Allen & Gledhill has acted as transaction counsel for the Land Transport Authority of Singapore (LTA) on the concession agreement among LTA, the Government of Malaysia and RTS Operations for the Singapore-Johor Bahru Rapid Transit System Link (RTS Link). The RTS Link, which will connect the Woodlands North Station in Singapore with the Bukit Chagar Station in Johor Bahru, Malaysia, will help ease congestion along the Johor-Singapore Causeway, improve connectivity, foster ties and generate economic and social benefits. This is the first cross-border railway project in Singapore. Partners Kelvin Wong, Yeo Boon Kiat, Tham Kok Leong and Fock Kah Yan led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel for Primero Investment Holdings on the S$1.6 billion (US$1.17b) voluntary conditional cash offer made by United Overseas Bank and DBS Bank, for and on behalf of Primero Investment, for all the issued and paid-up ordinary shares in the capital of Perennial Real Estate Holdings. The firm also advised United Overseas Bank and DBS Bank, as financial advisers to Primero Investment Holdings. Partners Lee Kee Yeng, Chong Zhuo Chen, Elsa Chen and Christopher Ong led the firm’s team in the transaction.
Ashurst has advised Cambium Grove Capital, as the lead arranger, on a HK$1.75 billion (US$225.8m) restructuring and partial refinancing transaction secured by assets of a real estate group in Hong Kong. A new HK$400 million (US$51.6m) mezzanine loan was extended to the borrower and applied towards the restructuring of an existing senior facility. The facilities are secured by prime residential real estate in Hong Kong, and a number of credit enhancements granted by affiliates of the borrower group. Cambium Grove Capital is an Asia-based asset management platform that invests in alternative credit, private equity and special situation opportunities. Partner Eric Tan led the firm’s team in the transaction.
Ashurst has also advisd Natixis, as the mandated lead arrangers, and a syndicate of banks on a HK$890 million (US$115m) syndicated facility, with an accordion option, for Hong Kong-listed Beijing Gas Blue Sky Holdings, a leading Hong Kong-based integrated natural gas provider, distributor and operator, which covers Chinese provinces with high growth potential. Partner Eric Tan also led the firm’s team in the transaction.
AZB & Partners has advised Accenture Solutions on its acquisition of 100 percent of the share capital of Altius Data Solutions. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on August 1, 2020.
AZB & Partners has also advised ICICI Bank on the qualified institutions placement of approximately 419 million equity shares, with face value of Rs2 (US$0.027) each at Rs358 (US$4.82) per equity share, aggregating to approximately Rs150 billion (US$2b). The equity shares were allotted on August 15, 2020. ICICI Bank is the largest private sector bank in India, and the second-largest bank in India, in terms of total assets. It has over 5,324 branches in India, and branches and representative offices throughout the world. Partners Varoon Chandra and Agnik Bhattacharyya led the firm’s team in the transaction. Davis Polk advised the book-running lead managers.
Bird & Bird ATMD has acted for Tramore Global on its acquisition of the shares of Singapore-listed Tee International from a substantial shareholder. The Tee International group is a leading regional engineering group, with business interests in real estate and infrastructure spanning across Singapore, Hong Kong, Thailand and Malaysia. The acquisition and the triggered mandatory general offer, made by Tramore pursuant to the Singapore Code on Take-overs and Mergers, have an aggregate value of approximately S$22 million (US$16m). Partner Marcus Chow led the firm’s team in the transaction.
Bird & Bird ATMD has also advised BNI, a renowned business networking organization, on its acquisition of India-based digital marketing company Scion Social. This acquisition is a crucial step in the strategic communications plan developed by BNI, with a focus on supporting millions of businesses across the world to help them achieve success and grow in any environment, as well as increasing awareness of its organization as a crucial platform for business leaders and entrepreneurs across the globe. Partner Marcus Chow also led the firm’s team in the transaction.
Davis Polk has advised the initial purchasers on a Rmb1.2 billion (US$173.5m) Regulation S offering by CIFI Holdings (Group) of its 5.85 percent senior notes due 2023. Established in 2000 and headquartered in Shanghai, CIFI Holdings develops, invests in and manages properties in China. It has achieved a nationwide geographic coverage and a strong presence in first-tier cities and in second- and third-tier cities with high growth potential in China. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on a Regulation S offering by Zhenro Properties Group of Rmb1 billion (US$144.6m) 7.4 percent senior notes due 2021. Hong Kong-listed Zhenro Properties is a property developer that focuses on the development of residential properties and the development, operation and management of commercial and mixed-use properties in China. Hong Kong partner Gerhard Radtke also led the firm’s team in the transaction.
J Sagar Associates has advised Indiabulls Real Estate on its proposed merger with Embassy Group entities NAM Estates and Embassy One Commercial Property Developments. The proposed merger will be achieved through a cashless composite scheme of amalgamation, and will create one of India’s leading listed real estate development platforms, with launched / planned area totalling 80.8 million sq ft. Upon completion, the Embassy Group chairman, along with some Embassy promoter entities, will be classified as the new promoter of Indiabulls, while the existing Indiabulls promoters will seek to de-classify themselves as promoters. The post-merger shareholding will be 9.8 percent for existing Indiabulls promoter group, 44.9 percent for Embassy Group, 19.1 percent for Blackstone & Embassy institutional investors, and 26.2 percent for public and institutional investors. The resultant merged entity is expected to have an equity value of approximately Rs94 billion (US$1.27b). The merger and re-classification of promoter is subject to approval of creditors, shareholders and regulatory authorities. Partner Lalit Kumar led the firm’s team in the transaction. Shardul Amarchand Mangaldas & Co, led by partner Mithun Thanks and supported by Mumbai general corporate managing partner Akshay Chudasama and partners Anirudh Das, Gauri Chhabra, Nikhil Naredi, and Yogesh Chande, advised Embassy Group (NAM Estates and Embassy One Commercial Property Developments).
J Sagar Associates has also advised Volvo Group India on the more than Rs1 billion (US$13.5m) sale of its Volvo Bus India business, as a business transfer to VE Commercial Vehicles, a joint venture between Eicher Motors and Volvo Group. The transaction involves the sale of the factory of Volvo in Hoskote Bangalore, the transfer of employees who are part of the Volvo Bus India business, and the execution of ancillary agreements to give effect to the transfers contemplated. The deal will lead to a new bus division comprising Eicher and Volvo bus business. Joint managing partner Vivek Chandy and partner Archana Tewary led the firm’s team in the transaction, which was signed on August 12, 2020 and is expected to close in one to two months, subject to completion of conditions precedent. Shardul Amarchand Mangaldas, led by partners Inder Mohan Singh and Sadia Khan, advised VE Commercial Vehicles and an unlisted material subsidiary of Eicher Motors.
K Law has advised Nederlandse Financierings – Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank structured as a bilateral private-sector international financial institution, on its successful registration as a foreign venture capital investor in India. Partner Alok Sonker led the firm’s team in the transaction, which was completed in August 2020.
K Law has also advised Unitus Seed Fund on the Rs133.2 million (US$1.8m) acquisition by Unitus Seed Fund India II and IQ Alpha III of certain compulsorily convertible preference shares and equity share of Nolan Edutech, an entity operating under the name of “Masai School”, which is a coding bootcamp that trains tech aspirants in full-stack, web and android development. Senior partner Shwetambari Rao led the firm’s team in the transaction, which was completed on August 13, 2020.
Khaitan & Co has acted as domestic counsel to Mahindra & Mahindra Financial Services on a rights issue of approximately 617.8 million equity shares at an issue price of Rs50 (US$0.67) each, aggregating to Rs30.9 billion (US$416.2m). Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup Global Markets India, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, Nomura Financial Advisory and Securities (India) and SBI Capital Markets were the lead managers to the issue. Mumbai capital markets partners Abhimanyu Bhattacharya and Aditya Cheriyan led the firm’s team in the transaction, which was completed on August 17, 2020. Cyril Amarchand Mangaldas and Sidley Austin acted as domestic counsel and international counsel, respectively, to the lead managers.
Khaitan & Co has also advised Investcorp, the largest and most diverse alternative investment manager, and the Mirae Asset Financial Group (MAFG) on the US$56 million series C investment by Investcorp, the Mirae Group, Nexus Ventures and Trifecta Venture Debt Fund in Zolostays Property Solutions, a company engaged in running co-living spaces in the hospitality sector. Seoul-headquartered MAFG is a financial services group which provides comprehensive financial services, including asset management, wealth management, investment banking and life insurance. Partner Vineet Shingal, supported by partner Bijal Ajinkya, led the firm’s team in the transaction.
Maples Group has acted as Cayman Islands and BVI counsel to Greentown China Holdings on its issuance of US$300 million 5.65 percent senior notes due 2025. The notes are listed in Hong Kong. Greentown China Holdings is engaged in property development and property investment in China. Partner Lorraine Pao led the firm’s team in the transaction, while White & Case acted as Hong Kong and US counsel. Clifford Chance acted as US counsel to the joint global coordinators, joint lead managers and joint book-runners.
Maples Group has also acted as Cayman Islands counsel to Weibo on its issuance of US$750 million 3.375 percent senior notes due 2030. The securities are listed in Singapore. Weibo is a leading social media platform in China. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Simpson Thacher & Bartlett acted as US counsel to Goldman Sachs (Asia), as the underwriter.
Milbank has advised BPI, Credit Suisse, HSBC, Mizuho and UBS, as the underwriters, on the issuance of US$500 million 4.375 senior notes due 2030 by Manila Water, one of the largest water services providers in the Philippines. The notes were issued under Manila Water’s sustainability framework, with use of proceeds earmarked to include “green” and “blue” projects. Hong Kong managing partner James Grandolfo and capital markets partner Paul Pery, supported by London partners James Warbey and John Goldfinch, led the firm’s team in the transaction.
Millbank has also advised Credit Suisse, as sole global coordinator, joint lead manager and joint lead book-runner, and PNB Capital, as joint lead manager and book-runner, on DDPC Worldwide’s issuance of US$75 million 7.25 percent guaranteed senior notes due 2025. DDPC Worldwide is a wholly-owned subsidiary of DoubleDragon Properties, a leading Philippine real estate development company. Hong Kong managing partner James Grandolfo and capital markets partner Paul Pery, supported by London partners James Warbey and John Goldfinch, also led the firm’s team in the transaction, which marked DoubleDragon’s debut in the US dollar bond market.
Paul Hastings has represented Yuzhou Group Holdings on the debut issuance of US$300 million 7.85 percent green senior notes due 2026. Goldman Sachs (Asia), BOC International, Credit Suisse, JP Morgan, UBS, Deutsche Bank, Haitong International, Guotai Junan International, Morgan Stanley, HSBC, China Industrial Securities International and Yuzhou Financial acted as the joint global coordinators, joint book-runners and joint lead managers. Yuzhou Group, formerly known as Yuzhou Properties, is one of the leading national property developers, with primary focus on developing high-quality residential properties. It intends to use the net proceeds primarily for refinancing its existing medium to long term offshore indebtedness. Yuzhou Group also commits to allocate an equivalent amount of the net proceeds to finance or refinance eligible green projects with environment benefits, in alignment with the International Capital Market Association Green Bond Principles and Green Loan Principles. Corporate partner Vivian Lam led the firm’s team in the transaction.
Rajah & Tann Myanmar, a member firm of Rajah & Tann Asia, has acted for Maha Agriculture on its investment and financing by FMO, the Dutch Entrepreneurial Development Bank. The intended US$6 million in local Kyat equivalent financed by FMO will further support Maha in reaching out to its farmers and small business owners in rural Myanmar. Partners Dr Min Thein and Alroy Chan led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has represented the Hong Kong liquidators on successfully obtaining recognition of the Hong Kong liquidation proceedings pertaining to oil company Shanghai Huaxin Group (Hongkong) in Singapore under its three-year-old Model Law legislation, expanding a multi-jurisdictional bankruptcy linked to an international bribery scandal. Partners Raelene Pereira and Chua Beng Chye led the firm’s team in representing the clients.
Shardul Amarchand Mangaldas & Co has advised Biological E (BE), on its purchase of 100 percent shareholding of Akorn India from Akorn Inc and its affiliate WorldAkorn Pharma Mauritius. The transaction closed in August 2020. BE is a Hyderabad-based pharmaceutical company that specializes in vaccines and biologics. Akorn India has a sterile injectable plant located in Paonta Sahib, Himachal Pradesh. BE also manufactures specialty generic injectable medicines, along with vaccines. With this strategic acquisition, BE aims to enhance its manufacturing capacities to produce and supply vaccines and injectable medicines. Partners Puja Sondhi and Sumeet Singh, supported by partners Amit Singhania and Gouri Puri, led the firm’s team in the transaction, which was completed on August 14, 2020. Akorn India, Akorn Inc and WorldAkorn Pharma Mauritius were advised by Khaitan & Co, led by partner Anand Mehta and supported by partners Shailendra Bhandare and Anisha Chand.
Shardul Amarchand Mangaldas & Co has also acted as domestic counsel for PVR and Axis Capital, as the lead manager, on PVR’s rights issue of approximately 3.8 million equity shares with face value of Rs10 (US$0.135) each for cash at Rs784 (US$10.56) per rights equity share, aggregating to approximately Rs3 billion (US$40.4m). The rights equity shares were offered to eligible equity shareholders in the ratio of seven rights equity shares for every 94 equity shares held by such eligible equity shareholders, as of July 10, 2020. National practice head partner Prashant Gupta and partner Sayantan Dutta led the firm’s team in the transaction. Squire Patton Boggs Singapore acted as special purpose international counsel to Axis Capital.
Skadden is advising the buyer group on the proposed take-private of Nasdaq-listed Yintech Investment Holdings, a leading provider of investment and trading services for individual investors in China. Yintech has entered into a definitive agreement and plan of merger with Yinke Holdings and its wholly-owned subsidiary Yinke Merger, pursuant to which it will be acquired by a group of rollover shareholders, in a transaction implying an equity value of Yintech of approximately US$540.2 million. The rollover shareholders include Mr Wenbin Chen, Yintech co-founder, chairman of the board of directors and CEO; Mr Ming Yan and Ms Ningfeng Chen, both Yintech co-founders and directors; and certain other Yintech shareholders. Partners Julie Gao (Hong Kong) and Peter Huang (Beijing) led the firm’s team in the transaction, which is expected to close in the fourth quarter of 2020.
Victory has advised Beta Media, a start-up company operating the movie theatre chain named Beta Cinemas, on a share subscription deal priced at US$8 million with Daiwa PI Partners, a Japanese investment fund from Daiwa Securities Group.
WongPartnership has acted for SMRT on the joint venture with Prasarana Malaysia to form the Johor Bahru-Singapore Rapid Transit System (RTS) Link operating company, RTS Operations, and on the concession agreement for the operation of the RTS Link entered into by the Government of Malaysia and the Land Transport Authority of Singapore, as grantors to the RTS Link operating company. Managing partner Ng Wai King and partners Tay Peng Cheng, Lam Chung Nian, Audrey Chng, Lesley Tan and Senior Consultant Annabelle Yip led the firm’s team in the transaction.
WongPartnership has also acted for Northstar Group and Go-Ventures on their Series B investment into eFishery. Partner Kyle Lee led the firm’s team in the transaction.
Search our deals database here