FBC represented Bright Food (Group) Co., Ltd. and its affiliated entities in closing the purchase transaction of the control stake in the Tnuva Group from the Apax funds and Mivtach Shamir.
The Sale and Purchase Agreement was signed in May 2014 and the closing of the transaction was in March 2015.
BFG, the second largest food manufacturer in China and owned by the Chinese government, purchased 77% of the ownership interest in the holding company of the Tnuva Group, based on a company valuation of more than NIS 8 billion. It is the largest investment to date by a Chinese company in Israel. The remaining ownership interest is held by a Kibbutzim holding company.
FBC advised BFG in all aspects of the transaction, from the initial engagement with Apax, including extensive diligence review, negotiation of the sale and purchase agreement and ancillary agreements, periodic updates regarding new regulations and developments, litigation procedures, through the successful closing of the transaction and the simultaneous refinancing of a bank loan of approx. NIS 2 billion.
In the course of more than a year, a large team of attorneys and interns of the Firm worked on the matter, including from the following practice groups – mergers and acquisitions, China desk, litigation, competition and antitrust, banking and finance, labor relations, environmental, real estate, intellectual property, and regulatory.