Fenwick & West LLP represented Zong, a leading provider of electronic payments through mobile carrier billing, in its acquisition by eBay Inc. (NASDAQ: EBAY) for approximately $240 million in cash. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the third quarter of 2011.
Zong leverages connections with more than 250 mobile network operators around the world, offering localized, secure and easy-to-use payments capabilities for digital goods and services in 21 languages and 45 countries. Combined with PayPal’s leading global payment platform serving 100 million active accounts worldwide, eBay expects that Zong will add complementary technology and talent that help strengthen PayPal’s leadership position in mobile payments and digital goods.
More information about the transaction is available on eBay’s website.
The Fenwick & West transaction team included corporate attorneys Ted Wang, Andrew Luh, Aaron Hou, Rita Tan and Jie Zhou; executive compensation and employee benefits attorneys Blake Martell and Marshall Mort; technology transactions attorneys Ralph Pais, Mark Ostrau, Darren Hutchins and Stefano Quintini; patent litigation attorney Darren Donnelly; and tax attorneys Ron Schrotenboer and Matthew Noerper.
Fenwick & West provides comprehensive legal services to technology and life sciences clients of national and international prominence. The firm is recognized among the leading U.S. law firms for technology startups and was named “Law Firm of the Year” for the Internet and eCommerce industry by InterContinental Finance Magazine. Fenwick is ranked by Mergermarket as one of the top 5 M&A legal advisors in North America for technology deals, by Bloomberg and Thomson Reuters as one of the top 10 M&A legal advisors in the U.S., and by FactSet and Thomson Reuters as one of the Top 25 M&A legal advisors worldwide.