Deals – 12 March 2009

AZB & Partners represented Nippon Express Co Ltd in its acquisition of an additional 30 percent stake in its Indian subsidiary Nippon Express India Private Ltd from R Jayakumar. Sai Krishna Bharathan was lead partner on the transaction.

AZB & Partners represented TATA Teleservices Ltd in its divestment of up to 49 percent stake in Wireless TT Info Services Ltd by way of the sale of its equity shares in the company and the demerger of the passive telecom infrastructure business of Quippo Telecom Infrastructure Ltd into Wireless by way of a Court approved scheme of demerger. Abhijit Joshi led the advisory team on this transaction, in which the firm was involved in drafting of the transaction documents including scheme of demerger, share purchase agreements, demerger cooperation agreement and shareholders agreement.

Baker & McKenzie has advised consortium Japan Uranium Management Inc on its investment in Uranium One, a Canadian-listed producer and marketer of uranium. The group has agreed to subscribe to a new share issue of 117 million shares in Uranium One, a holding of about 19.95 percent, with a total transaction value of C$270 million. The advisory team was led by partners Anne Hung in Tokyo, Roslyn Tom in New York and Nurhan Aycan in Toronto.

Clifford Chance has advised Qatar Telecom on the first forward start facility agreement arranged for a Middle Eastern borrower. The facility is a US$1.5 billion forward start multi-currency revolving facility. The team was led by Dubai-based partner Peter Avery.

Latham & Watkins has advised Franshion Properties (China) Ltd in its plans to sell shares worth HK$2.72 billion (US$349 million) by way of rights issue of 1,626,857,221 rights shares at a price of HK$1.67 per share. The firm advised on the transaction with a corporate team from the firm’s Hong Kong office led by partner Cathy Yeung.

Mallesons Stephen Jaques acted as issuer’s counsel on Hong Kong law to Real Gold Mining on its listing on the Hong Kong Stock Exchange. The initial public offering raised approximately HK$1 billion and the market capitalisation of the company on listing was approximately HK$4.2 billion. This is one of the few listings on the Hong Kong Stock Exchange for a mining company for a which a Chapter 18 waiver was obtained. The team was led by M&A partner Dieter Yih.

Shearman & Sterling LLP represented Independent Public Business Corp, an investment vehicle of the Government of Papua New Guinea, on its purchase of a five year A$1.68 billion (US$1.1 billion) exchangeable bond issued by the Government. Upon exchange of the bond, the investment vehicle will acquire business’ entire 17.6 percent equity stake in Oil Search Ltd, thus becoming the single largest shareholder in the company. Shanghai managing partner Andrew Ruff led the team advising on this transaction.