Allen & Gledhill has advised DBS Bank, Standard Chartered Bank (Singapore) and United Overseas Bank on the approximately S$945.36 million (US$700m) term loan facilities to Ophir-Rochor Commercial. The proceeds are to be applied towards refinancing of Ophir-Rochor’s existing indebtedness and general corporate purposes. Partner Kok Chee Wai led the firm’s team in the transaction.
Allen & Gledhill has also advised Ascendas Fund Management, the manager of Ascendas Real Estate Investment Trust, on Ascendas Reit’s US$937.6 million acquisition of 28 business park properties in the US. Deputy managing partner Jerry Koh and partners Foong Yuen Ping, Teh Hoe Yue and Jonathan Lee led the firm’s team in the transaction, which is Ascendas Reit’s first foray into the US.
AZB & Partners has advised Max India and Max Bupa Health Insurance on the Rs5.1 billion (US$71m) sale to Fettle Tone, an affiliate of True North Fund VI, of Max India’s entire 51 percent shareholding in the fully diluted share capital of Max Bupa. Partners Niladri Maulik and Anisha Shridhar led the firm’s team in the transaction, which was completed on December 16, 2019.
AZB & Partners has also advised Camden Town Technologies on the Rs1.1 billion (US$15.3m) acquisition by Goldman Sachs Group of more than 15 percent equity stake in Camden Town Technologies. Partner Anu Tiwari led the firm’s team in the transaction, which was completed on December 18, 2019.
Baker McKenzie and its Shanghai Free Trade Zone Joint Operation partner FenXun Partners has represented a Chinese SOE on a civil litigation case in the District Court for the Northern District of California. The court held that principles of international comity militated in favour of deferring to international treaties, as opposed to US law, in the production of documents and information from Chinese litigants. For the first time, the US court held that Chinese procedural law bars the voluntary production of China-located evidence in US civil litigation. In recognition of this finding and the totality of the case, the court granted the client’s application to produce evidence located in China, through the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters, rather than the Federal Rules of Civil Procedure, with the former generally permitting more narrow discovery on expressly identified materials. Partners Teresa Michaud (Los Angeles) and Hang Wang (Beijing) of Baker McKenzie and partner Xi Zhou (Beijing) of FenXun Partners, supported by Baker McKenzie partner Colin Murray(San Francisco), led the teams which represented the client.
Baker McKenzie has acted as Hong Kong regulatory counsel for Link Reit, Asia’s largest real estate investment trust, on its A$683 million (US$469m) acquisition of 1Market 00 Street, a 10-storey A grade office tower located in Sydney, from US private equity firm Blackstone Group. Head of Asia-Pacific Reit practice Jeremy Ong led the firm’s team in the transaction.
Baker McKenzie has also advised Northland Power on its joint venture with Shizen Energy for offshore wind project development in Chiba Prefecture, Japan. The projects have a combined capacity of approximately 600MW. Under the JV, Northland and Shizen established Chiba Offshore Wind, a 50:50 JV company that will develop early stage offshore wind projects in Chiba Prefecture. The JV will combine the strengths of Northland’s significant global offshore wind development experience, with Shizen’s strong track record of renewable energy development in Japan, to contribute to the growth of the Japanese offshore wind sector. Co-head of Tokyo renewable and clean energy group Ean MacPherson led the firm’s team in the transaction.
Clifford Chance has advised Australian private equity firm Five V Capital on its investment in funds ratings agency and investment research house Zenith Investment Partners. Five V closed its third growth capital fund earlier this year. Its acquisition of Zenith Investment Partners marks the first deal out of Fund III. Zenith Investment Partners is a leading provider of independent investment research, managed accounts and consulting services for the financial advice industry. Partner Andrew Crook and Australia managing partner Richard Gordonled the firm’s team in the transaction.
Davis Polk has advised the lead underwriters on Molecular Data’s SEC-registered IPO of 11.5 million American Depositary Shares, for gross proceeds of US$61.2 million. Each ADS represents three Molecular Data Class A ordinary shares. Molecular Data has granted the underwriters an option to purchase up to an additional 1.725 million ADSs to cover over-allotments. The ADSs are listed on the Nasdaq. Molecular Data is a leading technology-driven platform in China’s chemical industry, connecting participants along the chemical value chain through its integrated solutions. Partners Li He and James Lin led the firm’s team in the transaction.
J Sagar Associates has advised Indiabulls Real Estate and its subsidiaries on definitive agreements with entities controlled by the Blackstone Group, a globally renowned real estate private equity investor, to divest Indiabulls Real Estate’s entire stake in Mariana Infrastructure, owner of a commercial project in Gurugram, and the commercial assets/development in Mumbai. The divestment is at an enterprise value of approximately Rs8.1 billion, subject to closing adjustments, if any. Partners Lalit Kumar and Bharat Bhushan Sharma led the firm’s team in the transaction.
J Sagar Associates has also advised Air Water Japan and Air Water India on the acquisition of the specialty industrial gases manufacturing, distribution and sale business from Linde India. Air Water Japan acquired the business through its Indian subsidiary, Air Water India. Incorporated in 1929, Air Water Japan is a Japan-based listed manufacturer of industrial and medical gases. Linde Aktiengesellschaft and Praxair filed a notice with the Competition Commission of India (CCI) on the proposed merger of the two multinational industrial gases companies. The CCI approved the merger, subject to both Linde and Praxair divesting part of their business in India, to avoid an appreciable adverse effect on competition in some markets in India. Linde India was directed to sell the on-site plant at Bellary and two cylinder filling stations at Hyderabad and Chennai. The CCI approved the sale of the business by Linde India to Air Water India on October 21, 2019. Partners Sidharrth Shankar and Shantanu Jindel, supported by partners Farhad Sorabjee and Vaibhav Choukse, led the firm’s team in the transaction.
Khaitan & Co is advising Gateway Distriparks on the approximately Rs3 billion (US$41.7m) sale of its 40.25 percent shareholding interest in Snowman Logistics to Adani Logistics. The transaction has triggered a mandatory open offer requirement on the acquirer. Subject to completion of conditions precedent, the transaction is proposed to be completed as an on-market or an off-market transfer, prior to the completion of the mandatory open offer. Partner Prasenjit Chakravarti is leading the firm’s team in the transaction.
Khaitan & Co is also advising Reliance Industries on a proposed 51:49 joint venture, respectively, between the Reliance group and BP group. Subject to regulatory and other customary approvals, the JV company will own Reliance’s existing petroleum retail marketing business and operate its aviation fuel business. The parties intend to expand these businesses from the existing 1,400 retail outlets and 30 aviation fuel stations and operate them under joint branding. Corporate partners Rahul Dutt, Aakash Choubey and Akshay Bhargav, supported by partners Avnish Sharma, Rashmi Deshpande, Devendra Deshmukh, Mehul Shah, Rahul Singh, Anisha Chand, Shailendra Bhandare and Anshul Prakash, led the firm’s team in the transaction. Davis Polk Wardwell acted as international counsel to Reliance Industries.
Kirkland & Ellis has advised Wynn Macau, a leading developer, owner and operator of integrated destination resorts Wynn Palace and Wynn Macau in Macau, on the offering of US$1 billion 5.125 percent senior notes due 2029, pursuant to Rule 144A and Regulation S. Corporate partner Li-Chien Wong, supported by partners Tim Cruickshank (corporate), Ben James (corporate) and Karen Lee (tax), led the firm’s team in the transaction.
K&L Gates Straits Law has advised Singapore-based leasing company Avation on obtaining the first-ever aircraft green loan from Deutsche Bank to finance three low-carbon emission ATR 72-600 aircraft. The first aircraft was delivered to Swedish regional airline leasee Braathens Regional Airlines (BRA) in December 2019. BRA operates a fleet of ATR 72-600, which it expects will enable it to reduce its CO2 emission by 7,500 fewer tons per aircraft per year as a result. Avation’s ability to secure certification from a third party, who verified that the loan satisfied sufficient environmental, social and governance (ESG) themes for it to be considered “green”, will improve Avation’s ESG profile and help it attract more investors. Partner James Bradley led the firm’s team in the transaction.
Maples and Calder has acted as BVI counsel to Gaoxin International Investment on its issuance of US$100 million aggregate principal amount of six percent guaranteed bonds due 2022, which closed on December 2, 2019. The bonds are unconditionally and irrevocably guaranteed by Xuzhou Hi-Tech Industrial Development Zone State Asset Management. The group was established in 2006 and is the sole investment and financing platform for infrastructure investment, construction and redevelopment of shantytowns in the Xuzhou Hi-Tech Industrial Development Zone. Juno Huang led the firm’s team in the transaction, while Latham & Watkins and Jiangsu Yonglun Law Firm acted as English and China counsel, respectively. Davis Polk & Wardwell and Jiangsu Tongkai Law Firm acted as English and China counsel, respectively, to the joint lead managers, including China Investment Securities International Brokerage, Industrial Bank Hong Kong Branch, Zhongtai International Securities and CMBC Securities.
Paul Hastings has advised Credit Suisse (Hong Kong), Morgan Stanley Asia and ICBC International Capital, as the joint sponsors, on JS Global Lifestyle’s US$381 million global offering and IPO in Hong Kong. A global leader in high-quality, innovative small household appliances backed by Chinese private equity firm CDH Investments, JS Global operates a number of successful and trusted brands worldwide, including Joyoung, Shark and Ninja. Global partner and chair of Greater China Raymond Li and corporate partners Neil Torpey, Vincent Wang and Chaobo Fan led the firm’s team in the transaction.
Paul Hastings has also represented ARA Asset Management on its formation of a partnership with Straits Real Estate and ICBC International for the acquisition, via one of its private real estate funds, of Sanlin InCity, a retail mall in the Sanlin District of Pudong in Shanghai. Valued at Rmb2.42 billion (US$348.4m), the transaction is expected to close in the first quarter of 2020, subject to customary conditions. ARA is a premier global integrated real assets fund manager, with more than S$83 billion (US$61.5b) worth of gross assets in over 100 cities in 23 countries, as of June 30, 2019. Sanlin InCity is a strategically-located mall served by various transportation nodes. It is the only competitive mall with a strong population catchment of over 400,000. Partners David Wang, Paul Guan and Jia Yan led the firm’s team in the transaction.
Proskauer has advised Accor on its agreement to sell an approximately five percent stake in Huazhu Group for US$451 million. Accor will keep a stake of over five percent in Huazhu, and Accor’s chairman and CEO Sebastien Bazin will remain on the Huazhu board. This transaction is part of the continuing strategic alliance between both groups. Partner Yuval Tal, who co-heads the hospitality, gaming and leisure group and manages the Hong Kong and Beijing offices, and New York partner Jeff Horwitz, who co-heads the private equity real estate and hospitality, gaming and leisure groups, supported by partner Dan Forman, led the firm’s team in the transaction.
Rajah & Tann Singapore and Rajah & Tann NK Legal Myanmar Company, member firms of Rajah & Tann Asia, has advised Sompo Japan Nipponkoa Insurance on a first-of-its-kind acquisition of a significant minority stake in a local insurer in Myanmar, following the liberalisation of the insurance sector in Myanmar to foreign investment. Partners Chester Toh, Hiroyuki Ota, Min Thein and Kyaw Swa Myint led the firms’ teams in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Jebsen & Jessen on the S$222 million (US$164.4m) divestment of its 50 percent stake in MHE-Demag, a leading material handling company, to Finnish-listed company Konecranes. Partners Terence Quek and Dominique Lombardi led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has acted as Indian counsel to BNP Paribas and MUFG Securities on their Rs7 billion (US$97.4m) primary investment, via private placement, in the secured, listed, rated non-convertible debentures issued by Samvardhana Motherson International. Partner Shubhangi Garg led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also acted as Indian counsel to Goldman Sachs on the series B-II investment led by Goldman Sachs, together with other investors, namely Naspers Fintech, Quona Capital and Flourish/Omidyar Network, in Camden Town Technologies, which operates a consumer lending fintech platform called Zestmoney. Partner Mithun Thanks, supported by partners Veena Sivaramakrishnan and Mukul Baveja, led the firm’s team in the transaction. Hogan Lovells International represented Goldman Sachs, while Anu Tiwariand Aditya Alok of AZB & Partners, and Cooley represented Zestmoney.
Skadden has represented freee KK, a leading Japanese SaaS provider of cloud-based accounting, payroll and other software solutions, on its ¥35 billion (US$322m) IPO in Tokyo. Trading commenced on December 17, 2019. Tokyo partner Kenji Taneda led the firm’s team in the transaction.
S&R Associates has represented ArcelorMittal on its Rs502.31 billion (US$7bn) joint acquisition with Nippon Steel of Essar Steel India, under the Insolvency and Bankruptcy Code, 2016. Corporate partners Rajat Sethi, Sandip Bhagat, Sudip Mahapatra and Prachi Goel, supported by head of competition practice Simran Dhir, led the firm’s team in the transaction.
S&R Associates has also represented Ncubate India Services, a SAR Group company, on the sale of 10.03 percent of the share capital of Livfin India, an NBFC providing supply chain financing, to the management team of Livfin India. Partners Sanjeev Adlakha and Mohit Gogia led the firm’s team in the transaction.
TT&A has advised Elantas Beck India on its acquisition of the intangible assets pertaining to the wire enamel business of Hubergroup India, allowing Elantas Beck to offer existing and new customers more individualised solutions, and strengthen its technology leadership in the wire enamels sector. Partner Feroz Dubash led the firm’s team in the transaction, which was valued at Rs450 million (US$6.3m) and was completed on December 24, 2019. Kanga and Co advised Hubergroup.
