Carey Olsen advises Brazil’s 99 in US$1 billion sale

Carey Olsen’s Alistair Russell

Lawyers from Carey Olsen’s corporate and finance practice in the Cayman Islands have advised 99, the Brazilian ride-sharing application and Uber competitor, on its sale to China’s Didi Chuxing.

The deal, which values 99 at more than US$1 billion, comes a year after Didi secured a minority stake in the company after investing US$100 million in 99’s last round of financing. 99 has been a long-standing client of Carey Olsen with the offshore law firm advising it in its earliest days as a technology start-up in 2013, as well as taking it through a series of financing rounds.

“What is most pleasing about this deal is that as a firm we have been advising 99 from its very earliest days and have seen the business grow through its various cycles to become a great success,” said Partner Alistair Russell. “The evolution of 99 also underlines the attractiveness of the Cayman Islands as a jurisdiction from which to structure venture capital funds, not only in Latin America, but globally too.”

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