China's Vipshop Pays $132.5M For Lefeng Controlling Stake

Law360, New York (February 14, 2014, 11:54 AM EST) -- Vipshop Holdings Ltd. has acquired a controlling interest in Ovation Entertainment Ltd. subsidiary Lefeng.com Ltd. for about $132.5 million, the companies said Friday, in a deal that unites two of China's largest online retailers.

The $132.5 million deal sees Vipshop, a Chinese online retailer that sells popular brands for discount prices, receive a 75 percent equity interest in Lefeng. Lefeng, an online retailer specializing in selling cosmetics and fashion products, will be 75 percent owned by Vipshop and 25 percent owned by Ovation once the deal...
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