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Freshfields advises on the US$569.65m sale of International Gemological Institute to Blackstone
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised on the auction sale of the diamond-grading and consulting firm International Gemological Institute (‘IGI’) to Blackstone for a total consideration of US$569.65m. Freshfields advised Yu Jing Industrial Limited (‘Yu Jing’), a subsidiary of Fosun International, on the sale of 80 per cent of the shares in IGI, which were held by Alpha Yu B.V., for approximately US$455.7m. The remaining 20 per cent of the shares in IGI was sold by Lorie Holding, a wholly-owned subsidiary of the founding Lorie family, for approximately US$113.8m.
Yu Jing is a subsidiary of Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. which is listed on the Shanghai Stock Exchange and is the flagship platform of Fosun International’s consumer sector. Fosun International is one of China’s largest non-state conglomerates with businesses including consumer, healthcare, property, financial services and mining.
Founded in 1975 in Antwerp, IGI is a global leader in independent certification of diamonds, gemstones, and jewellery, with a global footprint of 29 laboratories and 18 schools of gemology across 10 countries.
The deal, which was unconditional, signed and closed on 19 May 2023 and involved a simultaneous share transfer in the three holding entities of IGI based in the Netherlands, Belgium, and India. This sale followed four years of successful growth in IGI’s business, which Alpha Yu initially purchased back in 2018.
The Freshfields team advising on the transaction was led by partner Edward Freeman, supported by senior associate Clara Chang and associate Daria Park. This core team was supported by a large and multidisciplinary team of lawyers across Freshfields’ Amsterdam, Brussels, New York City and Abu Dhabi offices. Chinese law advice was provided by Chinese firm RuiMin, which is part of Freshfields’ StrongerTogether network of leading domestic law firms.
ENDS
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