Sullivan & Cromwell has advised Hong Kong-listed Foxconn Interconnect Technology (FIT) in establishing a USD100 million joint venture company, Smart Mobility SJSC, with Saudi Arabian enterprise Saleh Suleiman Alrajhi & Sons.
The law firm’s Hong Kong-based partners Michael George DeSombre, Ng Kayian and Lin Ching-yang led the team. Partners based in other offices, Nader Mousavi and Mark Schenkel, advised on IP matters, while Juan Rodriguez advised on antitrust and FDI matters.
Sullivan & Cromwell said the joint venture, valued at USD100 million, would manufacture electric vehicle charging stations in Saudi Arabia. FIT said the alliance would strengthen the country’s renewable energy bid and reduce its reliance on imports.
FIT is an electronics connector manufacturer and a subsidiary of Taiwan-listed high-tech company Foxconn Technology Group. On completion of the transaction, FIT will hold a 50% stake in Smart Mobility SJSC.
Saleh Suleiman Alrajhi & Sons is a well-established family business in Saudi Arabia that owns a subsidiary called Next Charger, which operates charging pile services. The family business is also involved in the healthcare, construction, steel, manufacturing and technology industries.
Details of the law firm representing Saleh Suleiman Alrajhi & Sons were not disclosed.
