The transaction results 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 transaction implies an enterprise value of USD 9.5 billion for ele.me.
This is the second transaction over a period of twelve months in which Appleby has assisted Rajax, which undertook a USD 280 million reverse triangular merger in August 2017. The Appleby team was led by Hong Kong based Partner, Nicholas Davies, together with Counsel Vincent Chan. DLA Piper acted as international legal counsel to Rajax and Han Kun Law Offices acted as PRC legal counsel.
Commenting on the transaction, Nicholas remarked “It was a great pleasure to assist Rajax with the Cayman aspect of this high-profile transaction, and to once again work alongside the DLA Piper and Han Kun Shanghai teams, which once again underscored Appleby’s experience and increasing profile in the offshore corporate advisory space in Asia.”