Selih & Partnerji, working alongside lead counsel Clifford Chance, has advised a group of Asian investors represented by United Luck Group Holdings Limited (led by Chinese businessman Ou Yaping), on their USD 1 billion acquisition of Outfit7 Investments Ltd., the app producing company established by Slovenians Iza and Samo Login, which is best known for its globally successful app Talking Tom and Friends. Taylor Wessing advised the sellers on the deal.
Founded in 2009 and based in Cyprus with operations in Slovenia, the UK, and China, Outfit7 boasts over five billion app downloads. It generated EUR 108 million in group revenue in 2015 (up from EUR 79 million in 2014) and EUR 80 million in net profit (up from EUR 60 million in 2014) and paid out EUR 74 million in dividends.
According to media reports, the USD 1 billion price tag makes this the single biggest transaction ever for a Slovenian company or a company founded by Slovenians.
The Selih & Partnerji team was led by Partners Natasa Pipan Nahtigal and Tilen Terlep.
The London-based Taylor Wessing team was led by Corporate Technology Partner Mike Turner, supported by Associates Adam Griffiths and Katie Kaplucha.
Editor's Note: After this article was published CEE Legal Matters learned that Zhejiang Jinke Entertainment, a chemicals and TMT company in China listed on the Shenzhen Stock Exchange, was engaged in the acquisition with United Luck, and subsequently entered into an exclusive framework agreement with United Luck to acquire 100% of the shares of Outfit7.
In addition, CEE Legal Matters learned that Clifford Chance's team was led by China Co-Managing Partner Terence Foo, supported by Counsel Hong Zhang and Associates Bernard Cheng and Ethan Ying. Partner Timothy Democratis and Associate Lingyin Xu advised on the debt financing. The firm's China team was supported by a London-based team 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.
Foo commented that: "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."
Image Source: outfit7.com