Skadden, Arps, Slate, Meagher & Flom and Weil, Gotshal & Manges are advising on a joint venture arrangement between General Electric Co. and China XD Electric Co. Ltd. As part of the deal, GE will pay $535 million for a 15 percent stake in China XD.China XD is state-owned power supplier listed in Shanghai.
The deal is being entered into by GEs digital energy business, which supplies equipment for so-called smart grids. The joint venture, in which China XD will own 59 percent and GE the rest, will distribute GEs power grid solutions to China XDs customers in China.
Skadden is acting for China XD with a team led by partners Gregory Miao in Shanghai and Daniel Dusek in New York. Zhang Jiping and Li Liping of Beijings Haiwen & Partners are Chinese counsel to China XD.
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