Asia M&A / Private Equity

Perennially ranked as one of the world’s top advisers on mergers and acquisitions transactions, Davis Polk regularly counsels companies across all major industries throughout Asia, as well as those venturing into the region, on acquisitions, sales, strategic investments and joint ventures.

While we have long been a go-to adviser on large and complex cross-border M&A transactions in Asia, in recent years we have increased the size and scope of our M&A practice in our Asian offices, building upon our local experience and knowledge as well as our substantial global platform. This added capacity has enabled us to work with an even broader array of clients in China, Japan, India and across the Asia Pacific region, ranging from industry-leading multinationals as they expand their regional and global footprint to smaller, emerging companies seeking to position themselves as future market leaders.

Our private equity lawyers in Asia assist financial institutions and private equity groups in making acquisitions and dispositions for their own accounts and for the accounts of funds that they sponsor. We have advised a number of clients worldwide on the formation of Asia-focused private equity funds and other investment vehicles, and regularly work with sponsors and portfolio companies on acquisitions and dispositions in China, India, Japan and elsewhere across Asia.

Our experience covers the entire private equity spectrum, including fund formation and marketing, structuring and making equity investments, negotiating bridge, high-yield and senior debt financing for portfolio companies, structuring management compensation programs, making follow-on investments, executing recapitalization transactions, disposing of investments through private or public sales, making in-kind distributions and negotiating workouts. Our vast experience advising private equity firms, fund investors and portfolio companies gives us an in-depth understanding of trends and expectations within the marketplace.

Recognition

  • Chambers Asia Pacific – Asia M&A, Band 1, 2016
  • FinanceAsia Awards
    • Best Law Firm, Japan 2017
    • Best M&A Law Firm, 2017
    • Best Law Firm, 2016
  • Asian Lawyer – Asia Legal Awards
    • International Law Firm of the Year, 2017 – 2018
  • IFLR Asia Awards
    • Most Innovative US Firm of the Year, 2014 - 2017
    • China Practice of the Year, 2016
  • Chambers Asia Awards
    • Asia-Pacific Law Firm of the Year, 2015
  • ChemChina’s acquisition of Syngenta, the largest Chinese outbound transaction
    • FinanceAsia Achievement Awards – Best M&A Deal, 2017
    • China Law & Practice Awards – Outbound Deal of the Year, 2017
    • The Asian Lawyer Asia Legal Awards – Finance Deal of the Year, 2017
    • ALB China Law Awards – M&A Deal of the Year, 2017
  • Davis Polk worked on the three largest-ever cross-border strategic investments in Chinese banks (ICBC, Bank of China, Guangdong Development Bank).

NOTABLE MATTERS

  • Heineken and China Resources’ Non-Binding Agreements to join forces in China
    We are advising Heineken in connection with its non-binding agreements with China Resources Enterprise and China Resources Beer to create a long-term strategic partnership in Mainland China, Hong Kong and Macau.
  • Shire’s Acquisition by Takeda
    We are advising Shire plc in connection with a recommended cash and stock offer for Shire’s entire share capital by Takeda Pharmaceutical Company Limited that values Shire’s share capital at approximately US$62 billion (£46 billion). Shire is the global leader in serving patients with rare diseases. Takeda is a global, research and development-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines.
  • Tencent and Tencent Music Entertainment Transactions with Spotify
    We advised Tencent and Tencent Music Entertainment in connection with their equity investments with Spotify. Following these transactions, Spotify will hold a minority stake in TME, and both Tencent and TME will hold minority stakes in Spotify. Tencent, which owns a majority stake in TME, operates the most popular social platforms in China and has a proven record of investing in innovative technology companies. TME is an early mover in authorized digital music and is the largest online music services company in China. It provides a rich catalogue of digital music services including streaming, online live broadcasts and karaoke, serving hundreds of millions of users.
  • I Squared Capital Acquisition of Hutchison Global Communications
    We advised I Squared Capital on its acquisition of Hutchison Global Communications from Hutchison Telecommunications Hong Kong for approximately HK$14.5 billion ($1.9 billion) in cash. I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities and transport in the Americas, Europe and select high growth economies. Hutchison Global Communications is a fixed-line service provider to fixed and mobile carriers, OTT service providers, corporate and business, residential and data centers in Hong Kong and around the world.
  • China Vanke in the Acquisition of Global Logistic Properties
    We advised China Vanke Co. in connection with its participation in a consortium to acquire all of the equity interests of Global Logistic Properties Ltd. (GLP) for approximately $11.6 billion. GLP and its subsidiaries own, manage and develop logistics facilities, including a portfolio of 55 million square meters of modern logistics facilities; GLP is also one of the world’s largest real estate fund managers, with assets under management of approximately $39 billion. Vanke is a real estate company that develops residential properties, as well as other retail and industrial properties for urban auxiliary purposes.
  • Reliance Jio to acquire wireless asset Reliance Communications
    We are acting as international counsel to Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries Limited, in connection with its acquisition of certain wireless infrastructure assets from Reliance Communications Limited and its affiliates
  • Syngenta’s Acquisition by ChemChina
    We advised Syngenta in connection with ChemChina’s offer to acquire the company, the largest transaction ever by a Chinese company outside China. Syngenta is a leading agriculture company helping to improve global food security by enabling millions of farmers to make better use of available resources. ChemChina, which is headquartered in Beijing, China, possesses production, R&D and marketing systems in 150 countries and regions.