Noerr advises Chinese Pearl River Group on strategic collaboration with Schimmel pianos
Noerr has advised the largest piano manufacturer in the world, the Chinese Pearl River Piano Group, on a strategic alliance agreement with the renowned German piano maker Schimmel. The Shenzhen Stock Exchange-listed company was advised by Noerr’s China Desk.
Pearl River Piano produces some 130,000 grand pianos and uprights per year, being the market leader in China with the largest and most efficient distribution network there. The new strategic partner Schimmel is the leading brand for premium grand and upright pianos in Europe and with some 2,500 instruments produced per year one of the largest European manufacturers. The parties have agreed not to disclose the financial terms of their strategic alliance, the implementation of which is still subject to clearance by the Chinese authorities.
“This is yet another excellent example of the increasingly stronger market position of our China Desk,” said Dr. Florian Becker, co-head of Noerr’s Corporate/M&A Practice Group. Noerr’s China Desk, which is headed by the Frankfurt partners Dr. Till Kosche and Hui Zhao, particularly advises Chinese companies and investors on their business activities and investments in Europe. Clients include the Chinese state-owned group State Grid, one of the world’s largest energy companies. Last year, the team advised clients including the Chinese company Sinocare on the attempted takeover of Bayer AG’s diabetes measuring instruments division, a Chinese investor on the takeover of Energiebau Solar Power and the listed China Fire Safety Enterprise Group on an equity participation in Albert Ziegler Group, one of the world’s largest manufacturers of fire trucks and fire-fighting equipment. In addition, Modern Dental Group, one of the world’s leading dental laboratories, relied on Noerr’s advice in connection with its listing on the Hong Kong Stock Exchange. A team of Noerr’s China Desk advised the company on all aspects of German law in relation to the IPO.
Advisors to Pearl River Piano Group: Noerr LLP
Dr. Florian Becker (M&A, Munich, lead), Hui Zhao (M&A, Frankfurt), Dr. Alexander Jänecke (Real Estate, Frankfurt), Katrin Gänsler (Tax, Frankfurt), Dr. Christoph Rieken (IP, Munich), Stefan Schwab (Employment & Pensions, Berlin), Arkadiusz Ruminski (M&A, Warsaw), Dr. Michael Reiling (Commercial, Munich)
Associates: Yifan Zhu (M&A, Frankfurt), Ang Li (M&A, Frankfurt), Jasmin Wagner (Corporate, Munich), Janina Voogd (IP, Munich), Pawel Radek (Employment & Pensions, Warsaw), Irena Sobczak (M&A, Warsaw)