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.”
