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December 22, 2020

Assisted Regional Tech Startup Carousell on Major M&A in Vietnam

Tilleke & Gibbins’ technology industry group in Vietnam assisted Singapore-based e-commerce marketplace operator Carousell Pte Ltd. with due diligence, documentation preparation, and filings in connection with its acquisition of/merger with online classifieds company 701Search (a subsidiary of Norwegian telecommunications company Telenor Group), a deal that valued the combined company at USD 850 million.

In particular, we conducted due diligence on Cho Tot, a Vietnamese e-commerce company 87% owned by 701Search, and Vina Ventures, which owned 13% of Cho Tot, and joined the team to prepare the principal sale and purchase agreement, managed the sale at the country level, and filed the changes with the Vietnamese licensing authorities. This project was complicated because it involved e-commerce, a sector which lacks detailed legal guidance in Vietnam, and sophisticated arrangements and rectifications before and after the sale.