Asia M&A

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 Pacific Rim, 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.

Recognition

    • Chambers Asia Pacific – Asia M&A, Band 1, 2016

    • China Law & Practice Awards – “M&A Deal of the Year” (Meituan/Dianping Merger), 2015 

    • FinanceAsia Awards – “Best China Deal Year” (Meituan/Dianping Merger), 2015

    • 1st in announced Asia Pacific (including Japan) M&A – Thomson Reuters (as at August 2016)

    • 1st in announced Greater China M&A – Mergermarket 1H 2016

    • Davis Polk worked on the three largest-ever cross-border strategic investments in Chinese banks (ICBC, Bank of China, Guangdong).

      NOTABLE MATTERS

      CHINA/HONG KONG

        • ChemChina. We are advising Syngenta on a $43 billion offer by ChemChina.

        • China Resources Beer. We are advising China Resources Beer on its agreement with AB InBev to acquire the 49% interest in China Resources Snow Breweries held by SABMiller for a consideration of $1.6 billion. 

        • Ingram Micro Inc. We are advising Ingram Micro Inc. on its $6 billion all-cash acquisition by Tianjin Tianhai Investment Company, Ltd., a part of HNA Group. 

        • Li & Fung. We are advising Li & Fung on its $350 million agreement with Dah Chong Hong Holdings (“DCH”) and Neosota Corp, a wholly owned subsidiary of DCH, to divest Li & Fung’s Asia consumer and health care distribution businesses.

        • Postal and Savings Bank of China (“PSBC”). We advised PSBC on its issuance and sale of over $7 billion worth of shares to a group of strategic investors.

        • Fujian Thai Hot Investment. We are advising Fujian Thai Hot Investment Co. on its purchase of approximately 51.5% of the common stock of Alliance HealthCare Services, Inc. We are also advising Fujian Thai Hot Investment on its acquisition of Dah Sing Life Assurance, Dah Sing Insurance Services and Macau Life Insurance from Dah Sing Financial Holdings and Macau Insurance Company, a non-wholly owned subsidiary of DSFH.

        • Meituan/Dianping. We advised Meituan Corporation in connection with its strategic cooperation with DianPing Holdings Ltd., through which they jointly established a new holding company that is expected to be a market leader in China’s O2O (online-to-offline) market.

        • Bona Film Group. We advised the financial adviser to the independent committee of the board of directors of Bona Film Group on its approximately $1 billion going-private transaction.

        • Tencent. We advised Tencent on several investments in Chinese companies, including investments including 58.com, Dianping and JD.com.

        • Temasek. We advised Temasek on several investments in Chinese companies, including 21Vianet and TutorGroup.

        TAIWAN

        • Bank SinoPac.  We are advising Bank SinoPac on the sale of its U.S. subsidiary, SinoPac Bancorp, to Cathay General Bancorp for $340 million, subject to certain adjustments.

        • Advanced Semiconductor Engineering ("ASE"). We are advising ASE on its joint share exchange agreement with Siliconware Precision Industries Co., Ltd and agreement to establish a new holding company.

        • ChipMOS Technologies ("ChipMOS Taiwan"). We are advising ChipMOS Taiwan on its proposed merger with its parent company, ChipMOS Technologies (Bermuda) Ltd., in which ChipMOS Taiwan will become the surviving company.

        • Nanya Technology. We advised Nanya Technology Corporation on its investment in up to $1 billion of ordinary stock of Micron Technology Inc.

        • Far EasTone Telecommunications. We advised Far EasTone Telecommunications on its strategic alliance with Morgan Stanley Private Equity Asia on the acquisition of China Network Systems from MBK Partners.

        JAPAN

        • ARM Holdings. We are advising ARM Holdings plc as to U.S. law in connection with a recommended all-cash offer for ARM’s entire share capital by Japan’s SoftBank Group Corp. that values ARM’s share capital at approximately $32 billion.

        • Daikin Industries ($3.7 billion). We advised Daikin Industries on its $3.7 billion acquisition of Goodman Global.

        • Nippon Mining/Nippon Oil ($11.8 billion). We advised Nippon Mining Holdings, a Japanese oil and gas refiner and marketer, on its $11.8 billion merger of equals with Nippon Oil, a Japanese oil and gas refiner and marketer. The transaction created one of the world’s largest private sector oil companies and Japan’s third-largest company based on revenues. 

        • Morgan Stanley/MUFG ($7.8 million). We advised Morgan Stanley on the $7.8 billion investment by Mitsubishi UFJ Financial Group (MUFG), a Tokyo-based international financial services provider, in Morgan Stanley.

        • Nikko Asset Management/Sumitomo Trust & Banking ( ¥112.4 billion). We advised Nikko Asset Management, a Japanese investment management company, on its ¥112.4 billion acquisition by Sumitomo Trust and Banking, a Japanese bank.

        • Shionogi/Sciele Pharma ($1.1 billion). We advised Shionogi & Co., a pharmaceutical firm headquartered in Osaka, Japan, on its $1.1 billion acquisition of Sciele Pharma, an Atlanta, Georgia-based midsize pharmaceutical company.

        INDIA

        • Hindustan Unilever/Unilever ($5.4 billion). We advised the financial adviser to Hindustan Unilever Limited on the open offer by Unilever PLC and Unilever NV.

        • Diageo/United Spirits ($1.9 billion). We advised the financial adviser to an independent committee of the board of directors of United Spirits on the $1.9 billion open offer of equity shares of United Spirits by Relay B.V. along with Diageo plc.

        • ASSA ABLOY. We are advising ASSA ABLOY on its acquisition of the locks and hardware business under the ENOX brand from Pooja Hardware of India.

        SOUTHEAST ASIA

        • SapuraKencana Petroleum Berhad. We advised the financial adviser to the board of directors of SapuraKencana Petroleum Berhad on its purchase of certain tender rig assets from Seadrill Limited.

        • Avago Technologies ($6.6 billion). We advised the financial adviser to Avago Technologies Limited on its $6.6 billion acquisition of LSI Corporation.

        • Charoen Pokphand Foods ($2.2 billion). We advised Charoen Pokphand Foods, an agro-industrial and food conglomerate in Thailand, on its $2.2 billion acquisition of a controlling interest in C.P. Pokphand Co., an animal feed producer in China.