Davis Polk is advising Baidu Holdings Limited in connection with its $1.9 billion acquisition of 91 Wireless Websoft Limited. The memorandum of understanding for the transaction was signed on July 15, 2013. The transaction is subject to the conclusion of definitive documentation, which are expected to be signed by August 14, 2013.
Baidu plans to acquire 57.4% of the issued share capital of 91 Wireless from NetDragon Websoft Inc., which is listed on the Stock Exchange of Hong Kong, and the remainder from other shareholders based on the same terms. The transaction, when completed, gives Baidu control over China’s most popular third-party smartphone app distribution platform.
Baidu is the leading Chinese-language Internet search provider. Baidu’s ADSs currently trade on the NASDAQ Global Select Market. 91 Wireless is a fast-growing PRC mobile Internet operator that mainly engages in the development and operation of smartphone app distribution platforms, community websites and other products for smartphone users.
The Davis Polk corporate team includes partners Paul Chow, Miranda So and Howard Zhang, associates Peter Cheng and Christine Xu, and registered foreign lawyer Ruomu Li. Ling Jessica Zhang is the legal assistant for the transaction. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.
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