Alibaba Group Holding Limited - acquisition of an economic interest in Sun Art Retail Group Limited

Slaughter and May, Hong Kong, advised Alibaba Group Holding Limited (Alibaba), in relation to its 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 also made 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 was approximately HK$13.45 billion (US$1.7 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) and is principally engaged in the business of operation of hypermarkets and E-commerce platforms in the PRC.

June 2018 - This transaction was ranked ‘Commended’ in the FT Asia-Pacific Innovative Lawyers Report 2018 under the category ‘Legal Expertise: Enabling Business Growth’.

August 2018 - This transaction is a finalist for M&A Deal of the Year 2018, China Law & Practice Awards 2018. The firm is also a finalist for the M&A Firm of the Year 2018.