AZB & Partners has advised SIMI Pacific II, an affiliate of SoftBank Group, on its acquisition of an additional stake in Locon Solutions, taking the total shareholding in the company to over 42 percent. Locon Solutions operates online portals housing.co.in and housing.com. Partners Srinath Dasari and Nanditha Gopal led the transaction, which was valued at Rs341 million (US$5m) and was completed on November 9, 2016.
AZB & Partners has also advised Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden, a Sebi-registered foreign portfolio investor, on its acquisition of Yes Bank’s senior rated listed unsecured redeemable non-convertible debentures. Partners Gautam Saha and Amrita Patnaik led the transaction, which was valued at Rs3.3 billion (US$48.4m) and was completed on December 31, 2016.
Colin Ng & Partners has represented Ong Bee Chew, Neo Guat Leng and Ong Zhi Jie on their defence in a claim involving allegations of misrepresentation, breach of fiduciary duties, breach of trust, undue influence, conspiracy by unlawful means and minority oppression under the Companies Act. After a protracted trial lasting more than 16 days, the High Court dismissed the claim against Ong and his family in its entirety with costs. See Tow Soo Ling, deputy head of the dispute resolution practice group, led the transaction.
Cyril Amarchand Mangaldas has advised Zydus Healthcare, a Zydus Cadila Group company, on the acquisition of six brands, along with associated rights, from Merck subsidiaries, including Organon (India), Merck Sharp & Dohme (Netherlands) and MSD International Holding (Switzerland). The brands acquired, namely Deca-Durabolin, Durabolin, Sustanon, Multiload, Sicastat and Axeten, fall in the men’s and women’s health, wound management and cardiovascular therapy segments. Mumbai corporate partner Smruti Shah, supported by competition law partner Anshuman Sakle, led the transaction, which was completed on December 28, 2016.
Khaitan & Co has advised Everstone Capital Asia on the primary and secondary acquisition of shares of Rubicon Research India for approximately US$32 million. The secondary acquisition involved Everstone’s purchase of shares from two Kotak domestic entities (Kotak Employees Investment Trust and Kotak India Venture Fund I) and offshore entity Kotak India Venture (Offshore) Fund. Partner Bhavik Narsana and associate partner Vineet Shingal, assisted by partners Kumar Saurabh Singh, Abhishek Sharma and Adheesh Nargolkar, led the transaction.
Khaitan & Co has also acted as sole domestic counsel to Mahindra & Mahindra Financial Services on the establishment of the MTN programme for the issue of, inter alia, India rupee denominated bonds overseas for approximately US$734.6 million. The foreign bonds issued pursuant to the programme are proposed to be listed in Singapore. Mahindra & Mahindra Financial Services is one of India’s leading rural NBFC headquartered in Mumbai. It is among the top tractor financer in India and offers a wide range of financial products to address varied customer requirements. Executive director Sudhir Bassi and associate partner Manisha Shroff led the transaction.
Kirkland & Ellis is representing Citic, Citic Capital Holdings and The Carlyle Group on the formation of a partnership and company that will act as the master franchisee responsible for McDonald’s businesses in mainland China and Hong Kong for 20 years. The new company will become the largest McDonald’s franchisee outside the US. The total consideration payable by the new company to acquire McDonald’s mainland China and Hong Kong business is up to US$2.08 billion, which will be settled by cash and new shares in the company issued to McDonald’s. After completion of the transaction, Citic and Citic Capital will have a controlling stake of 52 percent, while Carlyle and McDonald’s will have interests of 28 percent and 20 percent, respectively. Hong Kong corporate partners Jesse Sheley, Pierre Arsenault and Xiaoxi Lin and Chicago technology and IP transactions partner Jeffery Norman led the transaction.
Norton Rose Fulbright has advised CCB International on its purchase of US$9.28 million and US$6.19 million convertible bonds issued by Pa Shun Pharmaceutical International Holdings and the US$13 million note issued by Common Splendor International Health Industry Group. CCB International is an investment services flagship, which is indirectly and wholly-owned by China Construction Bank. The gross proceeds and net proceeds from the issue of the convertible bonds are US$15.5 million and approximately US$14.6 million, respectively. Hong Kong corporate partner Terence Lau, assisted by US securities partner Harold Tin and Hong Kong banking partner Davide Barzilai, led the transaction.
Norton Rose Fulbright has also advised a syndicate of nine international banks on the US$684.5 million non-recourse project loan facility to BW Gas JuJu LNG, a joint venture between BW Group and Marubeni. The facility is for the refinancing of existing credit facilities of eight LNG tankers on charter to Nigeria LNG. The syndicate was led by Standard Chartered Bank Singapore Branch, as coordinator, and comprised of a strong European bank contingent (Standard Chartered Bank, DVB Bank SE, Societe Generale, ING Bank, Danske Bank, BNP Paribas and Credit Industriel et Commercial), as well as lenders from Singapore (Clifford Capital) and Korea (The Korea Development Bank). Singapore partner Ben Rose, assisted by partners Robert Driver and Colin Rice, led the transaction. BW Gas JuJu LNG was represented by Watson Farley & Williams in Hong Kong.
Rajah & Tann Singapore is acting for SAC Capital as financial adviser, placement agent and sponsor to Singapore-listed LH Group on the reverse takeover of the company via the acquisition of Pacific Star Development for S$140 million (US$97.6m). A premier property developer in South-East Asia, the Pacific Star group develops luxury projects in prime locations in major city centres and/or unique locations, such as waterfront marinas, leisure and hospitality projects in popular vacation destinations, and resort retirement communities. Partner Danny Lim is leading the transaction.
Rajah & Tann Singapore is also acting for Singapore-listed Sunmart Holdings on the exit offer by its executive chairman and CEO Sun Bingzhong in connection with the company’s voluntary delisting from Singapore. Sunmart and its subsidiaries produce and sell spray products, such as spray pumps, aluminium cans and plastic bottles that are used in the packaging of fast-moving consumer goods, pharmaceutical products and health supplements. Partner Danny Lim is also leading the transaction.
Shearman & Sterling is advising Golden Meditech on the sale of its stake in China Cord Blood for US$830 million. Hong Kong-listed Golden Meditech is a leading integrated healthcare company engaged in the development, manufacture, sales and distribution of blood-related medical devices and hospital management in China. New York-listed China Cord Blood is a leading provider of cord blood processing and storage services and is also the largest cord blood banking operator in China. M&A partner Paul Strecker (London/Hong Kong) is leading the transaction, which is expected to complete by the first quarter of 2017.
Sullivan & Cromwell is representing China Mengniu Dairy on its acquisition of a 16.7 percent stake and subsequent mandatory cash offer for China Modern Dairy Holdings. The total value of the acquisition and the cash offer is US$1.07 billion. Corporate partners Gwen Wong (Beijing) and Kay Ian Ng (Hong Kong) are leading the transaction, which was announced on January 4, 2017 and is yet to be completed.
