Allen & Gledhill has advised the Housing and Development Board on the issue of S$900 million (US$637.8m) fixed rate notes due 2022 as Series 073 under its S$32 billion (US$22.7b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the transaction.
AZB & Partners is advising Bharti Airtel on its acquisition, by way of merger, of Telenor (India) Communications. Senior partners Ajay Bahl, Gautam Saha and Ravi Prakash and partner Sachin Mehta are leading the transaction, which was signed on February 23, 2017 and is yet to be completed.
AZB & Partners is also advising Havells India on its Rs16 billion (US$240m) acquisition of Lloyd Electric and Engineering’s consumer durables business division. Senior partner Hardeep Sachdeva is leading the transaction, which was signed on February 18, 2017 and is yet to be completed.
Baker McKenzie has advised a group of international banks, including Deutsche Bank, JP Morgan and BNP Paribas, as joint global coordinators on VietJet Aviation Joint Stock Company’s (VietJet Air) IPO. On February 28, 2017, Vietnam’s first privately-owned new-age airline listed 300 million shares at Vnd90,000 (US$3.95) each in Ho Chi Minh. VietJet Air has established its leading position in Vietnam’s domestic airline market since 2011. Growing with Vietnam’s robust domestic and international tourism industry, the airline has accommodated more than 14 million passengers over the past two years alone, marking a 51 percent growth in passengers and 43 percent growth in revenue. Partner Nguyen HK Oanh led the transaction.
HSA Advocates has advised Statkraft BLP Solar Solutions (SBSS), a joint venture between Norway’s state-owned utility Statkraft and Bharat Light and Power, on the establishment of a 5MW solar power plant in Karnataka. Partner Ajoy Halder led the transaction.
Herbert Smith Freehills has advised Gazpromneft-Sakhalin on its international tender and contract for a semi-submersible drilling rig from Japan Drilling Company to be deployed at the Ayashsky block, located on the continental shelf of the Sea of Okhotsk. Gazpromneft-Sakhalin holds subsoil licences for the blocks in the Arctic shelf and the Sea of Okhotsk. It is a subsidiary of PJC Gazprom Neft, the only company in the world undertaking commercial production of hydrocarbons in severe offshore Arctic conditions. Partner Danila Logofet, assisted by partner Hilary Lau, led the transaction.
J Sagar Associates has represented PepsiCo on two public interest litigations enjoining the court to restrain the company from drawing water from Tamiraparani river in Tamil Nadu. In November, 2016, the Madras High Court had initially ordered PepsiCo to refrain from drawing water from the river. However, after detailed hearing, the court nullified the interim orders and dismissed the writ petitions, holding that there is no environmental impact on PepsiCo’s drawing of water from Tamiraparani river. Coca Cola was also similarly placed in the litigation. Water from this river provides half of PepsiCo’s and Coca Cola’s production for South India. Partners Vinod Kumar and Dheeraj Nair led the transaction.
J Sagar Associates has also advised Ankur Capital Fund on its Series A investment in Skillveri Training Solutions. Michael & Susan Dell Foundation participated as co-investors with Ankur Capital. Founded in 2012 by Sabarinath and L Kannan, Skillveri was incubated at the rural technology business incubator in IIT Madras to provide vocational skill training at significantly lower costs through its innovative, scalable platforms of multi-skill simulators. Joint managing partner Dina Wadia and partner Manav Raheja led the transaction.
Khaitan & Co has acted as sole counsel for The Lakshmi Vilas Bank (LVB) on its qualified institutions placement for approximately US$25 million. This is a maiden QIP by LVB in its nine-decade history. LVB was founded in 1926 and is a full-fledged commercial bank. Executive director Sudhir Bassi and partner Gautham Srinivas led the transaction.
Khaitan & Co has advised Varroc Engineering and Kotak Mahindra Bank on the issue of approximately US$12 million rated, secured, unlisted, redeemable, taxable non-convertible debentures by Varroc Engineering to Kotak Mahindra Bank. Varroc Engineering is a global automotive component manufacturer and supplier of exterior lighting systems, powertrains, electrical and electronics, body and chassis parts to passenger car and motorcycle segments. Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai. Associate partner Manisha Shroff led the transaction.
Luthra & Luthra has represented Biocon on a litigation before the Delhi High Court which passed an interim order permitting Biocon to manufacture and sell its biosimilar drug CANMAb without any restrictions. This is the first litigation on this issue and sets a precedent for manufacturing and marketing of biosimilars. In April 2016, a single judge of the Delhi High Court permitted the manufacture and sale of CANMAb but had imposed certain restrictions. This order has been stayed by the Division Bench with an express direction that Biocon can sell CANMAb without any restrictions. Partner Vijay Sondhi led the transaction.
Luthra & Luthra has represented Axiscades Aerospace and Technologies on obtaining an order from a Division Bench of the Delhi High Court, whereby the Ministry of Defence is precluded from proceeding with the tendering process relating to the acquisition of bird detection and monitoring radars systems. The court directed the Ministry of Defence not to proceed with the tendering process until the next date of hearing. The firm challenged the cancellation of an earlier tender and issuance of fresh tender as arbitrary and unreasonable, and in gross contravention to the law relating to public procurement and principles of ‘fairness in state action’. The petitioner was the lowest bidder in the tender, which was subsequently withdrawn arbitrarily and without any reason. Partner Anirban Bhattacharya led the transaction.
Maples and Calder has acted as Cayman Islands counsel to China Yuhua Education on its global offering of 750 million shares in Hong Kong. The shares are offered at HK$2.05 (US$0.264) each and the offering will raise approximately HK$1.5 billion (US$193m). Yuhua Education is the largest provider of private education, from kindergarten to university, in China by number of students. Partner Derrick Kan led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel. Sidley Austin acted as Hong Kong and US counsel for Citic CLSA Capital Markets as the sole sponsor and to CLSA, Merrill Lynch Far East, CCB International Capital, First Capital Securities and Orient Securities (Hong Kong) as the underwriters.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Xinyuan Real Estate on its issue of US$300 million 7.75 percent senior guaranteed notes due 2021, guaranteed by certain of its subsidiaries. The notes are listed in Singapore. Xinyuan Real Estate is a New York-listed real estate developer and property manager, primarily in China. Partner Derrick Kan also led the transaction, while Sidley Austin acted as Hong Kong and US counsel. Shearman & Sterling acted as US counsel to the initial purchasers, comprised of Deutsche Bank Singapore Branch, Morgan Stanley, Barclays Bank, Bank of China, CMB International Capital, Guotai Junan Securities and Haitong Securities.
Norton Rose Fulbright has acted for private printing company IPMG on the merger of the IPMG Group with PMP. IPMG provides printing and digital services throughout Australia. It operates through various businesses and offers heatset web offset printing, sheet fed and digital printing and associated finishing solutions and services. The merger with PMP results in IPMG shareholders being issued with new PMP shares, equivalent to a maximum 37 percent interest in PMP. Approximately 188 million PMP shares will be issued to IPMG shareholders as consideration for the transaction. Sydney partner John Elliott, assisted by partner Nick McHugh, led the transaction.
Paul Hastings has advised Deutsche Bank, Haitong International Securities, JP Morgan Securities, Merrill Lynch International and HSBC as the initial purchasers on the issuance of US$350 million 5 percent senior notes due 2020 by Hong Kong-listed Future Land Development Holdings, a leading Chinese property developer focused on developing quality residential and mixed-use projects. Partners Vivian Lam and James Ma led the transaction.
Rajah & Tann Singapore has advised Excel First Investments on its voluntary unconditional cash offer for the shares of Singapore-listed Kingboard Copper Foil Holdings. Based on the offer price of S$0.40 (US$0.28) per share, the group is valued at approximately S$289 million. The group is engaged in the manufacture and trading of polyvinyl butyral and related products and licensing business. Partners Danny Lim and Penelope Loh led the transaction.
Rajah & Tann Singapore has also acted for Hullet Development on the en bloc tender acquisition of all the strata lots and common property in the development at 8 Hullet Road, Singapore 229160 from two companies incorporated in Jersey and Liberia. The transaction also involved banking facilities from a local bank to finance the acquisition of the land, the payment of the development charge to the Urban Redevelopment Authority, and the construction costs of developing a new residential project at the property. The firm will be assisting in the termination of strata title, winding up of the Management Corporation Strata Title Plan No. 2721 and redevelopment of the property into a high-end residential project. Partners Norman Ho and Chou Ching led the transaction, while partner Cindy Quek acted for the bank on the financing aspects.
Skadden has represented Nasdaq-listed JD.com, the largest Chinese e-commerce company by revenue, on definitive agreements relating to the reorganisation of JD Finance, which runs JD.com’s internet finance business. Pursuant to the agreements, JD.com will dispose of its 68.6 percent equity stake in JD Finance, so that JD.com will hold neither legal ownership nor effective control of JD Finance, and will receive approximately Rmb14.3 billion (US$2.07b) in cash upon closing and be entitled to receive 40 percent of the future pre-tax profit of JD Finance thereafter. In addition, JD.com will be able to convert its profit sharing right with respect to JD Finance into 40 percent of JD Finance’s equity interest, subject to applicable regulatory approvals. Hong Kong partner Julie Gao led the transaction.
Sullivan & Cromwell has represented Telstra on its sale of approximately 6.5 percent of the total issued shares in Autohome to Yun Chen Capital Cayman, an affiliate of Ping An Group. Melbourne corporate partner Robert Chu led the transaction, which was completed on February 22, 2017.
Sullivan & Cromwell is also representing Goldman Sachs as financial adviser to Intelsat on its definitive combination agreement with OneWeb, pursuant to which Intelsat and OneWeb will merge in a share-for-share transaction. Intelsat and SoftBank Group also entered into a definitive share purchase agreement, pursuant to which SoftBank will invest US$1.7 billion in newly issued common and preferred shares of the combined company. New York corporate partner Stephen Kotran led the transaction, which was announced on February 28, 2017.
Tay & Partners, working alongside Oh-Ebashi LPC & Partners, has advised Duskin on the closing of its acquisition of a 90 percent stake in Big Apple Worldwide Holdings. Duskin is the operator of the Mister Donut chain, while Big Apple is the operator of the Big Apple doughnut chain. Partner Teo Wai Sum led the transaction.
WongPartnership has acted for ARA Asset Management on its acquisition of a 50 percent interest in Singapore’s Capital Square office tower in the city’s central business district. Partners Susan Wong, Monica Yip and Quak Fi Ling led the transaction.
WongPartnership has also acted for Straits Real Estate, the real estate investment arm of The Straits Trading Company, on the acquisition of the entire issued share capital of Singapore-incorporated Nikko AM Japan Property I-I and Nikko AM Japan Property I-II, which collectively own Splendid Namba II, a freehold residential property in Japan. Partners Alvin Chia, Ong Sin Wei and Tan Li Wen led transaction.
