Press Release
| May 11, 2011
Dewey & LeBoeuf Represents HNA Group in its Investment in NH Hoteles
(New York/Madrid, May 11, 2011) – Dewey & LeBoeuf advised HNA Group Co., Ltd (HNA) in its investment in the Spanish hotel chain NH Hoteles, S.A., a Madrid Stock Exchange listed company. The investment will see HNA take a 20% stake in NH Hoteles for approximately €431 million and become NH’s second largest shareholder. As part of the investment, the two companies also expect to form a hotel management joint venture and pursue other business opportunities.
Mort Pierce, Vice Chair of the firm and co-chair of the firm's Mergers and Acquisitions Practice Group, commented: "This is an important strategic deal for both participants, providing them with the opportunity to expand their businesses by leveraging each others skills and platforms. Thanks to our well-established global presence, we are increasingly advising Chinese and other international clients on their outbound investments. In this deal, we were able to pool that experience with our leading M&A skills and our on-the-ground presence in Spain."
HNA is a major Chinese conglomerate, with subsidiaries in aviation, tourism, retail and property. NH Hoteles is the third largest business hotel group in Europe, with hotels across Europe, America and Africa.
The Dewey & LeBoeuf team consisted of Partners Morton A. Pierce, Peter Ivanick, and Chang-Do Gong in New York, and Partner Margaret Civetta, and Local Partners Jose Francisco Mateu Isturiz and Teresa Zueco, in Madrid. The team also included Associates Gregory Daddario, Brian Leung and Michael Elliott in New York, and Gonzalo Ceron in Madrid.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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