Ropes & Gray Advises National Modern Energy in its Sale of Stake in National Electric Vehicle Sweden, which Owns Saab Automobile
Ropes & Gray advised National Modern Energy Holdings Limited (National Modern Energy) in the sale of its 17.6% stake in National Electric Vehicle Sweden AB (NEVS), a Swedish electric car manufacturer, for US$379.5 million. NEVS, which owns the main assets of Saab Automobile, was previously wholly-owned by National Modern Energy. The current transaction represented the last tranche of disposition by National Modern Energy of its interests in NEVS. Upon completion of the transaction, NEVS will become a wholly-owned subsidiary of Mini Minor Limited, which is a unit of Evergrande Group, a Fortune Global 500 company based in China. The transaction was signed on June 10 and closed on June 12.
The Ropes & Gray team was led by private capital transactions partner Peng Yu, and included litigation & enforcement partner Andy Dale, and strategic transactions associate Nick Cheung (all of Hong Kong).