Successful exit – Noerr coordinates sale of South Asian Daraz Group to Alibaba
The European law firm Noerr has provided comprehensive advice on the sale of a leading online marketplace to Alibaba. The listed Chinese internet giant Alibaba is acquiring the eCommerce platform Daraz, which is a market leader in countries including Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The investors selling Daraz include Asia Pacific Internet Group (APACIG), a joint venture between the listed company Rocket Internet SE and the telecoms group Ooredoo (Qatar), which is likewise a listed company, the British sovereign wealth fund CDC and the Tengelmann Group.
Prior to closing, the group was restructured across several jurisdictions under the lead of a Noerr team headed by the private equity partners Sascha Leske and Steve Zehden (both New York). Noerr collaborated on US law issues with the leading New York law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. Besides, numerous local counsel were involved and coordinated by Noerr (including Tricor WP in Singapore, Afridi & Angell in Dubai, Mohsin Tayebaly & Co. and Fazleghani Advocates in Pakistan, Mak & Co. in Bangladesh, Allen & Gledhill in Myanmar, Neupane Law Associates in Nepal, and Nithya Partners in Sri Lanka).
Advisors to Daraz Holding and investors: Noerr LLP
Dr Sascha Leske, Steve Zehden (joint team lead, Private Equity, Berlin/New York), Professor Christian Pleister (Private Equity, Frankfurt/Berlin), Dr Thomas Thalhofer (Digital Business, Munich), Dr Torsten Kraul (Digital Business, Berlin), Dr Christoph Rieken (Intellectual Property, Munich), Peter Stauber (Antitrust, Berlin)
Associates: Eva Loef (Berlin/New York), Dr Laurenz Tholen, Lucie Rohr, Alison R. Heinze, Dr Anna Olbrys-Sobieszuk (all Private Equity, Berlin)
USA: Paul, Weiss, Rifkind, Wharton & Garrison LLP
Singapore: Tricor WP
Dubai: Afridi & Angell
Pakistan: Mohsin Tayebaly & Co., Fazleghani Advocates
Bangladesh: Mak & Co.
Myanmar: Allen & Gledhill
Nepal: Neupane Law Associates
Sri Lanka: Nithya Partners
Advisors to Alibaba: Weil Gotshal & Manges