Skadden, Arps, Slate, Meagher & Flom has advised tool manufacturer Stanley Black & Decker on its agreement to acquire Hong Kong-based engineered mechanical fastener maker Infastech from CVC Capital Partners and Standard Chartered Private Equity for $850 million in cash. Clifford Chance represented Asia Trading Holdings, an entity managed by funds advised by CVC Capital Partners and Standard Chartered Private Equity.
Skadden’s New York-based partners Sean Doyle (M&A), Edward Gonzalez (Tax), Bruce Goldner (IP and technology), Stuart Alperin (Executive compensation and benefits), and Ian John (Antitrust) led the team on the deal, alongside Brussels partner Frederic Depoortere and Hong Kong corporate partner John Adebiyi.
Hong Kong corporate partner Neeraj Budhwani led Clifford Chance's team, alongside Tokyo-based partner Andrew Whan.
Walkers acted as Cayman Islands counsel to CVC Capital Partners, led by Hong Kong partners Arwel Lewis and Ashley Davies.
Commenting on the acquisition, John Lundgren, Stanley Black & Decker’s president and chief executive said: “It is an excellent complement to our current Emhart Teknologies’ engineered fastening business, and will broaden our product offering while deepening our IP portfolio and R&D capabilities.”
Stanley Black & Decker expects to save $25 million annually by the third year of the transaction, which is expected to close in the fourth quarter this year.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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