Suning Commerce Group Co., Ltd. (SZSE : 002024) agreed to acquire 69% stake in F.C. Internazionale Milano S.p.A from Massimo Moratti and Erick Thohir for €270 million on June 3, 2016. Erick Thohir, who will continue to hold 31% stake in F.C. Internazionale Milano, will remain as the President of F.C. Internazionale Milano, while Massimo Moratti who preniously held 30% stake, will cease being a shareholder of F.C. Internazionale Milano. The shareholder’s assembly of Inter, presided by Erick Thohir, has approved this morning the issuance of 3.26 billion new common shares in favor of the new Chinese shareholder. The assembly has moreover approved the nomination of the new board of directors that is composed of Erick Thohir, Ren Jun, Mi Xin, Yang Yang, Liu Jun, Steven Zhang, Handy Soetedjo, Michael Bolingbroke and Nicola Volpi. The new board, that was held after the assembly, has confirmed Erick Thohir as Executive President and Michael Bolingbroke as Chief Executive Officer. The commitment of Suning under the financial profile is composed of €142 million to subscribe the capital increase that was deliberated today by Inter and approximately €130 million for the acquisition of some of the stakes of Erick Thohir. The proceeds of the increase, will be used partly to repay debts and partly for development. Aside from this, Suning will inject in the coffers of Inter another €100 million as financing of the floating capital. The closing of the transaction is subject to fulfillment of some conditions that are typical for this type of transaction. As of July 6, 2016, Suning Commerce agreed to invest approximately €400 million until 2018 and the deal is now expected to be completed in the next weeks. Stefano Micheli, Carlo Montagna, Marco De Leo, Massimiliano Danusso, Giovanni Guglielmetti, Luca Perfetti, Vittorio Pomarici of Bonelli Erede Pappalardo Studio Legale acted as legal advisors for Suning Commerce Group Co., Ltd. Hu Zhengzheng, Gao Xiang, Yao Jian of Jingtian & Gongcheng acted as legal advisor for Suning Commerce Group Co., Ltd. Stefano Sciolla, Giancarlo D’Ambrosio, Luca Maranetto, Tim Hia, Andrea Novarese, Dolynn Yap, Sara Pedrotti of Latham & Watkins LLP acted as legal advisors for F.C. Internazionale Milano S.p.A and Erick Thohir. Roberto Casati, Gerolamo da Passano, and Lorenzo Freddi of Cleary Gottlieb Steen & Hamilton acted as legal advisors for Massimo Moratti. Timothy Hia and Stefano Sciolla of Latham & Watkins acted as legal advisor for Erick Thohir. Slaughter and May acted as legal advisor for Suning Commerce. Suning Commerce Group Co., Ltd. (SZSE : 002024) completed the acquisition of 69% stake in F.C. Internazionale Milano S.p.A from Massimo Moratti and Erick Thohir on June 30, 2016.