Orrick, Skadden, Paul Weiss on $1.6B Bitauto Investment
Tencent and JD.com have used a combination of cash and resources to purchase a 28 percent stake in the Chinese autos e-commerce company.
January 11, 2015 at 09:17 PM
2 minute read
Three Am Law 100 firms are advising on a $1.6 billion investment into Chinese autos e-commerce company Bitauto Holdings Ltd. by JD.com Inc. and Tencent Holdings Ltd.
JD.com, China's second-largest online shopping site after Alibaba Group Holding Ltd.'s Taobao Marketplace, and internet giant Tencent, maker of the popular WeChat texting app, are using a combination of cash and resources to purchase a total of 28.3 percent of the company's shares.
Beijing-based JD.com is investing $400 million in cash and $750 million in resources, including exclusive access for Bitauto to JD.com's autos-related e-commerce sites and mobile applications, in exchange for $1.15 billion in newly issued shares. The company will also get one seat on Bitauto's board of directors. Shenzhen-based Tencent, meanwhile, is paying $150 million for newly issued shares. When the deal closes in the first half of this year, JD.com and Tencent will control 25 percent and 3.3 percent, respectively, of Bitauto.
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