Ashurst advises Sojitz on investment in Pongo
22 May 2023
Global law firm Ashurst has advised Sojitz on its acquisition of a 49% stake in Pongo AS. Pongo owns multiple subsidiaries that serve as EV brand distributors in Norway under the umbrella of the Gill Group. Through this investment, Sojitz will enter the specialised multi-distributor business for EVs in Norway.
Lead partner Chin Yeoh commented:
"We are delighted to have advised our longstanding client, Sojitz Corporation, on its acquisition of a 49% stake in Pongo. This transaction demonstrates growing global investor interest in EV sales and distribution and the growing activity of M&A transactions in the Asia-Nordic corridor, which Ashurst is actively involved in."
The transaction was led by International M&A Partner Chin Yeoh and Counsel Daniel Öhvall, supported by Chloe Xiang, Shashtika Sundar, and Parmeet Sandhu, with specialist support from London-based partner Rhiannon Webster and Tokyo-based partner Alexander Dmitrenko.
