Paul Weiss Advises Tencent on Sogou Investment
Paul, Weiss, Rifkind, Wharton & Garrison and Baker & McKenzie have advised Chinese internet company Tencent Holdings Inc. on its $448 million investment in Sohu.com Inc.’s online search company Sogou.
Tencent has purchased a 36.5 percent stake in Sogou, with which it will merge its own Soso search-related businesses. In a joint statement, Tencent and Sohu said they would also cooperate on the development, cross-promotion, and integration of their products and services, particularly in search technology, user insights, and data sharing.
Paul Weiss Hong Kong partner Jeanette Chan served as Tencent’s main outside counsel, with Baker & McKenzie Shanghai-based corporate partner Howard Wu also playing a role.
Sohu.com was represented by Boston-based firm Goulston & Storrs, while Haiwen & Partners served as Chinese counsel. Shearman & Sterling Hong Kong partner Paul Strecker acted for Credit Suisse Securities (USA), which was the financial advisor to Sohu's board of directors.*
*Updated, 9/18/13, 4:13 p.m.:This story was updated to include the role of Shearman & Sterling partner Paul Strecker as adviser to Credit Suisse Securities (USA).