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Clifford Chance advises PAG Asia Capital on US$170 million investment in Food Union Group

15 February 2017

Clifford Chance advises PAG Asia Capital on US$170 million investment in Food Union Group

Leading international law firm Clifford Chance has advised one of Asia's largest alternative investment management firms, PAG Asia Capital on its US$170 million investment as part of a combined US$225 million investment with existing investor Meridian Capital into Europe-based dairy and ice cream producer Food Union Group. The deal was led by Hong Kong partner Neeraj Budhwani, who was supported by associates Michelle Kwok and Xuling Ho.

Commenting on the transaction, Neeraj offers, "Transactions of this nature reflect an ongoing interest to diversify investments and realise value. We have seen Chinese investors pursue European targets, and likewise European companies building strong relationships throughout Asia. This is another good example of our M&A work in the retail and consumer goods industry."

Clifford Chance recently advised Mondelēz International, Inc. on the sale of most of its grocery business in Australia and New Zealand to Bega Cheese Limited for AU$460 million. This followed advising The Coca-Cola Company on the signing of definitive agreements relating to the re-alignment of the company's bottling operations in China, with an approximate aggregate value of US$1.4 million. The firm also advised Allied Mills Australia Pty Ltd on its AU$455 million sale by its shareholders, GrainCorp and Cargill, to funds advised by Pacific Equity Partners (PEP).