For media enquiries, please contact firstname.lastname@example.org
Conyers Dill & Pearman provided Cayman law advice to Youku Tudou Inc. (“Youku”), China’s leading Internet television company, in connection with Alibaba Group Holding Limited’s (“Alibaba”) proposed acquisition of all outstanding shares of Youku Toudou by way of a “going-private” merger.
In 2014 Alibaba had the world’s largest ever IPO. In 2012 Youku and Tudou united to become another of Asia’s most influential companies.
On April 5, 2016 Alibaba acquired Youku in an all cash transaction. As a result Youku will operate as a privately held entity under Alibaba, with all its American Depository shares delisted from the New York Stock Exchange.
Under the private ownership of Alibaba, Youku, China’s YouTube equivalent, will deliver US films and drama series to over a third of China’s population. The acquisition will also give Alibaba access to over half a billion online video users, giving it a huge boost in its bid to rule the Chinese digital media market.
It has been forecast that the PRC’s online video market will be worth RMB90 billion by 2018, up from 23.97 billion last year. The acquired has more than 500 million unique visitors per month and 170 million daily visitors. Subsequent to the deal, the company hopes to position itself as a worldwide competitor.
Partner and Co-Chair David Lamb and Associate Angie Chu of Conyers’ Hong Kong office, advised on the matter, working alongside Skadden, Arps, Slate, Meagher & Flom LLP.