The Muşat & Asociaţii law firm advised Geely Holding Group and Geely Automobile Holdings Limited on the Romanian legal aspects of a joint venture agreement with the Renault Group for the launch of a new propulsion technology company that aims to become a world leader in the development, manufacture and supply of the best hybrid propulsion systems and high efficiency ICE propulsion systems.
Following the agreement, Geely and Renault each own 50% shares in the new company.
The law firm assisted Geely in all activities related to Romania, from an extensive due diligence legal analysis, corporate, real estate, labor and environmental aspects to the structuring and conclusion of the transaction.
The Muşat & Asociaţii team was led by Gheorghe Muşat (Senior Partner), Paul Buta (Managing Partner) and Răzvan Stoicescu (Deputy Managing Partner), together with Iulian Popescu (Deputy Managing Partner), Mihai Popa (Deputy Managing Partner), Monia Dobrescu (Partner), Andrei Ormenean (Partner), Alina Man (Managing Associate), Mădălina Trifan (Managing Associate), Dragoş Lungu (Managing Associate), Ana Maria Abrudan (Managing Associate). ), Manuela Lupeanu (Managing Associate), Julieta Sfeclă (Managing Associate), Robert Ürmösi (Senior Associate), Gabriel Oprea (Senior Associate) and Camelia Stanciu (Associate), who had a key role in the process.
The joint venture will be jointly managed by Groupe Renault and Geely, with a board of directors composed of an equal number of members from each party, who will formulate and execute strategies and set the direction of the joint venture.
The initial organization will ensure the continuity of the activity, with two operational centers responsible for related operations: Madrid for the Renault Group and Hangzhou for Geely. An executive team will be installed at the headquarters of the new company, which is intended to be established in the UK, to consolidate operations, capitalize on synergies and define future plans.
After launch, the new company is expected to supply several industrial customers, including Renault Group, Geely Auto, Volvo Cars, Proton, Nissan, Mitsubishi Motors Company and PUNCH Torino. In the future, the joint venture will have the ability to provide complete powertrain technology solutions for third-party automotive brands and will accept partners to further strengthen the value chain.
Subject to applicable laws and regulations, Geely Auto and Renault will enter into a long-term purchase agreement from the joint venture for ICE, hybrid and plug-in hybrid propulsion systems (engine and transmissions) for passenger vehicles. In addition, Renault will acquire from the joint venture propulsion systems for light commercial vehicles, as well as services for the development of hybrid batteries.
2023-07-24 08:41:19
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