Background
- Beijing UniStrong Science & Technology Co., Ltd. (UniStrong) is a global navigation company headquartered in Beijing, China, that researches, manufactures and distributes geographic information system data collection products, high-precision measuring products, portable navigation products and related services
- Hemisphere GNSS Inc. (Hemisphere) is a global leader in high-performance satellite positioning technology headquartered in Scottsdale, AZ.
- CNH Industrial N.V. (CNHI) is an equipment and services company for the agriculture and construction sectors with American headquarters in Burr Ridge, IL
Process
- DC Advisory was exclusively engaged by UniStrong and Hemisphere to serve as sell-side financial advisor on the divestiture
- DC Advisory provided both UniStrong and Hemisphere with guidance through each stage of the transaction process and curated meaningful insights related to significant sector trends, growth drivers, market perspectives and the regulatory approval process
- DC Advisory's US and China team worked together to run a broad outreach towards both strategics and sponsors while minimizing time-to-sign. Confirmatory diligence was run simultaneously with multiple parties to maximize leverage
Outcome
- UniStrong signed the agreement to divest Hemisphere on March 29, 2023 for $175 M
- The transaction provides significant value to UniStrong shareholders while allowing the business to comply with relevant regulatory requirements
- The operations of Hemisphere will continue uninterrupted, providing CNHI with continued growth opportunities in key markets and expanding the functionality of its product portfolio
- Following regulatory approvals, the transaction closed on 12 October, 2023
DC Advisory played a vital role in driving this deal to completion. The combination of the team's industry knowledge, international expertise and process management skill were all critical to achieving a positive outcome for all parties involved.
“Advising UniStrong and Hemisphere in this transaction not only allowed our team to serve an important client, but also to highlight the depth of our international expertise, strength of our cross-border collaboration capabilities and ability to navigate significant regulatory and deal-related complexity.”
