We are a world leader in counseling government-owned entities as they make the transition to public ownership. Over the past decade, our lawyers have handled more than 45 privatizations in approximately 25 countries around the world, involving transactions in the airline, automobile, banking, electric power, insurance, oil and gas, railroad, steel, mining and telecommunications industries.

• Since 1975 we have been selected to represent either an underwriter or the government in some of the largest U.K. and Spanish privatizations of a government-owned business that has involved a U.S. or global securities offering.

• Davis Polk advised Agricultural Bank of China in its US$22.1 billion IPO, the largest in history at the time. International Financing Review named the deal both “Global IPO of the Year” and “Asia-Pacific Equity Issue of the Year” for 2010.
  
  
• Davis Polk worked on the “Emerging European, Middle Eastern and African (EMEA) Equity Issue” for Safaricom, an African telecom company, which was named a Deal of the Year for 2008 by International Financing Review.

• General Motors Co. We advised the underwriters on the $23.1 billion initial public offering of common stock and convertible junior preferred stock of General Motors Company. This is the largest IPO in history.
• Agricultural Bank of China. We advised Agricultural Bank of China, a leading commercial bank in China in terms of total assets, loans and deposits, on its $22.1 billion Rule 144A/Regulation S global IPO and dual listing of H shares and A shares. This is the second-largest IPO in history and the largest-ever by an Asian issuer.
• AIA Group Limited. We advised the Federal Reserve Bank of New York (FRBNY) in connection with the HK$159 billion (US$20.5 billion) global offering by AIA Group Limited, consisting of an initial public offering on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. This is the largest-ever IPO on the Hong Kong Stock Exchange.
• Industrial and Commercial Bank of China. We advised Industrial and Commercial Bank of China (ICBC) on its $21.9 billion global offering of H shares, consisting of an initial public offering of H shares on the Hong Kong Stock Exchange and an international offering pursuant to Rule 144A/Regulation S. Headquartered in Beijing, ICBC is the largest commercial bank in China in terms of total assets, loans and deposits.