Allen & Gledhill has advised Allianz Real Estate on its joint venture with ESR to establish an investment programme targeting the logistics market in India. ESR is a leading Asia-Pacific logistics real estate and fund management platform. The initial equity commitment into the joint venture is €200 million (US$224.3m), funded on a 50:50 basis by Allianz and ESR. The joint venture is targeted to be an approximately US$1 billion assets under management platform. Partners Richard Young, Lim Chong Ying, Mark Quek, Sathiaseelan Jagateesan, Scott Clements and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised DBS Group Holdings on the issue of its US$750 million 2.85 percent notes due 2022 under its US$30 billion global medium term note programme. Partner Glenn Foo led the firm’s team in the transaction.
AZB & Partners is advising KKR & Co, through Esoteric II and Electron IM, and India Grid Trust (IGT) and its investment manager, Sterlite Investment Managers (SIM), on KKR’s investment in IGT and SIM. The transaction comprised of the KKR’s acquisition of approximately 40percent of the units of the Sterlite-sponsored IGT and of an approximately 74 percent controlling stake of the share capital in SIM, and IGT’s acquisitions of 100percent of the shares of two power transmission companies, NRSS XXIX Transmission and Odisha Generation Phase-II Transmission, from Sterlite Grid 2 and Sterlite Grid 3. Partners Ashwath Rau, Atreya Bhattacharya and Aditi Gopalakrishnan are leading the firm’s team in the transaction, which was valued at Rs61.2 billion (US$871.3m), signed on April 30, 2019 and is yet to be completed.
AZB & Partners is also advising Bharti Airtel and Bharti Airtel Services on the acquisition by Hughes Communications India of the VSAT business of Bharti Airtel and the acquisition by HCIL Comtel of the VSAT business of Bharti Airtel Services. Post the scheme of arrangement becoming effective, Hughes and HCIL Comtel, or their affiliates, will have majority ownership and Bharti Airtel will have a significant shareholding in the resulting combined entity. Partners Vinati Kastia, Abhishek Shinde and Bharat Apte are leading the transaction, which was signed on May 6, 2019 and is yet to be completed.
Baker McKenzie has advised Chinese tech giant Tencent Holdings on the establishment of the joint venture, Infinium, and also the application for a virtual banking licence, which was approved by the Hong Kong Monetary Authority on May 9, 2019. Infinium is a joint venture among Tencent, Industrial and Commercial Bank of China (Asia), Hong Kong Exchanges and Clearing, Hillhouse Capital and renowned Hong Kong entrepreneur Adrian Cheng, who invested via investment entity Perfect Ridge. Headquartered in Hong Kong, Infinium aims to leverage its advanced technology and the new applications of FINTech to promote financial inclusion in Hong Kong and to bring customers and enterprises a brand-new, efficient and secure virtual banking experience, enabling users to enjoy better and more convenient financial services in the future. Hong Kong partners Karen Man, global head of financial services regulatory practice, and Andrew Lockhart, supported by Hong Kong M&A partners Grace Tso and Tracy Wut, led the firm’s team in the transaction.
Clifford Chance has advised international energy services group Serba Dinamik Holdings on the international aspects of its US$300 million high yield sukuk offering, due 2022. The offering was issued by SD International Sukuk, with trust obligations guaranteed by Serba Dinamik, and is listed in Singapore and the Labuan Financial Exchange. The transaction combines a high yield covenant package and credit structure with a wakalah-bil-istithmar sukuk, and represents the first US dollar high yield sukuk offering in Asia Pacific. Partner Gareth Deiner, supported by global head of islamic finance Qudeer Latif and partner Johannes Juette, led the firm’s team in the transaction, while Zaid Ibrahim & Co acted as Malaysian counsel.
Davis Polk has advised Zai Lab on its follow-on offering of US$230 million of American depositary shares representing approximately nine million ordinary shares of the company. The ADSs are listed on the Nasdaq. Zai Lab is a China and US-based innovative commercial stage biopharmaceutical company, focused on bringing transformative medicines for cancer, infectious and autoimmune diseases to patients in China and around the world. Partner Li He led the firm’s team in the transaction. Simpson Thacher, with a team led by partners Art Robinson and Hui Lin (capital markets), Robert Holo (tax) and Lori Lesser (IP), represented JP Morgan Securities, Citigroup Global Markets, Jefferies and SVB Leerink, as the underwriters.
Gide has advised Air Liquide, a world leader in gases, technologies and services for industry and health, on the creation of a joint venture with Chengdu Huaqi Houpu Holding to develop hydrogen refilling stations for fuel cell electric vehicles. The joint venture, Air Liquide Houpu Hydrogen Equipment, will enable the companies to develop projects together, with a view to promote the development of a network of hydrogen stations in China. The collaboration will combine Air Liquide’s global technological expertise in clean hydrogen mobility solutions with Houpu’s leadership in the production and construction of natural gas refilling stations in the Chinese market. It is also aligned with the Chinese government’s 13th Five-Year Plan, which aims to support clean transportation, including through the development and sale of fuel cell electric vehicles. Partner David Boitout led the firm’s team in the transaction.
J Sagar Associates has advised State Bank of India on its listing of US$1.25 billion bonds on the global securities market platform of Bombay’s India International Exchange at the Gujarat International Finance-Tec City. Partners Dina Wadia and Uttara Kolhatkar led the firm’s team in the transaction.
J Sagar Associates has also advised Bharat Petroleum on the issue of US$500 million bonds under its US$2 billion medium term note programme. Partners Dina Wadia and Uttara Kolhatkar led the firm’s team in the transaction.
Khaitan & Co has advised Nature’s Essence and Samara Alternate Investment Fund on a senior secured borrowing of a rupee term loan facility of Rs1.6 billion (US$22.8m) from The Hongkong and Shanghai Banking Corporation for acquisition of the business from Nature’s Organics by Nature’s Essence, and restructuring of the group structure based on the abovementioned and other acquisitions. Partner Kumar Saurabh Singh, supported by partner Mayank Singh, led the firm’s team in the transaction.
Khaitan & Co, along with Slaughter and May, has also advised Reliance Brands on the acquisition of 100 percent of the share capital of Hamleys Global Holdings from C Banner International Holdings for an enterprise value of about £67 million (US$86.5m). A toy-retailer with over 250 years history, Hamleys has more than 160 stores across 18 countries. Reliance Brands is a subsidiary of Reliance Industries and operates over 400 stores in India, with over 30 international brand partnerships. Completion of the purchase is expected to occur later this year. Partners Rahul Dutt and Akshay Bhargav, supported by partners Moin Ladha, Anisha Chand, Ritu Shaktawat, Adheesh Nargolkar and Shailendra Bhandare and executive director Dinesh Agarwal, led the firm’s team in the transaction.
Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has acted for Carmel Development, a joint venture between Hong Leong Holdings, Hong Realty and Guocoland, on the S$980 million (US$716m) acquisition of all the strata lots and common property comprised in the 290-unit freehold residential development known as Pacific Mansions in River Valley, Singapore. This acquisition of Pacific Mansions is the highest transacted collective sale in more than a decade and is the second-highest transacted collective sale in Singapore. Partners Norman Ho and Gazalle Mok led the firm’s team in the transaction.
Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has also acted for 8M Real Estate on four asset and share acquisitions for the related companies of 8M, with an aggregate deal value of about S$160 million (US$117m). Partners Norman Ho, Chou Ching, Terence Quek and Celeste Lee led the firm’s team in the transaction.
Simpson Thacher has represented the representatives of the underwriters, Morgan Stanley, Credit Suisse, JP Morgan and CICC, on the IPO and listing on the Nasdaq of Yunji. The offering was comprised of 11 million American depositary shares, representing 110 million Class A ordinary shares, before exercise of the underwriters’ overallotment option. The base offering size was US$121 million. A leading e-commerce platform in China, Yunji has pioneered a unique, membership-based model that leverages the power of social interaction. Partners Chris Lin (capital markets) and Robert Holo (tax) led the firm’s team in the transaction.
Simpson Thacher has also represented the underwriters on the IPO and listing on the Nasdaq of So-Young International. The offering was comprised of 13 million American depositary shares, representing 10 million Class A ordinary shares, before exercise of the underwriters’ overallotment option. The base offering size was US$179.4 million. So-Young is the most popular online destination for discovering, evaluating and reserving medical aesthetic services in China. So-Young aims to become the most trusted technology company in the broader consumption healthcare service industry. Capital markets partner Chris Lin led the firm’s team in the transaction.
S&R Associates has represented Morgan Stanley, Kotak Mahindra, JP Morgan, DSP Merrill Lynch, Axis Capital, Credit Suisse, Deutsche Equities, Goldman Sachs, HSBC, IIFL Holdings, JM Financial and Nomura, as the book-running lead managers, on the Rs.47.49 billion (US$676m) IPO by Embassy Office Parks Reit, a real estate investment trust owning office properties and co-sponsored by the Embassy and Blackstone groups. This is India’s first real estate investment trust listing. Partners Sandip Bhagat and Jabarati Chandra led the firm’s team in the transaction.
S&R Associates has also represented Sidwal Refrigeration Industries, a manufacturer of air conditioning and refrigeration products, and its promoters on the acquisition of 80 percent of its share capital by Amber Enterprises India, a listed manufacturer of air conditioners. Partner Viral Mehta led the firm’s team in the transaction.
Wadhwa Law Chambers has advised Vikram Bakshi and Bakshi Holding, former joint venture partner of McDonald’s India, on the settlement, wherein McDonald’s India and its affiliate McDonald’s Global Markets gained full ownership of Connaught Plaza Restaurants, and the acquisition by McDonald’s Global Markets of fifty percent voting equity shares in Connaught Plaza Restaurants, held since inception by Bakshi and his affiliated entity. Bakshi signed the JV as an equal equity (50/50) partner with McDonalds in 1995, established the first McDonald’s restaurant in India in 1996 and brought the McDonald’s experience to millions of customers in the market. Satvik Varma, Anirudh Wadhwa, Abhishek Iyer, Keshav Gulati and Akhil Sibal led the firm’s team in the transaction. S&R Associates, with a team led by partners Rajat Sethi, Niti Dixit and Mohit Gogia, advised McDonald’s India and other McDonald’s Group companies.
Wong & Partners, a member firm of Baker McKenzie International, has advised Horizon Education Asia, a private equity investment company advised by Regulus Advisors, on its acquisition of a 31.86 percent stake in Regent International Schools from RIS Learning. Regent operates five successful international school campuses in Malaysia. Partner Munir Abdul Aziz led the firm’s team in the transaction, which was valued at M$24 million (US$5.7m) and was completed on May 7, 2019. Kadir Andri & Partners advised the seller.
WongPartnership has acted for Samsung Ventures on its investment in the Series A funding round for Swingvy which raised US$7 million. The funding round is Samsung Ventures’ first investment in South East Asia and included other investors, namely Aviva Ventures, Bass Investments, Walden International, and Big Basin Capital. Partners Kylie Peh, Chan Jia Hui and Kyle Lee led the firm’s team in the transaction.