Orrick and MoFo mandated on Walmart's $1.5bn China e-commerce deal
Walmart has turned to Morrison & Foerster for advice as it sells its Chinese e-commerce business to local titan JD.com
June 21, 2016 at 05:44 AM
2 minute read
Orrick Herrington & Sutcliffe and Morrison & Foerster have been mandated on Walmart's $1.5bn (£1.01bn) sale of its China e-commerce business to JD.com.
The deal sees Walmart sell its China online grocery business, Yihaodian, for a five percent stake in JD.com.
Morrison & Foerster is acting as Walmart's legal adviser on the deal. The American retailer turned to Morgan Stanley & Co as its financial adviser.
JD.com, China's largest internet company by revenue, has mandated Orrick and PRC firm Han Kun Law Offices as legal counsel.
Orrick's team includes Shanghai-based corporate partner Jie Sun, Beijing partner Ning Zhang and Hong Kong-based partner Connie Cheung, who also advised on the corporate aspects of the deal. The team also includes Shanghai-based partner Yufeng Ma, who handled the IP law elements of the transaction
Richard Liu, chief executive officer of JD.com, said: "We look forward to further developing Yihaodian, which has tremendous strength in important regions of eastern and southern China."
As part of the deal, Walmart and JD.com will work together to increase the product selection for customers across China, including broadening the range of imported products.
In April, JD.com mandated Skadden Arps Slate Meagher & Flom and Davis Polk & Wardwell on its $1bn (£690m) debt offering.
Maples and Calder advised on Cayman Islands law matters and Zhong Lun Law Firm provided counsel on PRC law issues relating to the offering.
In the first quarter of this year, Zhong Lun advised on the second largest volume of deals in the region, rising up the rankings from 25th last year, according to Mergermarket.
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