Slaughters and Norton Rose advise as Alibaba buys South China Morning Post
Slaughters advises Alibaba on the politically sensitive acquisition of the 112-year-old newspaper
December 14, 2015 at 05:53 PM
2 minute read
Slaughter and May and Norton Rose have won roles advising as Alibaba Group buys South China Morning Post (SCMP), an English language newspaper based in Hong Kong.
The deal includes licences for other Hong Kong publications including Elle, Cosmopolitan and Harper's Bazaar.
Slaughter and May is advising Alibaba on the deal with a team led by Hong Kong corporate partners Benita Yu (pictured) and Clara Choi.
In 2012, Yu also took the lead acting for Alibaba.com, the group's internet business arm, on its $2.5bn (£1.6bn) privatisation.
Alibaba.com listed on the Hong Kong Stock exchange in 2007 for around $1.3bn (£819m) – which at the time was thought to be the largest-ever value for an initial public offering by a Chinese technology company.
Norton Rose Fulbright advised SCMP on the sale to Alibaba with a team led by Hong Kong M&A partner Jon Perry.
The acquisition of the 112-year-old newspaper has raised concerns, denied by Alibaba, that the internet company may compromise SCMP's editorial independence. Critics say that the deal is a sign China is tightening its grip on Hong Kong.
Defending the acquisition Joseph Tai, executive vice chairman of the Alibaba Group, said: "This criticism reflects a bias of its own, as if to say newspaper owners must espouse certain views, while those that hold opposing views are 'unfit'."
In an open letter on Friday to SCMP readers he added: "In fact, that is exactly why we think the world needs a plurality of views when it comes to China coverage.
China's rise as an economic power and its importance to world stability is too important for there to be a singular thesis."
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