Deals – September 28, 2016

AZB & Partners is also advising Tata Power, its wholly-owned subsidiary Tata Power International, ICICI Bank and ICICI Venture, on Tata Power International’s acquisition of up to 26 percent share in Resurgent Power Ventures Singapore. Partners Sai Krishna Bharathan and Shameek Chaudhuri led the transaction, which is valued at approximately Rs55 billion (US$827m) and is yet to be completed.

Clyde & Co has advised Aster DM Healthcare on its acquisition of a majority interest in Harley Street Medical Centre and certain affiliated companies in Abu Dhabi. Aster DM Healthcare, which started in 1987 in Dubai as a single medical centre, has now become a US$6 billion healthcare conglomerate with more than 300 facilities in the Middle East, India and Far East Asia. The Harley Street Medical Centre is a day care surgery in Abu Dhabi that offers the highest standards of medical care in urology, plastic surgery, gynaecology, gastroenterology, orthopaedics, paediatrics, internal medicine and general surgery. Dubai partner Barton Hoggard led the transaction.

Conyers Dill & Pearman has provided Bermuda and BVI advice to RKI Overseas Finance 2016 (B) on its issue of US$500 million 4.7 percent senior notes due 2021. RKI Overseas Finance is the subsidiary of Hong Kong Main Board-listed Road King Infrastructure, a prominent property developer and a leading toll road investor and operator in China. Partner Christopher Bickley, working alongside Reed Smith Richards Butler, led the transaction.

Conyers Dill & Pearman has also provided BVI advice to Zhiyuan Group (BVI) on its issue of US$100 million 6.2 percent guaranteed bonds due 2019. Zhiyuan Group is an indirect wholly-owned subsidiary of Jiangsu Newheadline Development Group, the largest investment and financing platform of the Lianyungang Municipal Government that focuses on city construction and municipal development. Partner Anna Chong, working alongside King & Wood Mallesons, led the transaction.

Cyril Amarchand Mangaldas has acted as Indian counsel to Sindya Securities & Investments, the indirect minority shareholders of Aircel, on the combination of the wireless telecom business of Reliance Communications with Aircel. Sindya holds the minority stake in Aircel through Deccan Digital Networks. The transaction will be the largest-ever consolidation in the Indian telecom sector, with the consolidated entity having assets of Rs650 trillion (US$9.7t) with a net worth of Rs350 trillion. Mumbai managing partner Cyril Shroff and corporate partner Radhika Gaggar led the transaction, which was signed on September 14, 2016 and is subject to court approval.

ELP has advised existing investor Samara Capital Partners Fund I on the acquisition of a majority stake by the Taparia family in Guardian Lifecare, India’s third largest pharmacy chain. Partner Darshan Upadhyay and associate partner Bhavin Gada led the transaction which closed on July 19, 2016.

ELP has also represented Uttam Galva Steels on an anti-dumping and countervailing duty investigation initiated by the US Department of Commerce on imports of corrosion resistant steel from India. Uttam Galva Steels got the lowest margin of anti-dumping and countervailing duty amongst the cooperating exporters from all subject countries. Partner Sanjay Notani led the transaction, which closed on July 19, 2016.

Khaitan & Co has advised GlaxoSmithKline plc (GSK) on the India leg of the global transaction between GSK and Aspen Pharmacare for the sale of GSK’s anti-thrombosis products and anesthetics business, involving a potential asset transfer in India for £180 million (US$233.7m), plus milestones of up to £100 million (US$130m). Senior partner Haigreve Khaitan and associate partner Sameer Sah, assisted by partner Avaantika Kakkar, led the transaction.

Khaitan & Co has also advised Wand Partners on the approximately US$40 million sale of its 100 percent stake in SeedWorks International to India Value Fund. Wand Partners is an active private equity sponsor and investor focused on specialty financial services. Partner Ganesh Prasad, assisted by partner Bijal Ajinkya, led the transaction.

Luthra & Luthra has represented Eli group’s Eli Health Solutions on its acquisition of Lekhisoft Software Solutions. The acquisition was a strategic move by Eli for its debut in the healthcare sector in India, especially after the success of its ophthalmology hospital management software ‘Netram’ in the international market. The transaction also marks Eli Global’s first acquisition in India. Lekhisoft is a sole proprietorship engaged in providing software solutions in the healthcare sector. Partner Kanchan Sinha, supported by partners Nirupam Lodha and Lokesh Shah, led the transaction.

Maples and Calder acted as Cayman Islands counsel to Foxconn (Far East) on its issue of US$600 million 2.25 percent notes due 2021 and US$400 million 3 percent notes due 2026 under its US$3.5 billion MTN programme guaranteed by Hon Hai Precision Industry. The notes are listed on the SGX-ST. Partner Lorraine Pao led the transaction.

Minter Ellison is advising Baring Private Equity Asia on a scheme implementation deed for a A$1.2 billion (US$918m) buyout and take-private proposal of Australia-listed SAI Global. The transaction will be implemented by way of a members’ scheme of arrangement under Part 5 of the Corporations Act 2001 (Cth). SAI Global is a global risk management, compliance and information business. Baring Asia is a leading Asia-Pacific focused private equity business comprising funds with more than US$9 billion commitments under management. Corporate M&A partner Ricky Casali, supported by partners Bart Oude-Vrielink, David Moore, Michael Gajic and John Mosley, is leading the transaction. Gilbert & Tobin is advising SAI Global.

Norton Rose Fulbright has advised Caisse de Depot et Placement de Quebec, Kuwait Investment Authority and State General Reserve Fund of Oman on an US$850 million investment platform with Tata Power and ICICI Venture for investments into thermal and hydro power assets in India. This involved the creation of a bespoke platform to facilitate investment in power projects in India in the coming two to three years. It combines the expertise of two of India’s leading business groups along with internationally-reputed sovereign wealth funds and pension funds. The platform will enable the investors to establish a greater presence in India, the world’s fifth largest electricity producing country, and increase their investment footprint in the Indian infrastructure ecosystem. Singapore corporate partner Sheela Moorthy led the transaction whilst Khaitan & Co advised on Indian law. The counterparties were advised by Akin Gump and AZB & Partners.

Rajah & Tann Singapore has acted for Happyfresh Group (ICart Group) on its Series A extension and Series B rounds of fundraising involving Samena Capital as lead investor, Vertex Venture Holdings, Sinarmas Digital Ventures, Venturra Capital and Endeavour Capital. The deal involved instructing Indonesia, Malaysia, Thailand, Philippines and Taiwan lawyers. Partner Brian Ng led the transaction.

Rajah & Tann Asia has also advised Myanma Awba Group (Awba) on International Finance Corporation’s (IFC) US$10 million financing to Awba. The financing took the form of a convertible facility and is IFC’s first financing in the agriculture sector in Myanmar. Awba is a leading manufacturer and distributor of crop protection products in Myanmar. The financing is intended to support Awba’s sustainable expansion in the agriculture sector in Myanmar. Partners Chester Toh and Nicholas How from Rajah & Tann Singapore led the transaction, with Myanmar law support from its Yangon office Rajah & Tann NK Legal Myanmar.

Shearman & Sterling has advised Jacobson Pharma on its global offering and IPO on the Main Board of the HKSE. BOCI Asia acted as the sole sponsor, sole global coordinator, sole book-runner and sole lead manager. Jacobson Pharma is the largest generic drug company in Hong Kong with more than 30 percent share of the total generic drug market since 2012. Hong Kong capital markets partner Colin Law led the transaction whilst Commerce & Finance Law Office and Conyers Dill & Pearman advised on PRC law and Cayman Islands law, respectively. BOCI Asia was advised by Morrison & Foerster, led by Hong Kong capital markets head and managing partner Ven Tan, on Hong Kong and US laws. The underwriters were advised by Jingtian & Gongcheng on PRC law.

Skadden has represented Cogobuy Group (China) on the approximately HK$2 billion (US$258m) placement of 160 million new shares to at least six independent placees, including Da Cheng International Asset Management, Lindeman Asia Global Pioneer Private Equity Fund No. 11, The People’s Insurance Company (Group) of China and New China Asset Management (Hong Kong). The proceeds of the placement will be used as general working capital for the group. Partner Christopher Betts led the transaction.

WongPartnership has acted as lead counsel for the offshore lender group on the grant of S$200 million (US$147m) offshore term loan facilities to DBS Trustee, as trustee for EC World Reit) to part finance the redemption of the units of the private trust in relation to the IPO of the trust on the main board of the SGX. Partners Christy Lim and Felix Lee led the transaction.

WongPartnership is also acting as Singapore counsel to both First Reserve and PetroFirst Infrastructure 2 on PetroFirst’s acquisition of approximately 80 percent shares in PV Keez from EMAS Offshore Production Services (Vietnam) and Ezra Holdings. The acquisition is valued at approximately US$166.3 million. Partners Chan Sing Yee, Jason Chua, Christy Lim, Felix Lee, Chua Sui Tong and Tan Shao Tong are leading the transaction.