International law firm Sidley Austin LLP has announced that it recently advised Sinotruk (Hong Kong) Limited, one of the largest manufacturers of heavy trucks in China, in its cooperation project with MAN SE, a German industrial group. This transaction, which involved an equity deal and a technology licensing arrangement, was announced, with all definitive agreements signed, on July 15, 2009 and, subsequent to the approval by an extraordinary general meeting of Sinotruk (Hong Kong) Limited, was closed on October 7, 2009.

Upon completion of the transaction, MAN will own an aggregate of 25% plus one share in the capital of Sinotruk (Hong Kong) Limited through the purchase of existing shares from the controlling shareholder of Sinotruk (Hong Kong) Limited and the subscription of notes issued by, and convertible into shares of, Sinotruk (Hong Kong) Limited. Through a licensing arrangement, Sinotruk will obtain certain heavy truck technologies from MAN. The equity portion had a total value of €560 million and the technology portion €85 million.

The Sidley team was led by partner Timothy Li and supported by fellow partner Gloria Lam, both of the Hong Kong office. Assisting Mr. Li and Ms. Lam were Sidley colleagues from the firm’s global network of offices including lawyers in Beijing, Brussels, Chicago, Dallas, New York and Shanghai.