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  • October 10, 2013 |

    Davis Polk and Simpson Thacher land roles on $125m US listing for Chinese internet giant

    US pair Davis Polk & Wardwell and Simpson Thacher & Bartlett have scored mandates on the planned New York listing of Chinese internet company Baidu's online travel unit. The listing of Qunar Cayman Islands, valued at $125m (£78m), comes as China's big four internet companies compete with each other to grow their businesses abroad. The initial public offering (IPO) is thought to be the largest by a Chinese company in the US for two years. Davis Polk won the role of issuers' counsel, fielding a team led by Beijing-based capital markets partner Li He.

    1 minute read

  • October 4, 2013 |

    Davis Polk joins Wilson Sonsini on Twitter IPO

    Davis Polk has taken a major role on the initial public offering (IPO) of Twitter, in one of the most highly-watched public listings of 2013. A Davis Polk team led by West coast corporate partner Alan Denenbeg is providing counsel to the underwriting banks, which include Morgan Stanley, JP Morgan, Goldman Sachs, Deutsche Bank and BofA Merrill Lynch. The US firm joins Wilson Sonsini Goodrich & Rosati, which last month confirmed it was acting for longstanding client Twitter on the IPO.

    1 minute read

  • October 3, 2013 |

    M&A confidence grows as mega deals fuel rise in global activity

    Lawyers are buoyed by growing boardroom confidence following a pick-up in global M&A activity during the last quarter, dominated by the rise of mega deals. The $130bn (£80.1bn) Vodafone-Verizon deal, which marked the largest US-based corporate deal on record since 2001, is largely responsible for making September the top month by deal values this year so far, pushing many of the law firms to take roles on the deal into the top 10 global advisers of the quarter by value, according to data from Mergermarket. The value of global M&A for Q1-3 this year totals $1,606.7bn (£989bn), a 5.5% increase on the same period in 2012, with 2013 on track to see the highest total since 2008. The recent stabilisation of the European economy is also reflected in M&A activity, with a 41.5% rise in deal values from Q3 2012 to Q3 2013.

    1 minute read

  • October 2, 2013 |

    Verizon advisers dominate as global deals show resurgence in Q3

    Advisers on the $130bn Vodafone-Verizon deal dominate the deal rankings for the third quarter of 2013, as global M&A values rise on the back of a spate of mega-mergers. Davis Polk & Wardwell, Wachtell Lipton Rosen & Katz and Simpson Thacher & Bartlett take the top three slots in Mergermarket's quarterly rankings of global deal advisers by value after landing roles on the combination, one of the largest in corporate history.

    1 minute read

  • September 12, 2013 |

    Wall Street weighs up the world – are New York's elite committed to competing on a global level?

    In 1989, only seven million Americans owned a passport – a derisory 3% of the US population and a figure that was oft-brandished by scornful Europeans. Since then the situation has improved markedly, with a far more respectable 110 million of the country's 313 million citizens holding a valid passport at the last count. That still lags the 70% of British passport-holders, but the change shows a US that has taken up full residence in the global village – an unavoidable response to the emergence of rival economic powerhouses such as China.

    1 minute read

  • September 12, 2013 |

    Latham and Davis Polk check out Tesco sale of US Fresh & Easy chain

    Davis Polk and Latham & Watkins have taken the lead roles on Tesco's sale of its US Fresh & Easy chain to investment firm Yucaipa. The supermarket giant has been looking to offload the loss-making business for some while, with the deal seeing Tesco loan the new business around £80m.

    1 minute read

  • September 12, 2013 |

    Davis Polk and Simpson Thacher check in for $1.25bn Hilton IPO

    Davis Polk & Wardwell and Simpson Thacher & Bartlett have advised on hotel operator Hilton Worldwide's plans for an initial public offering (IPO). The hospitality company, which is owned by private equity firm Blackstone Group, is hoping to raise up to $1.25bn (£790m) through the listing, the proceeds of which will be used to pay down debt and for general corporate purposes.

    1 minute read

  • September 11, 2013 |

    Hong Kong opens second round of higher rights of audience applications

    The Hong Kong Law Society is this month accepting the second round of applications from solicitors for higher rights of audience (HRA) following new legislation introduced last year allowing non-barristers to appear in court. Solicitors from local and international law firms have been given one month from 1 September to apply for advocacy rights, with most required to undergo a litigation training programme overseen by the College of Law.

    1 minute read

  • August 27, 2013 |

    Skadden, K&L Gates lead as Baidu takes stake in group-buying site

    Skadden Arps Slate Meagher & Flom and K&L Gates were lead advisors as Chinese social networking company Renren agreed to sell shares of its Groupon-like subsidiary Nuomi Holdings to Chinese internet search giant Baidu. The deal, which remains subject to approval, will see Baidu take a 59% equity interest in Nuomi for a purchase price of $160m, giving it a bigger share of China's fast-growing group-buying market.

    1 minute read

  • August 16, 2013 |

    Ex-Herbert Smith Asia disputes head to join Linklaters as exits continue

    Linklaters has made a key hire for its Hong Kong litigation team with the addition of Herbert Smith Freehills' former Asia disputes head Gavin Lewis. Lewis, who is top rated for China disputes and contentious regulatory work, is expected to join the magic circle firm's Hong Kong base in November or December this year, bringing the total number of disputes partners in the office to to four.

    1 minute read