Shanghai, China, 4 October 2024 – Baker McKenzie advised Haier Smart Home, a global leader in consumer electronics and home appliances, on the closing of the acquisition of Carrier Global Corporation’s commercial refrigeration business for an enterprise value of approximately USD 775 million, on 1 October 2024.
Baker McKenzie assisted Haier Smart Home throughout the nine-month process leading to closing.
The Baker McKenzie team was led and coordinated by Marco Marazzi in the Milan office, together with Margherita Pasi in the Milan office and Felix Werner in the Frankfurt office. Jeff Xu in the Shanghai office advised on China law issues. Koen Bos in the Amsterdam office advised on Dutch law issues, and Cynthia Cole in the Palo Alto office and Lorenza Mosna in the Milan office assisted on all IP aspects. The team was supported by Laura Estrada-Vasquez (New York), Elise Favier (Paris) and more than 30 Baker McKenzie lawyers from the US, China France, Germany, the Netherlands and other jurisdictions.
Marco Marazzi, from Baker McKenzie's Milan office, commented: “We have been very glad to assist Haier, thanks to our strong presence across many EU countries, on this important and complex transaction, which will increase its footprint in the European market.”
Jeff Xu, who led the China team on the transaction, commented: “This is yet another significant transaction by Chinese investors in implementing the 'going abroad' strategy. Our global reach and network positions us well to assist transactions of such multijurisdictional complexity and broad geographical coverage. We look forward to supporting more Chinese enterprises in their overseas expansion and business development.”
With more than 2,700 deal practitioners in 45 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multi-jurisdictional. Baker McKenzie has been consistently recognized as a top-three firm for cross-border M&A by volume over the past decade. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence.