Morrison & Foerster advised the non-executive director committee (“Independent Committee”) of Alibaba Group Holding Limited (NYSE: BABA, “Alibaba Group”) in Alibaba's receiving of a 33% equity interest in Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Financial”), a deal which was successfully closed.
Alibaba Group has received a newly-issued 33% equity interest in Ant Financial following the satisfaction of the closing conditions set forth in the 2014 transaction agreements and the relevant amendments to those agreements.
Upon closing of the issuance, the profit-sharing arrangement under which Ant Financial previously paid fees amounting to 37.5% of its pre-tax profits to Alibaba Group was terminated.
The team advising Alibaba was led by MoFo’s Asia Private Equity co-head and partner Marcia Ellis and Tokyo managing partner Ken Siegel. Key members included Tokyo M&A partner Leo Aguilar, Tokyo Intellectual Property counsel Seth Graham, and Hong Kong associate Olivia Tang.
Contributions were also provided by others, including Hong Kong managing partner Tim Blakely, Hong Kong partner Matthew Lau on tax issues, Shanghai and Hong Kong partner Chuan Sun on IP, Hong Kong counsel Catherine Liu, Boston associate Leo Martin, Hong Kong associate Ching Sing So, and Hong Kong trainee solicitor Mark Hu.