Davis Polk advised Ayala Corporation and Ayala Land, Inc. in connection with a Rule 144A/Regulation S offering by Ayala Corporation of 680,000,000 common shares of Ayala Land, Inc. for gross proceeds of approximately PHP13.6 billion. Goldman Sachs (Singapore) Pte., J.P. Morgan Securities plc and UBS AG acted as placement agents in connection with the offering.
Ayala Corporation is one of the Philippines’ oldest and largest conglomerates and is the controlling shareholder of Ayala Land, Inc., a leading property developer in the Philippines. Spun off from Ayala Corporation in 1988, Ayala Land was listed on the Philippine Stock Exchange in 1991 with core businesses in landbank management, residential development, commercial and corporate businesses as well as hotels. Other businesses include construction, property, investment and sale of non-core assets. Earlier this year, Ayala Land had formed an alliance with Metro Pacific Investments Corporation to build railways in the Philippines.
The Davis Polk corporate team included partner William F. Barron and associate Stephen Takahashi. Counsel Catherine L. Martin provided ’40 Act advice. Members of the Davis Polk team are based in the Hong Kong and New York offices.
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