Ali Budiardjo, Nugroho, Reksodiputro has acted as Indonesian counsel for GP Network Asia on the indirect acquisition of 100 percent shares in Kudo Teknologi Indonesia through Kudo Digital Solutions. Kudo Teknologi Indonesia is a software provider which provides solutions to create digital entrepreneurs. Partner Freddy Karyadi led the transaction, which was valued at approximately US$100 million.
Clifford Chance has advised a consortium of investors led by CREAT Tiancheng Investment Holdings on the €940 million (US$1b) financing for the takeover offer by Tiancheng (Germany) Pharmaceutical Holdings to acquire Biotest, a blood products business listed in Germany. Partners Timothy Democratis (Beijing) and Dr Bettina Steinhauer (Frankfurt) led the transaction, which is the latest in the trend of interest by Chinese investors in acquiring businesses in Germany.
Duane Morris & Selvam has acted as international counsel to the President of India and the Housing and Urban Development Corporation (HUDCO) on the recent sale of 10.19 percent of the shares in HUDCO by the President of India for approximately Rs12.1 billion (US$187.2m) in an IPO in India and concurrent private placements outside the country, including a Rule 144A offering in the US. The offer was subscribed nearly 80 times, with more than two million retail investors applying for shares. HUDCO shares made a strong debut on the NSE and BSE, listing at a 22 percent premium to the offer price. This was the first Indian public sector undertaking IPO in more than five years. IDBI Capital Markets & Securities, ICICI Securities, Nomura Financial Advisory and Securities (India) and SBI Capital Markets were the book-running lead managers for the offer. Head of India practice and US securities law practice Jamie Benson, supported by partners Charles Harrell(Houston) and Hope Krebs (Philadelphia), led the transaction. Trilegal acted as Indian counsel to the underwriters.
J Sagar Associates has advised Virtuous Retail South Asia on its acquisition, through its wholly-owned subsidiary in Singapore, of equity shares constituting 100 percent of the paid-up capital of Anisha (Mauritius) from SUN-Gumberg India Real Estate PCC. Anisha, through its subsidiary in India, Hamir Real Estate, operates the North Country Mall in Chandigarh. The mall is built on a 21.61 acres parcel of land. Partners Vivek K Chandy, Malini Raju and Prasanth VG led the transaction, which was valued at Rs7 billion (US$108.4m).
J Sagar Associates has also advised PepsiCo India Holdings on a long term arrangement with the Master Blaster Sachin Tendulkar in the health and nutrition space. The first product under this arrangement, ‘Quaker Oats + Milk’, was launched on May 16, 2017. ‘Quaker Oats + Milk’ is designed as a convenient on-the-go solution in the breakfast category and is meant to target young-time-starved-Indians. Partners Nitesh Bhasin and Kartik Jain led the transaction.
Khaitan & Co has advised Grant Thornton India on an inter-corporate borrowing of US$4.5 million availed by Bristlecone from its subsidiary in the USA, Bristlecone Inc, to repay its existing indebtedness. Grant Thornton is one of the largest assurance, tax and advisory firms in India. With over 3,000 professional staff across 13 offices, the firm provides robust compliance services and growth navigation solutions on complex business and financial matters through focused practice groups. Partner Kumar Saurabh Singh led the transaction.
Khaitan & Co has also advised Fosun International on its investment in Delhivery by subscription to Series E compulsorily convertible cumulative preference shares for a minority stake in Delhivery and acquisition of certain equity shares from existing shareholders of Delhivery for US$30 million. Delhivery provides logistics services to customers largely comprising of ecommerce companies. It is currently one of India’s biggest logistics companies. Partner Bharat Anand led the transaction.
Luthra & Luthra has represented Kanakadurga Finance on the investment by Banyan Tree Growth Capital to acquire a significant minority stake. Kanakadurga Finance is an NBFC which provides auto loans and gold loans and has branches all over Andhra Pradesh, Telengana, Karnataka, etc. BanyanTree Growth Capital is a Mauritius-based, sector agnostic India-focused private equity fund that provides capital to mid-market firms. The company was seeking its first private equity investment to expand the size of its loan book and increase its credit rating. Partner Deepak THM led the transaction.
Luthra & Luthra has advised GIP, one of the largest infrastructure investors in the world with an AUM of over US$40 billion, on its exit from EIPL, a company engaged in the storage of petrochemical and LPG products at the Vizag port. Partners Shinoj Koshy and Lokesh Shah led the transaction.
Majmudar & Partners has represented leading Japanese pharmaceuticals manufacturer Otsuka Pharmaceutical Factory on the proposed US$20 million acquisition of an additional 20 percent stake in its existing joint venture company, Otsuka Pharmaceutical India, from its joint venture partner, Claris Lifesciences. Partner Rukshad Davar led the transaction, which is subject to approval of the Foreign Investment Promotion Board. Veritas Legal represented Claris Lifesciences.
Watson Farley & Williams has advised Crédit Agricole CIB, as mandated lead arranger, facility agent and security trustee, and the Korea Development Bank, as arranger, on the commercial financing for Minsheng Financial Leasing of four Airbus A320-200s currently on lease to India carrier IndiGo. Minsheng Financial Leasing is a subsidiary of China Minsheng Bank. Founded in 1996 and publicly listed in Hong Kong in 2009, China Minsheng Bank was the first bank in China to be owned primarily by non-government enterprises. IndiGo is India’s largest airline by passengers carried and fleet size, with a 39.8 percent market share as of January 2017, as well as the eighth largest carrier in Asia overall, with over 41 million passengers carried in 2016. Singapore aviation finance partner Samuel Kolehmainen, assisted by Paris office head and finance partner Laurence Martinez-Bellet, led the transaction.
