Davis Polk & Wardwell is acting for Chinese Internet search giant Baidu Holdings Ltd. on its $1.9 billion acquisition of 91 Wireless Websoft Ltd., a smartphone applications distributor.
Beijing-based Baidu has agreed to buy the 57 percent interest in 91 Wireless currently held by NetDragon Websoft Inc., a Hong Kong-based company that invests in online games and mobile Internet businesses in China. The search company is also planning to buy the rest of the company from other shareholders including Hong Kong telecommunications carrier PCCW Ltd. and Singapore sovereign wealth fund Temasek Holdings.
