Simpson Thacher, Fangda Partners, Davis Polk, Ogier, King & Wood Mallesons (KWM), Latham & Watkins and Maples Group have advised Geely Automobile to take its electric vehicle brand Zeekr private, in a deal valued at about USD2.4 billion (RMB17.2 billion), turning it into a wholly owned subsidiary and delisting it from the NYSE.
Zeekr’s shareholders and American depositary shares holders were offered the option to receive either cash or Geely shares, under the merger agreement published in July.
The acquisition plan was later approved by shareholders from both companies in September, and the final results, announced on 9 December, showed that about 70.8% of Zeekr’s shareholders chose the share consideration, with Geely issuing around 777 million new shares, while the remaining 29.2% opted for cash, worth about USD701 million.
Simpson Thacher advised the special committee of Zeekr’s board of directors on US law. The team comprised Beijing-based partner Wang Yang and counsel Min Jie, and Hong Kong-based senior counsel David Yun and counsel Shen Chenjing, as well as partner Caitlin Lucey in New York.
Fangda Partners acted as the PRC legal counsel of Zeekr’s special committee, led by partners Jeffrey Ding and Brian Liu, while Ogier advised on Cayman Islands law.
KWM counselled Zeekr on PRC law and filings with the China Securities Regulatory Commission related to its privatisation. Partners Pan Yujia, Wang Jianxue and Feng Xia led the team. Davis Polk counselled Zeekr on US law.
On Geely’s side, Latham & Watkins acted as US legal counsel, led by Hong Kong-based partners Frank Sun and Benjamin Su, assisted by counsel Jason Zhao in Beijing. Partners Paul Dudek, Michele Anderson and Brian Miller in Washington, and Mandy Wong and Terris Tang in Hong Kong also participated.
Maples advised Geely on Cayman Islands law, led by partner Matt Roberts and of counsel Vivian Lee.
Zeekr, founded in 2021, was listed on the NYSE in 2024 and became the fastest Chinese new energy vehicle brand to go public since its inception.The merger was part of the “One Geely” strategy, as the Hangzhou-based automobile manufacturer continues to strengthen its presence across the mainstream, premium and luxury markets.
