Evergrande Health Industry Group Limited (SEHK:708) acquired 51% stake in National Electric Vehicle Sweden AB for $930 million (SEK 8.3 billion) on January 15, 2019. Pursuant to the terms of transaction, $430 million (SEK 3.8 billion) is paid on closing and remaining will be paid on or before January 31, 2019. Evergrande Health Industry Group Limited will fund the transaction through $1.1 billion (SEK 9.8 billion)loan provided by China Evergrande Group (SEHK:3333), parent of Evergrande Health Industry Group Limited. Post-completion, the majority of Board will compose of members appointed by the seller. The transaction is approved by the shareholders of Evergrande Health Industry Group Limited. Lawrence Lee, Christina Lee, Simon Leung, Betty Wong, Brian Wong, Bonnie Lau, Sze Shing Tan, Scott Silverman, Annie Wat, Jeff Wang, Anders Fast, Carl Svernlov, Mats Rooth, John Gustafson, Erik Holmgren and Georg Jonsson of Baker & McKenzie LLP acted as the legal advisors to Evergrande Health Industry Group Limited. Evergrande Health Industry Group Limited (SEHK:708) completed the acquisition of 51% stake in National Electric Vehicle Sweden AB on January 15, 2019. For year ended December 31, 2018, National Electric Vehicle Sweden reported revenues of SEK 73.8 million, net loss before and after taxation of SEK 1.2 billion and assets of SEK 8.5 billion. The directors considers the terms to be fair and reasonable. Ernst & Young AB acted as accountant for National Electric Vehicle Sweden.