COSCO Acquires Piraeus Port in Greece
Hong Kong/London - Paul Hastings, a leading global law firm, announced today that the firm is advising COSCO (Hong Kong) Group Limited (“COSCO HK”) on its acquisition of 67% of Piraeus Port Authority SA. COSCO HK is a wholly-owned subsidiary of China Ocean Shipping (Group) Company.
This marks one of the most high profile Greek privatizations of recent years and successful execution of the deal is a key part of the plan to turn Piraeus into a logistics hub for Chinese exports to Europe under the “One Belt One Road” strategic initiative of China.
Paul Hastings has demonstrated significant strength over the years in acting as international deal counsel for Chinese buyers in cross-border M&A, including acting for WH Group (formerly Shuanghui International) on its US$7.1 billion acquisition of Smithfield Foods in 2013, acting for Haitong International on its acquisition of Japaninvest Group PLC in 2014, and acting for Fosun International on several of its outbound transactions including its acquisition of Canada’s Cirque du Soleil in 2015.
Paul Hastings is currently also representing COSCO in the landmark restructuring involving both COSCO and China Shipping Group. The restructuring represents a substantial reconfiguration of two of China’s leading state-owned enterprises which, on a combined basis, will become the world’s fourth largest container-shipping company.
The Paul Hastings Hong Kong team is being led by
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