Linklaters, Baker & McKenzie, Morrison & Foerster and Kirkland & Ellis have scored key advisory roles in the merger of two of China’s biggest train makers, CSR Corp Ltd and China CNR Corp Ltd, which will result in the formation of a new $26 billion company. 

Linklaters advised on the structure of the merger, with the team being led by partner Teresa Ma, corporate partner Pui Hong Chik and antitrust partner Fay Zhou, with assistance from managing associates Iris Yeung and Geoffrey Tang. 

Baker & McKenzie and Morrison & Foerster, meanwhile,  advised the Lawyer Merger Party  on Hong Kong law. Kirkland and Ellis advised the Hong Kong-based financial advisers of the deal. 

State-owned CNR and CSR both have dual listings in Hong Kong and Shanghai, and are two of the world’s largest train makers. The two companies have been competing fiercely against each other to export China’s highly touted railway technology. The merger is expected to solidify China’s campaign to sell its high-speed technology abroad.

Under the terms of the deal, CSR will issue shares to CNR’s shareholders with a swap ratio of one CNR share for 1.1 CSR shares.