kong).
Commenting on the deal, Cherrie Shi, who heads Baker McKenzie's Asia Pacific Industrials, Manufacturing & Transportation Group, said: "This deal leverages our strength in cross-functional and complex M&A and joint venture transactions and also our deep market knowledge and rich experience in the consumer goods and retail sector. We could not be more pleased to be able to assist Mondelēz in this important transaction."
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal lawyers in 45 jurisdictions offering pragmatic counsel in the areas most critical for clients. The Firm excels in complex transactions and cross-border deals, with over 65% of its deals being multijurisdictional. The teams are a hybrid of "local" and "global," combining money-market sophistication with local excellence.
Founded in 2013, Evirth is a leader in frozen-to-chilled cakes and pastries in China, a category currently estimated at USD 3 billion, growing at a compound annual growth rate of about 15 percent. Mondelēz already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its iconic brands, including Oreo and Philadelphia. This deal will significantly expand Mondelēz's investment in frozen-to-chilled cakes and pastries in China.
The deal team, comprising a cross-practice team of lawyers from Baker McKenzie and FenXun, was led by M&A Partners Olivia Tyrrell (Chicago) from Baker McKenzie and Cherrie Shi and Kelly Han (both in Shanghai) from FenXun.
Other key team members involved were: Vivian Wu (Partner, Investigations, Compliance & Ethic, Beijing), Laura Liu (Partner, Antitrust & Competition, Beijing), Yilan Yang (Senior Counsel, Intellectual Property, Beijing), Joseph Yue (Senior Counsel, Employment, Shanghai) and Steven Chen (Associate, M&A, Hong Kong).
Commenting on the deal, Cherrie Shi, who heads Baker McKenzie's Asia Pacific Industrials, Manufacturing & Transportation Group, said: "This deal leverages our strength in cross-functional and complex M&A and joint venture transactions and also our deep market knowledge and rich experience in the consumer goods and retail sector. We could not be more pleased to be able to assist Mondelēz in this important transaction."
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal lawyers in 45 jurisdictions offering pragmatic counsel in the areas most critical for clients. The Firm excels in complex transactions and cross-border deals, with over 65% of its deals being multijurisdictional. The teams are a hybrid of "local" and "global," combining money-market sophistication with local excellence.