Slaughter and May, Hong Kong, is advising Alibaba Group Holding Limited (Alibaba), in relation to its proposed acquisition, through its indirect wholly-owned subsidiary Taobao China Holding Limited, of an economic interest of approximately 36.16% in Sun Art Retail Group Limited (Sun Art), a company listed on The Stock Exchange of Hong Kong Limited, for an aggregate consideration of HK$22.4 billion (approximately US$2.88 billion). The acquisition was announced on 20 November 2017.

Pursuant to the Takeover Code, Alibaba will also make a mandatory general offer for the shares of Sun Art after the completion of the acquisition. The amount of cash required to implement the offer is approximately HK$14.25 billion (US$1.8 billion).

Alibaba, whose shares are listed on the New York Stock Exchange, is the world’s largest online and mobile commerce company and has developed leading businesses in consumer e-commerce, online payment and financial services, business-to-business marketplaces, cloud computing, logistics and digital entertainment.

Sun Art is a Hong Kong-incorporated company listed on the Hong Kong Stock Exchange (Stock Code: 6808) which is principally engaged in the business of operation of hypermarkets and E-commerce platforms in the PRC.

Contacts

Benita Yu (partner), Clara Choi (partner), Charlton Tse (partner), Eric Fung (associate), Vincent Chan (associate), Jiayi Li (associate)