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MAGNUSSON ADVISES WAVETOUCH GROUP ON ACQUISITION OF O-NET WAVETOUCH LIMITED AND FIRST CLOSE OF CAPITAL RAISE

2016-10-27

The Copenhagen and Hong Kong offices of international law firm Magnusson advised London-based WaveTouch Group on the acquisition, via a share exchange transaction, of Hong Kong-based O-Net WaveTouch Limited, and on the parallel first close of a GBP 5 million EIS-qualifying round of funding, which was offered on an exclusive basis to clients of West Hill Capital.

O-Net WaveTouch Limited that has developed an innovative optical touch technology for use in high-volume industrial and consumer electronics applications. The acquisition aimed at relocating the company’s headquarters and senior management team to London.

The existing shareholders of O-Net WaveTouch are OPDI Technologies A/S, a Danish optical technology incubator company and O-Net Technologies (Group), a Hong Kong Stock Exchange listed manufacturer of a variety of optical components and products. Magnusson advised on the establishment of the joint venture between these parties in Hong Kong in 2013, which at the time was one of the first Sino-Danish technology joint ventures.

The transactions were announced on 20 October 2016. 

Magnusson provided seamless legal assistance to WaveTouch Group on all matters across Denmark and Hong Kong, with partners Nikolaj Juhl Hansen in Denmark and Kristian Odebjer in Hong Kong leading Magnusson’s team. Norton Rose Fulbright also advised on the transaction from a UK and Hong Kong law perspective.

Magnusson’s China Desk is at the moment seeing a surge in Sino-European transactions, with both an increasing number of Chinese and European businesses establishing partnerships to co-engage on either the European or Chinese markets. Furthermore, businesses are undertaking acquisitions in Europe and China in order to acquire advanced technologies or establish a market platform.

Magnusson’s China Desk is unique in having highly experienced China specialists in place across the Nordic Region as well as having a Hong Kong office.

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