Simpson and Kirkland lead as Alibaba eyes AutoNavi buyout
Simpson Thacher Bartlett and Kirkland & Ellis are advising as Alibaba looks to acquire digital mapping company AutoNavi in a $1.58bn (£947,000) take-private transaction. Alibaba, which took a 28% stake in the company last year, has offered to pay cash for the shares that it does not own in AutoNavi - currently listed on Nasdaq.
February 26, 2014 at 03:02 AM
2 minute read
Simpson Thacher Bartlett and Kirkland & Ellis are advising as Alibaba looks to acquire digital mapping company AutoNavi in a $1.58bn (£947,000) take-private transaction.
Alibaba, which took a 28% stake in the company last year, has offered to pay cash for the shares that it does not own in AutoNavi – currently listed on Nasdaq.
In a proposal letter, Alibaba said it would purchase the outstanding shares or the remaining 72% of the company for $21 per American depository share, or $5.25 in cash per ordinary share.
It added that this represented "an extremely attractive opportunity" for the company at a time when "the market for navigation and map applications and services has become increasingly challenging".
Simpson Thacher is representing Alibaba on the bid, with a team being led by corporate partner Katie Sudol in Hong Kong.
The firm has previously advised the company on a number of transactions, including its $586m (£378m) acquisition of an 18% stake in China's own version of Twitter, Weibo, last year. It is also currently advising Alibaba on its upcoming, hotly-anticipated US IPO.
Providing PRC counsel to the company is Beijing-based Fangda Partners whilst Maples and Calder is advising on Cayman law.
AutoNavi has since established a committee of independent directors, which are being advised by US firm Kirkland & Ellis.
Leading the group at Kirkland is ex-Latham & Watkins corporate partner David Zhang based in Hong Kong, who also headed a team opposite Simpson Thacher on the HK$2.4bn Hong Kong listing of China Harmony Auto Holding last year.
AutoNavi is a digital map content and navigation company based in China, covering approximately 3.6m km of roadway and more than 20m points of interest across China.
Alibaba's bid to acquire the company comes as competition heats up further between China's four main internet giants, which include Alibaba, the country's biggest e-commerce company; Tencent, owner of mobile chat service WeChat; Sina, which owns social networking site Weibo; and Baidu, which also has map software.
Related: Simpson takes lead role as Alibaba looks to list in US
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