10 February 2017
- Terence Foo, Timothy Democratis, Daniel Sandelson, Sonia Gilbert, Hong Zhang, Lingyin Xu, Brian Harley, Leigh Smith, Becky Moore, Mark Comber
- Beijing, London
Clifford Chance advises on US$1 billion acquisition of Outfit7 Investments
Leading international law firm Clifford Chance advised United Luck Group Holdings Limited (United Luck) on its US$1 billion acquisition of 100% of the shares of Outfit7. Outfit7 is headquartered in UK and Cyprus, and is the creator and developer of highly-popular mobile APPs such as 'Talking Tom' and 'Talking Angela', which were hailed in 2016 as one of the 'Most Downloaded APPs of All Time' for Android. The acquisition was completed on 28 December 2016.
Zhejiang Jinke Entertainment, a leading chemicals and TMT company in China listed on the Shenzhen Stock Exchange, was engaged in the acquisition with United Luck, and recently entered into an exclusive framework agreement with United Luck to acquire 100% of the shares of Outfit7.
China Co-Managing Partner Terence Foo led the deal and was supported by counsel Hong Zhang, associates Bernard Cheng and Ethan Ying in the Beijing office. Partner Timothy Democratis and associate Lingyin Xu in Beijing advised on the debt financing. The China team was supported by a team in London including Global Head of Media partner Daniel Sandelson and Employment partner Sonia Gilbert; senior associates Brian Harley, Leigh Smith, Anna Blest and Becky Moore; and associates Mark Comber and James Jeffries-Chung.
Terence said, "We are delighted to have advised on this significant acquisition in the TMT sector, which has seen a number of high profile transactions involving Chinese buyers, and to successfully close this deal despite the recent tightening up of capital outflows in China."