Allen & Gledhill has acted as transaction counsel to Sentosa Development on the development agreement with Resorts World at Sentosa (RWS) for the S$4.5 billion (US$3.3b) investment by RWS to expand the integrated resorts at Sentosa, Singapore. Partners Fock Kah Yan, Christian Chin and Teoh Sze Min led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Alpha Asia Macro Trends Fund II, a fund managed by Alpha Investment Partners, the private fund management arm of Keppel Capital Holdings, and City Developments on the S$395 million (US$290.2m) divestment of the commercial property at 7 and 9 Tampines Grande, Singapore. Partners Tan Boon Wah and Lim Chong Ying led the firm’s team in the transaction.
Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted for SCG Packaging, a subsidiary of a giant Thai conglomerate, on its Rp9.61 trillion (US$680m) acquisition of 55 percent shares of Fajar Surya Wisesa. Following the acquisition, SCG will conduct a mandatory tender offer, under the Indonesian capital markets law. Partner Ahmad Fikri Assegaf led the firm’s team in the transaction.
AZB & Partners has advised International Finance Corporation on its term loan of up to US$15 million to PRAN Agro Business, the proceeds of which are proposed to be utilised to finance PRAN’s capital expenditures. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction, which was completed on May 29, 2019.
AZB & Partners is also advising International Finance Corporation on a foreign currency term loan of up to US$20 million to Global IME Bank. The proceeds of this facility are proposed to be utilised by the borrower for on-lending to one of the following priority sector industries, as defined by the Nepal Rastra Bank: tourism (foreign currency earning), agriculture, microfinance and cottage industries / small scale industries. Partners Gautam Saha, Pallavi Meena and Swati Chauhan are leading the firm’s team in the transaction, which was signed on June 23, 2019 and is yet to be completed.
Baker McKenzie has advised SunCorporation, an Aichi, Japan-based mobile data solutions and game content company, on its Israeli subsidiary’s issuance of US$110 million preferred shares to Israel Growth Partners Capital (IGP), an Israel-based venture capital company, and on the establishment of a strategic partnership with IGP. SunCorporation’s Israel-based subsidiary, Cellebrite Mobile Synchronisation, will receive a growth investment of US$110 million from IGP. Cellebrite will issue preferred shares to IGP Saferworld Partnership. Cellebrite will allocate the funds obtained via the capital injection to accelerate the execution of M&A-related growth strategies to acquire the businesses and technologies it needs to become an integrated platform in the digital intelligence sector. Corporate/M&A partner Yutaka Kimura led the firm’s team in the transaction.
Baker McKenzie has also advised China Railway Construction Corporation (CRCC), one of the largest integrated construction enterprises in the world, on its offering of US$1 billion guaranteed perpetual securities that closed on June 27, 2019. The transaction is CRCC’s latest fund-raising move in overseas markets and sets a benchmark for Chinese SOE perpetual bonds in the wake of new guidelines of the Ministry of Finance on accounting treatment for corporate perps at the beginning of this year. The securities, issued by CRCC Chengan, CRCC’s Hong Kong SPV, and guaranteed by CRCC on a subordinated basis, are treated as “equity” at CRCC level. The deal was priced at an initial distribution rate of 3.97 percent per annum. Beijing capital markets partners Jackie Lo and Hang Wang, supported by Xavier Amadei, local principal with Singapore member firm Baker McKenzie Wong & Leow, and Bing Han with FenXun Partners in Beijing, led the firm’s team in the transaction.
Clifford Chance has acted as Hong Kong and Dutch legal counsel to Carrefour Nederland on the proposed sale of its 80 percent equity interest in Carrefour China to Chinese electronics and e-commerce retailer Suning.com. The transaction values Carrefour China at an enterprise value of €1.4 billion (US$1.57b). With a presence in China dating back to 1995, Carrefour China operates a network of 210 hypermarkets and 24 convenience stores. Suning.com is a leading retailer in China, operating a network of over 8,881 stores in more than 700 cities, and runs one of the country’s largest e-commerce platforms. Carrefour will retain a 20 percent stake in the business. Partner Emma Davies, supported by partner Gregory Crookes, led the firm’s team in the transaction.
Clove Legal has represented GOQii Technologies, a wearable device company in the technology and lifestyle sector, on the continuing Series C funding round. Actor Akshay Kumar participated in the round. Partner Amit Sirsikar led the firm’s team in the transaction. IC Universal Legal, with a team led by partner Bheru Choudhary, advised Akshay Kumar.
CNPLaw has acted as Singapore counsel to a local online e-commerce platform operator with a regional presence on its series A fundraising, involving equity injections exceeding S$6 million (US$4.4m) by global investors. Partner Ken Chia led the firm’s team in the transaction, which was completed in May 2019.
Davis Polk has advised the joint lead managers on Toyota Motor’s SEC-registered takedown offering of senior notes, which consisted of US$500 million aggregate principal amount of 2.157 percent senior notes due 2022, US$500 million aggregate principal amount of 2.358 percent senior notes due 2024 and US$500 million aggregate principal amount of 2.76 percent senior notes due 2029. Japan-based Toyota is a leading global producer of automobiles. The company sells its vehicles, which include the Toyota and Lexus brands, in approximately 190 countries and regions, with primary markets in Japan, North America, Europe and Asia. Toyota also provides related financial services to dealers and their customers through Toyota Motor Credit and Toyota Financial Services. Toyota originally commenced business in 1933 as the automobile division of Toyota Industries and became a separate company in 1937. Partner Jon Gray led the firm’s team in the transaction.
Davis Polk has also advised the underwriters on Export-Import Bank of Korea’s (KEXIM) SEC-registered Schedule B debt offerings of US$500 million aggregate principal amount of its floating-rate notes due 2022 and US$500 million aggregate principal amount of its 2.375 percent notes due 2024. KEXIM is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business. Hong Kong partner James Lin led the firm’s team in the transaction.
J Sagar Associates has advised a subsidiary of Ascendas India Trust on a transaction involving Nalanda Shelter and Brickmix Developers to acquire BlueRidge 3, an IT/ITES special economic zone development with a total net leasable area up to 1.8 million square feet located at Hinjewadi, Pune. The transaction value is approximately Rs10 billion (US$145.7m). The transaction contemplates project funding by Ascendas towards repayment of certain existing liabilities and construction and, upon project obtaining occupancy certificate and fulfilment of other key conditions, Ascendas shall purchase 100 percent of the shares in Nalanda and/or Brickmix. Partners Raj Ramachandran and Anish Mashruwala led the firm’s team in the transaction.
J Sagar Associates has also advised IndInfravit on its proposed acquisition of shares held by SIPL in nine special purpose vehicles in India for an aggregate consideration, payable partly in cash and partly by allotment of units of IndInfravit to SIPL, which will be based on an enterprise value of approximately Rs66.1 billion (US$963.5m). The transaction is subject to certain regulatory and other customary conditions precedent common in transactions of this nature, including the approval of the relevant regulatory authorities and lenders, as well as unitholders of IndInfravit and shareholders of SIPL. IndInfravit, sponsored by L&T Infrastructure Development Projects (L&T IDP), currently holds a portfolio of five operational toll road concessions. In addition to L&T IDP, the other unitholders include Allianz insurance companies represented by Allianz Capital Partners, Canada Pension Plan Investment Board and OMERS Infrastructure. The transaction is scheduled to close over the next few months. Partners Bir Bahadur Sachar, Aditya Rathi, Arka Mookerjee, Jamshed Bhumgara, Anish Mashruwala, Amitabh Kumar and Vaibhav Choukse led the firm’s team in the transaction.
Khaitan & Co has advised Kalpataru Power Transmission (KPT) on the sale of its stake in three power transmission assets to CLP India for an estimated enterprise valuation of Rs32.75 billion (US$477.4m). The three assets in which Kalpataru is selling its stake are Kalpataru Satpura Transco, Alipurduar Transmission and Kohima Mariani Transmission (KMT). Techno Electric & Engineering, which owns a 26 percent stake in KMT, will also be selling its stake to CLP India, as part of the transaction. Partner Shivanshu Thaplyal, supported by partner Ritu Shaktawat and executive director Dinesh Agrawal, led the firm’s team in the transaction.
Khaitan & Co has also advised Eveready Industries India on the itemised sale of its packet tea business related brands and other tea products and related inventory to Madhu Jayanti International. Partner Padam Kumar Khaitan, supported by partner Shailendra Bhandare, led the firm’s team in the transaction.
King & Wood Mallesons has advised China Everbright Capital, as the sole sponsor, and other underwriters SBI China Capital Financial Services and China Galaxy International Securities (Hong Kong), on the HK$424 million (US$54.3m) global offering and IPO of Homeland Interactive Technology in Hong Kong. Homeland Interactive was listed on July 4, 2019. The IPO was priced at HK$1.35 (US$0.173) and comprised a total of 314 million shares. Homeland Interactive is a leading localised mobile card and board game developer and operator in China with a focus on localised mahjong and poker games. Hong Kong partner John Baptist Chan led the firm’s team in the transaction.
Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has acted for First Meyer Development on the S$319.88 million (US$235m) collective acquisition of all the strata lots and common property comprised in the 76-unit freehold residential development known as Casa Meyfort, Singapore. The firm also assisted in the financing of the acquisition and redevelopment of the property. Partners Norman Ho, Gazalle Mok and Chor Zhi Chao led the firm’s team in the transaction.
Shook Lin & Bok has acted as Singapore counsel to Posco International on its acquisition of shares in a grain export terminal from Ukrainian logistics firm Orexim Holdings. The acquisition results in Posco taking a 75 percent stake in a Singaporean company which owns the grain terminal situated in Mykolaiv, Ukraine. Posco is the first Korean entity to own the operating rights to a grain storage facility overseas, and this acquisition contributes to Posco’s move towards positioning itself as a global grain trader. Partners Dayne Ho and Chua Shiying led the firm’s team on the transaction.
Simpson Thacher is representing KKR on its US$2.2 billion sale of Kokusai Electric to Applied Materials. Partners David Sneider, Kathryn King Sudol, Makiko Harunari, Shahpur Kabraji, David Vann, Katharine Moir, Jeff Ostrow, Lori Lesser and Jonathan Lindabury are leading the firm’s team in the transaction.
Simpson Thacher has also represented the underwriters on Impro Precision Industries’ HK$999.9 million (US$128m) Hong Kong IPO and Rule 144A/Regulation S offering. Capital markets partners Celia Lam, Christopher Wong and Daniel Fertig led the firm’s team in the transaction.
Vertices Partners has represented Fitternity Health E-Solution on its issuance of securities to investment by Sixth Sense India Opportunities II. Managing partner Vinayak Burman led the firm’s team in the transaction, which was valued at Rs300 million (US$4.4m) and was completed in May 2019. ARA Law represented Sixth Sense India Opportunities II.
Vertices Partners has also represented Flipspaces Technologies Labs and the promoters on the company’s Series A round of investment from Carpediem Capital Partners Fund I. Managing partner Vinayak Burman led the firm’s team in the transaction, which was valued at Rs250 million (US$3.6m) and was completed in January 2019. Trilegal advised Carpediem Capital Partners Fund I.
White & Case has advised the export credit agencies and a large syndicate of international and Taiwanese commercial banks on the €2.7 billion (US$3b) project financing of German developer wpd’s Yunlin offshore wind project in Taiwan.