The $3 billion financing for the privatisation of Chinese e-commerce company Alibaba.com Ltd was completed with the assistance of six law firms.
The underwriters of the deal were Credit Suisse, Deutsche Bank, DBS Bank, HSBC, Mizuho Corporate Bank, and Australia and New Zealand Banking Group.
Advising the six banks was a White & Case team, led by the firm’s Asia head of banking & finance, Hong Kong-based partner John Hartley. Beijing-based partner Vivian Tsoi advised on the corporate aspects of the transaction, while Hong Kong partner John Shum headed a separate team that advised HSBC.
King & Wood Mallesons acted as PRC counsel to the underwriters, while Walkers was retained as offshore counsel.
For Alibaba.com, Freshfields Bruckhaus Deringer acted as international counsel, Fangda Partners served as PRC counsel, and Maples and Calder assisted on offshore matters.
“PRC Holdco financings are always challenging,” commented Hartley in a statement. “But when you combine that with a PRC internet business which is not a typical candidate for such structures, plus the significant optionality which needed to be built into the structure of this transaction, it is a testament to the hard work and professionalism of all parties involved that this financing was brought to a successful conclusion.” ALB
Kanishk Verghese is North Asia journalist at ALB. Follow him on Twitter: @ALB_Magazine.
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