Advice to HNA Group on acquisition of GE subsidiary TIP Trailer Services
Chinese diversified services company HNA Group acquired TIP Trailer Services, a subsidiary of General Electrics, with all companies and branches effective October 23, 2013. TIP is a provider of transport equipment leasing, rental and service solutions. On behalf of law firm StephensonHarwood (www.shlegal.com), London, which led the transaction for the buyer worldwide, Heuking Kühn Lüer Wojtek advised HNA Group comprehensively with a team led by Hamburg-based partner Dr. Stefan Duhnkrack on the acquisition of the German units and acquisition financing.
As a large multi-industry enterprise group, HNA Group's business scope covers logistics, air transportation, airport management, hotel management, real estate, retail, tourism, and other related industries. It employs approximately 120,000 people and operates in 12 countries around the world, with its HQ located in Hainan and Beijing (China).
Following the acquisition completion, TIP will operate a network of 48 subsidiaries and branches throughout 16 European countries, with over 100 rental locations, more than 50 workshops and 100 mobile service vans. The company has a transport equipment fleet in excess of 45,000 units. Synergies are to be created in particular between the logistics and financial services sectors of the two companies.
Counsel to HNA Group:
Heuking Kühn Lüer Wojtek, Hamburg
Dr. Stefan Duhnkrack (Lead Corporate/M&A), Dr. Kai Erhardt (Lead Financing Germany and Due Diligence), Dr. Hans Henning Hoff (Financing Germany and Due Diligence), Dr. Cai-Niklaas Harders (Real Estate, Due Diligence), Dr. Maximilian Sponagel (Commercial Contracts, Due Diligence), Dr. Andreas Reuther (Employment, Due Diligence), Nicolas Struckmeyer (Financing Germany)