Law firms Davis Polk, Han Kun, Skadden Arps and Zhong Lun have assisted Chinese Internet company Tencent Holdings on its acquisition of 15 percent stake in e-commerce site JD.com.

Valued at $214.7 million, the acquisition comes ahead of JD.com’s planned $1.5 billion U.S. listing.

The two companies have formed a strategic partnership through this transaction, wherein JD will be acquiring 100 percent interest in Tencent's e-commerce businesses including QQ Wanggou, PaiPai and its logistics personnel and assets. JD will also take a minority stake in Tencent’s Yixun.com, and will have the right to acquire the remaining stake of Yixun in future.

Tencent, the largest online communications provider in China, also plans to take an additional 5 percent of JD on a post-IPO basis, and Tencent President Martin Lau is slated to take a seat on JD’s board of directors.

While Davis Polk & Wardwell and Han Kun Law Offices acted as the international and PRC counsel for Tencent, Barclays Bank acted as the financial adviser to Tencent on this transaction.

The Davis Polk corporate team was led by partner Kirtee Kapoor and included partners Paul Chow and Miranda So, registered foreign lawyers Abhishek Kolay and Steven Sha and associates Christine Xu and Vanessa Chan.

Bank of America Merrill Lynch and China Renaissance acted as financial advisers to JD on the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as international counsel and Zhong Lun Law Firm acted as PRC counsel for JD.

Liu Zhen is senior China journlaist at ALB. Follow us on Twitter: @ALB_Magazine.

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