Han Kun advised Baidu on its acquisition of 91 Wireless
2013-08-16
On August 14, 2013, Baidu (Nasqad: BIDU), the leading Chinese language Internet search provider, announced that it has signed a definitive merger agreement (the "Agreement") to acquire a 100 percent equity interest in 91 Wireless from NetDragon (HKEx:777) and other shareholders.
91 Wireless is a leading mobile app marketplace and mobile game operator in China.
According to the memorandum of understanding dated July 15, 2013, the merger consideration amounts to a total of US$1.90 billion. Having taken into account the conditional declaration of a special dividend in the aggregate amount of approximately US$52.06 million by 91 Wireless to its existing shareholders, the consideration is now adjusted to an aggregate amount of US$1.85 billion in the Agreement. It is reportedly that this would be the biggest deal in China's IT sector. Han Kun advised Baidu on this deal and primarily assisted in preparation of various transaction documents and participated in the negotiation process.
The leading lawyers involved in this deal are Charles Li, Estella Chen, Gloria Xu, Rae Liu, Jiaxin Liu, Arong and Ching King.
