Davis Polk is advising Baidu, Inc. on its acquisition of shares of iQiyi.com held by Providence Equity Partners. The definitive agreement was entered into on November 2, 2012, and the transaction is expected to close in the fourth quarter of 2012. Upon completion, Baidu will have a substantial majority stake in iQiyi.
Baidu is the leading Chinese-language Internet search provider. Baidu’s ADSs currently trade on the Nasdaq Global Select Market. iQiyi.com is a leading online video portal in China that was founded by Baidu.
The Davis Polk corporate team includes partners Howard Zhang and Miranda So and registered foreign lawyer Ruomu Li. Members of the Davis Polk team are based in the Beijing and Hong Kong offices.
