AZB & Partners has advised Bharti Airtel on the sale of its 10.3 percent stake in Bharti Infratel to a consortium of KKR & Canada Pension Plan Investment Board. Senior partner Gautam Saha and partner Sachin Mehta led the transaction, which was valued at Rs62 billion (US$951m) and was completed on March 28, 2017.
AZB & Partners has also advised Monjin Interviews on the acquisition by Holly Millner and Pacatolus Maxim of a minority stake in Monjin. Partner Chetan Nagendra led the transaction, which was valued at Rs54 million (US$828,293) and was completed on January 9, 2017.
Baker McKenzie has advised Canada Pension Plan Investment Board (CPPIB) on its two agreements to invest alongside Ivanhoe Cambridge with real estate logistics specialist LOGOS in the LOGOS Singapore Logistics Venture (LSLV) and LOGOS Indonesia Logistics Venture (LILV), which will focus on developing the logistics sectors in Singapore and Indonesia, respectively. In Singapore, CPPIB will initially commit S$200 million (US$142.9m) for an approximately 48 percent stake in the LSLV, which will be seeded by two fully-leased existing multi-storey logistics warehouse facilities and one development opportunity. In Indonesia, CPPIB will initially commit US$100 million in equity for an approximately 48 percent stake in LILV to support a pipeline of similar projects in Greater Jakarta. Global funds group co-chair Jason Ng, assisted by Hong Kong partner Michael Horman and Baker McKenzie Wong & Leow principal Kelvin Poa, led the transaction.
Baker & McKenzie is advising Spring Reit on its proposed acquisition of 84 commercial properties in the UK for approximately £73.5 million (US$91.6m). The properties are being operated as car servicing centres, principally under the brand Kwik-Fit. This is Spring Reit’s first proposed acquisition since its IPO, and the first by an H-Reit in the UK. The acquisition shall diversify Spring Reit’s portfolio, which currently comprises of two premium grade office towers in China Central Place, a prime mixed-use development complex in Beijing. Partners James Burdett, Stephen Turner and James Smith led the transaction.
DLA Piper has advised China Petroleum and Chemical Corporation (Sinopec) on its acquisition from Chevron Global Energy of 75 percent of the shares in Chevron South Africa and 100 percent of the shares in Chevron Botswana. The deal heralds Chevron’s exit from, and Sinopec’s entry into, the South African and Botswanan downstream markets. Chevron South Africa and Chevron Botswana collectively form one of the largest integrated downstream oil businesses in sub-Saharan Africa. The business is focused on the refining and marketing of road transportation fuels and other refined products, primarily through a network of over 800 sites serving motorists across South Africa and Botswana. Chevron South Africa’s refinery in Cape Town has a crude processing capacity of over 100,000 barrels per day and is the only refinery in the Western Cape. It supports the marketing operations of Chevron South Africa and Chevron Botswana, as well as supplying a significant portion of refined product demand in the wider region. Carolyn Dong, head of energy (China) and Charles Morrison, head of the London oil and gas team, led the transaction, which is subject to receipt of necessary approvals. Chevron was advised by Latham & Watkins, led by partner Simon Tysoe.
Howse Williams Bowers has advised Dakin Capital as the sole sponsor and the underwriters on the approximately HK$200 million (US$25.7m) share offer and listing of SHIS in Hong Kong. China Prospect Securities acted as the sole book-runner and sole lead manager. The shares commenced trading on March 30, 2017. SHIS is one of the top ten key players in the integrated building service industry in Singapore. It focuses on maintenance and installation of mechanical and electrical systems, including minor repairs and improvement works. It also undertakes building construction work in Singapore. Partner Chia Ching Tan led the transaction.
Luthra & Luthra has advised Carlyle Asia Partners, one of the world’s largest and most successful private equity firms, on the acquisition of a significant minority stake in Delhivery, an e-commerce logistics firm which facilitates the delivery of goods for online retailers like Flipkart, Amazon and Paytm. Delhivery provides express logistics services in over 600 cities in India and in more than 8,500 pin-codes, and operates 12 fulfilment centres for B2C and B2B fulfilment services. This round of funding witnessed investments by Carlyle, as well as one of the existing investors (Tiger Global) making an additional investment. The combined value of investment is more than US$100 million. The transaction is stated to be the largest funding round in the e-commerce logistics space in India. Partner Samir Dudhoria led the transaction.
Luthra & Luthra has also advised The South Indian Bank as the issuer and Edelweiss Financial Services as the lead manager on The South Indian Bank’s rights issue of equity shares aggregating to Rs6.3 billion (US$96.7m). The transaction was undertaken on a ‘fast track’ basis under Regulation 10 of the SEBI ICDR Regulations. Partner Manan Lahoty led the transaction.
Maples and Calder has acted as BVI counsel to Blue Skyview on its issue of US$250 million 7.125 percent senior perpetual securities due 2020, guaranteed by Hong Kong Airlines International Holdings, HKA Group and Hong Kong Airlines. The securities are listed in Hong Kong. Partner Derrick Kan led the transaction, which closed on January26, 2017, while King & Wood Mallesons acted as Hong Kong counsel. Baker McKenzie acted as international counsel to the initial purchasers, comprised of Societe Generale Corporate & Investment Banking, BOC International, CCB International, Credit Suisse, Guotai Junan International and Hong Kong International Securities.
Maples and Calder has also acted as Cayman Islands counsel to Cayman Islands company BeyondSpring on its IPO of ordinary shares and the listing of such shares on the Nasdaq, and a concurrent private placement. BeyondSpring is a global clinical stage biopharmaceutical company focused on the development of innovative cancer therapies, with operations primarily in the US and China. The offering, including the private placement, raised approximately US$54 million. Rodman & Renshaw, a unit of HC Wainwright, acted as the underwriter and sole book-runner for the public offering and as the exclusive placement agent for the concurrent private placement. Partner Richard Spooner led the transaction, which closed on March 16, 2017, while Skadden acted as US counsel. Goodwin Procter represented the underwriter.
Mayer Brown has acted as international counsel to Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Belgian Investment Company for Developing Countries and Dragon Capital Group on the sale of their collective 67 percent shareholdings in PRASAC, Cambodia’s largest microfinance institution with more than US$1.3 billion in assets. Ho Chi Minh City corporate and securities partner David Harrison led the transaction.
Mayer Brown has also represented the underwriters on an approximately ¥85 billion (US$768m) bonds offering by Starbucks. The proceeds of the offering will be used to make investments in eligible sustainability projects. The transaction marks the first “sustainability bond” issued in the Japanese market. Chicago partners Eddie Best (corporate and securities) and Steve Garden (tax transactions and consulting) and London banking and finance partner James Taylor led the transaction.
Mourant Ozannes has advised Export-Import Bank of China, China Development Bank, Silk Road Fund and International Finance Corporation on a US$1.39 billion facility for the first infrastructure project to be announced under China’s One Belt One Road infrastructure development fund. The facility was provided to Karot Power, a Pakistani incorporated subsidiary of China Three Gorges South Asia Investment, a company incorporated in the Cayman Islands. It will fund the construction of a 720MW Karot hydropower project in Pakistan on the Jhelum River east of Islamabad, which is expected to be commercially operational in 2021. The project represents one of the three multistage hydropower projects in Pakistan being developed by China Three Gorges South Asia Investment, an independent power company established by China Three Gorges Corporation, International Finance Corporation and Silk Road Fund, which was structured as a scalable investment platform to develop and own renewable power projects in Pakistan. Partner Simon Lawrenson led the transaction.
Rajah & Tann has advised Oscar Investment in its proposed privatisation and delisting of TEE International, which is listed on the mainboard of the Singapore Exchange, pursuant to a scheme of arrangement under Section 210 of the Singapore Companies Act, whereby Oscar Investment is offering either cash or new shares for existing shares of TEE International. Based on the offer price of S$0.215 per share, the group is valued at approximately S$148 million. The group has three business divisions, comprising its engineering business, real estate business, and infrastructure business. Partners Danny Lim and Penelope Loh led the transaction.
S&R Associates has advised Kaizen Private Equity on an investment in Insofe Education, a professional skills training company with a focus on big data analytics and data science. Partners Rajat Sethi and Sudip Mahapatra led the transaction.
S&R Associates has also advised Bertelsmann on the US$8 million investment by its subsidiary Erste WV Gütersloh in Eruditus Learning Solutions, an executive education provider in India, Singapore, Dubai and other global locations. Partners Rajat Sethi, Radhika Iyer and Tanya Aggarwal led the transaction.
Shearman & Sterling is advising Malaysian national oil company Petroliam Nasional (Petronas) on a US$7 billion investment by the Saudi Arabian Oil Company (Saudi Aramco) in Petronas’ Refinery and Petrochemical Integrated Development (RAPID) project in Johor State, Malaysia. On February 28, 2017, Petronas and Saudi Aramco signed a share purchase agreement on the Saudi Aramco investment. Following completion, Petronas and Saudi Aramco will hold equal ownership in selected ventures and assets of the RAPID project. The signing of the agreement took place in Kuala Lumpur and was witnessed by Malaysian Prime Minister Abdul Razak and King Salman Bin Abdulaziz Al Saud of Saudi Arabia, as well as the CEOs of Petronas and Saudi Aramco. The project will be the largest downstream petrochemical project in Asia following completion in 2019. With capacity to refine 300,000 barrels of crude per day, the refinery will produce a wide range of refined petroleum products, including gasoline and diesel which meets Euro 5 fuel specifications, and will produce 3.5 million tonnes per annum of products. The RAPID project forms part of the larger Pengerang Integrated Petroleum Complex (PIC) being developed in the Malaysian state of Johor. The PIC is a 22,000-acre complex that includes a cogeneration plant, an LNG regasification terminal, a raw water supply project, a deep water terminal and centralised and shared utility facilities. Partner Anthony Patten (Singapore-project development and finance), with support from partners Sidharth Bhasin (Singapore-M&A), Ben Shorten (Singapore-project development and finance), Iain Elder (London-project development and finance) and Daryl Chew (Singapore-international arbitration), led the transaction. White & Case advised Saudi Aramco.
Skadden is advising the venture investment arm of gumi on its establishment of Nordic VR Startups, a virtual and augmented reality incubator joint venture between gumi and Nordisk Film, in which gumi will hold a 60 percent majority stake. The firm previously represented gumi in a similar matter to establish Seoul VR Startups.
Skadden is also representing global chemical company Nippon Shokubai on an agreement, announced on March 28, 2017, to acquire Sirrus, a US-based advanced reactive technology platform monomer company. Partners Mitsuhiro Kamiya, Michael Mies and Resa Schlossberg led the transaction.
Sullivan & Cromwell has represented Jiaflix Enterprises, Jiaflix Enterprises and two of its three majority shareholders on their purchase of the interests in each company held by the third majority shareholder, representing 25 percent of each company’s total outstanding interests. Hong Kong corporate partner Michael DeSombre led the transaction, which was completed on March 24, 2017.