AZB & Partners has advised Warburg Pincus and e-commerce logistics company Ecom Express on the Rs2 billion (US$30.4m) acquisition by Warburg Pincus of over eight percent of the share capital of Ecom Express. Partner Anil Kasturi led the transaction, which was completed on September 8, 2017.
AZB & Partners has also acted as Indian law counsel to Axis Capital, IIFL Holdings and Vivro Financial Services as the book-running lead managers on the Rs4 billion (US$60.8m) IPO of Capacit’e Infraprojects. Partners Varoon Chandra and Lionel D’Almeida led the transaction, which was completed on September 21, 2017.
Dentons Hong Kong has represented China International Capital Corporation Hong Kong Securities and Jefferies Hong Kong on the IPO listing of Sisram Medical, the first ever Israeli company to list in Hong Kong. The global offering of 110 million shares seeks to raise approximately US$200 million. The company published its Hong Kong prospectus on September 5, 2017, while the shares started trading in Hong Kong on September 19, 2017. Sisram Medical is a leading global provider of energy-based medical aesthetic treatment systems. Incorporated in Israel in 2013 as a non-wholly owned subsidiary of Shanghai Fosun Pharmaceutical to acquire Alma Lasers, Sisram focuses on the design, development and production of energy-based medical aesthetic treatment systems. Hong Kong partner and Asia corporate finance practice head Gordon Ng, supported by Hong Kong corporate finance partners Guangqin Wei and Enoch Wong, led the transaction.
DLA Piper has represented Ping An Global Voyager Fund, a fund sponsored by China Ping An Insurance Group, on its investment in European fintech company 10x Future Technologies. This is the fund’s first investment since its inception in May 2017, which marks a major strategic partnership between Ping An and 10x, with an aim to market its leading offerings in Asia. Founded in 2016 by former Barclays CEO Antony Jenkins, 10x focuses on modernising back-office technology used by banks with holistic solutions that address current challenges. The investment forms part of the £34 million (US$45.5m) Series A round of financing, led by Ping An Global Voyager Fund and joined by US strategy consultancy Oliver Wyman and another institutional investor. The Ping An Global Voyager Fund was launched in May 2017 with an initial capital of US$1 billion to track cutting-edge technologies and developments, find optimal opportunities, make investments, develop markets and establish specialized investment management teams in the fintech and health sectors. This investment will help 10x offer its leading fintech solutions to different types of bank systems across Asia. Hong Kong corporate partner Gloria Liu, assisted by UK corporate partner John Gallon, led the transaction.
DLA Piper has also advised AviaAM Financial Leasing China on the approximately US$500 million acquisition, financing, leasing and delivery of eight Airbus A320 family aircraft. Debt funding for the acquisition was provided by China Development Bank Henan Branch, and the aircraft have each gone on a 12-year lease to Aeroflot, the largest Russian air carrier. The first three aircraft were all delivered on the same day, with two delivering in Toulouse and one in Hamburg. AviaAM was established as a joint venture between Avia AM Leasing, a Warsaw-listed aircraft leasing company, and Henan Civil Aviation Development and Investment. AviaAM has expertise in narrow-body aircraft leasing, trading and management and aviation-related business and infrastructure development. London finance partner Richard Skipper, supported by Asia senior partner Roy Chan and Moscow partner Anna Otkina, led the transaction.
Howse Williams Bowers has advised Vinco Capital as the sole sponsor and, together with Pacific Foundation Securities, as the underwriter on the approximately HK$82.5 million (US$10.6m) share offer and listing of Cool Link. The shares commenced trading in Hong Kong on September 22, 2017. Cool Link is one of the leading Singapore-based importers of food products in the ship supply industry in Singapore. They supply food products to ship chandlers for consumption by ship crews and passengers. Partner Chia Ching Tan led the transaction.
J Sagar Associates has advised the Embassy Group on its joint venture with Taurus Investment in an SPV called Winterfell Realty. The JV will develop an IT/ITES SEZ, encompassing 2.5 million square feet on a 10-acre land parcel, as part of Phase III of the Technopark SEZ in Thiruvananthapuram, Kerala. This is the Embassy Group’s first project in Kerala, and will be known as ‘Embassy Taurus World Technology Centre, Thiruvananthapuram’. Partners Murali Ananthasivan and Malini Raju led the transaction.
Khaitan & Co has acted as sole counsel to Dixon Technologies (India), and IDFC Bank, IIFL Holdings, Motilal Oswal Investment Advisors and Yes Securities (India), as the book-running lead managers on Dixon’s approximately US$9.3 million IPO and an offer for sale of approximately 3.05 million equity shares by certain selling shareholders. Dixon Technologies is the largest design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India. Executive director Sudhir Bassi and partner Gautham Srinivas led the transaction.
Khaitan & Co has also advised Deutsche Bank Singapore and Standard Chartered Bank Singapore as the joint lead managers on the further issue of US$85 million 7 percent senior notes due 2021, as additional notes to be consolidated with the issue of US$300 million 7 percent senior notes due 2021 previously issued on July 24, 2016, by HT Global IT Solutions, a holding company of India-listed Hexaware Technologies. Deutsche Bank is a German global banking and financial services company, while Standard Chartered is a British multinational banking and financial services company headquartered in London. Partner Manisha Shroff and associate partner Thomas George, supported by associate partners Ritu Shaktawat and Rashmi Deshpande, led the transaction.
Luthra & Luthra has represented Hero before the Supreme Court of India on whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi Act) has a retrospective or a retroactive effect, and whether proceedings under the Sarfaesi Act and Arbitration Act can be initiated together. It was argued that since the Act is procedural and not creating substantial rights, it would have a retrospective effect. It was submitted that the debtor was, is and would continue to be liable to satisfy the debt, and the only substantive right available to the debtor is to gain the benefits he would have got under the agreement. When such benefits or rights that the debtor would have under the agreement are not taken away, there is no substantive right of the debtor that is affected. The firm’s team also argued that, upon reading Section 37 of the Sarfaesi Act, it was clear that both the legal actions invoked under Arbitration Act and Sarfaesi Act can go simultaneously. The Court dismissed the special leave petition preferred by the borrower with cost. This is one of the first judgments by the Supreme Court dealing on the aforesaid aspect. Senior advocate C A Sundaram, assisted by partner Venancio D’Costa, senior associate Astha and partner designate Faisal Sherwani, represented the client.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Wynn Macau on its offering of US$600 million 4.875 percent senior notes due 2024 and US$750 million 5.5 percent senior notes due 2027, and concurrent tender offer for repurchase of US$1.35 billion notes due 2021. The new notes are listed in Hong Kong. Partner Lorraine Pao led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Deutsche Bank Singapore Branch acted as representative of the initial purchasers. White & Case acted as US counsel to the initial purchasers.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Foxconn (Far East) on its offering of ¥41.5 billion (US$369m) 0.42 percent notes due 2020, ¥6 billion (US$53.3m) 0.52 percent notes due 2022 and ¥2.5 billion (US$22.2m) 0.70 percent notes due 2024 under its US$5 billion MTN programme guaranteed by Hon Hai Precision Industry. The notes are listed in Singapore. Partner Lorraine Pao also led the transaction.
Shardul Amarchand Mangaldas & Co has acted as Indian law counsel to JP Morgan India and Morgan Stanley India as the book-running lead managers on the approximately Rs37.94 billion (US$577.2m) institutional placement programme by InterGlobe Aviation. InterGlobe Aviation operates IndiGo, India’s largest passenger airline with over 40 percent market share of domestic passengers. Capital markets national practice head Prashant Gupta, supported by partner Manjari Tyagi, led the transaction, while Latham & Watkins acted as international counsel. Khaitan & Co acted as domestic counsel to Indigo.
Shook Lin & Bok is acting for DBS Trustee, the trustee of Manulife US Real Estate Investment Trust, on the approximately US$313.2 million proposed acquisition of 10 Exchange Place, a 30-storey Class A office building in New Jersey, from John Hancock Life Insurance. The proposed acquisition will be partly funded through a rights issue that will raise gross proceeds of approximately US$208 million. Partners Tan Woon Hum and Andrea Ng are leading the transaction.
Simpson Thacher has represented BEST on with its IPO and listing in New York of 45 million American depositary shares, representing 45 million Class A ordinary shares. BEST raised US$450 million in gross proceeds from the IPO, before exercise of the underwriters’ overallotment option. Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Deutsche Bank acted as joint bookrunners. BEST is a leading and fast-growing smart supply chain service provider in China. Its multi-sided platform combines technology, integrated logistics and supply chain services, last-mile services and value-added services. Alibaba and its affiliate Cainiao Smart Logistics are expected to own 28.2 percent of BEST’s total issued and outstanding share capital immediately after the completion of the IPO, which is the largest in the US by a Chinese company this year to date. Maples and Calder (Hong Kong), led by partner Richard Spooner, acted as Cayman Islands counsel to BEST. Latham & Watkins represented the underwriters.
WongPartnership has acted for Keppel Telecommunications & Transportation and Keppel Data Centres Holding (KDCH) on the transfer of KDCH’s entire share capital in Keppel DC Singapore 4 to an entity controlled by Alpha Data Centre Fund. Partners Dorothy Marie Ng, Low Kah Keong and Monica Yip led the transaction, which was valued at approximately S$170 million (US$125m).
WongPartnership is also acting for Baker Technology and Point Hope on their proposed US$50 million investment in EMAS Offshore to aid in EMAS’ financial restructuring. BT Investment, which is the wholly-owned subsidiary of Singapore-listed Baker Technology, and Point Hope, a Singapore-based private equity buyout company, have each committed equity investments of US$25 million. Partners Alvin Chia, Manoj Sandrasegara, Mark Choy, Smitha Menon and Lydia Ong are leading the transaction.
