2007-07-12 | Guangzhou
Guangzhou, China, July 12, 2007 – E. J. McKay today completed the sale of 100% of the interest in a Guangdong based construction materials company owned by a European multinational to an investment group led by Hong Kong based Kuanpei Investment Corp., completing the divesture of the European firm's operations in Southern China.
The transaction, part of a multi-step program of strategic repositioning by the European conglomerate, is to focus the Group's resources on key markets where it is a top player.
James Z. Li, CEO of E. J. McKay, which advised the European firm in the transaction, commented that “The transaction signals the maturity of the Chinese M&A market, where multinational corporations realize their strategic imperatives via not only acquisitions, but also divestures. It is a very positive strategic move by our European client.”