Sullivan & Cromwell Advised Foxconn Interconnect Technology On USD 100 Million Joint Venture In Saudi Arabia

Sullivan & Cromwell Advised Foxconn Interconnect Technology on USD 100 Million Joint Venture in Saudi Arabia

Sullivan & Cromwell has provided legal counsel to Foxconn Interconnect Technology (FIT), a Hong Kong-listed subsidiary of Foxconn Technology Group, in the establishment of a joint venture with Saudi enterprise Saleh Suleiman Alrajhi & Sons. The venture, named Smart Mobility SJSC, is valued at USD 100 million and will focus on manufacturing electric vehicle charging stations in Saudi Arabia.

The initiative aims to support Saudi Arabia’s renewable energy strategy and reduce its reliance on imported technology. FIT will hold a 50% stake in the joint venture upon completion of the transaction.

FIT is a prominent manufacturer of electronic connectors and a subsidiary of Taiwan-listed Foxconn Technology Group. Saleh Suleiman Alrajhi & Sons, on the other hand, operates Next Charger, a subsidiary providing charging pile services.

The Sullivan & Cromwell team was led by Hong Kong-Based Partners Michael George DeSombre, Ng Kayian, and Lin Ching-Yang. Partners Nader Mousavi and Mark Schenkel provided advice on Intellectual Property Matters, while Juan Rodriguez handled Antitrust and Foreign Direct Investment Aspects.