Ropes & Gray Represents Alibaba in $1.38 Billion Investment in ZTO Express
Ropes & Gray represented Alibaba Group, as lead consortium member, on its US$1.38 billion investment in ZTO Express for an approximately 10% equity stake in the company. The deal was announced on May 29 and is expected to close in early June, subject to customary closing conditions.
ZTO Express is a NYSE-listed leading express delivery company in China and one of the largest express delivery companies globally. The deal is part of Alibaba’s efforts to transform China’s logistics industry amid the growth of New Retail, a concept developed to provide seamless integration between online and offline commerce. It will also support ZTO’s focus on building up first and last-mile pickup and delivery capabilities, warehouse management, cross-border logistics and technology-driven smart solutions.
The corporate team was led by private equity partner Peng Yu and mergers & acquisitions partner Jim Lidbury from the Ropes & Gray Hong Kong office.