Allen & Gledhill has advised Credit Suisse (Singapore), DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank, as the joint lead managers and joint book-runners, on the issue of S$350 million (US$256.5m) 5.6 percent subordinated perpetual securities by ARA Asset Management, under its S$1.5 billion (US$1.1b) multicurrency debt issuance programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Ashurst has acted as lead counsel to ING on the provision of the world’s first sustainability performance linked fund financing. The up to US$65 million three-year revolving loan facility to Quadria Capital Fund II is the first of its kind in the global fund finance industry. The facility’s borrowing interest rate is pegged to the sustainability performance of the fund, which is measured against a set of ESG performance targets, which follows the United Nations’ Principles for Responsible Investment. ING is the first financial institution globally to launch the concept of a sustainable loan. It collaborated with Philips in 2017 on a €1 billion (US$1.1b) syndicated loan, with an interest rate linked to sustainability performance and rating. To date, ING has completed four sustainability improvement loan facilities in Asia and 66 globally. Quadria Capital is a Singapore-based healthcare focused private equity firm, with assets under management exceeding US$1.8 billion and investments in some of the fastest-growing markets in the Asia Pacific region. Partner Jean Woo, supported by New York partner Mike Neary, led the firm’s team in the transaction.
AZB & Partners is advising Ascendas India Trust on the acquisition by its subsidiary, Ascendas IT Park Chennai, of debentures issued by Anomalous Infra, and on the acquisition by Ascendas of 100 percent interest in Anomalous Infra. Partners Ananya Sharma and Monika Bhonsale are leading the firm’s team in the transaction, which was valued at Rs2.15 billion (US$30.3m) and is yet to be completed.
AZB & Partners has also advised ESR Advisers India on its acquisition of approximately 51 percent of Altamount Road Property. Partners Sai Krishna Bharathan and Ananya Sharma led the firm’s team in the transaction, which was completed on May 29, 2019.
Baker McKenzie has advised METRO AG on the establishment of a strategic partnership with Wumei Technology Group, a leading retailer in China. In the course of the transaction, METRO AG sells its entire stake in METRO China to a Wumei investment vehicle, against cash and a 20 percent stake in the resulting joint venture. The transaction is based on a total enterprise value of €1.9 billion (US$2.1b), and is subject to customary government and regulatory approvals in China. METRO is a leading international wholesale company, with food and non-food assortments specialised on serving the needs of hotels, restaurants and caterers, as well as independent traders. PartnersHoward Wu (Shanghai) and Ingo Strauss (Dusseldorf), supported by partners Grace Tso (Hong Kong), Frank Zhuang (Shanghai), Heiko Gotsche (Dusseldorf), Christian Atzler (Frankfurt) and Michael Fammler (Frankfurt), led the firm’s team in the transaction, working closely alongside FenXun Partners.
Baker McKenzie is also acting as Hong Kong law counsel to YCIH Green High-Performance Concrete on its global offering and Hong Kong public offering. YCIH is a leading ready-mixed concrete producer in China, which produces and supplies concrete and related construction materials, as well as provide quality and technology management services to its customers. It is also the first concrete producer in Yunnan Province to introduce modernised, scientific and environmentally-friendly manufacturing concepts into its production. Beijing partner Hang Wang, working closely alongside Bing Han of FenXun Partners, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised the Adani Family, the promoters of Adani Gas, and Adani Gas on the acquisition of 37.4 percent stake in Adani Gas by French energy giant Total Holdings. Post the completion of the proposed transaction, each of the Adani Family and Total shall ultimately hold 37.4 percent each in Adani Gas. This joint venture will create one of the largest downstream integrated energy companies in India. Managing partnerCyril Shroff, international taxation head Daksha Baxi and partners L Viswanathan, Ravi Kumar, Ruetveij Pandya, Paridhi Adani, Avaantika Kakkar and Jatinder Cheema led the firm’s team in the transaction, which was signed on October 14, 2019. Latham & Watkins acted as international counsel, while AZB & Partners, with a team led by partners Zia Mody, Ashwath Rau, Kashish Bhatia and Medha Marathe, acted as domestic counsel to Total. Clifford Chance acted as international counsel to Adani Gas.
J Sagar Associates has advised WebMD Health Corp on the India leg of a global transaction involving the acquisition of Aptus Health, a wholly-owned subsidiary of Merck & Co which offers health and life sciences companies an integrated approach to engaging healthcare professionals, consumers and other stakeholders, through an array of high-value digital information channels and services. Partners Shivpriya Nanda, Minu Dwivedi and Zain Pandit, supported by partner Kumarmanglam Vijay, led the firm’s team in the transaction.
J Sagar Associates has also advised a consortium of investors led by Gofrugal Technologies on its investment in Chennai-based cleantech start-up Wegot Utility Solutions. Wegot designs and develops solutions for utility management services, especially for conservation of water for residential and industrial users, by providing a technology platform to the utility devices provided by its manufacturing arm. The seed funding saw a total investment of approximately Rs130 million (US$1.83m) from Gofrugal Technologies, Brigade Innovation, Shyam Sekhar and other private equity investors. Partners Aarthi Sivanandh and Bhavana Alexander led the firm’s team in the transaction.
Khaitan & Co has advised Larsen & Toubro Infotech on its acquisition of the entire paid-up share capital of Powerupcloud Technologies from its shareholders for an enterprise value of US$15 million. Partner Niren Patelled firm’s team in the transaction.
Khaitan & Co has also advised Berger Paints India on the proposed acquisition of 95.53 percent shares of STP from Turner Morrison and certain other STP shareholders for an enterprise value of approximately Rs1.67 billion (US$23.6m), subject to closing adjustments, if any. Partner Arindam Sarkar, supported by partners Gaurav Dasgupta and Shailendra Bhandare, led the firm’s team in the transaction.
Maples Group (Hong Kong) has acted as Cayman Islands counsel to Pinduoduo on its issuance of US$1 billion aggregate principal amount of zero percent convertible senior notes due 2024, which are convertible into American depositary shares. The issue closed on September 27, 2019. Pinduoduo is a “new e-commerce” platform and one of the leading Chinese e-commerce players. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Kirkland & Ellis acted as US counsel to the initial purchasers, including BofA Securities and Goldman Sachs (Asia).
Maples Group (Hong Kong) has also acted as Cayman Islands counsel to Cayman Islands company Opera on its shelf offering on the Nasdaq global market of approximately 7.5 million American depositary shares, raising approximately US$75 million. The offering closed on September 24, 2019. Opera is a leading global internet brand with a large, engaged and growing base of over 350 million average monthly active users in the quarter ended June 30, 2019. Partner Everton Robertson led the firm’s team in the transaction, while Kirkland & Ellis Internationalacted as US counsel. Wilson Sonsini Goodrich & Rosati acted as US counsel to Citigroup Global Markets and China International Capital Corporation Hong Kong Securities, as the underwriters.
Simpson Thacher is advising KKR on the signing of certain definitive agreements, under which KKR and an affiliate of Singapore’s sovereign wealth fund GIC will invest in Metro Pacific Hospital Holdings, through a series of investments in common shares in Metro Pacific Hospitals and in mandatorily exchangeable bonds issued by Metro Pacific Investments Corporation. Partners Ian Ho and Katharine Moir are leading the firm’s team in the transaction.
TT&A has represented Great Eastern Energy (GEE) on securing from the Delhi High Court on October 10, 2019 the dismissal of the petition filed by Saurabh Tripathy against GEE, and upholding the order of the Competition Commission of India (CCI) exonerating GEE of allegations on abuse of dominance in the market for supply of coal bed methane gas in the Asansol-Raniganj-Durgapur industrial area. The Delhi High Court also held that the petition amounted to abuse of process of law, as Saurabh Tripathy, who is an employee of SRMB Srijan, was not authorised by SRMB to espouse its cause. However, in view of the disputes that had arisen between SRMB and GEE, SRMB had put up the petitioner to pursue proceedings against GEE before the CCI. Accordingly, the Delhi High Court imposed costs quantified at Rs50,000 (US$705.42) on Saurabh Tripathy to be paid to both GEE and the CCI. Partner Ram Kumar Poornachandran led the firm’s team in the transaction.
Wong & Partners, the member firm of Baker McKenzie in Malaysia, is acting as lead transaction counsel to Gribbles Pathology (Malaysia) on its proposed M$42 million (US$10m) acquisition of a 100 percent stake in MPath and its subsidiaries from Malaysian Genomics Resource Centre. Gribbles is indirectly-owned by Pathology Asia Holdings, a part of leading global private investment firm TPG. MPath has three subsidiaries, namely Clinipath (Malaysia), Clinipath Capital and Medical Scan. As the main operating subsidiary, Clinipath (Malaysia) provides pathological and medical laboratory services in Malaysia. Clinipath Capital rents out commercial properties to Clinipath (Malaysia) for its laboratories. Medical Scan provides medical laboratory services in Malaysia, but had ceased its business operation since January 1, 2017. Partner Munir Abdul Aziz is leading the firm’s team in the transaction.
