DLA Piper advises Fosun International in latest private equity investments

DLA Piper advised Fosun International in two separate private equity investments in the medical device and hospitality industries.

Led by partners Paul Chen and Jeremy Lustman, the firm represented Fosun Pharma Group, a subsidiary of Fosun International, in its acquisition of Alma Lasers, an Israel-based manufacturer of lasers used in cosmetic surgery. Under the terms of the deal, Fosun Pharma acquired nearly 97 percent of the company for US$240 million. This deal marks the first major acquisition by Fosun Pharma since it was listed on the Hong Kong Stock Exchange in October 2012.

Working closely with Israel counsel Gornitzky & Co. on the transaction, DLA Piper’s multi-disciplinary team involved lawyers across its global offices, including: Dr. Kirsten Girnth and Michael Holzhaeuser (Frankfurt) on German corporate matters; Sheng Wu (Hong Kong) on China corporate matters; Yang Du (Silicon Valley) on US corporate matters; Stacy Taylor and Matt Hierholzer (San Diego) on US FDA matters; Stacy Paz and Lily Kim (Silicon Valley) on US tax matters; David Lisi (Silicon Valley) on litigation matters; Paolo Morante (New York) and Semin O (Hong Kong) on antitrust matters; and William Hoffman, Mark Boxer (Silicon Valley) and Nancy Kawano (San Diego) on employee and executive compensation matters.

In the second transaction, partner Jeremy Scemama from the firm’s Paris office, with support from Sheng Wu and Paul Chen, advised Fosun International in its contemplated acquisition of the French listed company Club Méditerranée through a partnership with AXA Private Equity and the management of the company. Under the terms of the deal, Club Med is valued at approximately EUR 650 million. Through a public tender offer, Club Méditerranée must enter a new phase of its development that requires a stabilized shareholding in order to be free from short-term constraints. In this context, an acceleration of the development strategy in emerging countries as well as the strengthening of the market shares in mature markets are necessary.

Additional DLA Piper lawyers advising on the transaction include: Camille Lagache, Matthieu Lampel and Elise Aubert (Paris) on corporate matters; Guillaume Valois (Paris) on tax matters; Marie-Hindre Gueguen and Jocelyn Goubet (Paris) on antitrust matters; and Esther Leung (Hong Kong) on Hong Kong securities law matters.

Members of the DLA Piper team have also advised on other recent transactions for Fosun International, including its US$550 million private equity investment in Peak Reinsurance Holdings Limited, a Bermuda reinsurer with operations in Asia. This year, the firm has already represented Fosun International in transactions spanning three different continents and five different industries.