Cleary Gottlieb, Latham & Watkins and Haiwen & Partners have helped complete Alat’s USD2 billion investment in Lenovo Group, which will advance the Chinese tech giant’s development plans in Saudi Arabia.
Lenovo Group said both companies had reached a strategic collaboration agreement as well as a bond subscription deal. The tech giant issued three-year zero-coupon convertible bonds worth USD2 billion to Alat.
Through this investment, Lenovo Group will establish its Middle East and Africa headquarters in Saudi Arabia and build a computer and server manufacturing facility in the country.
Lenovo Group appointed Cleary Gottlieb’s partners Freeman Chan and Denise Shiu as counsel, while Haiwen’s partners Gao Wei, Xiao Yi, and Lin Xixiang advised on PRC law. Latham & Watkins acted as Alat’s counsel, the firm’s team was led by Hong Kong-based partners Simon Cooke and Terris Tang.
Alat is an advanced industrial and electronic product-focused company established last year by Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman. The public investment fund company will build partnerships with different companies to help meet Saudi Arabia’s local commercial demands in semiconductors, robotic systems and more.
Lenovo Group, which had been expanding recently, had acquired Infinidat, an Israel-based data storage company, at the beginning of this year.
