BEIJING, May 16, 2011 – The international law firm Milbank, Tweed, Hadley & McCloy LLP represented AVIC International Holding Corporation (AVIC International) in its US$186 million acquisition of general aviation piston engine manufacturer Teledyne Continental Motors (TCM) and aftermarket supplier and piston engine overhauler Teledyne Mattituck Services. Both companies are subsidiaries of NYSE-listed Teledyne Technologies. The transaction is the first successful acquisition by a Chinese aviation company of a US aviation industry manufacturer.
AVIC International is the international arm of China Aviation Industry Corporation (AVIC), the largest aviation company in China and also one of China’s largest state-owned companies.
Milbank led complex negotiations for AVIC International in Beijing, Los Angeles and Mobile, Alabama and tackled the challenging US government approval issues relating to Committee on Foreign Investment in the United States (CFIUS) and the Hart–Scott–Rodino Antitrust Act (HSR) approvals. Partners Ed Sun in Beijing and Alex Kaye in New York led the deal for Milbank, supported by associates in Beijing, New York and Washington, DC, notably Dean Sattler in New York and Cecilia Ma in Beijing. The team was also supported by partners in various specialty areas, including Dara Panahy, John D. Franchini, Roland Hlawaty, Lewis T. Putman, Drew Fine, Russell J. Kestenbaum and Alan J. Stone.
“Foreign investment in the aviation industry is potentially sensitive for the US government. We were able to draw upon both our deep experience in China outbound transactions, and our extensive experience in the US aviation sector to successfully negotiate a solid transaction and also obtain CFIUS and other regulatory approvals,” said Mr. Sun.
Anthony Root, head of Milbank’s Asia corporate practice, added, “With our exceptionally strong integrated expertise in M&A and aviation and deep outbound experience with Chinese corporations, Milbank is well-positioned to help Chinese aviation companies or their products to go abroad.”
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm which has been providing innovative legal solutions to clients throughout the world for more than 140 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.
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