AZB & Partners is advising General Atlantic Singapore Fund on its acquisition of a majority stake in the equity share capital of Karvy Advisory Services, into which Karvy Computershare will be merged. Partners Ashwath Rau, Vaidhyanadhan Iyer and Divya Mundra are leading the transaction, which was signed on August 3, 2017 and is yet to be completed.
AZB & Partners is also advising The New India Assurance Company on its IPO of approximately 120 million equity shares, which includes a fresh issue of approximately 24 million shares and an offer for sale of approximately 96 million shares by the Indian Government as a selling shareholder. Partners Madhurima Mukherjee, Lionel Almeida and Agnik Bhattacharyya are leading the transaction.
Baker McKenzie has advised China Citic Bank on its HK$6.6 billion (US$843.8m) bridge and term loan facility to finance part of the equity contributions for the acquisition and privatisation of Belle International. The acquisition closed on July 25, 2017, with Belle International being delisted in Hong Kong on July 27, 2017. The financing was done in several separate tranches, with bridge and mezzanine facilities. Hong Kong partner Rose Zhu and finance and project principal Kah Chin Chu from Baker McKenzie Wong & Leow in Singapore led the transaction, which is considered as one of Asia’s largest consumer buyouts.
Chitale Legal has advised PTL Enterprises on its corporate restructuring exercise, by way of demerger of medicare and healthcare undertaking, into Artemis Global Life Sciences, and consequent listing of the shares of Artemis Global Life Sciences in India. Partner Satish Kumar Dinavahi led the transaction.
Chitale Legal has also advised Bajaj Finance on its approximately Rs2.25 billion (US$35m) strategic investment to acquire a 10.83 percent stake in digital payment company One MobiKwik Systems. MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku as an online platform for recharging and paying bills for mobile phone and satellite TV connections. In 2013, it received a licence from RBI to launch its digital wallet. Partner Satish Kumar Dinavahi also led the transaction. Shardul Amarchand Mangaldas & Co, led by partners Amit Khansaheb and Rishi Jain, advised One Mobikwik Systems.
Clifford Chance has advised on the first two issuances of securities designed to meet new capital standards for financial institutions in Hong Kong. These transactions, a Tier 2 subordinated note issuance by Chong Hing Bank and a dated subordinated capital note issuance by China Life Insurance (Overseas) Hong Kong Branch, marked the first time that financial institutions in Hong Kong had issued securities under the new Financial Institutions (Resolution) Ordinance (FIRO), which came into effect on July 7, 2017. The Chong Hing Bank transaction involved an exchange offer to the holders of the bank’s existing Tier 2 subordinated notes due 2020 and the issuance of US$383 million of new Tier 2 subordinated notes. The China Life Insurance transaction involved the issuance of US$225 million of subordinated capital notes due 2027. Head of capital markets for Asia Pacific partner Connie Heng and partner Matt Fairclough led the transactions.
Colin Ng & Partners has advised RELX (Singapore) on its collaboration with The Walt Disney Company (Southeast Asia) to co-organise the “Star Wars: Experience the Force Singapore” festival. This event will take place along Orchard Road from September 1-10, 2017 and at the Singapore Toy, Game & Comic Convention at Marina Bay Sands from September 9-10, 2017. The festival will feature the sale of collectibles, books and apparels from the upcoming movie, “Star Wars: The Last Jedi”. Other activities that will be continuing include the Padawan Training academy, a Virtual Reality experience with BB-8 and fan-built installations of the Millennium Falcon. Partner Ken Chia led the transaction.
Khaitan & Co has acted as domestic counsel to Citi Global Markets India, Axis Capital, Deutsche Equities India, HSBC Securities and Capital Markets (India) and Kotak Mahindra Capital as the book-running lead managers on General Insurance Corporation of India’s (GIC) IPO, which is expected to raise over US$1 billion. GIC offers reinsurance solutions to general and life insurance companies in 162 countries. It is India’s only reinsurance company and the first public sector insurance company to file a DRHP for an IPO. Partner Abhimanyu Bhattacharya and associate partner Madhur Kohli led the transaction, which is one of the largest proposed IPOs of this year.
Khaitan & Co has also advised Flipkart on an investment by SoftBank’s Vision Fund into Flipkart. The Flipkart Group is India’s largest e-commerce marketplace and includes group companies Flipkart, Myntra, Jabong, PhonePe and eBay.in. Partner Ganesh Prasad and associate partner Vinay Joy led the transaction, which is the largest single investment in the technology and e-commerce space.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to leading mobile transportation platform Didi Chuxing on a major new round of investment in Grab, a Cayman Islands company which operates Southeast Asia’s leading ride-hailing business. DiDi’s investment, together with that of co-investor SoftBank Group, will amount to US$2 billion. Grab anticipates raising an additional US$500 million from other existing and new investors, bringing the total amount raised in this financing round to US$2.5 billion. Paul, Weiss, Rifkind, Wharton & Garrison acted as lead counsel.
Maples and Calder (Hong Kong) has also acted as British Virgin Islands counsel to New Metro Global on its issue of US$200 million five percent guaranteed senior notes due 2022, unconditionally and irrevocably guaranteed by Future Land Holdings. The notes are listed in Singapore. Future Land Holdings is a leading property developer in the Yangtze River Delta. Partner Lorraine Pao led the transaction, while Shearman & Sterling acted as US counsel. Paul Hastings acted as US counsel to the initial purchasers, which include Credit Suisse, Bank of China, Haitong International and Guotai Junan International.
Rajah & Tann Singapore has acted for Singapore-listed ABR Holdings on the acquisition of 80 percent of The Chilli Padi Group for S$14.8 million (US$10.85m), with an option for the balance of 20 percent. The Chilli Padi Group provides both halal-certified and non-halal catering services for various events and operates restaurants serving Peranakan food and cafeterias. The group primarily manages, franchises and operates a portfolio of popular quality food and beverage companies and brands. Partners Danny Lim and Chia Lee Fong led the transaction. Shook Lin & Bok advised the vendors of The Chilli Padi Group.
Rajah & Tann Singapore is also advising Aztech Group on its selective capital reduction exercise to enable minority shareholders to realise the value of their shares, subsequent to the delisting of the company in Singapore on February 21, 2017. Based on the cancellation price of S$0.42 (US$0.31) per share, the group is valued at approximately S$21.42 million (US$15.7m). Aztech Group is a dynamic international group with key activities in electronics design and manufacturing, LED lighting, material supply and marine, as well as F&B retail and supplies businesses. The group is headquartered in Singapore with support offices in the US, Germany, Malaysia, Hong Kong, Philippines and China, as well as a vertically integrated manufacturing plant in China. Partners Danny Lim and Penelope Loh are leading the transaction, which was announced on July 19, 2017 and is yet to be completed.
Shardul Amarchand Mangaldas & Co has advised Axis Capital, ICICI Securities, IIFL Holdings, Kotak Mahindra Capital, SBI Capital Markets, Yes Securities (India) and IDBI Capital Markets & Securities as the underwriters on the Rs7.79 billion (US$121.4m) IPO of Security and Intelligence Services (India) (SIS). The IPO was the first by a private security services company in India. The shares of SIS are proposed to be listed in the Indian stock exchanges. The deal was signed on July 31, 2017 and is expected to close in the next few days. Partner and national capital markets practice head Prashant Gupta, supported by partner Sayantan Dutta, led the transaction, while Sidley Austin acted as international counsel. Luthra and Luthra advised Security and Intelligence Services.
Simmons & Simmons has advised Gangtai Group, a leading private owned conglomerate from China, on the completion of its 85 percent stake acquisition of Buccellati Holding Italia, a prestigious Italian luxury jewellery brand with close to 100 years of history. Buccellati was previously owned by Clessidra SGR and the Buccellati family. The transaction moves Buccellati into one of the most prominent jewellery groups in China with the potential to expand the brand globally. Partners Dario Spinella (Milan) and Eric Lin (Beijing), supported by Milan partners Davide Sportelli (employment), Augusto Santoro (equity incentives) and Davide D’Affronto and Beijing partner Yongmei Cai (bridge financing), led the transaction.
Sullivan & Cromwell (Hong Kong) is representing C.banner International Holdings (Hong Kong) on its agreement to purchase approximately 6.3 million sale shares of EtonKids Educational Group (China) for a cash consideration of approximately US$79.4 million, representing 45.78 percent of the issued share capital of EtonKids. Hong Kong corporate partner Kay Ian Ng is leading the transaction, which was announced on July 21, 2017 and is yet to be completed.
Wong & Partners, the Malaysia member firm of Baker McKenzie International, has advised Navis Capital Partners on the disposal of its 50.1 percent stake in HG Power Transmission (HGPT), held through Navis Malaysian Growth Opportunities Fund I, to Rohas Tecnic (RT). Navis’ disposal of its 50.1 percent stake in HGPT from Safe Tower Systems Holdings, an investment holding company set up by Navis, was coupled with the disposal by the other HGPT shareholder of its 24.9 percent stake to RT, for a total purchase consideration of M$92 million (US$21.4m). HGPT is a leading provider of engineering, procurement, construction and commissioning activities and turnkey solutions for high voltage transmission lines and substations. Partners Brian Chia and Stephanie Phua led the transaction, which was signed on July 24, 2017.
WongPartnership is acting for DEKA Immobilien, a unit of Germany’s DekaBank Group, on the proposed sale of Chevron House, a 32-storey commercial development located in the central business district of Singapore, for an expected price of more than S$700 million (US$514.2m). Partner Tan Teck Howe is leading the transaction.
WongPartnership has also acted for RBC Investor Services Trust Singapore, as trustee of Keppel REIT, on the acquisition of a 50 percent interest in a premium office tower to be developed at 311 Spencer Street, Melbourne, Australia, from Australia Post. Partner Colin Ong led the transaction.
