Slaughter and May, Hong Kong, is advising Alibaba Group Holding Limited (Alibaba) in relation to its proposed 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 proposed acquisition is subject to (among others) SCMP shareholders’ approval due to its constituting a very substantial disposal by SCMP under the Listing Rules.

The media business of SCMP under this proposed 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. Besides the broadsheet, other SCMP titles including the Sunday Morning Post, digital platforms SCMP.com and related mobile apps, and the 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 are also the subject matter of the proposed acquisition.

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.

CONTACTS:

Benita Yu (partner), Clara Choi (partner), Eric Fung (associate), Xiaozheng Ko (associate), Benjamin Luo (senior paralegal), Nelson Ni (trainee)