AZB & Partners has advised Fairfax group entity FIH Mauritius Investments (FIHM) on its Rs4.5 billion (US$66m) acquisition of additional equity share capital of Bangalore International Airport from Siemens Project Ventures. After the acquisition, FIHM holds 54 percent share in Bangalore International Airport. Partner Ashwin Ramanathan led the firm’s team in the transaction, which was completed on May 16, 2018.
AZB & Partners has also advised Kiran Energy Solar Power on the acquisition by Hinduja Power of 100 percent of the share capital of Kiran Energy Solar Power. Partner Sai Krishna Bharathan led the firm’s team in the transaction, which was valued at more than US$10 million and was completed on May 11, 2018.
Colin Ng & Partners has acted as Singapore counsel for Hera Capital Partners Holdings IV, a Singapore-domiciled single asset fund, which is an investor in a series E-plus pre-IPO investment round by Go-Jek. Go-Jek is one of South-east Asia’s leading digital platforms providing consumers with transportation, food delivery, logistics and payment services. Go-Jek’s payment system, known as Go-Pay, has emerged as one of the most popular mobile payment platforms in Indonesia. The main objective of the fund is to sell its investment in Go-Jek, following a successful IPO of Go-Jek. Partner Bill Jamieson led the firm’s team.
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DLA Piper has advised Mediclinic Middle East, one of the largest private health care providers in the UAE, on its acquisition of two Dubai-based health clinics from Majid Al Futtaim Healthcare. Mediclinic will acquire City Centre Clinic Deira, a large outpatient facility opened in 2013, with two day-care surgery theatres and 18 medical disciplines, and City Centre Clinic Me’aisem, a smaller community clinic focusing on six core disciplines. Mediclinic Middle East is part of Mediclinic International, one of the top ten listed private hospital groups in the world. Dubai corporate partner Richard Hughes led the firm’s team in the transaction, which is subject to regulatory approvals.
J Sagar Associates has represented Chintalapati Srinivasa Raju (CSR)and his investment company Chintalapati Holdings (CH)on an appeal filed before the Supreme Court of India against the decision of the Securities Appellate Tribunal (SAT), which upheld the finding of SEBI that CSR and CH were involved in insider trading. On its order dated May14, 2018, the Supreme Court exonerated both CSR and CH from insider trading charges, and set aside the decision of SAT. The Bench observed that SEBI failed to establish the requirements set out in the definition of “insider” under the Insider Trading Regulations, and that SEBI failed to demonstrate that CSR had possession of any inside information while executing his trades on the market. Partners Ravichandra Hegde and Divyam Agarwal represented the clients.
J Sagar Associates has also advised ICICI Securities and Citigroup Global Markets India asthe lead managers on the Rs31.45 billion(US$461m) private placement of units of the IndInfravit Trust. The transaction was the first private placement of units of an infrastructure investment trust. Consequent to the private placement, the units of the IndInfravit have been listed in India. L&T Infrastructure Development Projects (L&TIDP), a subsidiary of Larsen & Toubro (L&T), is the sponsor of the IndInfravit. The trustee and investment manager of the IndInfravit are IDBI Trusteeship Services and LTIDP INDVIT Services, respectively. Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partners (ACP) were the major investors in the transaction, and acquired 30 percent and 20 percent, respectively, of the aggregate units of the IndInfravit. Joint managing partner Dina Wadia and partner Arka Mookerjee led the firm’s team, while Simmons & Simmons Singapore acted as international counsel. L&TIDP was advised by Cyril Amarchand Mangaldas, while L&T was advised by Wadia Ghandy & Co. CPPIB was advised by Cyril Amarchand Mangaldas and Freshfields Bruckhaus Deringer Singapore, while ACP was advised by Shardul Amarchand Mangaldas & Co.
Khaitan & Co has advised private equity fund Ascendas India Trust on the subscription by its subsidiaries, Ascendas Property Fund and VITP, to the non-convertible debentures of Loma Co-Developers 1 (Loma 1) and Loma Co-Developers 2 (Loma 2), and the proposed purchase of 100 percent of shares of Loma 1 and Loma 2, through Ascendas Property Fund (India), based on certain leasing milestones. Ascendas India Trust is a property trust, which owns six IT parks in India. The trust’s principal activity is to own income-producing real estate used primarily as business space in India. Partner Abhishek Sinha, assisted by executive director Dinesh Agarwal and partners Abhishek Sharma and Manisha Shroff, led the firm’s team.
Khaitan & Co has also advised Ultratech Cement on the cement division of Century Textiles and Industries, which will be demerged and transferred to UltraTech Cement, pursuant to a scheme of arrangement under Sections 230 to 232 of the Companies Act 2013. UltraTech Cement is the largest manufacturer of grey cement, ready mix concrete and white cement in India. It is also one of the leading cement producers globally. Partners Haigreve Khaitan and Mehul Shah led the firm’s team.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to HUYA on its offering and listing of ADSs in New York. HUYA is a leading pioneer of live game broadcasting in China. The offering has raised up to US$180 million. The transaction closed on May 15, 2018. Partners Greg Knowles and Richard Spooner led the firm’s team, while Skadden, Arps, Slate, Meagher & Flom and Commerce & Finance Law Offices acted as US and China counsel, respectively. Kirkland & Ellis and Fangda Partners acted as US and China counsel, respectively, to the underwriters Credit Suisse Securities (USA), Goldman Sachs (Asia) and UBS Securities.
Shook Lin & Bok has acted as Singapore counsel on the Regulation S notes offering and issuance by Logan Property Holdings, including advising on the qualifying debt securities treatment of the notes under the Singapore Income Tax Act, and acting as Singapore listing agent on the listing and quotation of S$200 million (US$149m) 6.125 percent senior notes due 2021 issued by Logan Property Holdings.
Skadden, Arps, Slate, Meagher & Flom has acted as primary counsel to Vision Plus Capital Partners’ (VPlus)US dollar-denominated fund II on the successful fundraising by VPlus of two funds totalling US$500 million, consisting of a RMB-denominated fund II and a US dollar-denominated fund II, each at US$250 million or equivalent amount. The funds primarily focus on several target industries, including consumer internet, digital healthcare, advanced computing and related technologies, products and services. VPlus’ successful fundraising of its fund II follows closely from that of its fund I, which closed in 2015 at a sizeable aggregate amount of US$250 million. Founded in 2015, VPlus is one of the most unique and dynamic China venture capital firms today. It primarily focuses on early-stage deals in the sectors of consumer internet, enterprise services, digital healthcare, internet finance and advanced computing. VPlus is headquartered in Hangzhou and has offices in Beijing and Shanghai. Partner Geoffrey Chan led the firm’s team.
Stephenson Harwood has advised BOCOM International (Asia) (BIA) as the sole sponsor on the listing of the shares of HPC Holdings in Hong Kong. HPC has raised HK$180 million (US$23m) from the global offering. BIA is a Hong Kong corporate finance subsidiary of BOCOM International Holdings. HPC is a Singapore-based construction company involved in projects for both the public and private sectors, including industrial, logistics and warehouse, infrastructure, residential and commercial construction projects. Corporate partners Ivan Tan (Shanghai) and Anthony Chan (Hong Kong), supported by Singapore partner Elaine Beh, led the firm’s team.
TT&A has advised Telus International on its acquisition of the Xavient Group entities in India. The transaction involved the acquisition of the US and India operations of Xavient by Telus. Telus is a multinational provider of global contact centre, business process and information technology outsourcing services and is a subsidiary of Telus Corporation, a Canadian corporation listed in New York and Toronto. Mumbai partner Kunal Thakore led the firm’s team in the transaction, which closed on February 6, 2018. Stikeman Elliott advised Telus on the US acquisition, while Linklaters New York, Washington and London acted as international advisers. J Sagar & Associates and Nevers, Palazzo, Packard, Wildermuth & Wynner acted as Indian and international advisers, respectively, to Xavient.
WongPartnership is acting for Frasers Property on its joint investment worth US$177 million with GIC and JustCo, to develop a co-working space platform across Asia, and on its investment in subscribing for up to 13.2 percent of the issued and paid-up capital of JustGroup Holdings. Partners Chan Sing Yee, Miao Miao and Kyle Lee are leading the transaction.