Orrick advised M17 Group, a leading social networking entertainment group headquartered in Taipei, on its acquisition of MeMe Live, a live streaming platform controlled by FunPlus, a Beijing-based social gaming developer.
The acquisition is expected to close in late 2019 and is subject to the approval of M17’s board of directors and shareholders.
“We are privileged to have been a part of the team advising M17 in relation to its strategic acquisitions in Asia,” said of counsel William Ho. “We look forward to supporting M17 as it continues to build out its businesses and market presence globally.”
Established in April 2017, M17 is an entertainment group that provides interactive entertainment services and operates media for developed Asian markets including Taiwan, Japan, Hong Kong, Singapore, and South Korea. It has recently expanded into the United States and the Middle East. M17’s entertainment platform includes live-streaming and dating applications as well as e-sports, film production, e-commerce and advertising, under the following brands: 17 Media, LIVIT, Paktor Group, HandsUP live commerce, and Unicorn Entertainment.
Upon the completion of the acquisition and the integration of platform resources, content creators and users, M17’s market share of the live streaming industry in developed Asian markets will exceed 60%. M17 and Meme Live will continue to operate independently while exploring synergies through cross platform collaborations.
The Orrick team was led by William Ho, Shanghai partner Jeffrey Sun and San Francisco partner Richard Smith, and included Hong Kong associates Eva Ying and Joe Scheu, as well as Shanghai consultant Frank Huang.