Alibaba Acquires AutoNavi In a $1.5 Billion Deal.
AutoNavi has announced today that, at an extraordinary general meeting held today, the Company’s shareholders voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger (the “merger agreement”) dated April 11, 2014 by and among Alibaba , Ali ET Investment Holding Limited and the Company, pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company as a wholly owned subsidiary of Parent after the merger (the “merger”), and to authorize and approve any and all transactions contemplated by the merger agreement, including the merger.
Approximately 98.9 % of the Company’s total outstanding ordinary shares (including ordinary shares represented by the Company’s American depositary shares (“ADSs”)) and series A convertible preferred shares voted in person or by proxy were voted in favor of the proposal to authorize and approve the merger agreement and any and all transactions contemplated by the merger agreement, including the merger.
The parties currently expect to complete the merger in July 2014, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Upon completion of the merger, the merger will result in the Company becoming a privately held company. AutoNavi’s ADSs will no longer be listed on the Nasdaq Global Market, and the AutoNavi’s ADS program will terminate. In addition, AutoNavi’s ADSs and ordinary shares represented by the ADSs will cease to be registered under Section 12 of the Securities Exchange Act of 1934.
AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 3.6 million kilometers of roadway and over 20 million points of interest across China. Through its digital map database and proprietary technology platform, AutoNavi provides comprehensive, integrated navigation and location-based solutions optimized for the Chinese market and users, including automotive navigation solutions, mobile location-based solutions and Internet location-based solutions, and public sector and enterprise applications.