GLO Advised Tongding Interconnection on Acquisition of UTStarcom
The Shenzhen Stock Exchange listed company Tongding Interconnection Information Co., Ltd. (002491) recently announced completion of the acquisition of 26.05% shares of NASDAQ listed UTStarcom through its wholly-owned subsidiary (together with Tongding Interconnection, the "Acquirer"). Previously, the Acquirer already acquired 9.8% of UTStarcom’s shares from other sellers. Upon the completion of this transaction, the Acquirer ended up holding 35.79% of the shares of UTStarcom and became its largest shareholder. At the same time, the director candidates nominated by the Acquirer were appointed as the chairman and independent director of UTStarcom respectively.
Tongding Interconnection is a well-known leading supplier in optional communication industry nationwide. Its core business covers communication optional cable, communication equipment, and mobile internet sectors. Founded in 1991 and listed on NASDAQ in 2000, UTStarcom is an international high-tech communications company specialized in R&D and sales of cutting-edge technologies and products in the modern communications sector. In recent years, UTStarcom is devoted to its research and development in 5G transmission sector, and its 5G transmission equipment technology has ranked among the world's top level.
As the Acquirer's lead counsel, Global Law Office led the various legal work throughout the transaction, including but not limited to conducting legal due diligence, drafting and negotiating transaction documents, assisting with the Chinese governmental procedures for outbound investment, assisting with the US CFIUS notification, as well as the preparation of information disclosure documents on both China and US capital markets. Driven by the principle of "Clients First, Quality Foremost", Global Law Office provides first-class legal services to clients leveraging on our rich experience in cross-border M&A transactions and our global vision, which have been highly recognized among clients. In this transaction, GLO team was led by our partners Mr. Jinrong Liuand Ms. Shifang Guo. Ms. Sijing Zhang and Ms. Ting Liang also worked intensively on this matter.