Allen & Gledhill has acted as transaction counsel to Mitsui & Co on its approximately M$8.4 billion (US$2b) acquisition of 16 percent of shares in the enlarged share capital of IHH Healthcare from Pulau Memutik Ventures, a wholly-owned subsidiary of Khazanah Nasional. Post completion of the transaction, Mitsui will hold approximately 32.9 percent of the shares, making Mitsui the largest shareholder of IHH. Partners Tan Su May, Christopher Koh, Lauren Chung and Elsa Chen led the firm’s team in the transaction, while Rahmat Lim & Partners, with a team led by partners Chen Lee Won and Ho Wei Lih, advised on the Malaysian part of the transaction.
Ashurst ADTLaw has advised Shanghai Pudong Development Bank as arranger on a S$40 million (US$29.5m) term loan facility to a Singapore-listed real estate development company. Director Lifen Tang led the firm’s team in the transaction.
AZB & Partners is advising Housing Development Finance Corporation, the promoter of Gruh Finance, on the Rs208 billion (US$2.9b) merger, through a scheme of amalgamation, of Gruh Finance with Bandhan Bank. Partners Zia Mody, Ashwath Rau and Anu Tiwari are leading the firm’s team in the transaction, which was signed on January 7, 2019 and is yet to be completed.
AZB & Partners has also advised Shell Gas on its acquisition of 26 percent stake in Hazira LNG and Hazira Port from Total Gaz Electricite Holdings France. Partners Vinati Kastia, Abhishek Shinde and Daksh Trivedi led the firm’s name in the transaction, which was completed on January 8, 2019.
Baker McKenzie has advised Canada Pension Plan Investment Board (CPPIB), one of the leading retirement funds in the world, on its cornerstone investment into GLP Japan Development Partners III (GLP JDP III), the largest ever Japan-focused logistics private real estate fund. CPPIB is the largest investor in GLP JDP III, which is expected to reach ¥625 billion (US$ 5.8b) AUM when fully invested. This is the third Japan-focused logistics partnership between GLP and CPPIB, having previously established GLP Japan Development Venture I and II, GLP’s first two Japan-focused logistics joint ventures with CPPIB, which have reached full capacity. GLP is one of the leading providers of modern logistics facilities in Japan. GLP JDP III will be seeded with GLP Sagamihara, a US$1.2 billion long-term logistics development in Greater Tokyo that will be one of the largest modern logistics parks in Japan when completed. Partner Edwin Wong led the firm’s team in the transaction.
Clifford Chance has advised China Construction Bank as coordinator, underwriter and mandated lead arranger on the US$840 million syndicated loan financing for Zijin Mining Group’s successful cross-border public offer for Canadian mining company Nevsun Resources. Based in Fujian, China, Zijin is a Shanghai and Hong Kong-listed mining company specialising in gold, copper, zinc and other mineral resource exploration and development. It is one of the largest gold and zinc producers in China. Toronto and New York-listed Nevsun currently holds exploration rights in Serbia, Eritrea and Macedonia. The primary syndication comprises eleven Chinese and international banks. Beijing partner Timothy Democratis, supported by New York partner Daniel Winick, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised HDFC Bank as the sole arranger on the issuance of non-convertible debentures by Aqua Space Developers (ASD). The proceeds will be largely used to refinance ASD’s existing debt, availed for the construction of its 17.8 acres residential project ‘My Home Bhooja’ in Hyderabad, Telangana. As part of the transaction, ASD issued unlisted and secured non-convertible debentures for Rs7.5 billion (US$105.5m). Catalyst Trusteeship acted as debenture trustee for the investors. The debenture trust deed and other documents were executed on December 26, 2018, and are expected to be closed by January 31, 2018, subject to necessary approvals. Partner Amey Pathak led the firm’s team in the transaction.
Khaitan & Co has advised Quad/Graphics on the Indian law aspects of its US$132 million acquisition of Periscope and its subsidiary in India, Periscope Printing and Packaging India. This is a very significant transaction, given the overall size of the parties and the several jurisdictions involved on the deal. Quad/Graphics provides print and marketing services in the US, Europe, Latin America and internationally. Partner Rabindra Jhunjhunwala, supported by partner Ritu Shaktawat, led the firm’s team in the transaction.
Khaitan & Co has also advised Aqualite Industries on the Rs2.5 billion (US$35.2m) primary and secondary investment by Lighthouse India III Holdings and Lighthouse India III Employee Trust, resulting in an acquisition of minority stake in Aqualite. Aqualite manufactures and distributes footwear. The third fund of Lighthouse Funds is an India-focused fund, aimed at financing mid cap high growth companies in India serving consumption-driven trends. Partner Bharat Anand led the firm’s team in the transaction.
L&L has advised Bayer and its India-listed subsidiary BayerCrop Science (BCS) on the indirect open offer made by Bayer, as the acquirer and acting in concert with BCS, to the public shareholders of Monsanto India. The aggregate consideration of the open offer, assuming full acceptance, was approximately Rs13.14 billion (US$185m). With this deal, Monsanto would add seed business to Bayer’s already significant crop science and pharmaceutical business in India. Partner Sundeep Dudeja led the firm’s team in the transaction.
Maples and Calder (Hong Kong) LLP has acted as Cayman Islands and BVI counsel to CIFI Holdings on its issue of US$400 million 7.625 percent senior notes due 2021, which closed on January 2, 2019. The notes are listed in Hong Kong. CIFI Holdings is engaged in property development and property investment in China. Partner Lorraine Pao led the firm’s team in the transaction, while Sidley Austin acted as Hong Kong and US counsel. Davis Polk & Wardwell acted as US counsel to the initial purchasers.
Maples and Calder (Hong Kong) has also acted as Cayman Islands and BVI counsel to Twinkle Lights Holdings on its issue of US$500 million ten percent senior perpetual capital securities callable 2021. The securities are guaranteed by Greentown China Holdings, a Cayman Islands company listed in Hong Kong. The transaction closed on December 28, 2018. Partner Lorraine Pao also led the firm’s team in the transaction, while White & Case acted as Hong Kong and English counsel to the issuer and the guarantor. Clifford Chance acted as Hong Kong and English counsel to the placing agents and the trustee.
Morgan Lewis Stamford has represented Cheong Sim Lam on the S$353 million (US$260.7m) acquisition of Ascott Raffles Place, a 20-storey conserved building in Singapore’s Central Business District. Director Wai Ming Yap led the firm’s team in the transaction.
Morgan Lewis Stamford has also represented Uber Technologies on the S$350 million (US$258.5m) sale of Lion City Rental, which owns about 9,900 cars that were initially acquired for the ride-sharing business to be conducted in Singapore. Directors Suet-Fern Lee and Wai Ming Yap led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for Razer (Asia-Pacific) on its build-to-suit lease from Boustead Project’s joint venture company of its new South-East Asia headquarters at One-North, Singapore. This is the first building that will be customised to its requirements and use, representing the company’s support for the development of technological innovation and a strong technology pool in Singapore. Hong Kong-listed Razer is a world leader in high-performance gaming hardware, software and services. Partner Chou Ching led the firm’s team in the transaction.
Rajah & Tann Singapore is also advising DeClout on a voluntary conditional cash offer by KPMG Corporate Finance, for and on behalf of Exeo Global, to acquire all the issued and paid-up ordinary shares in the capital of DeClout, other than those held, directly or indirectly, by Exeo Global as at the date of the offer. Partner Danny Lim is leading the firm’s team in the transaction.
SSEK Legal Consultants has acted as Indonesian counsel to General Electric on the acquisition by global private equity firm Advent International of GE’s distributed power business. The global value of the acquisition was US$3.25 billion. GE’s distributed power business is best known for manufacturing the Jenbacher and Waukesha gas engines, which generate electricity for towns and factories around the world. Partner Dewi Savitri Reni led the firm’s team in the transaction. The firm, with DLA Piper (Singapore), assisted GE in structuring and handling the formation of the Indonesian entity to be acquired as part of the global transaction. This Indonesian entity engages in the importation of gas engines.
WongPartnership has acted as Singapore counsel to Tokyo Century on its investment into Grab Rentals, taking Tokyo Century’s total investment into Grab to US$175 million. Partners Lydia Ong and Kylie Peh led the firm’s team in the transaction.
WongPartnership has also acted for ARA Asset Management on its 50:50 joint venture with Chelsfield Asia for the joint acquisition of Manulife Centre for approximately S$555.5 million (US$410.3m). Partner Low Kah Keong led the firm’s team in the transaction.