Cyril Amarchand Mangaldas has advised the Board of Control for Cricket in India (BCCI) on the invitation to tender (ITT) for IPL media rights for the period January 1, 2018 to September 30, 2022. The ITT invited bids for seven different packages, namely Indian Subcontinent Television Rights, Indian Subcontinent Digital Rights and the Rest of the World Media Rights, divided into five different packages based on territories/ countries. Bidders were permitted to bid for any combination of packages, as well as a consolidated bid for all seven packages. As many as 14 bids were received by BCCI on September 4, 2017, including from well-known entities like Star, Sony, Facebook, Airtel, Reliance Jio, etc. The sum total highest bids for each individual package were then compared against the highest consolidated bid for all the packages. Star India’s consolidated bid of approximately Rs163.5 billion (US$2.55b) beat the sum total of the highest bids for each individual package, approximately Rs158.2 billion (US$2.47b), to emerge as the winning bid. The media rights agreement between the BCCI and Star India was signed on September 4, 2017. Mumbai disputes partner Indranil Deshmukh led the transaction.
Allen & Gledhill has advised Global Logistic Properties (GLP) and JP Morgan (SEA) on the approximately S$16 billion (US$11.8m) proposed acquisition of all the issued and paid-up ordinary shares in the capital of GLP by Nesta Investment Holdings. JP Morgan was appointed financial adviser to GLP. Partners Lim Mei, Hilary Low, Lee Kee Yeng, Daren Shiau, Scott Clements and Christopher Koh led the transaction, which marks Asia’s largest private equity buyout in a buoyant sector.
Allen & Gledhill has also advised Mapletree Treasury Services, a wholly-owned subsidiary of Mapletree Investments, on the issue of S$300 million (US$221.34m) 2.85 percent notes due 2025 under its US$5 billion euro medium term note programme. The notes are guaranteed by Mapletree Investments. Partner Glenn Foo led the transaction.
AZB & Partners has advised HCL Technologies on its Rs35 billion (US$546m) buyback of its equity share capital. Partner Vinati Kastia led the transaction, which was completed on July 12, 2017.
AZB & Partners has also advised International Finance Corporation on its Rs650 million (US$10m) acquisition of more than 10 percent equity shares in Power2SME. Partners Gautam Saha and Amrita Patnaik led the transaction, which was completed on August 18, 2017.
Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie International, has advised Sembcorp Utilities as the sponsor on the US$310 million project financing of the 413.8 MW (gas) / 333.02 MW high speed diesel dual fired power station to be developed by Sembcorp North-West Power in Sirajganj, Bangladesh. The financing was provided by International Financing Corporation, Commonwealth Development Corporation, Clifford Capital and Japan International Cooperation Agency, and was supported by a MIGA investment guarantee. The success of the project will contribute to the sustainability of public and private sector partnerships in the power sector in Bangladesh to overseas power developers and operators. This is the first dual-fired independent power project to be developed in Bangladesh by international sponsors. Martin David, head of the projects practice in Singapore and Asia Pacific head of the energy, mining and infrastructure practice, supported by principals Ang Kim Hock and Erik Begin, led the transaction, which reached successful financial close on August 22, 2017 and is the first public-private partnership project with a foreign investor in the power sector in Bangladesh.
Conyers Dill & Pearman has provided Cayman Islands advice to Tak Lee Machinery on its HK$110 million (US$14m) IPO of 25 million public offer shares and 225 million placing shares in Hong Kong. Founded in 2001 and headquartered in Hong Kong, Tak Lee is one of the leading earth-moving equipment sales and leasing service providers in Hong Kong. Hong Kong partner Bernadette Chen, working alongside Loeb & Loeb (HK), led the transaction.
Conyers Dill & Pearman has also advised Premier Oil, one of the UK’s largest independent oil and gas companies, on the successful restructuring of US$3.8 billion debt facilities. The restructuring comprised the entirety of Premier Oil’s capital structure, including a revolving credit facility, term loans, US private placement notes, Schuldschein loans, bilateral letter of credit facilities, a retail bond, a convertible bond and various hedging instruments. The overall amount of debt, and the wide range of different stakeholders, makes the transaction as one of the largest and most complex financial restructurings of a North Sea oil and gas company in recent years. BVI partner Anton Goldstein, working alongside Slaughter and May, led the transaction.
Cyril Amarchand Mangaldas has advised the Board of Control for Cricket in India (BCCI) on the Invitation to Tender (ITT) for IPL Media Rights for the period January 1, 2018 to September 30, 2022. The ITT invited bids for seven different packages, namely Indian Subcontinent Television Rights, Indian Subcontinent Digital Rights and the Rest of the World Media Rights, divided into five different packages based on territories/ countries. Bidders were permitted to bid for any combination of packages, as well as a consolidated bid for all seven packages. As many as 14 bids were received by BCCI on September 4, 2017, including from well-known entities like Star, Sony, Facebook, Airtel, Reliance Jio, etc. The sum total highest bids for each individual package were then compared against the highest consolidated bid for all the packages. Star India’s consolidated bid of approximately Rs163.5 billion (US$2.55b) beat the sum total of the highest bids for each individual package, approximately Rs158.2 billion (US$2.47b), to emerge as the winning bid. The media rights agreement between the BCCI and Star India was signed on September 4, 2017. Mumbai disputes partner Indranil Deshmukh led the transaction.
J Sagar Associates has advised EM3 AgriServices on a US$10 million Series B equity fund raise, led by London-based Global Innovation Fund. Aspada Investment, an existing Series A investor, has also invested in this round. EM3 AgriServices provides farm services on a pay-for-use basis to small and medium hold farmers across India. Partner Sujoy Bhatia led the transaction.
Khaitan & Co has represented GAIL (India) before the Supreme Court on an arbitration arising out of a 20-year-old supply agreement between GAIL and HRD (Marcus Oil and Chemical Division, a Houston, Texas-based company). HRD challenged the mandate of the nominee arbitrator of GAIL and the presiding arbitrator. After the dismissal of the said challenge by the Tribunal, HRD approached the Delhi High Court. The High Court dismissed the petitions, holding that a challenge to the appointment of the arbitrators, on grounds other than the existence of relationships falling under the specified categories, could not be entertained in the said proceedings. HRD preferred special leave petitions against such order. The Supreme Court held in favour of GAIL. Partner Vanita Bhargava led the transaction.
Khaitan & Co has also represented Trimurti Films before the Bombay High Court on a copyright infringement matter (based on its rights in the lyrics and tune of the famous song “Kah Doon Tumhe” from the film “Deewar”) and restraining Super Cassette Industries (T-series) and Vertex Motion Pictures (Milan Luthria) from using a re-recoded version using the same lyrics and tune in their film “Baadshaho” released on September 1, 2017. The firm obtained interlocutory reliefs at short notice and was also successful in an appeal which was preferred against the order of the single judge. The order of the Single Judge was dated August 22, 2017, while the Division Bench dismissed the appeal on August 28, 2017. The release of the film ‘Baadshaho’ with the song ‘Keh Doon Tumhe’ has been restrained. The order also restrains selling or otherwise distributing copies of CDs, cassettes or any other media containing the infringing song “Keh Doon Tumhe” through any physical or non-physical medium. Partner Adheesh Nargolkar and associate partner Nishad Nadkarni led the transaction.
King & Spalding has represented Japanese conglomerate Mitsui OSK Lines (MOL) on its agreements with Swan LNG for an LNG terminal to be developed in Gujarat, India. The LNG terminal will have a receiving capacity of five million tons/year and utilise a dual floating storage and regasification unit (FSRU) and floating storage unit (FSU) solution. The FSRU tank capacity will be 180,000m3, while the FSU tank capacity will be 135,000m3 -145,000m3. MOL has agreed to provide the FSU and the long-term operation/maintenance of both the FSU and the FSRU, which will be constructed by Hyundai Heavy Industries. Singapore projects and energy partner Richard Nelson led the transaction.
King & Spalding is also acting for Summit Corporation, part of the Summit Group, on all aspects of the new floating LNG import terminal in Bangladesh, including a floating storage and regasification unit (FSRU) time charter party (TCP), pipeline construction and EPC agreement. The FSRU TCP will see Summit, via the Summit LNG Terminal Company, enter into a 15-year time charter agreement with Excelerate Energy for an FSRU to be deployed at Moheshkhali island in the Bay of Bengal. The FSRU is expected to supply around 500,000 Mcf/d of gas from imported LNG, which will be supplied to Bangladesh via a 9km subsea pipeline off Moheshkhali. The FSRU TCP agreement follows on from a terminal use agreement and an implementation agreement for the project, which were both agreed with the Government of Bangladesh and PetroBangla earlier in 2017. Singapore projects and energy partner Richard Nelson also led the transaction.
Majmudar & Partners has represented NantHealth, a US-based next-generation, evidence-based, personalised healthcare company, on the sale of its Indian subsidiary to Allscripts Healthcare Solutions, a US-based provider of information technology solutions and services to help healthcare organisations. The deal is part of a global asset purchase agreement to sell the assets of NantHealth forming part of its provider / patient engagement solutions business to Allscripts. Managing partner Akil Hirani led the transaction, while Kilpatrick Townsend & Stockton acted as US counsel. Sidley Austin and Luthra & Luthra acted for Allscripts.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to CIFI Holdings on its international offering of US$300 million senior perpetual capital securities. CIFI Holdings engages in property development and property investment in China. Partner Lorraine Pao led the transaction, while Sidley Austin acted as English counsel. Davis Polk & Wardwell acted as English counsel to the joint lead managers.
Sullivan & Cromwell has represented ExxonMobil Chemical (US) on its Singapore affiliate’s acquisition of one of the world’s largest aromatics facilities on Jurong Island in Singapore. Corporate partners Christopher Howard (London), George Sampas (New York) and Stewart Robertson (London) led the transaction, which was completed on August 27, 2017.
Weil has represented a consortium, led by Canada Pension Plan Investment Board and Baring Private Equity Asia, on its acquisition of Nord Anglia Education, the world’s leading premium schools organisation. Asia managing partner Akiko Mikumo, supported by New York finance partner Andrew Yoon and tax and EC&B group partner Paul Wessel, led the transaction, which was completed on September 5, 2017.