Leading offshore law firm Appleby has been highlighted as part of the award winning team who advised on the disposal of ele.me to Alibaba. At the Asian Legal Business China Law awards held on 18 April 2019, Appleby won M&A Deal of the Year (Premium).
The prestigious awards highlight the outstanding performance of private practitioners and in-house teams in China.
Appleby Hong Kong acted as Cayman Islands legal counsel to Rajax Holding (Rajax) in respect of the transfer of all of the issued shares of Rajax (not already owned) to Ali Panini Investment Limited, an affiliate of Alibaba Group Holdings Limited (Alibaba). This is the second transaction in which Appleby has assisted Rajax, who previously undertook a USD 280 million reverse triangular merger with Xiaodu Life Technology Ltd, a majority-owned subsidiary of Baidu Inc..
The transaction resulted in Alibaba gaining full control of Rajax, a food delivery business operating under the Ele.me brand, a popular food delivery app in China with over 34 million users.
The Appleby team was led by Partner, Nicholas Davies, together with Counsel Vincent Chan.
Commenting on the win, Nicholas remarked "We were delighted to advise Rajax on the Cayman Islands legal aspects of this multi-award winning transaction. Our work on this deal showcased the breadth and sophistication of our market-leading private equity practice in China and throughout the Asia region".
Vincent also added: "This was the second transaction where we have provided offshore counsel to Rajax which demonstrates the reputation we have built over many years working with our valued clients in the offshore M&A and Private Equity space in Asia."