Morrison & Foerster represented British automotive technology company Protean Electric in its sale to National Electric Vehicle Sweden (NEVS), a subsidiary of China Evergrande Group. Protean and NEVS entered into a merger agreement providing for a forward merger of Protean into a BVI subsidiary of NEVS, with the BVI subsidiary of NEVS surviving the merger.
Protean is an automotive technology innovator and world-leading developer of in-wheel motors and future propulsion solutions. The acquisition is part of Evergrande’s strategy to become a major player in the global electric vehicle industry, and paves the way for NEVS to deploy Protean’s in-wheel electric drive technology, ProteanDrive, into its future products. Evergrande, which is one of the largest property developers in China and a major investor in Faraday Future, acquired 51% of NEVS earlier this year.
The MoFo deal team was led by Palo Alto Corporate partner Chuck Comey and Palo Alto senior Corporate associate Jae Yoo, and included Palo Alto Corporate associates Hank Weintraub and Jennifer Ta, Beijing Corporate partner Sherry Yin and Shanghai associate Alexandra Gao, with support from a CFIUS team led by Washington, D.C. of counsel Aki Bayz and a tax team led by San Francisco partner Bernie Pistillo.
For more information, read the related press release.