DLA Piper has advised Ele.me, one of the largest food delivery service providers in China, on its merger with Baidu Waimai, another giant in the industry.

The merger was consummated in the form of a reverse triangular merger between Ele.me and Baidu Waimai's respective Cayman incorporated holding companies. After the merger, Baidu Waimai will become a wholly-owned subsidiary of Ele.me. Baidu.com, the controlling shareholder of Baidu Waimai before the merger, was issued preferred shares of Ele.me as part of the merger consideration. Alibaba, the largest shareholder of Ele.me, provided financing to Ele.me for the merger by subscribing for newly issued Series G-1 preferred shares. The merger will make the new entity one of only two major players in the food delivery sector in China.

The DLA Piper team was led by Corporate partner Stewart Wang, and other team members included of counsel Sue Yang, senior associate Joyce Du, legal assistant Qin Gu and trainee Ariel Wang.