ABNR has advised Industrial Bank of Korea (IBK) on the merger of listed Indonesian lenders Bank Agris and Bank Mitraniaga on September 5, 2019. The new entity has been renamed Bank IBK Indonesia. The two banks had previously been fully acquired by IBK in January 2019. The firm has advised IBK over the course of two years on all aspects of both the acquisitions of the two banks and their recent merger. The acquisitions and merger were conducted in accordance with the OJK’s “Indonesia Banking Architecture” plan to strengthen the banking system by encouraging foreign investment in the domestic financial services sector. Partners Elsie Hakim and Monic Nisa Devina led the firm’s team in the transaction.t

ABNR has also advised Kencana Energi Lestari on the offering of approximately 733.3 million new ordinary shares with a nominal value of Rp100 (US$0.007) per share. The shares were offered and sold in Indonesia via an IPO and in offshore transactions to selected eligible institutional investors outside of Indonesia and the US, via Regulation S under the US Securities Act of 1933, as amended. With its listing in Indonesia on September 2, 2019, the company joins a small number of other operational hydroelectric power and renewable energy companies that are traded on the bourse. Partners Rita Taufik and Ricky Nazir led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank and Malayan Banking Singapore Branch, as the appointed global coordinators, and more than 30 banks and financial institutions on the S$8.67 billion (US$6.3b) facilities to Marina Bay Sands, Singapore. Marina Bay Sands is an iconic Singapore integrated resort comprising dining, entertainment and retail facilities and attractions. Part of the facilities will be used towards funding the expansion of the integrated resort, which will comprise a 15,000-seat arena, a luxury hotel tower and additional MICE space. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Astrea V on the issue of S$315 million (US$229m) Class A-1 secured fixed rate bonds due 2029, US$230 million Class A-2 secured fixed rate bonds due 2029 and US$140 million Class B secured fixed rate bonds due 2029. The bonds are the second issuance of retail bonds in Singapore backed by cash flows from a diversified portfolio of 38 private equity funds with a net asset value of approximately US$1.32 billion, managed by 32 general partners. The transaction represents a deepening of Singapore’s capital markets, as it follows the success of the Astrea IV transaction in June 2018, which was the first transaction in Singapore and globally to make private equity accessible to retail investors through a private equity bond structure. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Danny Tan and Lim Pek Bur led the firm’s team in the transaction.

Ashurst has advised Jiangsu Shagang Group (Shagang) on the up to £800 million (US$999m) syndicated term loan facility for the acquisition of 24.01 percent of Global Switch Holdings, a leading data centre operator in Europe and Asia. Upon completion of the acquisition, Shagang will become the ultimate controlling shareholder of Global Switch. Shagang is China’s largest privately-owned steelmaker. Shagang has committed to a business diversification to data and information technology since 2017 to heighten its corporate competitiveness in the age of “big data”. Partner Daniel Lau, assisted by partner Frank Bi, led the firm’s team in the transaction.

AZB & Partners is advising Premji Invest on the approximately Rs21 billion (US$294m) acquisition by PI Opportunities Fund-I and other investors of certain equity capital of Aditya Birla Capital. Partners Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on September 5, 2019 and is yet to be completed.

AZB & Partners has advised BOLD Business Opportunities on its acquisition, for L’Oreal Development, of certain units in Fireside Ventures Investment Fund II. Partners Sunil Agarwal, Aditya Singh Chandel, Pallabi Ghosal and Akansha Aggarwal led the firm’s team in the transaction, which was completed on July 31, 2019.

Baker McKenzie Wong & Leow has advised DBS Bank, Mizuho Bank and MUFG Bank, as the arrangers, on Fullerton India Credit Company’s first external commercial borrowing loan for US$250 million. The dual-currency facility was completed on August 15, 2019. Fullerton India is a leading non-banking financial company, with a strong pan-India presence. Since its launch in January 2007, Fullerton India has established itself across the country’s broad financial landscape to offer diverse financing options. Fullerton India is a wholly-owned subsidiary of Fullerton Financial Holdings. Finance and projects principal Kah Chin Chu led the firm’s team in the transaction.

Davis Polk has advised the joint lead managers on Mizuho Financial Group’s SEC-registered takedown offering of senior notes, which consisted of US$600 million 2.555 percent senior fixed-to-floating-rate notes due 2025, US$500 million 2.869 percent senior fixed-to-floating-rate notes due 2030 and US$500 million senior floating-rate notes due 2023. The notes are listed in Singapore and are structured to count as total loss-absorbing capacity (TLAC) under the Japanese TLAC regulations. Mizuho Financial Group is a Japanese bank holding company that is the ultimate parent company of the Mizuho Group, one of the largest financial institution groups in the world. Tokyo partner Jon Gray led the firm’s team in the transaction.

Gide has advised Air Liquide China Holding, a subsidiary of Air Liquide, a world leader in gases, technologies and services for industry and health, on the sale of the Air Liquide Fuzhou, which operates an industrial gases complex in Fujian, to Highsun Holding Group, the parent company of Fujian Shenyuan New Materials. The industrial gases complex sold includes a coal gasification unit, in addition to an air separation unit, a synthetic gas purification unit and an ammonia plant. Partner David Boitout led the firm’s team in the transaction.

J Sagar Associates has advised DBS Bank on a rupee-denominated ECB facility aggregating up to Rs819 million (US$11.5m), a buyers’ credit facility aggregating up to US$75 million and a rupee term loan facility aggregating up to Rs2.6 billion (US$36.4m) availed by Fortum Finnsurya Energy, and on a rupee-denominated ECB facility aggregating up to Rs417.3 million (US$5.85m) availed by Fortum Amrit Energy. Partners Dina Wadia and Kavita Patwardhan, supported by partners Vishnu Sudarsan and Megha Arora, led the firm’s team in the transaction.

J Sagar Associates has also advised Advent International on its acquisition of approximately 68 percent of DFM Foods from its promoters, Westbridge and certain other selling shareholders. Advent will purchase up to 34.1 million DFM shares, representing up to 68 percent of the company’s outstanding stock on a fully diluted basis, from the selling shareholders at Rs249.50 (US$3.50) per share. In accordance with the SEBI Takeover Regulations, Advent will make an open offer to DFM’s public shareholders to purchase up to an additional 26 percent of the company’s stock at the same price per share. Depending on the open offer subscription, the aggregate consideration for the purchase of shares from the selling shareholders and the open offer will vary between Rs8.52 billion (US$119.4m) and Rs9.38 billion (US$131.5m). DFM Foods is a pioneer in the Indian packaged snack food business. Established in 1983, the company’s flagship brand “CRAX” was the first successful packaged snack food in India. Partners Vikram Raghani and Anand Lakra led the firm’s team in the transaction. AZB & Partners, with a team led by partners Gautam Saha, Sachin Mehta and Dushyant Bagga, advised DFM Foods and its promoters.

Khaitan & Co has advised Gati Realtors and Future Retail Destination, and their shareholder Future Markets Network, a Future Group company, on the acquisition sale of 100 percent shareholding, in tranches, of Gati Realtors and Future Retail Destination to E-Shang Redwood, and the funding of the construction costs of the infra-logistics parks to be developed by the Gati Realtors and Future Retail Destination, for a total consideration of US$45 million. E-Shang Redwood is a leading international real estate and logistics platform. Partner Aashutosh Sampat led the firm’s team in the transaction.

Kirkland & Ellis is advising Hammer Capital, as a member of an investor consortium with Tencent Holdings, on a proposed going private transaction to acquire all of the outstanding ordinary shares of New York-listed Bitauto Holdings not already owned by the consortium or their affiliates for US$16 in cash per American depositary share, as well as advising the consortium on the consequential mandatory general offer for the shares of Hong Kong-listed Yixin Group, pursuant to the chain principle under the Hong Kong Takeovers Code. Bitauto is a leading provider of internet content and marketing services, and transaction services for China’s fast-growing automotive industry. Yixin, a subsidiary of Bitauto, is a leading online automobile finance transaction platform in China, which provides transaction platform services, as well as self-operated financing services. Tencent and JD.com are key shareholders of Bitauto and Yixin. Corporate partners Nicholas Norris, Daniel Dusek, Xiaoxi Lin and Carmen Lau and investment funds partners Justin Dolling and Jennifer Feng led the firm’s team in the transaction.

Maples Group (Hong Kong) has acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings on its issuance of HK$1 billion (US$128m) six percent senior notes due 2022. The issuer is a property developer in China specialising in large-scale retail and residential complexes. Partner Richard Spooner led the firm’s team in the transaction, while Dorsey & Whitney advised as to US, English and Hong Kong laws and Commerce & Finance Law Offices advised as to Chinese laws.

Maples Group (Hong Kong) has also acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings on its issuance of US$170 million 6.95 percent senior notes due 2023. The notes are listed in Singapore. The issuer is a property developer in China specialising in large-scale retail and residential complexes. Partner Richard Spooner also led the firm’s team in the transaction, while Dorsey & Whitney advised as to US and Hong Kong laws. The purchasers were advised by Skadden, Arps, Slate, Meagher & Flom as to US laws and by Jun He Law Offices as to Chinese laws.

S&R Associates has represented Bertelsmann India Investments on a follow-on investment in leading Indian fintech company Lendingkart Technologies, as part of a Rs2.12 billion (US$29.7m) funding round, which also involves Fullerton Financial Holdings and India Quotient. The firm also represented the client in earlier investments in the company in 2016, 2017 and 2018. Partners Rachael Israel and Prachi Goel led the firm’s team in the transaction.

TT&A is advising Sanofi India on the sale of its Ankleshwar facility by way of slump sale to Zentiva. The transaction involves a divestment by Sanofi India of its manufacturing facility at Ankleshwar, Gujarat, and was impacted by a global transaction in 2018 between Sanofi Group and Advent International, under which Advent acquired Sanofi Group’s European generics business. Following the global transaction, Zentiva continued to source products from Sanofi India, through Sanofi group, for its generics business. Apart from manufacturing products which are exported to Zentiva, Sanofi India also manufactured products at the Ankleshwar site which are not part of the divestment. These products will be moved to Sanofi India’s Goa manufacturing facility and will continue to be part of Sanofi India’s product portfolio. The Zentiva export products manufactured at Sanofi India’s Goa facility will be transferred to the Ankleshwar site. Partner Kunal Thakore is leading the firm’s team in the transaction, which was signed on September 10, 2019 and was valued at Rs2.62 billion (US$36.7m). Zentiva was represented by Khaitan & Co, with a team led by partner Surbhi Kejriwal and assisted by partners Anshul Prakash and Atul Pandey, and by Freshfields Bruckhaus Deringer.

Weil, Gotshal & Manges is advising Shandong Weigao Group Medical Polymer Company (Weigao) and Argon Medical Devices Holdings on the refinancing of Argon’s existing debt. Argon is a US-based manufacturer of medical devices and was acquired by Weigao, a Chinese developer, manufacturer and seller of single-use medical devices, in 2018. The refinancing is comprised of a New York law senior secured US$375 million Tranche A Term and Revolver Facilities and an English law senior secured $75 million Tranche B Term Facility, which were marketed to lenders in the US and Europe, respectively. Hong Kong banking and finance partner Soo-Jin Shim led the firm’s team in the transaction.

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