Ropes & Gray Represents Bain Capital in Sale of Two Chinese Portfolio Companies to Arkema
Ropes & Gray is representing Bain Capital in the $365 million sale of two Chinese portfolio companies to the French chemical company Arkema, announced on Nov. 21. The transaction is the latest in a series of matters Ropes & Gray has handled for Bain in Asia.
The two companies – Hipro Polymers, based in Zhangjiagang, China, and Casda Biomaterials, based in Hengshui, China – are predominately owned by a joint venture between privately owned Chinese specialty chemical company Feixiang Chemicals and Bain Capital.
The transaction is subject to PRC governmental approvals, with closing expected in early 2012.
The Ropes & Gray deal team was led tax partner Elaine Murphy and associate David Morris, both in Boston.
Ropes & Gray has advised Bain on several noteworthy transactions in Asia over the past year, including its:
- $2.1 billion proposed acquisition of restaurant chain Skylark in Japan;
- acquisition of MYOB, Australia’s largest business software developer;
- $489 million sale of China’s Feixiang Chemicals