Apex Technology $3.6 billion acquisition of Lexmark

Overview:

• Chinese electronics manufacturer Apex Technology has acquired US printer maker Lexmark International for $3.6 billion.
• Zhuhai-based Apex Technology is leading a consortium that includes Hong Kong-based buyout firm PAG and Chinese venture capital firm Legend Capital Management buying all shares of Lexmark at $45.50 apiece.
• Lexmark was valued at $3.6 billion, including about $1 billion worth of debt. 
• Listed on the Shenzhen Stock Exchange, Apex Technology makes chips for printers, copiers and ink and toner cartridges sold across China, Taiwan, Europe and South America.
• The deal would give Lexmark more access to the Asian market, and as part of the arrangement will delist from the NYSE.
• The transaction is subject to approvals by various regulatory bodies including the Committee on Foreign Investment in the United States (CFIUS).
• Wachtell Lipton Rosen & Katz advised Lexmark International. 
• Skadden Arps Slate Meagher & Flom and King & Wood Mallesons acted for Apex Technology with a team including M&A partners Greg Miao in Shanghai and Michael Gisser in Hong Kong; finance partners Kristine Dunn in Los Angeles and Michael Zeidel in New York; antitrust partners Frederic Depoortere in Brussels and Kenneth Schwartz in New York; alongside its CFIUS practice head Ivan Schlager in Washington DC.
• King & Wood Mallesons advised on Chinese law matters with a team including cross-border M&A head Xu Ping in Beijing, and partners Pan Yujia in Shenzhen, Wang Jianxue in Guangzhou and Wen Huang in Hong Kong. Banking partner Lv Yinghao and antitrust partner Liu Cheng in Beijing are also involved in the deal.  
• White & Case (David Li, Joseph Brazil, John Shum, Francis Zou, Ray Simon, Jessica Zhou) advised Bank of China and China CITIC Bank as lenders.

Adam Majeed - Asia Editor