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.

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Global law firm Proskauer served as counsel to private-equity fund RRJ Capital Ltd. in its investment in a medical diagnostics company in China. The target makes testing kits for diseases, including hepatitis and cervical and lung cancer, using molecular diagnostics, an area of preventative medicine that Beijing is keen to develop.

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Davis Polk is advising FormFactor, Inc. on its $116.8 million acquisition of Astria Semiconductor Holdings, Inc., the parent company of Micro-Probe Incorporated. Under the terms of the merger agreement, FormFactor will acquire Astria for approximately $100 million in cash and $16.8 million in stock

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The Firm recently represented the initial purchasers, led by Goldman Sachs (Asia) L.L.C., Deutsche Bank AG, Singapore Branch and Barclays Bank PLC, in the offer and sale of $600 million of 3.375% Senior Notes due 2018 of Tencent Holdings Limited, a Cayman Islands company, pursuant to Rule 144A and Regulation S. The notes were rated BBB+ by S&P and Baa1 by Moody’s.

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Holman Fenwick Willan’s Sydney head David Coogans is moving to Hong Kong to join Howse Williams Bowers, a firm established earlier this year by three of Reed Smith Richards Butler’s founding partners in Hong Kong.

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Paul Hastings, a leading global law firm, announced today that it advised China Everbright International Limited (“China Everbright”), a Hong Kong-listed company focusing on environmental protection and alternative energy businesses in China, and its controlling shareholder Guildford Limited, on China Everbright’s US$162 million top-up placement. J.P. Morgan was the sole placing agent. China Everbright plans to use the net proceeds for the development of its environmental protection business and for general working capital.

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Davis Polk advised Deutsche Bank AG, Hong Kong Branch and Credit Suisse (Hong Kong) Limited as (i) placing agents in connection with the Rule 144A placement of 443,248,000 existing shares and subscription of 443,248,000 new shares in China Power International Development Limited (CPIDL) and (ii) joint underwriters and joint bookrunners in connection with the Regulation S offering by CPIDL of RMB1,140 million USD-settled 2.75% convertible bonds due 2017.

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International law firm Freshfields Bruckhaus Deringer has advised China Telecom Corporation Limited (China Telecom) on its proposed acquisition of CDMA network assets and associated liabilities held by its parent company, China Telecommunications Corporation

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The Firm is representing Kohlberg Kravis Roberts & Co. L.P. (“KKR”) and the management of Unisteel Technology International Limited (“Unisteel”) in connection with the sale of Unisteel to SFS intec, a wholly owned subsidiary of SFS Group. The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2012. Financial terms were not disclosed.

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Davis Polk advised ICICI Bank Limited, acting through its Dubai branch, in connection with a Rule 144A/Regulation S offering of $750 million aggregate principal amount of 4.7% notes due 2018. Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, Merrill Lynch International and Standard Chartered Bank were the joint lead managers and dealers for the offering.

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