AZB & Partners has advised CRISIL on its acquisition of an 8.9 percent equity share capital of CARE Ratings. Partners Ashwath Rau, Kashish Bhatia, Samir Gandhi and Rahul Rai led the transaction, which was valued at approximately Rs4.4 billion (US$68m) and was completed on June 29, 2017.
AZB & Partners is also advising International Finance Corporation on its acquisition of equity shares in Power2SME. Partners Gautam Saha and Amrita Patnaik are leading the transaction, which was valued at US$10 million and is yet to be completed.
Clifford Chance has advised Bank of China (Hong Kong), HSBC and ING Real Estate Finance on the financing of Hong Kong investor C C Land Holdings’ £1.15 billion (US$1.5b) purchase of The Leadenhall Building, more commonly known as the ‘Cheesegrater’, in London. The deal is the largest single property to sell in the UK since the sale of the 8 Canada Square in Canary Wharf in 2014 for £1.175 billion (US$1.52b), and marks the continued investment in London from overseas investors. Real estate finance partner and real estate sector co-head Jane Cheong Tung Sing (London) and partner Dauwood Malik (Hong Kong), supported by London partners Dan Neidle (tax), Anne Drakeford (derivatives) and Alis Pay (real estate), led the transaction.
Fangda Partners has represented Cainiao Smart Logistics Network as the sponsor on the launch of the Rmb8.5 billion (US$1.25b) logistics / warehousing fund, with China Life Insurance as the main investor. Cainiao’s affiliate, acting as the general partner and manager of the fund, will operate and manage the assets of the fund. Cainiao expects to inject some of its logistics real estate projects into the fund, which is its first logistics / warehousing fund and also the first RMB-denominated “core fund” in the China market.
Herbert Smith Freehills has advised a seven-bank syndicate on the US$80 million IPO in Bombay and Regulation S international offering of Central Depository Services (CDS), an Indian securities depository. The syndicate was led by Axis Capital, and included Nomura, Edelweiss, SBI Capital, Haitong, IDBI and Yes Securities. The offering was oversubscribed over 170 times, attracting the greatest demand for an Indian IPO since 2005, with shares opening at a premium of more than 65 percent on trading debut. This was the first IPO by a securities depository in India, and provided a partial exit for Bombay as CDS’s largest promoter. Anchor investors in the IPO included the Abu Dhabi Investment Authority and Goldman Sachs. CDS manages over 12.4 million investor accounts, comprising over 253 billion securities of around 9,900 issuers, representing a total value of US$285 billion. Partner Siddhartha Sivaramakrishnan led the transaction. AZB & Partners, led by partners Varoon Chandra and Lionel D’Almeida, acted as Indian law counsel to Central Depository Services and the Bombay Stock Exchange.
J Sagar Associates has advised RattanIndia Group and its promoters on the investment by GE Energy Financial Services, through its affiliate, in three RattanIndia group companies which are undertaking solar power projects. Pursuant to the US$90 million investment, GE will hold 49 percent of the shareholding in these group companies. RattanIndia and GE aim to develop 500 MW solar assets in Rajasthan, Karnataka, Uttar Pradesh and Maharashtra. Partner Rupinder Malik led the transaction.
Khaitan & Co has advised Axis Capital, Citigroup Global Markets India and Credit Suisse Securities (India) as the underwriters on the US$260 million IPO of Eris Lifesciences, one of the fastest growing companies in high growth therapeutic areas. Executive director Sudhir Bassi and partner Abhimanyu Bhattacharya led the transaction, while Sidley Austin acted as international counsel. Shardul Amarchand Mangaldas, led by capital markets national practice head Prashant Gupta and partner Manjari Tyagi, acted as Indian law counsel to Eris Lifesciences and to Botticelli, an investor selling shareholder.
Khaitan & Co has also advised UniCredit Bank on credit facilities availed by Eckhardt Marine and the related modifications to the corporate structure of the borrower group, in order to comply with the Indian exchange control regulations. The credit facilities were supported by a letter of comfort and sponsor support undertakings from Priya Blue Industries. Partner Kumar Saurabh Singh led the transaction.
Kirkland & Ellis is advising a consortium led by Nasdaq-listed Sinovac Biotech chairman, president and CEO Weidong Yin and SAIF Partners on the proposed acquisition of Sinovac, a leading provider of biopharmaceutical products in China. The definitive agreement, which valued the transaction at approximately US$401.8 million, was announced on June 26, 2017. Hong Kong corporate partners David Zhang and Henry Yin led the transaction.
Latham & Watkins has represented Adani Ports and Special Economic Zone on the issuance of US$500 million four percent bonds due 2027. Book-runners for the transaction were Barclays Bank, Citigroup Global Markets, Standard Chartered Bank, MUFG Securities EMEA and SBICAP (Singapore). Adani Ports is India’s largest private developer and operator of ports and related infrastructure. It provides fully integrated marine, handling, storage and logistics services. This is the third Adani Ports debt issuance that the firm has advised on in the last two years. Singapore partner and India practice head Rajiv Gupta led the transaction.
Maples and Calder (Hong Kong) is acting as Cayman Islands counsel to Cayman Islands company BEST, formerly known as BEST Logistics, on its IPO of American depositary shares representing its ordinary shares, and the listing of such ADSs in New York. The offering could raise up to US$750 million. The company’s business enables the integration of online and offline retail, through its proprietary technology infrastructure and its integrated supply chain service network. Citigroup Global Markets, Credit Suisse Securities (USA), Goldman Sachs (Asia), JP Morgan Securities and Deutsche Bank Securities are acting as joint book-runners of the offering and as the representatives of the underwriters. Partner Richard Spooner is leading the transaction, while Simpson Thacher & Bartlett is acting as US counsel. Latham & Watkins is representing the underwriters.
Shardul Amarchand Mangaldas has advised Citigroup Global Markets India, Deutsche Equities India, IIFL Holdings and Kotak Mahindra Capital as the book-running lead managers on the Rs25 billion (US$386m) QIP of the Federal Bank. The placement document was filed in India on June 27, 2017, while the allotment was undertaken on June 29, 2017. Capital markets national practice head Prashant Gupta and partner Manjari Tyagi led the transaction, while Clifford Chance acted as international counsel. Cyril Amarchand Mangaldas advised Federal Bank as to Indian law.
Shardul Amarchand Mangaldas has also acted as Indian law counsel to Blackstone (Marble II), the promoter of India-listed Mphasis, on the US$500 million high-yield bond offering, through the issuance by Marble II of 5.3 percent senior notes due 2022. The bonds are listed in Singapore. Mphasis is one of the largest IT solutions providers listed in India and serves marquee clients in 14 countries across the globe. The company was incorporated in August 1992 and became a subsidiary of Hewlett-Packard in 2008, pursuant to Hewlett-Packard’s acquisition of Electronics Data Systems (EDS), a majority shareholder of Mphasis. In 2016, the Blackstone Group, through Marble II, acquired the shares of Mphasis held by EDS and became the promoter of the company. Deutsche Bank, Standard Chartered Bank, Barclays Bank, Citigroup Global Markets, Credit Agricole, Credit Suisse, The Hongkong and Shanghai Bank, ING Bank, JP Morgan and UBS acted as the joint lead managers and joint book-runners of the offering. The final offering memorandum was filed on June 13, 2017, and the bonds were issued on June 20, 2017. Capital markets national practice head partner Prashant Gupta and partners Raghubir Menon and Manjari Tyagi led the transaction, while Kirkland and Ellis advised on US Federal and New York state law, and Allen & Gledhill advised on Singapore law. Davis Polk & Wardwell advised the joint lead managers and joint book-runners on US Federal and New York state law, while Morgan Lewis Stamford advised on Singapore law, and Cyril Amarchand Mangaldas advised on Indian law.
Shearman & Sterling has advised Deutsche Bank, JP Morgan and Bank of China, as joint global coordinators, joint lead managers and joint book-runners, and UBS, ICBC, Standard Chartered Bank, Natixis and CCB International, as joint lead managers and joint book-runners, on the €650 million (US$738m) offering of 1.3 percent guaranteed notes due 2024 by Three Gorges Finance II (Cayman Islands). The notes were guaranteed by China Three Gorges and were listed in Ireland. The proceeds from this offering would be used to fund certain eligible green projects, including Meerwind, a German offshore wind power project, and ENEOP, a Portuguese wind power project. China Three Gorges is a leading clean energy group in China, with a focus on large-scale hydropower development and operations, and is the largest hydropower enterprise in the world, in terms of installed capacity. Hong Kong capital markets partner Alan Yeung led the transaction, which marks the first euro-denominated green bonds issued by a Chinese company, while DeHeng Law Offices advised as to Chinese law. Three Gorges Finance II was advised by Clifford Chance as to US and Hong Kong law and by Tian Yuan Law Firm on Chinese law.
Skadden is representing Nasdaq-listed Baidu, China’s leading internet search provider, on the pricing of its US$1.5 billion public offering of its notes, consisting of US$900 million 2.875 percent notes due 2022 and US$600 million 3.625 percent notes due 2027. The notes are expected to be listed in Singapore. Partners Julie Gao and Jonathan Stone are leading the transaction, which was announced on June 28, 2017.
Wong & Partners, the member firm of Baker McKenzie in Malaysia, is advising DRB-HICOM on the investment by Zhejiang Geely Holding Group (ZGH) in Proton, through the subscription of ordinary shares representing 49.9 percent of Proton’s share capital and, concurrently, the sale of the entire stake in Lotus Advance Technology to ZGH and Etika Automotive. The strategic partnership is a historic moment for Proton, as it marks the entry of a global OEM foreign strategic partner to enable it to build scale in research and development as well as production. The aspiration of the joint venture between DRB-HICOM and ZGH is to reclaim Proton’s position as Malaysia’s number one car maker and to attain a top three position in Southeast Asia. Partners Munir Abdul Aziz and Ee Von Teo are leading the transaction, which is expected to complete in the fourth quarter of 2017.
