CBI member and international law firm, DLA Piper represented the Chinese financial services provider, Ping An, on its successful exit from its investment in Bigo Inc. – a fast-growing live streaming platform – following a buyout by YY.
This was the third time DLA Piper has been consulted by Ping An on the Bigo case, following DLA Piper representing Ping An in its US$80 million series C investment in Bigo in 2017, and again in Ping An’s US$20 million follow-on investment in Bigo’s series D round of financing a year later.
DLA Piper Asia senior partner, Roy Chan said: “[DLA Piper] are delighted to have advised Ping An on another successful deal. [DLA Piper] has a long history and partnership with Ping An, and look forward to working with them across all aspects of their business in the future.”
Under the terms negotiated by DLA Piper, YY paid Ping An an aggregate purchase price of US$1.45 billion for the 68.3% of Bigo shares that YY did not already own, with a combination of cash and YY shares.
Gloria Liu, DLA Piper corporate partner who led the initial investments and this sale added: [DLA Piper] are proud to be counsel to premier private equity clients for the entire investment cycle, from fund formation to downstream investment and to exit. The Ping An – Bigo deal demonstrates the strength of [DLA Piper’s] private equity practise in Asia.”
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