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Simpson Thacher recently represented the sellers in connection with the sale of 25.84% of the total issued ordinary shares of Natural Food International Holding Limited (“Natural Food”) (SEHK: 01837) to PepsiCo., Inc. (“PepsiCo”). Pursuant to the Share Purchase Agreement entered on July 25, 2019 by PepsiCo and the sellers (including SAIF Partners III L.P., Treasure Master International Limited, Natural Investment Holding Limited, Bright Natural Limited and One Supreme Limited), PepsiCo purchased 566,506,000 ordinary shares of Natural Food for US$131 million. After the share acquisition, PepsiCo becomes the second largest shareholder in Natural Food.

Natural Food is China's second largest natural health food company with a focus on grain-based premium nutrition powder. The Firm also represented Natural Food in its Hong Kong IPO and Regulation S offering in 2018.

The Simpson Thacher team for the transaction included Chris Lin, Howie Farn and Cherrie Zhang (Corporate).