Allen & Gledhill has acted as co-transaction counsel to IHH Healthcare on its US$1.1 billion acquisition, through a combination of primary equity infusion and secondary purchase, of a controlling stake in Fortis Healthcare from the shareholders of Fortis. Partners Tan Su May, Christopher Koh, Mark Quek, Andrew Yeo, Vincent Leow, Ankit Goyal, Foong Yuen Ping, Teh Hoe Yue, Daren Shiau and Scott Clements led the firm’s team in the transaction.
Ashurst is acting for Indonesia Asahan Aluminium (also known as Inalum), an Indonesian state-owned company, on its US$3.85 billion acquisition from Rio Tinto of a 40 percent majority stake in Grasberg, the world’s second-largest copper mine. After the transaction, Inalum’s stake in the Grasberg mine will increase from nine percent to 51 percent, giving Indonesia control of the mine. Corporate partners Simon Brown (Singapore) and Ipop Nawangsari (Jakarta) are leading the firm’s team in the transaction.
AZB & Partners has advised Sterlite Technologies and its wholly-owned subsidiary Sterlite Italy on the acquisition by Sterlite Technologies, through Sterlite Italy, of 100 percent of the share capital of Metallurgica Bresciana from Compagnia Brescia Investimenti. Partner Anand Shah led the firm’s team in the transaction, which was valued at Rs3.8 billion (US$55m) and was completed on July 20, 2018.
AZB & Partners is also advising Wipro on its approximately Rs8.04 billion (US$116.6m) acquisition of 100 percent equity share capital of Alight HR Services India. Partners Srinath Dasari and Bhuvana Veeraragavan are leading the firm’s team in the transaction, which was signed on July 19, 2018 and is yet to be completed.
Conyers Dill & Pearman has acted as Cayman Islands and BVI counsel to Steve Leung Design Group on its HK$250.8 million (US$32m) IPO of 285 million shares in Hong Kong. Founded in 1997 and headquartered in Kowloon Bay, Hong Kong, the company is an internationally renowned and award-winning interior design, interior decorating and furnishing services provider, with offices in Shenzhen, Guangzhou, Beijing, Shanghai and Chengdu in China. The company is known for undertaking residential, private residence and hospitality projects for the high-end market in China and Hong Kong. Hong Kong partner Anna Chong, working alongside Pinsent Masons, led the firm’s team in the transaction, which was completed on July 9, 2018.
Conyers Dill & Pearman has also acted as BVI and Cayman Islands counsel to Anchorstone Holdings on its HK$120 million (US$15.3m) IPO of 300 million shares in Hong Kong. The company is a leading and well-established subcontractor, specialising primarily in supply and installation of marble and granite for construction projects. The company was founded in 1991 and is based in Causeway Bay, Hong Kong. Hong Kong partner Richard Hall, working alongside Robertsons, led the firm’s team in the transaction, which was completed on July 9, 2018.
Cyril Amarchand Mangaldas has advised the Committee of Creditors (CoC) of Monnet Ispat & Energy, comprising of 40 financial creditors, on the corporate insolvency resolution process (CIRP), which led to the sale of the company to a consortium, comprising of AION Investments Private II and JSW Steel. It is the third of the dirty dozen cases, referred by the Reserve Bank of India for initiating the CIRP under the Insolvency and Bankruptcy Code 2016, to be resolved, with 98.97 percent of the financial creditors voting in favour of the resolution plan. The firm had also originally represented State Bank of India on the initiation of CIRP against the company on July 2017. Mumbai and New Delhi infrastructure and project financing partners L Viswanathan and Spandan Biswal led the firm’s team in the transaction. AION Investments Private II and JSW Steel were represented by Shardul Amarchand Mangaldas.
J Sagar Associates has advised UPL on the proposed acquisition by its wholly-owned subsidiary UPL Corporation (UPL Corp) of Arysta LifeScience and its subsidiaries for US$4.2 billion. The transaction is backed by a US$1.2 billion equity investment in UPL Corp from long-term investors, including a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and TPG, a leading global alternative asset firm. UPL Corp has received US$3 billion debt financing commitments from MUFG Bank and Cooperatieve Rabobank for the balance of the consideration. UPL is one of the leading global crop protection products companies headquartered in India. Following the acquisition, UPL will be one of the world’s largest global crop protection companies, with an innovative and differentiated product portfolio. Partner Lalit Kumar, supported by partners Aashit Shah and Utsav Johri, led the firm’s team in the transaction, which is subject to the satisfaction of customary closing conditions and regulatory approvals. Jones Day acted as external counsel to UPL Corp. Cleary Gottlieb and Platinum Partners are acting as external counsel to the Abu Dhabi Investment Authority and TPG. UBS and Barclays are the financial advisers to Platform, with Greenberg Traurig as external counsel to Platform.
J Sagar Associates has also advised Safal Constructions and its affiliates (BSafal Group) on its 50.50 joint venture with Phoenix Mills (PML) to develop a premium retail development in Ahmedabad under the brand “Palladium Mall”. The JV will develop a premium retail destination, comprising of shops, multiplex, restaurants and entertainment zone as Phase I, spread over approximately 600,000 square feet. Phase II development, which shall include offices, hotels and other commercial establishments, could possibly commence by mutual agreement by parties. Both parties will invest approximately Rs2.3 billion (US$33.4m) each for their 50 percent stake in the JV. The JV entities involved in this transaction are SGH Realty, True Value Infrabuild, Zaveri, Ausom Enterprise and KIFS Infrastructure. Partner Bijal Chhatrapati led the firm’s team in the transaction. Phoenix Mills was advised by Cyril Amarchand Mangaldas Mumbai.
Khaitan & Co has acted as Indian law counsel to family-owned investment management company Berwind on the acquisition of WH Acquisitions, the parent company of Maxcess International, along with their respective subsidiaries, from Bertram Capital. With its roots dating to 1886, Berwind has evolved from a coal mining company to a diversified portfolio of highly successful manufacturing and service companies, which are leaders in their market niche. Partner Rabindra Jhunjhunwala, supported by partner Anshul Prakash, led the firm’s team in the transaction.
Khaitan & Co has also advised Astral Poly Technik on its Rs75.2 million (US$1m) acquisition of a 51 percent stake in Rex Polyextrusion and the subsequent amalgamation of Rex into Astral, subject to the approval of the NCLT. Astral was established in 1996 to manufacture pro-India plumbing and drainage systems in the country. Rex is an industry leader in manufacturing and supply of corrugated pipes and other plastic piping solutions on a pan-India basis. Partner Anand Mehta, supported by partner Sanjay Sanghvi, led the firm’s team in the transaction. J Sagar Associates, led by partners Nitin Potdar, Rinku Ambekar and Ongmu Tshering, advised Rex Polyextrusion.
K&L Gates has advised VietJet on purchase agreements with both Boeing and Airbus for a total of 150 aircraft, valued at nearly US$20 billion at current list prices. VietJet is Vietnam’s first privately-owned airline and is also the first low-cost carrier in the country. The airline is in the midst of bolstering its world-class fleet with highly efficient and capable airplanes that will allow for expansion of its regional network. On July 18, 2018 at the Farnborough International Airshow in England, VietJet signed a memorandum of understanding with Boeing for an additional 100 737 MAX airplanes. The agreement is valued at more than US$12.7 billion at current list prices. Once the deal is completed, VietJet will become the largest MAX 10 customer in Asia. On July 19, 2018, VietJet also signed a provisional deal to buy 50 A321neo Airbus aircraft worth US$6.5 billion at list prices at the Farnborough Airshow. London aviation finance partner Philip Perrotta, supported by aviation finance partners Sidanth Rajagopal (London) and James Bradley (Singapore), led the firm’s team in the transaction.
Luthra & Luthra has advised Global Infrastructure Partners (GIP) on its acquisition of the infrastructure fund management business of IDFC Alternatives. The deal involves the management of India Infrastructure Fund I and India Infrastructure Fund II, which have a combined corpus of more than US$1.4 billion. The transaction has resulted in GIP commencing fund management activities in India, with a significant presence and a highly experienced local investment team. GIP is an independent, specialist infrastructure fund manager, whose investment approach is based on combining industry expertise with industrial best practice operational management. Currently, GIP has more than US$40 billion assets under management. Partners Amit Shetye and Lokesh Shah, supported by partner Sundeep Dudeja and senior partner Mohit Saraf, led the firm’s team in the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to 51 Credit Card, the largest P2P lending platform for credit card holders in China, on its global offering and listing of shares in Hong Kong. 51 Credit Card is offering approximately 118.7 million shares, with gross proceeds of approximately HK$1 billion (US$127.4m). Partner Derrick Kan led the firm’s team in the transaction, while Davis Polk & Wardwell acted as Hong Kong and US counsel. Freshfields acted as Hong Kong and US counsel to Citi, China Merchants Securities and CLSA as the joint sponsors.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Hingtex Holdings on its share offer and listing in Hong Kong. A long-established denim fabric manufacturer based in Hong Kong, Hingtex is offering 160 million shares, with gross proceeds of approximately HK$179 million (US$22.8m). Partner Derrick Kan also led the firm’s team in the transaction, while PC Woo & Co acted as Hong Kong counsel. Deacons acted as Hong Kong counsel to Shenwan Hongyuan Capital as the sole sponsor.
Rajah & Tann Singapore is advising CWT, a wholly-owned subsidiary of Chinese conglomerate HNA Group, and its related companies on the sale of five logistics properties in Singapore to Mapletree Logistics Trust (MLT) for an estimated sale price of S$730 million (US$535m). The sale price excludes the estimated upfront land premium for the S$48.3 million (US$35.4m) balance lease terms payable by MLT to Jurong Town Corporation. Upon completion of the sale, the CWT group will leaseback the properties from MLT. The sale and leaseback is subject to approval of Jurong Town Corporation, while completion of the transaction is slated in the later part of this year. M&A partner Chia Kim Huat and corporate real estate partners Elsa Chai and Benjamin ST Tay are leading the firm’s team in the transaction.
Rajah & Tann Singapore is also advising a real estate fund, with assets of US$73 billion under management globally, on the purchase, via a purchase agreement entered into with its trustee, British and Malayan Trustees, of the commercial building at Market 55 Street, Singapore from Singapore-listed Reit, Frasers Commercial Trust. The sale consideration of S$216.8 million (US$159m) works out to S$3,020 (US$2,213.53) per square foot, based on the building’s net lettable area. Corporate real estate partners Norman Ho and Benjamin ST Tay are leading the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised Bigtree Entertainment and its promoters on the US$100 million Series D fund raise by its company Bookmyshow. The fund raise was led by TPG Capital, with the participation of existing investors Network18 Media and Investments and Stripes. Partner Vishruta Kaul, supported by partner Amit Khansaheb, led the firm’s team in the transaction. Veritas Legal, led by partners Nandish Vyas and Tushar Raut, advised TPG, while Nishith Desai Associates, led by partner Ruchir Sinha, advised Stripes. Existing investor Accel Partners was advised by Indus Law, led by partner Srinivas Katta.
Shook Lin & Bok is acting for HSBC Institutional Trust Services (Singapore), the trustee of CapitaLand Commercial Trust, on the divestment of Twenty Anson, a 20-storey prime office building in Tanjong Pagar, a sub-market of Singapore’s Central Business District, for a sale consideration of S$516 million (US$378.3m). Partners Tan Woon Hum and Andrea Ng led the firm’s team in the transaction, which marks the biggest pure-office, real estate deal this year.
Simpson Thacher is acting as lead counsel to a KKR-led consortium on its acquisition, in an all-cash transaction, of all of the issued and outstanding shares of Taiwan-listed LCY Chemical. The transaction, unanimously approved by LCY’s board of directors, represents a total market capitalisation of LCY of approximately NT$47.8 billion (US$1.56b). Upon closing, KKR will hold a majority and controlling interest in LCY, and LCY will be delisted from Taiwan. The KKR consortium includes LCY’s current employees and certain members of the founding family. M&A partner Ian Ho, supported by corporate partner Chris Lin, Asia banking and credit head Makiko Harunari and tax partner Katharine Moir, is leading the firm’s team in the transaction.
Skadden has advised E-House (China) Enterprise Holdings, China’s leading real estate transaction service provider, on its approximately HK$4.64 billion (US$591.3m) IPO in Hong Kong. E-House plans to use the proceeds to further develop its data systems, to expand its geographical coverage to an additional 52 cities, and to improve its capacity in existing service centres. Trading in the shares commenced on July 20, 2018. Hong Kong partners Julie Gao and Christopher Betts led the firm’s team in the transaction, while Maples and Calder (Hong Kong), led by partner Derrick Kan, acted as Cayman Islands counsel and Grandall Law Firm (Shanghai) acted as Hong Kong and China counsel. Freshfields Bruckhaus Deringer and Fangda Partners acted as Hong Kong and China counsels for China International Capital Corporation Hong Kong Securities and Credit Suisse (Hong Kong) as the joint sponsors.
Squire Patton Boggs has advised Tony Xia, owner of Aston Villa FC, on the investment in the club by NSWE, a company that is jointly owned and controlled by businessman Nassef Sawiris’ group NNS and businessman Wes Edens. The capital injection and transaction have been approved by the English Football League (EFL), and the parties will work through all confirmatory approvals required by the EFL as soon as possible. Established in 1874, Aston Villa was one of the founding members of the Football League in 1888, and is a seven-time winner of the FA Cup. The club has been owned by Xia since 2016 and, under the terms of the deal, Xia will become co-chairman and remain on the board. Birmingham corporate partner and football M&A expert David Hull, corporate partner Mark Yeo and restructuring and insolvency partner Devinder Singh led the firm’s team in the transaction. Allen & Overy advised Nassef Sawiris, while Skadden, Arps, Slate, Meagher & Flom advised Wes Edens.
S&R Associates has advised staffing solutions provider V5 Global Services on its acquisition by Firstmeridian Business Services, a portfolio company of Samara Capital, Goldman Sachs and Janchor Partners. Partner Viral Mehta led the firm’s team in the transaction.
S&R Associates has also advised Sapphire Trade Associates on its exit, , pursuant to a sale of shares to Delsey, from its Delsey India joint venture, a wholesale trading company for luggage and other travel products in India under the Delsey brand. Partner Uday Walia led the firm’s team in the transaction.
Vertices Partners has represented Aavishkaar Goodwell India Microfinance Development Company II as the sellers on the secondary sale of Arohan Financial Services. Partners Vinayak Burman and Archana Khosla led the firm’s team in the transaction, which was valued at approximately Rs649 million (US$9.4m) and was completed on March 2018.
Vertices Partners has also represented education services provider Brain4ce Education Solutions on its issue of shares, through primary and secondary sale. The proceeds would be used for faster expansion of the company’s operations. Founding partners Vinayak Burman and Archana Khosla led the firm’s team in the transaction, which was valued at approximately Rs135 million (US$2m) and was completed on March 2018.
Weerawong C&P has represented Dusit Thani on the acquisition of a β663 million (US$20m) stake in NR Instant Produce (NRIP). Dusit Thani is one of Thailand’s foremost hotel and property development companies. NRIP is a leading producer and exporter of ready-made food to Europe, American and Australia. Dusit Thani acquired approximately 2.45 million ordinary shares and 200,000 newly issued shares of NRIP, representing 25.9 percent of total NRIP shares. Partner Panuwat Chalongkuamdee led the firm’s team in the transaction.
Weerawong C&P has also advised Key Safety Systems on its acquisition of the Takata Corporation assets and operations in Thailand. Key Safety Systems acquired Takata’s global assets through coordinated restructuring proceedings and equity acquisitions. Partner Panuwat Chalongkuamdee also led the firm’s team in the transaction.
Wong & Partners, a member firm of Baker McKenzie International, has advised Maybank Asset Management Group (MAMG), a wholly-owned subsidiary of Malayan Banking, on its M$51 million (US$12.6m) acquisition of a 100 percent stake in Amanah Mutual (AM) and Singapore Unit Trusts (SUT), and on Permodalan Nasional’s (PNB) M$50 million (US$12.3m) subscription of new shares in MAMG, representing 20 percent of MAMG’s enlarged share capital. The deal entailed MAMG acquiring ownership of AM for M$16.12 million (US$4m) and SUT for M$34.88 million (US$8.6m) from PNB’s wholly-owned subsidiaries, Amanah Saham Nasional and PNB International. Both AM and SUT are unit trust funds managers, with AM focusing on retail clients and SUT on institutional clients. These transactions will help increase MAMG’s presence in the asset management space of Malaysia and Singapore. The share acquisition was completed on May 17, 2018, while the share subscription was completed on May 30, 2018. Partners Munir Abdul Aziz and Sue Wan Wong, supported by Baker & McKenzie.Wong & Leow partner Eunice Tan, led the firm’s team in the transactions.
WongPartnership is acting as Singapore counsel to Teleperformance on its US$1 billion acquisition of Intelenet Global Services from Blackstone. Partners Ong Sin Wei and Chan Jia Hui led the firm’s team in the transaction.
WongPartnership has also acted for Sunway Group and the founders of KK Fund, Koichi Saito and Kuan Hsu, on the launch of Sun SEA Capital, a US$50 million venture capital fund. Partners Ong Sin Wei and Felicia Marie Ng led the firm’s team in the transaction.