Allen & Gledhill has advised APAC Realty on its S$58.2 million (US$42.9m) IPO and listing in Singapore, making it the first real estate brokerage to list in Singapore. Partners Tan Tze-Gay, Wu Zhaoqi and Sunit Chhabra led the transaction.
AZB & Partners is advising Axis Capital as the lead manager in the Rs20 billion (US$306.5m) issue of equity shares by Indiabulls Ventures. Partners Varoon Chandra and Lionel D’Almeida are leading the transaction, which is yet to be completed.
AZB & Partners has also advised TPG Asia SF on its acquisition, together with Caladium Investment and other existing shareholders, of compulsorily convertible preference shares in Janalakshmi Financial Services. Partners Bhavi Sanghvi, Anand Shah and Divya Mundra led the transaction, which was valued at Rs10.3 billion (US$157.9m) and was completed on September 28, 2017.
Bird & Bird ATMD has acted as Singapore counsel to New York-listed Sealed Air on its approximately US$100 million acquisition of Fagerdala Singapore, a manufacturer and fabricator of polyethylene foam. Established in 1983 with headquarters in Singapore, Fagerdala has 14 manufacturing facilities and employs more than 1,300 people in China, Thailand, Singapore, Malaysia, Mexico and the US. Through the acquisition, Sealed Air plans to leverage Fagerdala’s manufacturing footprint in Asia, expertise in foam manufacturing and fabrication, and commercial organisation to grow sales in the consumer electronics, medical equipment and devices, automotive, temperature assurance, and e-commerce fulfilment sectors. Singapore partner Sandra Seah, Shanghai partners Sven-Michael Werner and Christine Yiu, and Sydney partner Kathryn Edghill led the transaction.
Conyers Dill & Pearman has acted as special counsel in the Cayman Islands to Sunshine 100 China Holdings and its BVI and Mauritius subsidiary guarantors, Sunmode, Keyasia Investments and Riverside Investment, on Sunshine 100’s issue of US$235 million 8.5 percent senior notes due 2020. Sunshine 100 develops and sells mixed-use business complexes, residential properties and land development, leases offices and commercial premises, and provides property management and hotel accommodation services. Partners Anna Chong (Hong Kong) and Ashvan Luckraz (Mauritius) led the transaction, while Linklaters acted as Hong Kong counsel.
Conyers Dill & Pearman has also acted as special Bermuda counsel to New York-listed OneBeacon Insurance Group and its majority parent, New York-listed White Mountains Insurance Group, on the acquisition of OneBeacon by Toronto-listed Intact Financial. Through one of its subsidiaries, Intact Financial acquired all of the issued OneBeacon shares for a cash consideration of approximately US$1.7 billion. White Mountains entered into a definitive agreement to vote its shares of OneBeacon in favour of the acquisition. Director Chris Garrod led the transaction.
Gibson, Dunn & Crutcher has represented Kimberly-Clark on the acquisition of Hindustan Unilever’s 50 percent shareholding in Kimberly-Clark Lever, a joint venture between Hindustan Unilever and Kimberly-Clark formed in 1995. Singapore partner-in-charge Jai Pathak led the transaction.
Khaitan & Co has advised Itelligence India Software Solutions on its acquisition of 100 percent stake in Vcentric Technologies. Itelligence India is a leading full-service SAP software solutions provider of midmarket-focused SAP solutions and is an NTT group company. Partner Zakir Merchant led the transaction.
Khaitan & Co has also advised Fosun International, Shanghai Fosun Pharmaceutical (Group) and various subsidiaries on the US$1.09 billion acquisition, through a mix of primary and secondary acquisitions, of a 74 percent stake in Gland Pharma from Gland Pharma’s various existing shareholders, including KKR and promoter family. The transaction is the largest acquisition of an Indian company by a Chinese firm. Fosun International is a Chinese international conglomerate and investment company. Founded in 1992 by Guo Guangchang, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2007. Shanghai Fosun Pharmaceutical was established in 1994 to have a leading position in China’s medical and health industry groups. Partner Niren Patel, assisted by partner Avaantika Kakkar and associate partner Atul Pandey, led the transaction.
K&L Gates has advised Tokyo Century on its agreement to acquire a 20 percent stake in US-based aircraft-leasing company Aviation Capital Group, a wholly-owned affiliate of US-based Pacific Life Insurance. The deal is expected to close by year-end. Tokyo corporate/M&A partner Ryan Dwyer and Tokyo finance partner Robert Melson, supported by Tokyo partner Sebastian Smith, Pittsburgh tax partner Stephen Barge, and Wilmington corporate and transactional partners Lisa Stark and Eric Feldman, led the transaction.
Luthra & Luthra has advised Suez Groupe on the Indian-leg of its US$3.4 billion multi-jurisdictional acquisition of General Electric’s water and process technologies business (GE Water). Suez is a France-headquartered global water and treatment solutions group, while GE Water is a global manufacturing, services and solutions business, with operations primarily in water and waste management. This acquisition establishes Suez’s global presence into the industrial water market, diversifying from the municipal water market. Through this acquisition, Suez will gain access to most major industries globally, and will make it a supplier to blue-chip companies. Further, the integration of GE’s water business will give Suez the opportunity to widen its systems and service offerings, leveraging Suez’s expertise in O&M and GE Water’s best‐in‐class digital platform InSight. The cross-selling opportunity is also increased by Suez and GE Water’s complementary customer base, industry verticals and value chain and geographies. Partner Vikrant Kumar led the transaction, while Baker & McKenzie and Davis Polk acted as international counsel and US counsel, respectively. GE Water was advised by Weil, Gotshal & Manges and Trilegal as India counsel.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to RYB Education on its IPO of 8.97 million American depositary shares, representing its Class A ordinary shares, and the listing of such ADSs in New York. The offering completed on September 29, 2017. Cayman Islands company RYB is a leading early childhood education service provider in China. The offering, which comprised of 5.5 million ADSs offered by RYB and 3.47 million offered by selling shareholders, raised approximately US$165.9 million. Credit Suisse Securities (USA) and Morgan Stanley acted as lead book-runners for the offering, while China International Capital Hong Kong Securities and BNP Paribas Securities acted as joint book-runners. Partner Richard Spooner led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Kirkland & Ellis represented the underwriters.
Orrick has advised a new materials industry fund co-managed by QFAT Investment and ICP Integrity Capital Partners on the acquisition of a controlling shareholding of COTESA. Beijing-headquartered AT&M Advanced Technology & Materials is anchor investor of the fund and will assist COTESA in expanding its production and sales operations to the Chinese market. The transaction is part of a bidding process, subject to approval from, among others, the competition authorities. COTESA is a leading German producer of fiber composite parts for the aviation and the automotive industry. AT&M is a Chinese tech company focusing on innovative metal-based products, with sales of more than US$600 million in the past fiscal year. Düsseldorf M&A and private equity partner Wilhelm Nolting-Hauff, supported by Düsseldorf partners Stefan Schultes-Schnitzlein (tax), Andre Zimmermann (employment), Till Steinvorth (antitrust) and Christian Schroeder (IP/IT data privacy), led the transaction.
Shardul Amarchand Mangaldas & Co is advising Zee Entertainment Enterprises on its Rs1.6 billion (US$24.5m) acquisition of 100 percent stake in 9X Media and its subsidiaries from New Silk Route Partners and other 9x Media shareholders. Partner Jay Gandhi is leading the transaction, which was signed on October 6, 2017 and is yet to be completed. Economic Law Practice advised 9x Media and the sellers.
S&R Associates has advised Satin Creditcare Network, a listed microfinance institution, on a Rs350 million (US$5.4m) preferential allotment of securities to Capital First. Mumbai partner Viral Mehta led the transaction.
S&R Associates has also advised Bertelsmann India Investments on a follow-on investment in Lendingkart, an Indian fintech company providing a digital lending platform for small and medium enterprises, as part of a US$10.5 million financing round. S&R lawyers: Mumbai partner Rachael Israel led the transaction.
