Allen & Gledhill has advised EQT Fund Management and Widex Holding and their respective subsidiaries Sivantos (Singapore) and Widex, on their merger clearance application to the Competition & Consumer Commission of Singapore. The transaction values the combined entity at an enterprise value of more than €7 billion US$7.9b). Partners Daren Shiau and Scott Clements led the firm’s team in the transaction.
AZB & Partners has advised BNP Paribas Cardif on its Rs29.3 billion (US$423m) sale of approximately five percent of the paid up equity share capital of SBI Life Insurance. Partners Rajendra Barot, Varoon Chandra, Lionel D’Almeida and Arvind Ramesh led the firm’s team in the transaction, which was completed on March 29, 2019.
AZB & Partners has also advised Rubicon Research, its promoters Parag Sancheti and his family, and existing minority investor Kedar Mankekar and his family on the acquisition by General Atlantic Singapore, a vehicle affiliated with General Atlantic, of approximately 55 percent stake in Rubicon. Partner Anand Shah led the firm’s team in the transaction, which was completed on April 4, 2019.
Clifford Chance has advised BOC Hong Kong (Holdings) on the establishment of a joint venture, Livi VB, backed by BOC, Jingdong Digits Technology Holding (JD Digits) and the Jardine Matheson Group. Livi has been granted a banking licence by the Hong Kong Monetary Authority (HKMA) to conduct virtual banking business in Hong Kong. The licence granted to Livi is one of the first three licences granted by the HKMA for conducting virtual banking business in Hong Kong. BOC, JD Digits (through its subsidiary JD New Orbit Technology (Hong Kong)) and Jardines (through its subsidiary JSH Virtual Ventures Holdings) have a total joint initial investment of HK$2.5 billion (US$318.8m) and a shareholding of 44 percent, 36 percent and 20 percent, respectively. Partner Virginia Lee, supported by partners Yong Bai and Ling Ho, led the firm’s team in the transaction.
Clifford Chance has also advised global private markets investment manager Partners Group on its acquisition, via a joint venture with a consortium consisting of Sino Sunrise Holdings, Ascent Real Estate Investors and SDP Investment, of Dinghao Electronics Plaza, a large mixed-use office and retail complex in Beijing’s technology hub Zhongguancun, from Taiwanese developer Sino Horizon Holdings. The deal values the 176,976 square metre property complex at Rmb9.02 billion (US$1.34b). Partner Andrew Whan led the firm’s team in the transaction.
Conyers Dill & Pearman has provided BVI and Cayman Islands advice to Golden Wheel Tiandi Holdings on its international offering of US$160 million principal amount of seven percent senior notes due 2021, to be consolidated and form a single class with the US$200 million principal amount of seven percent senior notes due 2021, issued on January 18, 2018. Golden Wheel Tiandi Holdings is a China-based investment holding company engaged primarily with property related businesses. It operates through property development and property leasing, and is also involved in property operation management through its subsidiaries. Hong Kong partner Richard Hall, working alongside Norton Rose Fulbright, led the firm’s team in the transaction.
Conyers Dill & Pearman has also provided BVI advice to NWD Finance (BVI), a wholly-owned subsidiary of New World Development, on its US$500 million 6.25 percent guaranteed senior perpetual capital securities, guaranteed by New World Development. The company’s core business areas include property development, infrastructure and services, retail, and hotels and serviced apartments, boasting operations in Hong Kong, Mainland China, Macau and numerous major cities. Hong Kong partner Richard Hall, working alongside Linklaters, also led the firm’s team in the transaction.
Davis Polk has advised the underwriters on the SEC-registered IPO by UP Fintech Holding (Tiger Brokers) of 13 million American Depositary Shares, each representing 15 Class A ordinary shares, for total proceeds of US$104 million. Tiger Brokers has granted the underwriters an option to purchase up to an additional 1.95 million ADSs. The ADSs are listed on the Nasdaq. Tiger Brokers is a leading online brokerage firm focusing on global Chinese investors. Its proprietary trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. Corporate partners Li He and James Lin led the firm’s team in the transaction.
Davis Polk has also advised the initial purchaser on a US$350 million Regulation S high-yield offering by KWG Group Holding of its 7.875 percent senior notes due 2023, to be consolidated and form a single class with the US$350 million 7.875 percent senior notes due 2023 issued on March 1, 2019. Hong Kong-listed KWG Group Holding is a large-scale Chinese property developer which focuses on mid- to high-end residential property developments with distinctive characteristics. Partner Gerhard Radtke led the firm’s team in the transaction. Conyers Dill & Pearman, with a team led Hong Kong partner Paul Lim, provided BVI and Cayman Islands advice.
J Sagar Associates has advised IIFL Special Opportunities Fund and its series managed by IIFL Asset Management on its US$100 million investment into Northern Arc Capital, a non-banking financial company. IIFL was the lead investor, with Standard Chartered Bank (Singapore Branch) and Affirma Capital also participating in the round with an investment of US$30 million. The fresh round of investment will help Northern Arc address the debt needs of client base across sectors, including new-age financial institutions in sectors such as consumer finance and fintech. To date, Northern Arc has enabled debt financing of around Rs700 billion (US$10.1b), with about 20 percent from its own balance sheet for its clients. Partners Manav Raheja and Vaibhav Choukse led the firm’s team in the transaction.
J Sagar Associates has also advised Suryoday Small Finance Bank on the execution of definitive agreements for an equity investment of approximately Rs2.48 billion (US$35.8m). The investment was led by new investors Kotak Mahindra Life Insurance and DEG-Deutsche Investitions-und Entwicklungsgesellschaft. Existing investors Gaja Capital, TVS Shriram, DWM, HDFC Life Insurance, HDFC Holdings, Responsability Participations, Lok Capital, Kiran Vyapar and Evolvence India Fund also participated in the fund raise. A registered small finance bank, Suryoday is among ten companies and the only one from Maharashtra to obtain a ‘small finance bank’ licence from the Reserve Bank of India. They commenced banking operations on January 23, 2017. Partners Aarthi Sivanandh, Ongmu Tshering and Bhavana Alexander led the firm’s team in the transaction.
King & Wood Mallesons has advised ZhongAn Virtual Finance (ZAVF) on its successful application for a virtual banking licence from the Hong Kong Monetary Authority (HKMA). ZAVF is one of the first three companies acquiring virtual banking licences in Hong Kong issued by the HKMA, the government authority in Hong Kong responsible for maintaining monetary and banking stability. ZAVF’s licence took effect on March 27, 2019. Hong Kong partners Minny Siu, Richard Mazzochi, Hayden Flinn and Peter Bullock, and China partners Stanley Zhou and Chai Zhifeng led the firm’s team in the transaction.
Rajah & Tann Singapore and Rajah & Tann NK Legal, member firms of Rajah & Tann Asia, acted as transaction counsel to Sol Partners on the sale to ENGIE Group of a minority stake in Mandalay Yoma Energy, a Myanmar-focused off-grid energy specialist and market leader in Myanmar’s PV mini-grid industry. This is part of Myanmar’s national programme for total electrification by 2030. Under this new partnership and the country’s mini-grid programme, Mandalay Yoma Energy plans to implement solar mini-grids in remote villages without access to Myanmar’s national grid. Partner Alroy Chan led the firm’s team in the transaction.
Skadden has advised Bilibili, a leading online entertainment platform for young Chinese, on its offering of US$500 million convertible senior notes due 2026, and a concurrent US$373 million follow-on primary and secondary offering of American Depositary Shares in the Nasdaq. Bilibili will use the proceeds of the offerings to enrich content offerings, invest in research and development, and for other general corporate purposes. Hong Kong partners Julie Gao and Jonathan Stone and Shanghai partner Haiping Li led the firm’s team in the transaction.
S&R Associates has advised Livguard Energy Technologies, a SAR Group company, on a Rs1.7 billion (US$24.5m) investment round led by ChrysCapital. Partner Mohit Gogia led the firm’s team in the transaction.
S&R Associates has also advised Livguard Batteries, a SAR Group company, on a Rs499.9 million (US$7.2m) investment round led by ChrysCapital. Partner Mohit Gogia also led the firm’s team in the transaction.
TT&A is acting as Indian counsel to Redefine Capital Fund and Ganesh Ventures Capital on their approximately Rs711.5 million (US$10.3m) acquisition, through a combination of subscription to Series C preference shares and purchase of equity shares from certain existing shareholders, of up to 10 percent stake, on a fully diluted basis, in Poncho Hospitality, a company engaged in food preparation and delivery through online and offline modes. Partner Feroz Dubash is leading the firm’s team in the transaction, which was signed on March 6, 2019 and is yet to be completed. Haiwen and Partners (Shanghai) acted as international law advisers to the investors. Vertices Partners (Mumbai) acted as Indian counsel to Poncho Hospitality, while Jerome Merchant and Partners (Mumbai) acted as Indian counsel to Mayfield India II, one of the existing shareholders in Poncho Hospitality.
White & Case has advised RRJ Capital on the buyout acquisition of gategroup Holding from HNA Group. Based in Singapore and Hong Kong, RRJ Capital is an investment firm which focuses on long term private equity investments. It manages approximately US$11 billion of funds, with portfolio companies in Asia, Australia, Europe and the US. Headquartered in Zurich, Switzerland, gategroup Holding is the world’s largest provider of airline catering, retail-on-board and hospitality products and services, serving more than 700 million passengers annually from over 200 operating units in 60 countries / territories across all continents. Beijing partner David Li, supported by partners Anthony Vasey and Eugene Man (both Hong Kong), Rebecca Farrington and Farhad Jalinous (both Washington DC), Mark Powell and Katarzyna Czapracka (both Brussels) and Nicholas Greenacre (London), led the firm’s team in the transaction.
WongPartnership has acted for the Singapore Exchange on the US$25 million cash acquisition of a 20 percent stake in BidFX, a nascent specialised foreign exchange trading platform, to boost its FX growth trajectory. Partner Chan Sing Yee led the firm’s team in the transaction.
Zul Rafique & Partners has advised the syndicate lenders, comprising of HSBC Bank Malaysia, Standard Chartered Bank Malaysia, Sumitomo Mitsui Banking Corporation Malaysia and Malayan Banking, on a secured loan facility of up to M$2.15 billion (US$524.7m), granted to LQ Retail for a period of five years, for the development of the Lifestyle Quarter at the Tun Razak Exchange (TRX) in Kuala Lumpur. The Lifestyle Quarter is a mixed 17-acre integrated development, with residential, entertainment, leisure, public park, hotel and retail components, and is the central part of the overall TRX financial district master plan. It is developed as a 60.40 joint venture between Lendlease and TRX City. TRX is Lendlease’s largest integrated development in Asia. Partners Ashela Ramaya and Chan Kwan Hoe led the firm’s team in the transaction.