AZB & Partners is advising Future Retail on its Rs6.5 billion (US$100m) acquisition of Hypercity Retail (India). Senior partner Ashwath Rau is leading the transaction, which was signed on October 8, 2017 and is yet to be completed.
AZB & Partners has also acted as Indian law counsel to MTS Health Investors and Altaris Capital Partners on their acquisition of AGS Health (US), the wholly-owned subsidiary of AGS Health India in the US, from AGS Health India, and on the acquisition of a majority stake in AGS Health India. Partners Ashwath Rau, Anu Tiwari and Anand Shah led the transaction, which was completed on August 18, 2017.
Corrs Chambers Westgarth has acted for St George Community Housing (SGCH) on its bid to manage around 1,400 properties as part of the NSW Department of Family and Community Services Social Housing Management Transfer (SHMT) program. SGCH has been awarded the management of ‘Service Package 9’, which encompasses around 1,400 social housing properties in the North Sydney, Hunters Hill, Lane Cove and Willoughby local government areas. The service agreement will see SGCH responsible for all tenancy and property management services required for the properties included as part of the package. The SHMT program will see approximately 18,000 more properties added to those managed locally by community housing providers out of the approximately 144,000 social housing properties across NSW. Prior to the latest phase of the SHMT program, 19 percent of the 144,000 properties were managed by community housing providers. Partner Andrew Chew, supported by partners Stephen Price and Rommel Harding-Farrenberg, led the transaction.
DLA Piper has advised SMG Group on an agreement to manage the Shenzhen World Exhibition & Convention Centre, one of the world’s largest convention and exhibition centres. SMG is a worldwide entertainment, convention and venue management company based in Pennsylvania, USA. SMG has extensive experience managing public facilities around the world, such as convention and exhibition centres, stadiums, performing arts theaters, recreational and equestrian centres. In its first footprint in China since consulting during the Beijing Olympics, SMG has secured the management contract for the Shenzhen World Exhibition & Convention Centre, the first phase of which is slated to open in 2019. Corporate partner Gloria Liu led the transaction.
DLA Piper has also advised China Eastern Airlines (CEA), one of the largest Chinese airlines operating domestic, regional and international routes, on its investment in Euronext Paris-listed Air France-KLM (AFK). Through this deal, CEA and SkyTeam alliance member Delta Air Lines each acquired a 10 percent stake in AFK’s share capital within the framework of reserved capital increases. The new partnership will help AFK secure more access to the booming Chinese air travel market, especially to Shanghai, where CEA is headquartered and which is China’s biggest business market. It will also help strengthen AFK’s control over trans-Atlantic flights. Corporate partners Qiang Li (Shanghai), Stewart Wang (Shanghai) and Jeremy Scemama (Paris), supported by partners Paul Lee (finance and projects-Hong Kong), Nathan Bush (antitrust and competition-Singapore), Casper Hamersma (corporate-Amsterdam), and Alexandra Kamerling (Brussels), led the transaction, which closed on October 3, 2017.
J Sagar Associates has advised Amicus Capital Partners Fund on its investment in D2C Consulting Services, a New Delhi-based company registered as an insurance broker with IRDA. D2C owns and operates the ‘Renewbuy’ online platform, through which customers can buy motor insurance. This is the first deal for Amicus Fund, which has been founded by Sunil Vasudevan, former partner at India Value Fund Advisors, and Mahesh Parasuraman, former managing director at Carlyle India. Partners Vikram Raghani and Anand Lakra led the transaction.
Khaitan & Co has acted as domestic counsel to the book-running lead managers, composed of Citi Global Markets India, Axis Capital, Deutsche Equities India, HSBC Securities and Capital Markets (India) and Kotak Mahindra Capital, on the approximately US$1.6 billion IPO of General Insurance Corporation of India (GIC). GIC offers reinsurance solutions to general insurance and life insurance companies in 162 countries. It is India’s only reinsurance company and the first government owned non-life insurance company in India to file for an IPO. Partner Abhimanyu Bhattacharya and associate partner Madhur Kohli led the transaction, which is one of the largest proposed IPOs of this financial year.
Khaitan & Co has also advised IDFC Alternatives, India’s leading multi-asset class investment manager, on its approximately US$11 million investment, through a mix of primary and secondary investment, for a minority stake in ASG Hospitals. IDFC Fund is a SEBI-registered category II alternative investment fund focused on long-term equity investments in a diversified portfolio of projects. IDFC Fund is managed by IDFC Alternatives. Partner Vineet Shingal, assisted by associate director Vinita Krishna and partner Anshul Prakash, led the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to 21Vianet Group on its issuance of US$100 million 7 percent notes due 2020, which will be consolidated and form a single class with the US$200 million 7 percent notes due 2020 it issued in August this year. The notes will be listed in Singapore. 21Vianet is a leading carrier-neutral internet data centre services provider in China. Partner Richard Spooner led the transaction, while Skadden Arps acted as US counsel.
Rajah & Tann Singapore is acting for Rotary Engineering on its proposed voluntary delisting from Singapore and the exit offer by DBS Bank, for and on behalf of Orochem, for the shares in Rotary. Based on the exit offer price of S$0.46 (US$0.34) per share, the transaction values Rotary at approximately S$261 million (US$192m). Partners Sandy Foo and Favian Tan led the transaction.
Rajah & Tann Singapore is also acting as Singapore counsel to Golden Screen, a wholly-owned subsidiary of Hong Kong-listed Orange Sky Golden Harvest Entertainment, on its acquisition of the remaining 50 percent equity interest in Dartina Development from Village Cinemas Australia, a subsidiary of Australia-listed Village Roadshow, for over S$170 million (US$125m) in cash. Golden Screen is an existing 50 percent shareholder of Dartina. Partner Cynthia Goh, with partners Elsa Chai, Lee Weilin, Rajesh Sreenivasan, Nigel Pereira and Vikna Rajah, led the transaction.
Shardul Amarchand Mangaldas has acted as Indian law counsel to Apollo Tyres on its Rs15 billion (US$230.7m) qualified institutions placement. Apollo Tyres is one of the top 17 tyre manufacturing companies in the world, with manufacturing and distributing operations in Europe and distribution networks covering majority of the Middle East, the ASEAN countries, North America and Africa. Capital markets national practice head partner Prashant Gupta led the transaction. JM Financial Institutional Securities, Kotak Mahindra Capital and UBS Securities India, the global coordinators and book-running lead managers, were advised by Luthra and Luthra Law as to Indian Law and Allen & Overy as to international law.
Shook Lin & Bok has advised on the acquisition of P-Parking International by Tokyo-listed Nissei Build Kogyo for S$48 million (US$35.4m). Partner Gwendolyn Gn led the transaction, which is the first successful acquisition of a Singapore-based car park business by a Tokyo-listed company.
Shook Lin & Bok is also acting as lead counsel on Singapore-listed ASTI Holdings’ proposed divestment of its wholly-owned subsidiaries, STI Group, for approximately S$105 million (US$77.4m) to S$115 million (US$84.7m). Partner Dayne Ho is leading the transaction, which involves the sale of entities in Singapore, South Korea, Philippines, Malaysia and Taiwan.
S&R Associates has advised Credit Suisse as financial adviser to Bharat Financial Inclusion on its proposed combination transaction with IndusInd Bank. Partners Sandip Bhagat, Rajat Sethi and Sudip Mahapatra led the transaction.
S&R Associates has also advised Wall Street Finance on the sale of its subsidiary Goldman Securities to Ebix Software India and in the subsequent Rs422.2 million (US$6.5m) sale of its money transfer service scheme business to Goldman Securities. Sanjeev Adlakha led the transaction.
Vaish Associates has advised Hindustan Unilever (HU) on a share purchase agreement with Kimberly-Clark USA for the divestment of HU’s 50 percent shareholding in Kimberly-Clark Lever in favour of Kimberly-Clark USA. Associate partner Krishna Kishore, supported by partners Bomi Daruwala and Martand Singh, led the transaction, which was completed on September 29, 2017. Gibson, Dunn & Crutcher Singapore, led by partner Jai Pathak, also advised on the deal.
Wong & Partners Kuala Lumpur has advised Bank of Tokyo Mitsubishi UFJ, the banking entity of Mitsubishi UFJ Financial Group (MUFG), on the disposal of a 4.6 percent stake in CIMB Group Holdings, via an accelerated book-building by joint book-runners Morgan Stanley, Credit Suisse and CIMB Investment Bank. The deal, which is valued at approximately US$620 million, is part of MUFG’s strategic global master plan, which included a review of its portfolio of existing investment in affiliates. Partners Munir Abdul Aziz and Sue Wan Wong led the transaction, while Herbert Smith Freehills acted as international counsel. White & Case and Zaid Ibrahim & Co acted as international counsel and local counsel, respectively, for the joint bookrunners.