Slaughter and May has represented an Alibaba Group subsidiary in its HK$2.06 billion ($266 million) purchase of the South China Morning Post, Hong Kong’s leading English-language newspaper, with Norton Rose Fulbright and Davis Polk & Wardwell advising the sellers.

The all-cash agreement includes the acquisition of the 112-year-old broadsheet plus SCMP’s portfolio of magazine titles, events and conferences, digital platforms, outdoor media as well as its recruitment and education businesses.

Slaughter and May partners Benita Yu and Clara Choi headed the group that acted for Alibaba Investments, a subsidiary of e-commerce giant Alibaba Group Holding.

Hong Kong-based partner Jon Perry led the Norton Rose Fulbright team that advised SCMP, and Davis Polk acted for Kerry Group, which is controlled by Malaysian tycoon Robert Kuok and owns 74 percent of the SCMP Group.

The transaction, which is still subject to shareholder approval, is expected to give SCMP a one-off gain worth HK$1.42 billion. SCMP will remain listed on the Hong Kong Stock Exchange after the sale, with a focus on property investment.

The deal also transfers ownership from Kuok, who bought his stake in the company from Rupert Murdoch's News Corp in 1993, to Chinese billionaire Jack Ma at a time when Beijing's growing influence over Hong Kong is raising concerns.