Clifford Chance is representing COFCO Corp, China’s largest grain trader, on its proposed $1.5 billion acquisition of a 51 percent stake in Noble Group’s agribusiness, which turned to Linklaters for legal advice.

The two companies plan to form a joint venture, in which Noble will retain a 49 percent stake, that will link COFCO’s grain processing and distribution business with Noble Agri’s grain origination and trading business, Noble said on Wednesday.

A consortium led by China-focused private equity firm Hopu will join COFCO as minority investors in the acquisition and will hold a third of the investment vehicle that is making the purchase.

“Noble Agri's supply chain management system and origination capabilities complement COFCO's logistics, processing, and distribution network in China,” COFCO chairman Frank Ning said in a statement.

Beijing-based partner Terence Foo and Hong Kong corporate partner Roger Denny are leading the Clifford Chance team that is advising COFCO. Partners Virginia Lee in Hong Kong, Raymond Tong in Singapore, David Griston in Amsterdam and Jonathan Elman in London are assisting on the deal.

Linklaters is representing Noble Group on the transaction.

“After a lacklustre M&A market last year, we are seeing a surge in big-ticket deals, led by cash-rich Asian companies and investment houses,” said Clifford Chance’s Denny in a statement. “The global economy has stabilised and deals are now being consummated.”

The move follows COFCO’s purchase of a 51 percent stake in Dutch peer Nidera in late February to gain direct access to South American grain and oilseed supplies in a deal that valued Nidera at $4 billion including debt.

COFCO also turned to Clifford Chance in that deal, with partners Terence Foo and David Griston leading the team.

Noble’s agricultural division generated $15.5 billion revenue last fiscal year, accounting for about 16 percent of the company’s total.

COFCO and Noble still need to obtain regulatory and shareholder approval for the deal and the final price will be adjusted so that when completed the payment will be equivalent to 1.15 times 51 percent of the audited book value of Noble Agri for the 2014 financial year.