Allen & Gledhill has also advised Mapletree Treasury Services on the issue of S$250 million (US$184.6m) 3.58 percent notes due 2029, under its US$5 billion euro medium term note programme. The notes are guaranteed by Mapletree Investments. Partner Glenn Foo led the firm’s team in the transaction.
AZB & Partners is advising Warburg Pincus on the acquisition by its affiliate, Olive Vine Investment, of 80 percent of the equity stake in Avanse Financial Services from its current promoters, and the acquisition of further equity shares of Avanse Financial. Partner Vaidhyanadhan Iyer is leading the firm in the transaction, which was signed on March 16, 2019 and is yet to be completed.
AZB & Partners has also advised DLF Home Developers on its approximately Rs19.34 billion (US$280.6m) acquisition of 67 percent stake in Aadarshini Real Estate Developers. Partner Vinati Kastia led the firm’s team in the transaction, which was completed on March 19, 2019.
Conyers Dill & Pearman has acted for Uulala and tribeOS, Bermuda’s first two companies to be approved to conduct offerings by the Island’s Minister of Finance under its new initial coin offering regulations. Uulala is a mission-driven organisation, which aims to facilitate the financial inclusion of the underbanked and unbanked population by providing access to financial tools. tribeOS is the world’s first digital advertising marketplace designed to offer advertisers and publishers a platform where they can run secure and fraud-free campaigns using a truly transparent platform. Director and head of fintech practice Chris Garrod, assisted by partner Richard Hall, led the firm’s team in the transaction, working alongside Robertsons.
Conyers Dill & Pearman has also provided BVI and Cayman Islands advice to Wecon Holdings on its HK$125 million (US$16m) IPO of 200 million shares in Hong Kong. Wecon operates as a main construction contractor in Hong Kong. The company was founded in 1974 and is headquartered in Central, Hong Kong. Hong Kong partner Lilian Woo, working alongside ONC Lawyers, led the firm’s team in the transaction.
Davis Polk has advised the joint lead managers on the Regulation S offering of US$150 million principal amount of 11.875 percent senior notes due 2020 by Yango (Cayman) Investment. The notes are guaranteed by Fujian Yango Group, a large private corporate group primarily engaging in property development, trading, education service and environmental protection businesses. Partner Gerhard Radtke led the firm’s team in the transaction.
Davis Polk has also advised the joint lead managers on the Regulation S only offering by Joy Treasure Assets Holdings, a wholly-owned subsidiary of China Orient Asset Management (International) Holding, of its US$400 million 3.875 percent bonds due 2024 and US$300 million 4.5 percent bonds due 2029. China Orient offers a broad range of financial services and products, including its core business of non-performing asset management. It is a wholly-owned subsidiary of China Orient Asset Management, whose ultimate parent is the Ministry of Finance of the Chinese government. Partner Paul Chow led the firm’s team in the transaction.
Gibson, Dunn & Crutcher is advising Murphy Oil on its US$2.127 billion sale of Malaysian assets. One of Murphy Oil’s subsidiaries signed a sale and purchase agreement to divest the fully issued share capital of its two primary Malaysian subsidiaries, Murphy Sabah Oil and Murphy Sarawak Oil, to a subsidiary of Exploration and Production Public Company (PTTEP). PTTEP will pay Murphy US$2.127 billion in an all-cash transaction, payable upon closing and subject to customary closing adjustments, plus up to a US$100 million bonus payment, contingent upon certain future exploratory drilling results prior to October 2020. Under the terms of the transaction, Murphy Oil will exit the country of Malaysia. The closing of the transaction is expected to occur by the end of the second quarter 2019, subject to customary and regulatory conditions. Singapore partner Brad Roach, supported by London partners James Howe and Sandy Bhogal and Washington DC partner Michael Collins, led the firm’s team in the transaction.
J Sagar Associates has advised Amazon Asia-Pacific Resources and Sistema Asia Fund, two existing investors in Qwikcilver Solutions, on the proposed sale of their shares to Pine Labs. The total deal value is over Rs6.5 billion (US$94.4m). Qwikcilver Solutions is a provider of gift card solutions and other payment solutions. Joint managing partner Vivek Chandy and partners Archana Tewary and Rohitashwa Prasad led the firm’s team in the transaction.
J Sagar Associates has also advised Unitus Seed Fund India II on its Series A investment into New Street Technologies, which provides technology-based solutions, including block-chain components, to various financial institutions and other customers. Unitus acquired a stake of around 16 percent in the company. Partner Probir Roy Chowdhury led the firm’s team in the transaction.
Khaitan & Co has advised ANI Technologies (Ola) and its founders Bhavish Aggarwal and Ankit Bhati on the approximately US$300 million primary investment by Hyundai Motor and Kia Motors for a collective stake of about 4.5 percent, as part of its Series J financing round, which is estimated at US$ 1 billion. Ola has already raised approximately US$100 million from other investors, including Sachin Bansal and Steadview Capital Mauritius, as part of this round. Ola operates a mobile technology platform that integrates city transportation for customers and driver partners in India. Its mobile application allows its customers to book a range of cabs, auto-rickshaws, bikes, and shuttle buses. Partner Sharad Moudgal, assisted by partner Rahul Singh, led the firm’s team in the transaction. J Sagar Associates, with a team led by joint managing partner Vivek Chandy and partner Archana Tewary, also advised ANI Technologies.
Khaitan & Co has also advised JM Financial, as the lead manager, on the initial offer, through a private placement to eligible investors, of units representing an undivided beneficial interest in India Infrastructure Trust at Rs100 (US$1.45) each, in accordance with SEBI Regulations 2014, as amended. The issue comprised of allotment of 95.2 million units aggregating to Rs9.52 billion (US$138.2m). In addition to the issue, 568.8 million units were also allotted to the sponsor for Rs56.88 billion (US$825.5m) in cash. Further, the trust has also issued up to 63,700 secured, listed, redeemable, non-convertible debentures, with face value of Rs1 million (US$14,513.20) each, for an aggregate of Rs63.7 billion 924.5m). Accordingly, the aggregate amount raised by the trust is Rs130.1 billion (US$1.9b), making it the largest fund raise by an InvIT in India. Executive director Sudhir Bassi, assisted by partner Abhimanyu Bhattacharya, led the firm’s team in the transaction.
L&L Partners has advised Power Finance Corporation on its Rs145 billion (US$2.1b) acquisition of the Centre’s 52.63 percent paid-up share capital in Rural Electrification Corporation. Partner Damini Bhalla, supported by partners Abdullah Hussain and Karan Mitroo, led the firm’s team in the transaction.
Maples and Calder (Hong Kong) has advised Burning Rock Biotech on a US$126 million series C round funding, led by GIC, followed by LYFE Capital, CMB International Capital, Lilly Asia Ventures, Sequoia Capital China and T&Brothers Capital. Founded in 2014, Burning Rock focuses on next-generation sequencing diagnostics solutions for precision medicine in oncology. Partner Everton Robertson led the firm’s team in the transaction.
Simpson Thacher has represented GDS Holdings on its follow-on offering of approximately 13.73 million American Depositary Shares, each representing eight Class A ordinary shares. The offering raised a total of US$460 million in gross proceeds, including full exercise of the underwriters’ overallotment option. GDS will use the net proceeds for the development and acquisition of new data centres and for other general corporate purposes. JP Morgan Securities, Morgan Stanley and RBC Capital Markets acted as joint book-runners. GDS is a leading developer and operator of high-performance data centres in China. Its ADSs are traded on the Nasdaq. Partners Daniel Fertig (capital markets) Robert Holo (tax) led the firm’s team in the transaction.
Simpson Thacher has also represented the underwriters, for which Morgan Stanley & Co and MUFG Securities Americas acted as representatives, on the offering by Mitsubishi UFJ Financial Group of US$500 million floating rate senior notes due 2022, US$1.5 billion 3.218 percent senior notes due 2022, US$1.5 billion 3.407 percent senior notes due 2024, US$1.5 billion 3.741 percent senior notes due 2029 and US$500 million 4.153 percent senior notes due 2039. The offering was made pursuant to MUFG’s shelf registration statement on Form F-3 under the Securities Act. MUFG is the holding company for one of the world’s largest and most diversified financial groups, providing a broad range of financial services in Japan and around the world. Tokyo capital markets partner Alan Cannon led the firm’s team in the transaction.
Shook Lin & Bok is acting for Fortress Minerals on its IPO and listing in Singapore to raise gross proceeds of approximately S$15 million (US$11m). Partner Tan Wei Shyan led the firm’s team in the transaction.
SSEK Legal Consultants has acted as Indonesian counsel to General Electric (GE) on the acquisition by Wabtec of GE’s transportation business. The global value of the acquisition was reportedly US$11 billion. 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 imports and provides repair services for locomotives. GE’s transportation business is best known as the manufacturer of equipment for the railroad, marine, mining, drilling and energy generation industries.
S&R Associates has advised Reliance Infrastructure on the proposed sale of its wholly-owned subsidiary DA Toll Road to Cube Highways and Infrastructure III at an enterprise value of Rs36.09 billion (US$523.6m). Partners Sandip Bhagat and Rachael Israel led the firm’s team in the transaction, which is subject to approvals.
S&R Associates has also advised the broker on the Rs33.88 billion (US$491.4m) offer for sale of 92.18 million shares of HDFC Life Insurance by a promoter, Standard Life (Mauritius Holdings) 2006, through the stock exchange in India. Partners Sandip Bhagat and Juhi Singh led the firm’s team in the transaction.
Weerawong C&P has represented Global Power Synergy, the power flagship company of PTT Group, on the acquisition of a majority stake in Glow Energy from Engie Global Developments, and the subsequent tender offer. The transaction was valued up to Bt139 billion (US$ 4.4b). Senior partner Veeranuch Thammavaranucupt and partner Samata Masagee led the firm’s team in the transaction.
