Maples Group Advises on the Take-Private of Cloopen Group Holding Limited
- Published
- in Deals
Maples and Calder, the Maples Group’s law firm, is pleased to announce that it advised the special committee of the board of directors in the take-private of Cloopen Group Holding Limited (“Cloopen”), a leading multi-capability cloud-based communications solution provider in China.
The transaction completed on 28 October 2026 as a Cayman Islands statutory merger in accordance with Section 233 of the Cayman Companies Act, under which:
- each American depositary share of Cloopen (each, an “ADS”), together with the class A ordinary shares represented by such ADSs, was cancelled and ceased to exist in exchange for the right to receive US$2.9641 in cash per ADS without interest and;
- each share of Cloopen, other than the excluded shares, the dissenting shares and class A ordinary shares represented by ADSs, was cancelled and ceased to exist in exchange for the right to receive US$0.4940 in cash per share without interest.
As a result of the merger, Cloopen became a privately held company and is no longer quoted on the OTC Market. The buyer group consisted of Mr. Changxun Sun, Cloopen’s founder and chief executive officer, Trustbridge Partners VII, L.P. and Dmall Inc. (02586.HK).
The Maples Group team was led by Corporate Partner, Vivian Lee, with assistance from Associate, Sarena Gong.
Hogan Lovells Cadwalader acted as U.S. legal counsel to the special committee of the board of directors of Cloopen and Baker McKenzie LLP acted as U.S. legal counsel to Cloopen. Han Kun Law Offices acted as legal counsel to the buyer group, King & Wood acted as legal counsel to the founder and Cloopen Co., Ltd., and Skadden, Arps, Slate, Meagher & Flom acted as U.S. and Hong Kong legal counsel to Dmall Inc. Kroll, LLC (operating through its Duff & Phelps Opinions Practice) acted as financial advisor to the special committee of the board of directors of Cloopen.
