Featured Deals
Kudun and Partners has acted as lead counsel to Hatton Equity on the β2.38 billion (US$71m) proposed acquisition of shares in DRJL Group, a renowned cosmetic brand which manufactures and distributes products under the brand name “Dr. Jill”. The proposed transaction involves the merger acquisition and project financing from the offshore lender. Partners Kongkoch Yongsavasdikul and Mayuree Sapsutthiporn led the firm’s team in the transaction.
Kudun and Partners has also represented Giztix on the series B fund raising led by Bualuang Ventures and WHA Group, with total funding of more than β260 million (US$7.7m), to develop the startup’s technology and transportation services, expand its network to provide pan-country logistics services, and invest in marketing and sales. Giztix is an online logistics marketplace that gathers transporters for shippers for various types of full truck load services, imports and exports. Partner Kongkoch Yongsavasdikul led the firm’s team in the transaction.
Allen & Gledhill has acted as transaction counsel to ARA Asset Management on its US$1 billion sustainability-linked loan facilities from DBS Bank (DBS), Oversea-Chinese Banking Corporation (OCBC), Sumitomo Mitsui Banking Corporation Singapore Branch (SMBC), Malayan Banking Singapore Branch, The Bank of East Asia Singapore Branch and Crédit Agricole Corporate and Investment Bank. DBS, OCBC and SMBC were appointed sustainability advisors, and DBS was also appointed facility agent. This is the first sustainability-linked loan for ARA, and one of the largest sustainability-linked loans for real estate asset management companies in Singapore. The facility is also the largest facility to be pegged to the Singapore Overnight Rate Average (SORA). Partners Jafe Ng and Ong Kangxin led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Daiwa House Asset Management Asia, as manager of Daiwa House Logistics Trust (DHLT), and Daiwa House Industry, the sponsor of DHLT, on the S$540 million (US$395m) IPO and listing of DLHT in Singapore. Valued at approximately ¥80.6 billion (US$713m), DHLT’s initial portfolio of 14 high-quality modern logistics properties in Japan has a balanced mix of freehold and leasehold assets, and a blue-chip tenant base. DHLT is the first Singapore real estate investment trust to be listed in Singapore this year. In connection with the IPO, DHLT issued ¥3 billion (US$26.4m) perpetual securities to Daiwa House Industry, and the proceeds of the issuance were applied towards part financing of the acquisition of DHLT’s initial portfolio. Managing partner Jerry Koh and partners Foong Yuen Ping and Jonathan Lee led the firm’s team in the transaction.
Allen & Overy has advised the Government of the Hong Kong Special Administrative Region of China (HKSAR) on the multi-tranche Reg S issuance of green bonds, under its HK$100 billion (US$12.8b) Global Medium Term Note Programme. The issuance comprises five tranches, including US$1 billion 1.75 percent ten-year bonds, €1.25 billion (US$1.4b) zero coupon five-year bonds, €500 million (US$562m) 1.00 percent 20-year bonds, Rmb2.5 billion (US$393m) 2.8 percent three-year bonds and Rmb2.5 billion (US$393m) 3.00 percent five-year bonds. The firm advised the HKSAR Government on the establishment of the Global Medium Term Note Programme dedicated to green bond issuances, as well as on its multi-tranche issuance of US$2.5 billion green bonds under the programme in February 2021. Partners Agnes Tsang and Jaclyn Yeap led the firm’s team in the transaction.
Ashurst has represented Hong Kong-listed companies Far East Consortium and New World Development on the acquisition of Rich Fast International, owner of a multi-residential development plot located at Kai Tak (Kowloon Lot 6591) Hong Kong, jointly held by Hong Kong-listed Chinese developer Kaisa Group and Mr Chen Zhuangrong. The transaction represents a disposal by Kaisa Group of a major property development asset in Hong Kong. Global co-head of finance, funds and restructuring partner Jini Lee and corporate partners Chin Yeoh and Li Jiang, supported by restructuring partners Sophie Lyall and Rob Child, led the firm’s team in the transaction.
Assegaf Hamzah & Partners has represented K2ID Strategic Infrastructure, a subsidiary of the digital infrastructure company K2 Data Centres, on the purchase of approximately 7.5 hectares of vacant lands in Indonesia from Suryacipta Swadaya. This land acquisition marks the first acquired land to be developed further as a data centre in the industrial area of Karawang Regency. Partner Yogi Sudrajat Marsono led the firm’s team in the transaction.
AZB & Partners is advising Internet Fund VII, a fund managed by Tiger Global Management, on its Rs3 billion (US$39.7m) acquisition of equity stake, via Series D equity funding round, in Poncho Hospitality, operator of cloud kitchens for the manufacture and sale of food products under the brands “Box8” and “MOJO Pizza”. Partners Ashwath Rau, Srinath Dasari and Bhuvana Veeraragavan are leading the firm’s team in the transaction, which was signed on November 25, 2021 and is yet to be completed.
AZB & Partners is also advising Internet Fund VII, a fund managed by Tiger Global Management, on its Rs9 billion (US$119.3m) acquisition, along with other investors, of equity stake, via Series B equity funding round, in Garagepreneurs Internet, operator of Indian digital financial service platform “Slice it”. Partners Ashwath Rau, Srinath Dasari, Nanditha Gopal and Aditya Singh Chandel are leading the firm’s team in the transaction, which was signed on November 28, 2021 and is yet to be completed.
Baker McKenzie has acted as international and Vietnamese laws counsel to the Export-Import Bank of Thailand (Thai EXIM Bank) and the Commercial Bank for Investment and Development of Vietnam (BIDV) on the granting of US$35 million credit facilities to Truong Thanh Quang Ngai Power and High Technology (TTQN). Vietnamese project company TTQN is the subsidiary of Sermsang Power Corporation (SSP), which has developed, constructed, owned and been operating a solar power plant in Binh Nguyen province in Vietnam with an approximately 50 MW generation capacity. One of the innovative features of this project financing is that the BIDV, as onshore lender, also granted a Vietnamese dong term loan to TTQN, and took security over immovable properties, which the Thai EXIM Bank is not eligible to take. The imbalance in security package taken by Thai EXIM Bank and the BIDV, respectively, has led to a remarkably complex and heavily negotiated inter-creditor agreement and cash waterfall terms and conditions, which set up unique features in the Vietnamese renewable project financing space. Bangkok renewable energy partner Vit Vatanayothin, supported by Vietnam banking and finance and capital markets practice head partner HoangKimOanh Nguyen, led the firm’s team in the transaction.
Clifford Chance has advised Iris Energy on its IPO and listing on the Nasdaq, raising approximately US$230 million, and valuing the company at US$1.5 billion upon listing. Iris Energy is an Australian-headquartered sustainable Bitcoin mining company. It focuses on building, owning and operating data centres and electrical infrastructure, which are currently utilised to mine Bitcoin. Iris Energy’s centres are located in regions such as British Columbia, Canada, where it can access abundant and under-utilised renewable energy to power its operations and support local communities. The IPO follows a successful period of business growth and fundraising from private capital markets, where the firm has assisted Iris Energy to raise over US$220 million in convertible note and SAFE instrument fundraising rounds. Partner Reuben van Werkum, supported by partner Tim Grave, led the firm’s team in the transaction.
Khaitan & Co has advised unlisted public company Gateway Rail Freight on an internal corporate restructuring exercise, via reverse triangular merger, pursuant to the filing of a composite scheme of amalgamation before the NCLT, Mumbai. Gateway Rail Freight is the resultant surviving transferee entity, pursuant to the amalgamation of publicly-listed Gateway Distriparks and its wholly-owned subsidiary Gateway East India. Partner Prasenjit Chakravarti, supported by partners Prasenjit Chakravarti, Raj Panchmatia and Peshwan Jehangir, led the firm’s team in the transaction, which was announced on December 2, 2021.
Khaitan & Co has also advised Investcorp India Asset Managers and Omidyar Mauritius on their Rs1.24 billion (US$16.4m) Series B2 investment in Wingreens Farms. Partner Bharat Anand and Tanvi Kumar led the firm’s team in the transaction, which was completed on November 10, 2021. Antares Legal has also advised on the deal.
King & Wood Mallesons has acted as Chinese and international laws counsel to the joint lead managers on the issuance by SF Holding Investment 2021 of three series of guaranteed notes in the aggregate amount of approximately US$1.2 billion. The notes were guaranteed by SF Holding, China’s largest comprehensive logistics service provider, and the fourth largest express enterprise worldwide, in terms of market capitalization, as of June 30, 2021. Partners Haotian Sun (Guangzhou) and Song Yue (Hong Kong) led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands and BVI counsel to Helenbergh China Holdings on its issue of US$102 million 11 percent green senior notes due 2023, and a concurrent exchange offer of its outstanding 12.875 percent senior notes due 2021 issued to certain holders thereof. Together with its subsidiaries, the Helenbergh China Holdings group is an expanding Chinese real estate developer primarily engaged in the development of residential properties. Partner Juno Huang led the firm’s team in the transaction, while Sidley Austin advised on US and Hong Kong laws, and Commerce & Finance advised on Chinese law. The initial purchasers were advised by Linklaters as to US law and by Global Law Office as to Chinese law.
Maples and Calder has also acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings on its issue of US$100 million aggregate principal amount of 5.00 percent senior notes due 2022. The notes are listed in Singapore. The issuer is a leading property developer in China specialising in the development and operation of high-quality, large-scale, integrated commercial and residential complexes. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Dorsey & Whitney advised on US, English and Hong Kong laws, and Commerce & Finance Law Offices advised on Chinese law. Skadden, Arps, Slate, Meagher & Flom acted as the US counsel, while JunHe acted as Chinese law counsel to the initial purchasers.
Rajah & Tann Singapore has advised Pace Enterprise Holdings, a Singapore-based Buy Now Pay Later solution, on its US$40 million Series A investment round, which raised capital from Japan’s Marubeni Ventures, South Korea’s Atinum Partners, Taiwan’s AppWorks, Indonesia’s Alpha JWC, and Singapore’s UOB Venture Management, Vertex Ventures Southeast Asia & India, and Genesis Alternative Ventures. Partner Terence Quek, supported by partners Benjamin Liew and Cheryl Tan, led the firm’s team in the transaction.
S&R Associates is representing IRB Infrastructure Developers, one of India’s largest private roads and highways infrastructure developers, on equity fund raises aggregating to Rs53.47 billion (US$709m), through proposed preferential allotments to Cintra INR Investments, a 100 percent subsidiary of Cintra Global, for up to 24.9 percent of IRB’s share capital, and to Bricklayers Investment, an affiliate of GIC (Singapore’s sovereign wealth fund), for up to 16.9 percent of IRB’s share capital. Partners Sandip Bhagat, Rajat Sethi and Sudip Mahapatra, supported by competition practice head Simran Dhir, led the firm’s team in the transaction.
WongPartnership has acted for the shareholders of Greenpac on the sales of their shares to Treis Group. Partner Chan Sing Yee led the firm’s team in the transaction.
WongPartnership has also acted for the consortium comprising 65 Equity Partners Holdings and Tower Capital Asia on the consortium’s pre-conditional voluntary conditional general offer for Asia Pacific’s leading corporate-services and business solutions provider Boardroom, valued at approximately S$312 million (US$228m). Partners Low Kah Keong and Quak Fi Ling led the firm’s team in the transaction, together with partners Alvin Chia, Kylie Peh and Chan Jia Hui.
