Alston & Bird client Jianguang Asset Management Co. Ltd. (JAC Capital) has become the first Chinese state-owned company approved by the U.S. Federal Trade Commission (FTC) to purchase a divested business.
Alston & Bird served as U.S. antitrust counsel to JAC Capital in gaining FTC approval to acquire NXP Semiconductors NV’s RF Power unit for $1.8 billion in cash in a deal that closed today. In addition, Alston & Bird counseled JAC Capital through the security review and investigation of the transaction conducted by the Committee on Foreign Investment in the United States (CFIUS).
Due to antitrust concerns, the FTC made the sale of NXP’s RF Power Unit a condition for clearing NXP’s $11.8 billion takeover of Freescale Semiconductor Ltd. Along with the FTC, the deal also received regulatory approval from the European Commission, the Korea Fair Trade Commission, the Japan Fair Trade Commission and China’s Ministry of Commerce.
Advising JAC Capital is an Alston & Bird team led by partners Adam Biegel and Matthew Kent (Antitrust), and Jason Waite and policy advisor Eric Shimp (International Trade & Regulatory). JAC Capital was represented on non-U.S. matters by Dutch law firm Houthoff Buruma.