Allen & Gledhill has advised South Beach Consortium on the establishment of its S$1 billion (US$716.6m) secured multicurrency medium term note programme and the issue of S$400 million (US$286.6m) 2.83 percent notes due 2021 under the programme. Partners Margaret Chin, Magdalene Leong and Sunit Chhabra led the transaction.
Allen & Gledhill has also advised HSBC and OCBC as the joint lead managers and book-runners on the issue of S$200 million (US$143.3m) 3.75 percent notes due 2022 by OUE Treasury under its S$3 billion (US$2.15b) multicurrency debt issuance programme, which is unconditionally and irrevocably guaranteed by OUE. Partners Margaret Chin and Sunit Chhabra led the transaction.
AZB & Partners has advised Kangaroo Kids Education (KKE) and its promoters Lina Ashar and Kamal Somaia on their sale, together with all other KKE shareholders, of KKE’s entire shareholding to Eurokids International, which is majority owned by Gaja Capital, and Euroschool Properties and Infrastructure, a wholly-owned subsidiary of Eurokids International. Partner Anand Shah led the transaction, which was valued at Rs1.3 billion (US$20.2m) and was completed on April 20, 2017.
AZB & Partners has also advised KKR Mauritius Cement Investments on its sale of approximately 7.5 million shares, aggregating to 8.43 percent of the share capital, of Dalmia Bharat. Partners Ashwin Ramanathan and Roxanne Anderson led the transaction, which was valued at Rs15.3 billion (US$238.4m) and was completed on April 21, 2017.
Clove Legal has advised Oriano Clean Energy, India’s leading turnkey engineering, procurement and construction contracts for utility-scale solar power plants, solar farms and rooftop projects, on the Series A investment by Samridhi Fund, which is managed by SIDBI Venture Capital, a subsidiary of Small Industries Development Bank of India (SIDBI). Samridhi Fund is a social venture fund with a corpus of around Rs4.25 billion (US$66.2m), set up with contributions from the Department for International Development, SIDBI, Life Insurance Corporation of India and United India Insurance. Partner Dharmesh Kotadia led the transaction. Kochhar & Co, led by partner Anjuli Sivaramakrishnan, advised Samridhi Fund.
Cyril Amarchand Mangaldas is advising Kotak Mahindra Bank (KMB) on its acquisition of Old Mutual’s 26 percent stake in Kotak Mahindra Old Mutual Life Insurance (KMOM), a subsidiary of KMB, for US$200 million in cash. A private life insurance company operating in India, KMOM is currently joint venture between KMB and its subsidiaries (74 percent) and Old Mutual (26 percent). After the acquisition, KMB and its subsidiaries will hold 100 percent beneficial interest in KMOM. The transaction is subject to regulatory and other approvals, such as from the Reserve Bank of India, Insurance Regulatory & Development Authority and Competition Commission of India. Mumbai managing partner Cyril Shroff and Mumbai corporate partner Shishir Vayttaden, supported by New Delhi tax partner S R Patnaik, intellectual property partner Ranjan Negi and Mumbai competition law partner Bharat Budholia, are leading the transaction, which was signed on April 27, 2017 and is expected to close in October 30, 2017.
Kirkland & Ellis is advising the Special Committee of the Board of Directors of NYSE-listed Nord Anglia Education, the leading global premium schools organisation, on its acquisition by a consortium led by funds affiliated with Canada Pension Plan Investment Board and Baring Private Equity Asia. Hong Kong corporate partners Jesse Sheley and Xiaoxi Lin are leading the transaction, which was valued at approximately US$4.3 billion and was announced on April 25, 2017. Weil, led by Asia managing partner Akiko Mikumo and supported by New York partners Andrew Yoon (finance) and Paul Wessel (tax and EC&B), is representing Baring Private Equity Asia.
Kirkland & Ellis is also advising Bank of America Merrill Lynch, as financial adviser, on Hillhouse Capital and CDH-led funds’ proposed privatisation, by way of a scheme of arrangement, of Hong Kong-listed Belle International Holdings. Belle International manufactures, distributes and retails shoes and footwear and sells sportswear and apparel. At a cancellation consideration of HK$6.30 (US$0.81) per share, the total share capital of the company is valued at HK$53.1 billion (US$6.8 billion). Hong Kong corporate partners Nicholas Norris and Derek Poon and debt finance partners David Irvine and Daniel Lindsey are leading the transaction, which was announced on April 28, 2017.
Luthra & Luthra has advised Nasdaq-listed Huron Consulting Group on the India leg of its multi-jurisdictional acquisition of ADI Strategies. The transaction comprised first the acquisition of ADI’s US assets and then its assets in India and the Middle East. Huron is a leading global management consulting group which provides business advisory services, enterprise solutions and analytics and technology solutions in healthcare, higher education, life sciences and other sectors. The deal in India was structured as a business transfer (slump sale) of ADI’s India business housed in its Indian subsidiary to Huron’s Indian subsidiary. Partner Vikrant Kumar, supported by partners Lokesh Shah (direct tax), JP Singh (indirect tax), GR Bhatia (competition law) and Abdullah Hussain (competition law), led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as international counsel.
Mayer Brown has advised Indika Energy, a leading integrated Indonesian energy group, on its recent issuance of US$265 million 6.875 percent senior notes due 2022. The transaction marked a strong return to the international bond markets for Indika Energy. Following the successful completion of the deal, ratings agencies have positioned Indika Energy for ratings upgrades. Corporate and securities partner Jason Elder, supported by partners Thomas Kollar (Hong Kong) and Jason Bazar (New York), led the transaction.
Paul, Weiss has represented Tencent, a leading provider of internet value-added services in China, on its US$200 million cash investment in Zhuan Zhuan, a China-based used goods trading platform operated by 58.com, China’s largest online marketplace serving local merchants and consumers. Under the agreement, 58.com will inject the Zhuan Zhuan app and other listing channels into a separate group of entities controlled by Zhuan Zhuan entities, while Tencent will invest US$200 million in cash and additional business resources into the Zhuan Zhuan entities for a minority equity stake. Corporate partners Jeanette Chan, Judie Ng Shortell and Tong Yu led the transaction.
Rajah & Tann Singapore has acted for Hong Kong-listed Fullshare Holdings on its acquisition of the entire issued and paid up share capital of Plaza Ventures from GSH Properties (whose parent company is Singapore-listed GSH), TYJ Group and Vibrant DB2 (which is 51 percent owned by Singapore-listed Vibrant Group). The consideration for the acquisition is approximately S$231.9 million (US$166.2m), subject to certain adjustments. Plaza Ventures is the registered owner and developer of the project known as GSH Plaza. Partners Chia Kim Huat, Chen Xi, Elsa Chai, Lina Chua, Sim Chee Siong, Lee Weilin and Penelope Loh led the transaction.
Shardul Amarchand Mangaldas & Co has acted as Indian counsel to Edelweiss Securities, ICICI Securities, Deutsche Equities India and SBICAP Securities as the brokers on the Rs11.93 billion (US$186m) Offer for Sale (OFS) of up to 7.37 percent stake in National Aluminium Company (NALCO) by the President of India, acting through the Ministry of Mines. This was one of the first OFS transactions after the SEBI circular dated February 15, 2016, pursuant to which the OFS trades were split over two trading days and where an oversubscription option was exercised by the seller on the first day on which the OFS took place. The OFS trades took place on April 19, 2017 for non-retail investors and on April 20, 2017 for retail investors and non-retail investors who chose to carry forward their un-allotted bids. Pursuant to the oversubscription option, the seller offered an additional approximately 81.4 million equity shares. Partner Sayantan Dutta led the transaction.
Skadden is advising leading transportation platform Didi Chuxing on the closing of a new financing round that raised more than US$5.5 billion to support its global strategy and continued investments in AI-based technologies. Hong Kong corporate partner Julie Gao is leading the transaction, which was announced on April 28, 2017.
Stephenson Harwood (Singapore) Alliance has advised HI Investment & Securities on the US$209 million acquisition and financing of two Boeing 777 aircraft, on lease to Emirates. HI is a member of the Hyundai Heavy Industries Group. The aircraft were purchased from a Chinese leasing company by two Cayman Islands incorporated special purpose vehicles, which were established by HI Investment & Securities, and remain on lease with Emirates following the acquisition. DVB Bank SE Singapore Branch and Korean institutional investors provided senior financing for the aircraft, while the junior financing was also provided by Korean institutional investors. Partner Saugata Mukherjee led the transaction.
WongPartnership is acting as Singapore counsel for Bain Capital Private Equity on its acquisition of Sealed Air’s cleaning and chemicals systems division, Diversey Care, as well as its food hygiene and cleaning business, for approximately US$3.2 billion. Partner Dawn Law is leading the transaction.
WongPartnership has also acted as Singapore counsel for KKR & Co on the acquisition by KKR and Canada Pension Plan Investment Board of a 10.3 percent stake in Bharti Infratel from Bharti Airtel. Partners Audrey Chng and Kyle Lee led the transaction.