Davis Polk & Wardwell is advising Ayala Corporation in connection with a definitive agreement by which affiliates of Ayala Corporation and Providence Equity Partners will commence a tender offer in the Philippines and the United States to acquire up to all of the outstanding shares of eTelecare Global Solutions common shares and up to all of the outstanding eTelecare American Depositary Shares for US$9.00 per share in cash. The offer price represents an approximate 76% premium over the company's closing price on Nasdaq on September 18, 2008. The total transaction value is approximately US$290 million.

eTelecare Global Solutions is a Philippine provider of business-process outsourcing focusing on the complex, voice- and non-voice-based segment of customer-care services through delivery centers in the Philippines, North America and Latin America. Ayala Corporation, also based in the Philippines, is the holding company of one of the largest and most diversified business groups in the Philippines with interests that include real estate, financial services, telecommunications, electronics and information technology. Headquartered in Providence, Rhode Island, Providence Equity Partners is a global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world.

The Davis Polk corporate team includes partners John K. Knight and Luigi L. De Ghenghi and associates Paul Denley Hodgdon, Nadine M. Arendt and Amy T. Alter (not yet admitted), all of the New York office.