Allen & Gledhill has advised Temasek Financial (I) and Temasek Holdings on the issue of US$1.35 billion 3.625 percent guaranteed notes due 2028, under the US$20 billion guaranteed global medium term note programme established by Temasek Financial (I). The notes are unconditionally and irrevocably guaranteed by Temasek Holdings. Partners Yeo Wico, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Public Utilities Board on the issue of S$300 million (US$217.4m) 3.01 percent bonds due 2033. Partners Margaret Chin, Daselin Ang and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised TPG Asia VII SF, an investment vehicle of TPG Capital Asia, on its acquisition of more than 10 percent equity shares and preference shares of Five-Star Business Finance and also from certain existing minority shareholders. Partners Ashwin Ramanathan and Roxanne Anderson led the firm’s team in the transaction, which was valued at Rs7 billion (US$99.6m) and was completed on August 3, 2018.
AZB & Partners has also advised Kotak Mahindra Bank on its issuance, on a private placement basis, of up to one billion fully paid-up, non-convertible, Basel III compliant, perpetual non-cumulative preference shares. Partner Varoon Chandra led the firm’s team in the transaction, which was valued at Rs5 billion (US$711.3m) and was completed on August 2, 2018.
Clifford Chance has advised the joint sponsors and underwriters, including China International Capital Corporation and Goldman Sachs, on China Tower’s US$6.9 billion IPO and listing in Hong Kong. China Tower is the world’s largest telecommunications tower infrastructure service provider. Hong Kong partner Fang Liu, with partner Amy Lo and Beijing partner Tim Wang, led the firm’s team in the transaction, which is the world’s largest IPO in two years.
Conyers Dill & Pearman has provided Cayman Islands advice to Ocean Line Port Development on its HK$76 million (US$9.7m) IPO of 200 million shares in Hong Kong. Inland terminal port operator Ocean Line provides port logistic services in China. It operates Jiangkou Terminal and Niutoushan Terminal in Chizhou, Anhui Province. The company offers uploading and unloading of cargo, bulk cargo handling, container handling, storage, and related ancillary port services. Incorporated in 2017, it is headquartered in Chizhou, China. Hong Kong partner Lilian Woo led the firm’s team in the transaction, while Michael Li & Co and GFE Law Office advised on Hong Kong law and China law, respectively.
Dhaval Vussonji & Associates has advised Piramal Capital and Housing Finance on the Rs2.07 billion (US$29.5m) financing extended to Wadhwagroup Holdings to fund the construction of its proposed residential project, known as Wadhwa Pristine, at Mahim, Mumbai. In addition to the security of the Wadhwa Pristime project, Wadhwagroup also created a charge, in favour of Piramal, over certain unsold units in its W-54 project at Mahim, Mumbai. Partner Malavika Menon led the firm’s team in the transaction, which was completed in June 2018.
Dhaval Vussonji & Associates has also advised GIC and its affiliates on the Indian law aspects of the Rs21.7 billion (US$308.7m) acquisition by a GIC affiliate of equity in Greenko Energy Holdings, with a resultant aggregate share of approximately 60 percent. Partners Alka Nalavadi, Prashanth Sabeshan and Rahul Rai led the firm’s team in the transaction, which was completed on June 19, 2018.
Eversheds Sutherland has acted for Brockstone on its successful application to the High Court for the appointment of the administrators to Force India Formula One Team. Brockstone, the services company representing Force India driver Sergio Perez, made the administration application to protect the jobs of 400 employees. The administration will also ensure a stable platform to find a buyer for the Silverstone-based team. Restructuring partner Jamie Leader led the firm’s team in the transaction.
J Sagar Associates has successfully represented ATC Telecom Infrastructure on arbitration proceedings against Videocon Telecommunications. The disputes were related to a passive infrastructure sharing agreement, wherein Videocon availed of ATC’s services for provision and upkeep of passive infrastructure in support of Videocon’s telecom services. After Videocon’s default in making payments under the agreement in 2016, ATC asked the Delhi High Court for an interim order for Videocon to deposit the claimed amount in court. The arbitration proceeding for adjudication of the claim was also initiated. On July 31, 2018, the court unanimously awarded outstanding payments, lock-in penalties, reimbursements for municipal charges and taxes, pre-arbitration interest, interest pendente-lite, future interest and costs of arbitration. The tribunal awarded Rs4.57 billion (US$65m) in favour of ATC, along with 15.45 percent simple interest per annum from the date of the award until repayment, along with the costs of Rs11.4 million (US$162,328). Partners Amar Gupta and Divyam Agarwal led the firm’s team in the transaction.
J Sagar Associates has also advised ICICI Securities, Edelweiss Financial Services, IIFL Holdings and JM Financial as book-running lead managers on the proposed IPO of Shyam Metalics and Energy (SMEL). SMEL has filed a draft red herring prospectus on August 6, 2018 with the Securities and Exchange Board of India, for an IPO comprising of a fresh issue of equity shares aggregating up to Rs9.09 billion (US$14m). SMEL is a leading integrated metal-producing company based in India, with a focus on long steel products and ferro alloys. Partners Vikram Raghani and Arka Mookerjee led the firm’s team in the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Opera on its offering and listing of 9.6 million ADSs on Nasdaq. The deal priced on July 27, 2018 and closed on July 31, 2018. Opera is one of the world’s leading browser providers of integrated AI-driven digital content discovery and recommendation platforms in China. The offer amount of the deal is approximately US$115.2 million. Partner Everton Robertson led the firm’s team in the transaction, while Kirkland & Ellis International and Tian Yuan Law Firm acted as US and China counsels, respectively. Wilson Sonsini Goodrich & Rosati and Zhong Lun Law Firm acted as US and China counsels, respectively, to the CICC, Citigroup and Carnegie as the underwriters.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Aurora Mobile on its offering and listing of 9.06 million ADSs on Nasdaq, raising approximately US$77 million. Aurora Mobile is a leading mobile big data solutions platform in China. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and Han Kun Law Offices acted as US and China counsels, respectively. Simpson Thacher & Bartlett and Haiwen & Partners acted as US and China counsels, respectively, to the representatives of the underwriters, Goldman Sachs (Asia), Credit Suisse Securities (USA) and Deutsche Bank Securities.
Rajah & Tann Singapore is acting for Thai mall owner T B N Property on the proposed transfer, by a scheme of arrangement, of listing status from Memstar Technology to TBN. The transaction is valued at approximately S$106 million (US$76.8m), taking into account the indicative value attributed to TBN and Memstar’s listing status. Partners Danny Lim and Tan Mui Hui are leading the transaction.
Skadden has advised BeiGene (China and Massachusetts, USA), a biopharmaceutical company focused on developing and commercialising innovative molecularly-targeted and immuno-oncology drugs for the treatment of cancer, on its approximately US$903 million IPO in Hong Kong. This is Hong Kong’s largest ever biotechnology IPO to date, and is also the first dual primary listing of a Nasdaq-listed biotechnology company. Trading in the shares commenced on August 8, 2018. Partners Christopher Betts and Andrea Nicolas, supported by partner Pamela Lawrence Endreny, led the firm’s team in the transaction. Sullivan & Cromwell, led by Hong Kong partners Michael DeSombre and Ching-Yang, advised an existing BeiGene shareholder and a cornerstone investor in the offering.
S&R Associates has advised Samar Retail on its acquisition of a controlling interest in Red Apple Kitchen Consultancy, operator of the “Toscano” restaurant chain. Partner Uday Walia led the firm’s team in the transaction.
S&R Associates has also advised Dana on the Indian aspects of its approximately US$600 million proposed acquisition of the drive systems segment of the Oerlikon Group, a global manufacturer with manufacturing facilities, including in India. Partners Rajat Sethi and Radhika Iyer, and competition practice head Simran Dhir led the firm’s team in the transaction, which is subject to customary regulatory approvals.
TT&A has advised 21 Century Fox on successfully securing clearance from the Competition Commission of India on the US$71.3 billion acquisition by The Walt Disney Company of 21 Century Fox, including its film and television studios, along with cable and international TV businesses. Allen & Overy acted as global antitrust counsels to 21st Century Fox.
WongPartnership is acting for Baker Technology on its acquisition, through the purchase of shares from Falcon Energy Group and SZ Offshore investment, of a 52.72 percent stake in CH Offshore, and its mandatory unconditional cash offer for all the remaining ordinary shares in the issued and paid-up capital of CH Offshore. Partners Mark Choy and Lydia Ong led the firm’s team in the transaction.
