Allen & Gledhill has advised Frasers Property Aquamarine Trustee, as trustee-manager of Aquamarine Star Trust, on the S$1.2 billion (US$879m) term loan facility by BNP Paribas Singapore Branch, DBS Bank, ING Bank Singapore Branch, Malayan Banking Singapore Branch, Oversea-Chinese Banking Corporation and United Overseas Bank. The proceeds of the facility are to be applied towards, inter alia, refinancing the existing facilities. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill has also acted as Singapore counsel for Ascendas-Singbridge Group on its acquisition of 33 office properties in the USA. The acquisition marks the first foray of Ascendas-Singbridge into the USA, and strengthens the international presence of Ascendas-Singbridge, while diversifying its portfolio geographically. Deputy managing partner Jerry Koh and partners Foong Yuen Ping, Jonathan Lee and Elsa Chen led the firm’s team in the transaction.

AZB & Partners is advising Fairfax India Holdings and its wholly-owned subsidiaries FIH Mauritius Investments Ltd and FIH Private Investments on their Rs28.2 billion (US$388m) acquisition of additional equity shares in Sanmar Engineering Services. Pursuant to the acquisition, Fairfax will now hold 43 percent share in Sanmar. Partner Roxanne Anderson is leading the firm’s team in the transaction, which was signed on September 17, 2018 and is yet to be completed.

AZB & Partners has also advised Equirus Capital on the Rs200 million (US$2.75m) acquisition by The Federal Bank of approximately 20 percent stake in Equirus Capital. Partners Alka Nalavadi and Rushabh Maniar led the firm’s team in the transaction, which was completed on September 17, 2018.

Baker McKenzie has advised CITIC Metal on its acquisition of a 19.5 percent stake in Canadian mining company Ivanhoe Mines for C$723 million (US$558m). The transaction will see CITIC Metal become the largest single shareholder in Ivanhoe Mines. Proceeds from this deal will be used for the repayment of an interim loan of US$100 million that CITIC Metal provided to Ivanhoe Mines on August 9, 2018, as well as advancement of Ivanhoe Mines’ mine development projects in Southern Africa, and for working capital and general corporate purposes. M&A partners Bee Chun Boo (Beijing) and Kevin Rooney (Toronto) led the firm’s team in the transaction.

Baker McKenzie has also advised Tokio Marine & Nichido Fire Insurance (Tokio Marine Nichido) on its acquisition of Safety Insurance from Insurance Australia Group. The transaction was the largest non-life insurance acquisition in Thailand to date. Tokio Marine Nichido is the property and casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan. The transaction will enable Tokio Marine Nichido to become the second largest motor insurance company and the third largest property and casualty insurance company in Thailand. Partner Sivapong Viriyabusaya, supported by partner Ampika Kumar, led the firm’s team in the transaction.

Clove Legal has advised facility management company Hindustan Facilities on the acquisition of a majority stake by CLR Facility Services, a company backed by IndiaNivesh. Partner Dharmesh Kotadia led the firm’s team in the transaction.

Conyers has advised Tangency Capital on its launch of a new “Class B Exempt Fund” domiciled in Bermuda. The new fund, “Select Market Access Fund”, will invest in insurance-linked securities. A newly formed Bermuda investment management company, Tangency Capital was founded by three experienced insurance-linked securities and reinsurance-focused executives Kai Morgenstern, Dominik Hagedorn and Michael Jedraszak. Bermuda corporate director Elizabeth Denman, working alongside Simmons & Simmons London, led the firm’s team in the transaction.

DV Associates (DVA), supported by Jayanth Pattanshetti & Associates (JPA), has represented Piramal Capital and Housing Finance on its Rs13.75 billion (US$189m) funding to the Bhartiya Group. The transaction is the largest funding by Piramal to the real estate arm of the Bhartiya Group for a section of the upcoming Bhartiya City in Hebbal, Bengaluru. The Bhartiya Group is one of the most reputed conglomerates in India with a strong presence in South India. DVA managing partner Prachi Dave, supported by associate partner Malavika Menon led the firm’s team in the transaction, while managing partner Jayanth Pattanshetti led JPA’s team.

J Sagar Associates has advised British Asian Trust (BAT) on the implementation of a development impact bond (DIB) structure worth US$11 million to improve the education outcome of 300,000 students in Delhi and Gujarat. This DIB, an innovative financing model where funding is hinged on measurable outcomes of the relevant social projects, has been cited as the largest education DIB in the world. The DIB has been implemented by BAT in partnership with other philanthropic foundations, such as Michael and Susan Dell Foundation, Tata Trust and UBS Optimus Foundation. Partner Probir Roy Chowdhury led the firm’s team in the transaction.

J Sagar Associates has also represented Association of Power Producers, GMR and RattanIndia before the Allahabad High Court and the Supreme Court in proceedings challenging the RBI Circular on stressed assets. Under the circular, companies which were unable to implement a resolution plan by August 27, 2018 were to be referred to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) by September 11, 2018. After rejection of the interim relief by the Allahabad High Court, the power producers elevated the matter to the Supreme Court, which ordered a status quo until the next date of hearing. Senior partner Amit Kapur and partner Vishrov Mukerjee led the firm’s team in the transaction.

Khaitan & Co has advised Maj Invest Financial Inclusion Fund on the subscription by Maj Invest Financial Inclusion Fund II K/S of approximately 11 percent equity shares in Belstar Investment and Finance for US$9 million. Maj Invest is one of Denmark’s leading asset management companies, managing assets for primarily institutional clients. Partner Kartick Maheshwari led the firm’s team in the transaction.

Khaitan & Co has also advised Engineers India on the acquisition of 11.7 percent equity, at 3.9 percent each, by the consortium of Haldor Topsoe (HTAS), Investment Fund for Developing Countries (IFU) and Danish Agribusiness Fund (DAF), all companies incorporated in Denmark, and the acquisition of 14.3 percent equity by GAIL India, a Government of India undertaking, in the share capital of Ramagundam Fertilizers and Chemicals (RFC), a joint venture of National Fertilizers, Engineers India and Fertilizer Corporation of India. The Government of Telangana is also one of the shareholders of RFC. The deal size, including immediate investment and committed capital infusion, amounts to approximately Rs7.11 billion (US$97.8m). The investment made by HTAS, DAF, IFU and GAIL is in one of the largest urea manufacturing plant being set up in the country to boost production of urea under India’s New Investment Policy 2012. Engineers India is a central public sector enterprise under the administrative control of the Ministry of Petroleum & Natural Gas and is a leading entity in design, engineering and turnkey contracts. Partner Atul Pandey led the firm’s team in the transaction.

L&L Partners has acted on securing approval of the Competition Commission of India on the acquisition of Essar Steel India by ArcelorMittal Societe-Anonyme, the largest steel player is the world. On September 18, 2018, CCI approved the acquisition of Essar Steel India by ArcelorMittal and major Japanese steel producer Nippon Steel and Sumitomo Metal Corporation. Partner GR Bhatia led the firm’s team in the transaction.

L&L Partners has also acted on securing approval of the Competition Commission of India on the acquisition of Bhushan Power and Steel Power (BPSP) by JSW Steel, one of the country’s largest steel manufacturers. BPSP is currently undergoing insolvency under the Insolvency and Bankruptcy Code 2016. The notification was filed before the CCI on August 23, 2018, and the unconditional approval was granted on September 18, 2018, making it one of the quickest approvals for such filing. Partner Abdullah Hussain led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Meituan Dianping on its global offering and listing in Hong Kong. Meituan Dianping is China’s leading e-commerce platform for services, connecting consumers and merchants for food, broad lifestyle and travel services. It is also the second company to list in Hong Kong with a weighted voting rights structure. Meituan Dianping is offering approximately 480.3 million shares, with gross proceeds of approximately HK$33 billion (US$4.2m). Partner Derrick Tan led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and Affiliates advised on Hong Kong and US laws, and Han Kun Law Offices advised on China law. The underwriters were advised by Davis Polk & Wardwell as to Hong Kong and US laws and by Zhong Lun Law Firm as to China law.

Maples and Calder (Hong Kong) has also acted as BVI counsel to Poly Real Estate Finance, the largest state-owned real estate company in China, on its issue of US$500 million 4.75 percent guaranteed bonds due 2023, with the benefit of a keepwell deed provided by Poly Real Estate Group. Partner Lorraine Pao led the firm’s team in the transaction, while Allen & Overy acted as Hong Kong counsel. Linklaters acted as Hong Kong counsel to the joint lead managers, which include HSBC, Bank of China and UBS.

Piper Alderman has advised Calix, an Australian high-tech materials company working on improving the performance of lithium-ion batteries, on its IPO in Australia. Leading institutional investors Washington H Soul Pattinson, Acorn Capital, Perennial Value Management and Thorney Investment Group were key investors in the IPO. Shaw and Partners and Foster Stockbroking were the joint lead managers. Based on the IPO price, Calix was valued with a market capitalisation of A$65 million (US$47m). Partners Sina Kassra and Mark Williamson led the firm’s team in the transaction.

Piper Alderman has also acted for Westside Bus, Bus Queensland, Bus Queensland (Lockyer Valley), Kangaroo Bus Lines, Mt Gravatt Bus Service, Thompson’s Bus Services and Brisbane Bus Lines on the South East Queensland (SEQ) Translink Contract negotiations, which were the culmination of more than four years’ negotiations between the Queensland Government and the bus operators. The translink contracts deal with the provision of public passenger bus services across South East Queensland for the next seven years. Chairman of partners Gordon Grieve, and partners Maria Capati, Andrew Rankin, Peter Dwyer, Mark Askin, Tim Capelin, Nick Burkett, Tim Lange, Josh Steele and Sebastian Greene led the firm’s team in the transaction. Minter Ellison represented the Queensland Government.

Shearman & Sterling has advised various acquirers on their acquisitions of indirect equity interests in South Field Energy, in connection with a US$1.3 billion project financing to build a 1,182 MW combined-cycle gas turbine power generation facility in Columbiana County, Ohio, US. On August 23, 2018, RS Global Capital Investment (RSGC), Kyushu Electric Power (through its wholly-owned subsidiary Kyuden International) and Shikoku Electric Power each entered into a definitive agreement with an affiliate of Advanced Power for the acquisition of certain indirect minority equity interests in the South Field Project. RSGC is a joint venture between Development Bank of Japan and Showa Shell Sekiyu. The transaction included RSGC’s acquisition of 27.2 percent equity interests, Kyushu Electric’s acquisition of 18.1 percent equity interests and Shikoku Electric’s acquisition of 8.9 percent equity interests. Advanced Power, NH-Amundi Asset Management, PIA Investment Management and an affiliate of Bechtel Development also own equity interests in the South Field Project. Expected to be completed in the second quarter of 2021, the South Field Project will create approximately 1,000 construction jobs during its peak period and will produce enough electricity to power approximately one million homes. Partners Etienne Gelencser (Tokyo-project development and finance), Cynthia Urda Cassis (New York-project development and finance), Bjorn Bjerke (New York-finance), Kenneth Lebrun (Tokyo-M&A), Robert Freedman (New York-project development and finance) and Larry Crouch (Menlo Park-tax) led the firm’s team in the transaction.

Sidley Austin represented China Reinsurance (Group) on its definitive agreement to acquire Chaucer from The Hanover Insurance Group for US$865 million. This transaction will enable China Re to thrive and prosper and will enhance the company’s international presence and capabilities in serving the Belt and Road initiative in the global marketplace. China Re is the only state-owned reinsurance group established by the Ministry of Finance of the People’s Republic of China and Central Huijin Investment. It ranked first in Asia and eighth globally in terms of reinsurance premiums. The Sidley team was led by partners Henry Ding and Martin Membery. The transaction team included members from Hong Kong, Beijing, London and the US offices. Debevoise & Plimpton advised Hanover.

Skadden has advised leading e-commerce service company Meituan Dianping on its US$4.2 billion IPO, before the underwriters’ exercise of an over-allotment option, in Hong Kong. Trading in the shares commenced on September 20, 2018. Hong Kong partners Julie Gao and Christopher Betts led the firm’s team in the transaction. The firm previously represented the company in its US$3 billion series B preferred shares and US$4 billion series C preferred shares private placement financing, and in its US$3.7 billion acquisition of Mobike.

TT&A has represented German company Linde Aktiengesellschaft before the Competition Commission of India for the competition law approval of its global merger with American company Praxair. Linde and Praxair entered into a business combination agreement to create the world’s largest industrial gas company in the world. The deal requires antitrust approval in 23 jurisdictions, including India. The CCI approved the global merger, subject to certain modifications, including the divestment of certain assets of the parties in the East and South regions of India. The firm liaised with the Linklaters antitrust team based in Belgium, who was leading the antitrust approval for India, among other jurisdictions. Mumbai partners Kunal Thakore, Feroz Dubash and Shruti Zota and Delhi partner Vinod Dhall led the firm’s team in the transaction, which was valued at US$80 billion. Partner Bernd Meyring led the Linklaters team in Belgium. Shardul Amarchand & Mangaldas & Co, led by partner Harman Singh Sandhu, acted as antitrust counsel for Praxair.

WongPartnership has acted for Sunningdale Tech on the acquisition of Adval Tech (Thailand) from Adval Tech Holdings (Asia). Partner Ong Sin Wei led the firm’s team in the transaction.

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