Allen & Gledhill has advised DBS Bank and United Overseas Bank, as the joint lead managers and joint book-runners, on the issue by SATS of S$200 million (US$140.6m) principal amount of 2.88 percent notes due 2025, under its S$500 million (US$351.4m) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised PSA International and PSA Treasury on PSA Treasury’s issue of S$500 million (US$351.5m) 1.63 percent notes due 2030, under its US$3.5 billion global medium term note programme. The notes are guaranteed by PSA International. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised Max Estates and Northern Propmart Solutions on the approximately Rs1.75 billion (US$23m) acquisition by Max Estates of 51 percent of Northern Propmart Solutions. Partners Niladri Maulik and Anisha Shridhar led the firm’s team in the transaction, which was completed on March 18, 2020.
AZB & Partners has also advised FSN E-Commerce Ventures (Nykaa) on the approximately Rs1 billion (US$13m) acquisition by Steadview Capital Mauritius of a minority stake of equity shares of Nykaa. Partner Roxanne Anderson led the firm’s team in the transaction, which was completed on March 31, 2020.
J Sagar Associates has advised Creation Investments India III, a majority shareholder in Vivriti Capital, on a Rs3.5 billion (US$46.3m) investment from Lightstone Fund, via subscription to securities issued by Vivriti in the Series B round. Vivriti is engaged in lending, private and public placement of debt securities/ loans/ preference shares/ asset sales and a technology-based marketplace for debt securities/ loans/ preference shares/ asset sales connecting institutional issuers and investors. The firm also advised Creation in the Series A and Series A2 round in Vivriti in 2018 and 2019, respectively, after which Creation held 75.45 percent shareholding in Vivrtiti. Partners Lalit Kumar and Bharati Joshi led the firm’s team in the transaction.
Khaitan & Co has advised CESC on CESC Ventures’ Series D investment in Peel-Works, a supplier of food, grocery and consumer products to retailers and wholesalers, via a B2B e-commerce platform named ‘Taikee’. It also owns proprietary software to evaluate and provide brand insights to FMCG products. CESC Ventures engages in various businesses, such as FMCG, entertainment, power and energy. Partner Anuj Shah led the firm’s team in the transaction, which was valued at US$2.8 million and was completed on March 12, 2020.
Khaitan & Co has also acted as sole Indian counsel to Bajaj Electricals on its rights issue of equity shares at Rs310 (US$4.10) each, aggregating to approximately Rs3.5 billion (US$46.3m). Edelweiss Financial Services acted as the lead manager to the rights issue. Executive director Sudhir Bassi and partner Madhur Kohli led the firm’s team in the transaction, which was completed on March 13, 2020.
Paul Hastings has advised Binance on its agreement to acquire CoinMarketCap. Binance is the global blockchain company behind the world’s largest digital asset exchange by trading volume and users. CoinMarketCap operates the world’s most-referenced price-tracking website for crypto assets. Corporate partners Meagan Olsen (Los Angeles) and David Wang (Shanghai), supported by partners Jia Yan (corporate), Robert Miller (corporate), Douglas Schaaf (tax), Stephen Harris (employment and benefits), Todd Schneider (IP and technology), Scott Flicker (regulatory) and Katherine Bell (finance), led the firm’s team in the transaction.
Paul Hastings has also represented Proprium Capital Partners and its co-investor, a Middle Eastern sovereign wealth fund, on the formation of a US$500 million joint venture with Hong Kong-listed China SCE Group Holdings and FUNLIVE Holdings to invest in high quality rental apartment projects in gateway cities in China. The JV has committed to an initial equity of US$230 million. Proprium Capital Partners is a privately-held real estate-focused principal investing firm, advising funds which have a combined net asset value of approximately US$2 billion. China SCE Group is an integrated urban services provider focusing on real estate development and related industries in China. FUNLIVE is the term rental apartment platform of China SCE Group. Hong Kong real estate partner Paul Guan led the firm’s team in the transaction, which is expected to close in the second quarter of 2020, subject to customary conditions.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Credit Suisse (Singapore) and Maybank Kim Eng Securities, as the arrangers and dealers, on the update of Banyan Tree Holdings’ S$700 million (US$492m) multicurrency debt issuance programme. Partners Lee Xin Mei and Eugene Lee led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for DBS Trustee, as trustee of OUE Commercial Real Estate Investment Trust, and OUE CT Treasury on the establishment of a S$2 billion (US$1.4b) multicurrency debt issuance programme. Partners Lee Xin Mei and Eugene Lee led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Kubota on an approximately Rs10.42 billion (US$137.8m) acquisition of 9.09 percent of the equity stake in Escorts, and the subsequent sale of 40 percent of the equity stake in KAI to Escorts. Partner Rudra Kumar Pandey, supported by executive chairman Shardul Shroff and partners Aparna Mehra, Rohan Arora, Amit Singhania, Mrinal Kumar, Pooja Ramchandani, Aashish Gupta, Divi Dutta and Yogesh Chande, led the firm’s team in the transaction, which was signed on March 20, 2020, and is Kubota’s first investment in a listed company in India. Mori Hamada Matsumoto also advised Kubota. Cyril Amarchand Mangaldas advised Escorts and the promoters.
Shardul Amarchand Mangaldas & Co has also advised Norwest Venture Partners on its Series E investment in Veritas Finance. Norwest is a leading multi-stage investment firm, managing approximately US$9.5 billion in capital. It invests in early-to-late stage companies across a wide range of sectors, with a focus on consumer, enterprise and healthcare. Chennai-based Veritas Finance is an NBFC which lends to micro, small and medium enterprises across eight states and one union territory. The firm has previously acted for Norwest on its earlier investment into Veritas Finance. Partners Puja Sondhi and Sumeet Singh led the firm’s team in the transaction, which is valued at approximately US$48.7 million. Cyril Amarchand Mangaldas advised Veritas Finance, while Veritas Legal advised Kedaara Capital Fund II.
Simpson Thacher is advising CVC Capital Partners on the formation and raising of CVC Capital Partners Asia V. The fund exceeded its target size of US$4 billion, reaching its hard cap of US$4.5 billion. Partners Gareth Earl, Adam Furber and Daniel Lloyd led the firm’s team in the transaction.
Skadden is advising VCREDIT Holdings, a leading independent online consumer finance service provider in China, on its approximately HK$4 billion (US$516m) issuance of new shares. The additional capital will be used to further expand VCREDIT’s market-leading position in the consumer finance industry. The transaction is subject to a number of conditions, including the granting of a “whitewash waiver” by the executive of the Securities and Futures Commission of Hong Kong. Hong Kong partner Christopher Betts led the firm’s team in the transaction.
S&R Associates has represented the broker on the Rs22.06 billion (US$292m) secondary market sale of 50 million equity shares, representing 2.48 percent of the equity share capital, of HDFC Life Insurance by its promoter Standard Life (Mauritius Holdings) 2006 on the stock exchange in India. Partners Sandip Bhagat and Juhi Singh led the firm’s team in the transaction.
Vaish Associates has advised Dhanuka Laboratories on its resolution plan with the resolution professional, committee of creditors and their respective advisers before the judicial forum for the revival of Chennai-based debt-ridden Orchid Pharma. The plan potentially fetches secured lenders around 32.3 percent recovery, and they will also receive approximately four million equity shares, at an issue price of Rs10 (US$0.13) each, for part of their debt. Partner Satwinder Singh led the firm’s team in the transaction, which was valued at Rs12.5 billion (US$165.3m) and was completed on March 31, 2020. The resolution professional was represented by India Law, led by partners Vipin Warrier and Pradeep Joy. The Committee of Creditors was represented by L&L Partners, led by partner Bikash Jhawar.
Vaish Associates has also advised Hindustan Unilever on its agreement with global pharmaceutical company Glenmark Pharmaceuticals for Hindustan Unilever’s acquisition of Glenmark’s intimate hygiene brand VWash, including the trademarks, design and know-how related to the VWash brand. Glenmark will receive an upfront payment and royalty on sales for three years, and will continue to manufacture for Hindustan Unilever for a certain agreed period. Partner Bomi Daruwala led the firm’s team in the transaction, which was signed on March 23, 2020 and is subject to customary approvals. Cyril Amarchand Mangaldas represented Glenmark Pharmaceuticals.
Walkers has acted as Bermuda, BVI and Cayman Islands counsel to Ever Harmonic Global, as the offeror, and the lenders on a voluntary cash offer to acquire the entire issued share capital of Clear Media, including Clear Channel Outdoor Holding’s stake in Clear Media. Hong Kong-listed Clear Media is the largest operator of bus shelter advertising panels in China. The offer was announced on March 30, 2020, with a deal value exceeding HK$3.8 billion (US$490m). Ever Harmonic is wholly-owned by a consortium of investors, which comprises of Antfin (Hong Kong) Holding (backed by Alibaba affiliate Ant Financial), JCDecaux Innovate, China Wealth Growth Fund III, and Han Zi Jing, the current CEO and executive director of Clear Media. Partners Rupen Shah, Jonathan Betts, Jo Lit, Natalie Neto and Kristen Kwok led the firm’s team in the transaction.
WongPartnership is acting for Doctor Anywhere on its US$27 million Series B fundraising round led by Square Peg, the largest venture capital fund in Australia; EDBI, the Singapore government’s investment arm; and IHH Healthcare, a leading international healthcare provider. Partner Kyle Lee is leading the firm’s team in the transaction.
WongPartnership is also acting for CapitaLand and Ascendas Fusion 5, the holding entity for Galaxis, on the acquisition by Ascendas Reit of a 25 percent stake in Galaxis. Partners Kyle Lee and Tan Teck Howe are leading the firm’s team in the transaction.
