Davis Polk & Wardwell is advising Baidu Inc, China’s largest search engine, on its $370 million acquisition of Chinese online video firm PPS Net TV (PPS).
Late last year, Baidu acquired a majority stake in its online video unit, iQiyi. Once acquired, PPS and iQiyi will continue to operate as independent brands, but will share back-end technical integration, Reuters reports.
Davis Polk’s team is being led by partners Miranda So in Hong Kong, Howard Zhang in Beijing, and Frank Azzopardi and Kathleen Ferrell in New York. Meanwhile, Cadwalader, Wickersham & Taft LLP is advising PPS.
The deal is expected to close in the second quarter of 2013.
Kanishk Verghese is North Asia journalist at ALB. Follow us onTwitter: @ALB_Magazine.
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