On August 21st 2017, China’s Grandland Holdings Group and Japan’s Lixil Group jointly announced that, Grandland Holdings Group (“hereafter "Grandland Holdings") has agreed to acquire 100% of the shares and related shareholder loan of the Italy-based world’s top curtain wall giant Permasteelisa Group (“hereafter " Permasteelisa"), a wholly-owned subsidiary of Lixil Group, for a consideration of EUR 467 million. CICC acted as buy-side financial advisor for Grandland Holdings.

Permasteelisa is the absolute leader in the global high-end custom curtain wall market with over 40 years of global experience of success. Founded in 1868, its subsidiary Gartner is a well-established construction contractor with 150 years of glorious history. Permasteelisa has world-renowned track record of projects, especially it has comprehensive industrial distribution in countries along the route of “Belt and Road” initiative. It has participated in the construction of many iconic buildings around the world, including the Sydney Opera House, Apple's New HQ Campus, BMW’s headquarter building, the Shard in London, the Taipei 101, the International Finance Centre II of Hong Kong, the BOC International Building of Hong Kong, and the Shanghai World Financial Center.

Grandland Holdings is a large-scale comprehensive high-tech enterprise focusing on architectural decoration business with integrated business of equity investment and financial services, committed to effectively improving people’s living environment. This transaction is an important milestone of Grandland Holdings’ internationalization strategy, and also is a significant step which closely follows the national policies of “Supply-side Reform” and“Belt and Road” initiative. In the future, the two companies will fully realize synergies in areas of technology research and development, global business presence, brand effect and industrial chain completion, to achieve substantial revenue growth, and become the undisputed leader in the global architectural decoration industry.

This transaction is the largest cross-border acquisition of Chinese enterprises in the field of architectural decoration. As financial advisor, CICC participates in the entire transaction process and fully mobilizes its global resources and collaborative M&A capabilities, to continuously provide all-round first-class service for the client which is highly recognized by the client and has played a decisive part in prospecting the transaction progress towards a successful signing.

Adhering to our enduring goal of “Chinese Roots, International Reach”, CICC is looking forward to providing high-quality financial services for more enterprises in the international M&A market.