Slaughter and May advised Alibaba Group Holding Limited - acquisition of the media business of SCMP Group Limited
Slaughter and May, Hong Kong, advised Alibaba Group Holding Limited (Alibaba) in relation to its acquisition, through its subsidiary Alibaba Investment Limited, of the media business of SCMP Group Limited (SCMP), a company listed on the Hong Kong Stock Exchange, for a total consideration of approximately HK$2.06 billion. The acquisition was announced in December 2015 and was subject to (among others) SCMP shareholders’ approval due to its constituting a very substantial disposal by SCMP under the Listing Rules. On 14 March 2016 SCMP shareholders approved of the sale and it was formalised on 5 April 2016.
The media business of SCMP under this acquisition includes the flagship newspaper the South China Morning Post, as well as the magazine, recruitment, outdoor media, events and conferences, education and digital media businesses of the SCMP group.In addition to the broadsheet, other SCMP titles including the Sunday Morning Post, digital platforms SCMP.com and related mobile apps, two Chinese websites Nanzao.com and Nanzaozhinan.com, and a portfolio of magazine titles including HK Magazine and the Hong Kong editions of Esquire, Elle, Cosmopolitan, The PEAK and Harper’s BAZAAR.
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.