Allen & Gledhill has advised Agricultural Bank of China Singapore Branch on the issue of US$500 million floating rate notes due 2022, under its US$15 billion medium term note programme. Partner Glenn Foo led the firm’s team in the transaction.
Allen & Gledhill has also advised DBS Bank, acting through its Australia Branch, on the issue of A$700 million (US$471m) floating rate notes due 2022 under its US$30 billion global medium term note programme. Partner Glenn Foo also led the firm’s team in the transaction.
AZB & Partners is advising Colliers International Group on the acquisition by Colliers International (India) Property Services of a more than 50 percent controlling interest in Synergy Property Development Services. The acquisition will be followed by a merger of the target into the acquirer. Partners Kashish Bhatia and Ami Parikh are leading the firm’s team in the transaction, which was signed on September 18, 2019 and is yet to be completed.
AZB & Partners is also advising Petredec Holdings (Eastern) on the approximately Rs1.54 billion (US$21.6m) acquisition by Petredec India Holdings of more than 30 percent equity stake in NGC Energy India. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on September 8, 2019 and is yet to be completed.
Assegaf Hamzah and Partners, member firm of Rajah & Tann Asia, has acted for Japanese multinational IT services company ITOCHU Techno-Solutions on its Rp980 billion (US$69.2m) acquisition of 70 percent of shares in Nusantara Compnet Integrator and Pro Sistimatika Automasi. Partner Eko Basyuni led the firm’s team in the transaction.
Clifford Chance has advised JP Morgan and Morgan Stanley, as the joint sponsors, and the underwriters on the US$5 billion IPO and listing in Hong Kong of Budweiser Brewing Company APAC, the largest and a fast growing beer company in Asia Pacific. Budweiser APAC is the Asian business of Anheuser-Busch Group. Partners Virginia Lee and Jean Thio, supported by partner Amy Lo, led the firm’s team in the transaction, which is the second biggest IPO globally this year, and the largest in Hong Kong so far.
Davis Polk has advised Sumitomo Mitsui Financial Group (SMFG) on its SEC-registered takedown offering of senior total loss-absorbing capacity (TLAC) notes, under the Japanese TLAC regulations. The offering consisted of US$1 billion 2.448 percent senior notes due 2024 and US$500 million 2.724 percent senior notes due 2029. SMBC Nikko Securities America, Goldman Sachs & Co, BofA Securities and Citigroup Global Markets were the joint lead managers and joint book-runners for the offering. SMFG is the holding company for one of the three largest banking groups in Japan. Its wholly-owned subsidiary, Sumitomo Mitsui Banking Corporation, is one of the world’s largest commercial banks by assets. Partner Jon Gray led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on a US$40 million Regulation S offering by Golden Wheel Tiandi Holdings of its seven percent senior notes due 2021, to be consolidated and form a single series with the issuer’s US$360 million seven percent senior notes. Hong Kong-listed Golden Wheel Tiandi is an integrated commercial and residential property developer, owner and operator in China. It focuses on developing projects in Jiangsu and Hunan provinces that are connected or close to metro stations or other transportation hubs. It also manages and sub-leases shopping malls in newly developed metro systems. Partner Gerhard Radtke led the firm’s team in the transaction.
Hung & Partners has acted for Energy China TEPC, the EPC contractor for the 50 MWAC Solar PV Project in Kuala Ketil, Kedah, Malaysia. The Kuala Ketil Solar Farm is one of the large scale solar photovoltaic plants in Malaysia which started commercial operation on February 25, 2019 and was officially launched in September 2019. KH Hung led the firm’s team in the transaction.
J Sagar Associates has advised OFB Tech on the raising of funds under its Series D investment round of Rs2.4 billion (US$33.7m). Norwest Venture Partners was the lead investor, while Falcon Edge Capital and Matrix Partners were the participating investors. Partners Lalit Kumar and Bharati Joshi led the firm’s team in the transaction, which involved both primary and secondary acquisitions.
J Sagar Associates has also advised ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities as the book-running lead manager on the proposed IPO of Route Mobile. Route Mobile has filed a draft red herring prospectus with the SEBI for an offer of equity shares aggregating up to Rs6 billion (US$84.2m), comprising a fresh issue of up to Rs2.4 billion (US$33.7m) and an offer for sale of up to Rs3.6 billion (US$50.5m) by Route Mobile promoters Sandipkumar Gupta and Rajdipkumar Gupta. Route Mobile provides cloud-communication platform as a service to enterprises, over-the-top players and mobile network operators. It was ranked second globally as a tier 1 application-to-peer service provider in 2017. Partners Vikram Raghani and Arka Mookerjee led the firm’s team in the transaction.
Milbank acted as the sole international counsel for the joint lead managers in connection with two Asean green bond issuances by Bank of Philippine Islands (BPI), with a combined value of approximately US$405 million. The two issuances were groundbreaking in a number of ways. The first issuance of US$300 million Asean green bonds marked the first US dollar-denominated Asean green bond to be issued by a Philippine bank. The second issuance of SFr100 million (US$105m) Asean green bonds marked the first-ever public Swiss franc-denominated benchmark bond to be issued out of the Philippines. The bonds, which hold a zero annual coupon and will mature in 2021, also represent the first negative-yielding bonds issued out of the Philippines in the international capital markets and the first rated Philippine green bond in the international market (Baa2 with stable outlook by Moody’s).
Paul Hastings has advised IYUNO Media Group on the merger with BTI Studios. The two companies, which are among the five largest in the content localisation industry globally, will merge under the IYUNO Media Group brand. Upon the completion of the transaction, the combined company will become a new global market leader in content localisation, supported by powerful financial institutions and leading-edge technology. Headquartered in Singapore, IYUNO Media Group provides its global clients with end-to-end content localisation, media and creative post-production services. Stockholm-based BTI Studios is one of the world’s fastest growing localisation companies providing dubbing, subtitling and access services in any language. Seoul corporate partner Dong Chul Kim, supported by partner Pierre Kirch (Brussels and Paris), led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Royal & Sons Organisation on the approximately S$160 million (US$115.8m) disposal of Royal Hiranandani, the holding company for the property situated at 12 Orange Grove, Singapore, also known as “Darby Park Executive Suites”, which is located in one of Singapore’s most prestigious precincts. Partners Norman Ho, Tracy Ang and Loh Chun Kiat led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted on the S$170 million (US$123m) sale by Fullshare Value Fund I(A) of its entire interest in Five Seasons XXII, which indirectly owns the development known as Plus at 20 Cecil Street, Singapore. Fullshare Holdings had provided a guarantee to the purchaser to secure the obligations of Fullshare Value Fund I(A). Partners Chia Kim Huat, Chen Xi, Lee Weilin, Sim Chee Siong, Penelope Loh, Lina Chua and Gazalle Mok led the firm’s team in the transaction.
RHTLaw Taylor Wessing has successfully acted on the disposal of a prime Grade A office building in Europe for a family office owned by an UHNW client. The property was purchased by a leading real estate asset management company. Senior partner and co-head of private wealth industry group Tan Chong Huat, assisted by litigation and dispute resolution practice partner Lou Ling Ling, led the firm’s team in the transaction. Linklaters acted as local counsel.
Shardul Amarchand Mangaldas & Co has advised Blackstone Group on acquiring 50 percent share capital of Indiabulls Properties, Indiabulls Real Estate, Yashita Buildcon and Ashkit Properties from Indiabulls Real Estate. The target companies own and manage marquee projects, such as Indiabulls Finance Centre, One Indiabulls Centre and Indiabulls Tech Park. Partner Anuj Bhasme, supported by Mumbai managing partner Akshay Chudasama and partners Ashoo Gupta, Gauri Chabbra and Veena Sivaramakrishnan, led the firm’s team in the transaction, which was valued at Rs27.17 billion (US$381.4m) and was completed on September 25, 2019. Simpson Thacher & Bartlett acted as international counsel, while Kirkland & Ellis conducted the FCPA due diligence. J Sagar Associates, led by partner Lalit Kumar, advised Indiabulls Real Estate.
Shardul Amarchand Mangaldas has also advised Norwest Venture Partners on its investment, as part of Series D round of funding, for a minority stake in OFB Tech. With this new round of funding, the company has raised a total of Rs15 billion (US$210.6m) of equity and debt funding to date. Norwest is a leading multi-stage investment firm, managing more than US$7.5 billion in capital. OFB Tech is an Indian company which operates an online B2B wholesale trading platform and provides financial assistance to SMEs through its NBFC subsidiary. The company already counts Matrix Partners India, Zodius Technologies, Falcon Edge, Creation Investments and several leading angels as its investors. Partners Puja Sondhi, Sumeet Singh and Siddharth Nair, assisted by partner Pooja Ramchandani, led the firm’s team in the transaction, which was valued at approximately Rs2.5 billion (US$35m) and was signed on September 12, 2019.
Skadden has advised Pinduoduo, one of China’s leading e-commerce companies, on its US$1 billion 144A/Reg S offering of zero coupon convertible senior notes due 2024. The firm previously advised Pinduoduo on its US$1.63 billion IPO on Nasdaq and US$1.5 billion registered follow-on offering. Hong Kong partners Julie Gao and Jonathan Stone led the firm’s team in the transaction.
Skadden also advised Ctrip.com International, a Shanghai-based leading global provider of online travel and related services, on the US$1 billion follow-on offering of 36 million American Depositary Shares by its shareholder Baidu. The offering closed on October 1, 2019. Partners Julie Gao (Hong Kong) and Haiping Li (Shanghai) led the firm’s team in the transaction.
Sullivan & Cromwell (Hong Kong) has represented Anheuser-Busch (Belgium) on the formation of joint ventures with Jebsen Beverage (Hong Kong) to manufacture and distribute Blue Girl brand beer in China and to manage the Blue Girl beer brand internationally. Partners Garth Bray (corporate-Hong Kong), Nader Mousavi (intellectual property-Palo Alto), Aisling O’Shea (anti-bribery-Washington DC) and Juan Rodriguez (antitrust-London) led the firm’s team in the transaction, which was completed on May 30, 2019.
SSEK has advised Malaysian investment holding company RII Holdings on its acquisition of a substantial equity interest in leading Indonesian logistics company Pandu Siwi Sentosa (PSS). On October 1, 2019, RII signed the definitive agreements with PSS and its individual shareholders, and SBI Islamic Fund (Brunei) to inject funds into PSS. RII seeks to create synergistic values for PSS and contribute toward its growth in Indonesia. PSS, which operates under the brand Pandu Logistics, is one of the five largest courier and logistics companies in Indonesia, with a network of more than 200 offices throughout the country. Pandu Logistics would benefit from RII’s expertise and focus on technological capabilities to expand its operations into the e-commerce and business-to-consumer segments. Senior partner Ira Eddymurthy and partner Fahrul Yusuf led the firm’s team in the transaction.
S&R Associates has represented the Aavishkaar group, an impact investor, on aggregate investments of Rs2.6 billion (US$36.5m) by FMO, the Dutch entrepreneurial development bank. Partner Viral Mehta led the firm’s team in the transaction.
Vertices Partners has represented 3RD Flix Visual Effect and the promoters on the primary round of investment from Exfinity Technology Fund Series II, YourNest India VC Fund II and Parampara Early Stage Opportunities Fund-Series I. Valued at approximately US$5 million, the deal was signed on August 1, 2019 and completed on September 5, 2019. Managing partner Vinayak Burman led the firm’s team in the transaction. Indus Law, led by partners Srinivas Katta and Pallavi Kanakagiri, advised Exfinity Technology Fund Series II.
WongPartnership is acting for OUE, through subsidiaries Alkas Realty and OUE Downtown, on the S$289 million (US$209m) sale of Oakwood Premier OUE Singapore, its luxury serviced residences and hotel business, to DHI Holding and DHI Downtown, the joint venture entities between AMTD Group and Dorsett Hospitality International. Partners Dorothy Marie Ng, Quak Fi Ling and Serene Soh led the firm’s team in the transaction.