Simpson Thacher Represents Kaixin Auto Group in its Acquisition by CM Seven Star
11.09.18
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Simpson Thacher is representing Kaixin Auto Group (“Kaixin”) in connection with its acquisition by CM Seven Star Acquisition Corporation (“CM Seven Star”). CM Seven Star will acquire the outstanding shares of Kaixin from Kaixin’s parent, Renren Inc., in exchange for share consideration of CM Seven Star in a transaction valued at approximately US$454 million. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions, including the approval of the transaction by CM Seven Star’s shareholders.
Kaixin is a leading premium used car dealership network in China that operates on-line and brick-and-mortar dealerships as well as a network that provides a range of value-added and after-sale services. CM Seven Star is a blank check company listed on the Nasdaq and was formed for the purpose of entering into a business combination with one or more businesses.
The Simpson Thacher team for the transaction included Chris Lin, Brian Mathes and Yi-Ping Chang (Corporate and M&A – Hong Kong); Kirsten Jensen, Usman Arain and Christine Ristow (Corporate and M&A – Palo Alto); Marcela Robledo (Intellectual Property); Andrew Purcell and Sarah Julian Duffy (Tax); Adeeb Fadil and Timothy Mulvihill (Environmental); and Tristan Brown and Alyssa Ohanian (Executive Compensation and Employee Benefits).