Davis Polk is advising UCAR Technology Inc. in connection with its acquisition of shares in CAR Inc. from Hertz and Mr. Charles Lu, the founder of CAR Inc.

Pursuant to the terms of the share purchase agreements, UCAR Technology has conditionally agreed to acquire approximately 23.97% of the issued shares of CAR Inc. for an aggregate consideration of approximately HK$5.26 billion. The acquisition is subject to a number of conditions precedent.

UCAR Technology Inc., together with its other group companies, are primarily engaged in providing chauffeured car services in China through its Internet and mobile platform. CAR Inc. is the largest car rental service provider in China, with its shares listed on The Stock Exchange of Hong Kong Limited.

The Davis Polk corporate team included partners Paul Chow and Li He and associates Yang Chu and Kai Sun. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.
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