Davis Polk & Wardwell LLP advised Metro Pacific Investments Corporation (MPIC) in connection with a Rule 144A/Regulation S offering of MPIC common shares. Majority shareholder Metro Pacific Holdings, Inc. (MPHI) offered 4,150,000,000 MPIC common shares for a total of approximately 12.5 billion Philippine pesos (US$261 million) and subsequently subscribed for an equivalent number of newly issued common shares of MPIC. The common shares are listed on the Philippine Stock Exchange. CLSA Singapore Pte Ltd and UBS AG were the joint bookrunners for the offering.

MPIC is a leading diversified infrastructure holding and management company in the Philippines, with interests in water utilities (including water, sewerage and sanitation services), toll roads, electric utilities and health care facilities in the Philippines.

The Davis Polk corporate team included partner William F. Barron of the Hong Kong office and associates Gerhard Radtke, Stephen Takahashi and Terrence R. O'Donnell of the Hong Kong office, and Lindsey Finch of the Tokyo office. Partner John D. Paton and associate Brian Radigan of the London office provided tax advice. Associate Catherine L. Martin of the New York office provided '40 Act advice. Ka Ying (Candice) Ng of the Hong Kong office was the legal assistant on the transaction.