Allen & Gledhill has advised Rimorchiatori Mediterranei (RMED), a leading harbour towage operator headquartered in Italy and subsidiary of Rimorchiatori Riuniti Group, on its 100 percent acquisition of Keppel Smit Towage and Maju Maritime. The transaction was signed in November 2021 after a highly competitive bidding process, and closed in June 2022 after obtaining approval from the Singapore Maritime Port Authority. Following completion of the transaction, RMED became the third-largest towage operator in the world. Partners Teoh Sze Min and Jonathan Choo led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Vulcan Capital Singapore Greenhouse, which co-led the US$8 million pre-Series A funding round in WatchTowr, a local start-up focused on providing cyber security technology and consultancy services. Partner Nicholas Soh led the firm’s team in the transaction.
Ashurst has advised Guangzhou Development District Investment Group (GDDIG) on its debut issuance of offshore bonds in the aggregate principal amount of US$400 million. The bonds are listed in Hong Kong, Chongwa (Macao) and Singapore. The firm advised the issuer on English law, as well as the listing agent for the HK and Macao listings of the bonds. The net proceeds from the issuance will be used to finance eligible sustainability projects of the issuer group and for related working capital purpose. GDDIG is a leading state-owned industrial investment and operation platform in Guangzhou Development District, Guangzhou, Guangdong Province, and is the only transportation infrastructure investment and construction platform in the Guangzhou Development District. The bonds are being issued as “sustainability bonds” under the sustainable finance framework. This is the first offshore US$ sustainability bonds issued in Guangzhou. Partners Melody He and Jessica Li led the firm’s team in the transaction.
AZB & Partners is advising Shell Overseas Investments, a wholly-owned subsidiary of Shell, on its Rs119 billion (US$1.5b) acquisition of 100 percent shareholding in Solenergi Power, a direct shareholder of the Sprng Energy group of companies in India, from Actis Solenergi. Partner Hemangini Dadwal is leading the firm’s team in the transaction, which was signed on April 29, 2022, approved by the Competition Commission of India on July 11, 2022, and is yet to be completed.
AZB & Partners has also advised Internet Fund VII, a fund managed by Tiger Global Management, on its Rs940 million (US$12m) acquisition, along with other investors, of equity stake via Series B fund raise round in PayGlocal Technologies, a provider of payment aggregator services and online payment gateway services. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was signed on May 27, 2022 and was completed on June 25, 2022.
Baker McKenzie has advised on the successful offering and listings of global depositary receipts on SIX Swiss Exchange (SIX) of four Chinese companies — Gem, Gotion High-tech, Keda Industrial Group and Ningbo Shanshan. The four companies are the first to issue GDR in the Swiss capital market through the China-Switzerland Stock Connect, after China Securities Regulatory Commission reformed the Stock Connect scheme, and the Swiss regulators recently finalized the revised SIX listing rules in late July 2022. The firm advised Gem on its US$346 million offering (before greenshoe), with CLSA, BNP Paribas and Helvetische Bank as the underwriters. Gem is a leading company in the global new energy materials and urban mining industry, as well as a globally-advanced and representative enterprise in the green and low carbon industry. The firm also advised CICC, Haitong International, Huatai International, CLSA and ABCI, as the underwriters, on Gotion Hightech’s US$685 million offering. Gotion is a world-leading and rapidly expanding provider of new energy solutions, whose major products are electric vehicle batteries and energy storage system batteries. Moreover, the firm advised Citibank, as the depository bank, on Keda Industrial Group’s US$173 million offering, with CICC as the underwriter. Keda Industrial Group is the largest supplier of building ceramic machinery and equipment in Asia, and the second largest in the world. Further, the firm advised Citibank, as the depository bank, on Ningbo Shanshan’s US$319 million offering, with Huatai Financial, Guotai Junan, CLSA and Haitong International as the underwriters. Ningbo Shanshan is a global leading advanced material manufacturer dedicated to the design, development, manufacturing and sales of lithium-ion battery materials and polarizers. Partners Christina Lee (Hong Kong), Wang Hang (Beijing), Thomas Tarala (Hong Kong), Matthias Courvoisier (Zurick), Adam Farlow (London) and Simon Porter (London) led the firm’s teams in the transactions.
Baker McKenzie FenXun (FTZ) Joint Operation has advised Alpha Luck Industrial and AKM Meadville Electronics (Xiamen), as the joint offerors, on the privatization of AKM Industrial, via scheme of arrangement under Section 673 of the Companies Ordinance under Hong Kong law. The cash consideration paid by the joint offerors is approximately HK$1.8 billion (US$229.3m). The listing of the shares of AKM Industrial has been withdrawn in Hong Kong on July 28, 2022. Alpha Luck is an investment holding company, while AKM Meadville principally provides high-density interconnected printed circuit boards (rigid boards, flexible boards and rigid flexible boards), packaging substrates and solution services. AKM Industrial primarily produces flexible circuits and related module products. Baker McKenzie partners Hang Wang (Beijing) and Christina Lee (Hong Kong), supported by FenXun (Beijing) international capital markets partner Brian Wong (Hong Kong), led the firms’ team in the transaction.
Clifford Chance has acted as lead counsel on three out of four market-first global depositary receipts listings on the SIX Swiss Exchange by China-listed issuers. This follows the expansion of the original Shanghai-London Stock Connect scheme into China-Europe Stock Connect scheme to also encompass the Shenzhen Stock Exchange, SIX Swiss Exchange and German Stock Exchange. The firm advised leading lithium-ion power batteries company Gotion High Tech on its US$685 million offering. The firm also advised CLSA, as the sole global coordinator, on the GDR listing, with an offering size of US$346 million, of Gem, a green technology developer in waste battery recycling. Simultaneously, the firm advised Huatai Financial and Guotai Junan Securities, as joint global co-ordinators, on the GDR listing, with an offering size of US$319 million, of Ningbo Shanshan, which manufactures and sells lithium-ion anode materials and polarisers. China co-managing partner Tim Wang and partners Fang Liu and Jean Thio, supported by London partner Chris Roe on the depositary agreements and related GDR arrangements, led the firm’s team in all three listings.
Clifford Chance has also advised Carrefour Nederland and Carrefour SA on the sale of their 60 percent stake in Presicarre (Carrefour Taiwan) to local partner Uni-President Enterprise (Uni-President) at an enterprise value of €2 billion (US$2.04b). Following the completion of the transaction, Carrefour will continue to licence the Carrefour brand to Uni-President. Carrefour is a leading global retailer of hypermarket chains, grocery stores and convenience stores. Created in 1987, Carrefour Taiwan is a joint venture established between Carrefour and Uni-President. Today, the company employs 15,000 people across a network of 340 stores and 129 shopping malls. Partner Emma Davies, supported by partners Ling Ho, Dessislava Savova, Aline Cardin and Richard Blewett, led the firm’s team in the transaction, which is subject to regulatory approvals and other customary conditions.
Cyril Amarchand Mangaldas has advised TI Clean Mobility (TICM), a subsidiary of Tube Investments of India, on its approximately Rs2.45 billion (US$31m) proposed investment in IPLTech Electric. As a part of the transaction, TICM proposes to invest Rs2.45 billion (US$31m), via the primary and secondary rounds of funding. TICM proposes to invest Rs1.5 billion (US$19m) in the primary round, and Rs954 million (US$12m) in the secondary round. Out of Rs954 million (US$12m) in the secondary round, TICM will pay Rs278 million (US$3.54m) to IPLTech founders, and Rs676 million (US$8.6m) to the angel investors in IPLTech, to acquire a stake of 65.2 percent in IPLTech. After the secondary round of funding, the founders of IPL Tech will retain a stake of 23 percent in IPLTech. The remaining stake will be held by a few other small shareholders in IPLTech. The transaction will also allow a few angel investors (both resident and non- residents) to exit IPLTech by selling their shares to TICM. Partner Nagavalli G led the firm’s team in the transaction, which was signed on July 18, 2022. AP & Partners advised IPLTech.
JSA has advised Patentes Talgo SLU (Talgo Spain) and its wholly-owned subsidiary Talgo India on its joint venture with Bharat Forge Infrastructure to set up a joint venture which will manufacture high-speed passenger trains in the Indian railways sector. The JV will manufacture high-speed passenger trains to address future large business opportunities in the Indian railways sector, and tap the upcoming domestic requirements in the field. The JV will also focus on setting-up manufacturing, maintenance and life cycle support hub for new generation, energy-efficient, lightweight aluminium high-speed railway trains. The collaboration has been strategized amid the backdrop of the Ministry of Railways tender for the manufacturing and maintenance of 100 new generation lightweight energy-efficient trains. Talgo is a wholly-owned subsidiary of Spain-based world-leading high-speed passenger train manufacturer Patentes Talgo SLU, with more than 75 years of experience in the design, manufacture and maintenance of trains. Talgo trains come with unique technology that provides cost-effective operation to the operator due to its lightweight design. Partner Vishnu Sudarsan, supported by partners Shashank Singh and Sugandha Somani Gopal, and direct tax practice head Kumarmanglam Vijay and indirect tax practice head Manish Mishra, led the firm’s team in the transaction.
Khaitan & Co has advised Google International on its investment in Desiderata Impact Ventures, as the company raised a US$40 million Series C round, which also included Creation Investments and Tiger Global. Partner Nikhil Narayanan led the firm’s team in the transaction, which was announced on June 27, 2022.
Khaitan & Co has also advised upGrad Education on the acquisition of 100 percent share capital of Wolves Recruitment and Staffing. upGrad Education facilitates higher education and industry relevant programs through a technology platform, which spans across segments, like test prep to study abroad and undergrad degrees to campus courses in 250 universities. Wolves Recruitment and Staffing provides end-to-end recruitment services to organizations. Partners Monika Srivastava and Sanchit Agarwal led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Datang Group Holdings, and as BVI counsel to Dynasty Management International, as subsidiary guarantor, on Datang’s offer relating to 12.5 percent senior notes due 2022 to exchange for a minimum acceptance amount of the outstanding principal amount of the existing 12.5 percent senior notes due 2022 for US$283.95 million 12.5 percent senior notes due 2023. The Datang group is a property developer in China focusing on the development of residential and commercial properties in China. Partner Juno Huang led the firm’s team in the transaction, while Sidley Austin advised on US law and Hong Kong law, and Jingtian & Gongcheng advised on Chinese law. The dealer manager was advised by Linklaters as to US law, and by JunHe as to Chinese law.
Maples and Calder has also acted as BVI and Cayman Islands counsel to The Hongkong Land Notes Company and The Hongkong Land Finance (Cayman Islands) Company on the update of their US$7 billion guaranteed medium term note programme, guaranteed by The Hongkong Land Company. Partner Lorraine Pao led the firm’s team in the transaction, while Linklaters advised on English law, Hong Kong law and US law. Clifford Chance advised the dealers as to English law, Hong Kong law and US law.
Paul Hastings has advised Hanwha Systems, a South Korean shareholder in OneWeb, on its proposed combination with Paris-based satellite operator Eutelsat to create a global multi-orbit satellite broadband operator. The deal would combine Eutelsat’s satellite fleet in geostationary orbit (GEO) with OneWeb’s constellation in low Earth orbit (LEO) to become the first multi-orbit satellite operator offering integrated GEO and LEO solutions. Hanwha Systems, along with other OneWeb shareholders, will contribute its stake to Eutelsat in exchange for newly issued shares in the company, valuing OneWeb at US$3.4 billion. Existing Eutelsat and OneWeb shareholders will each get 50 percent of the combined company’s shares. Following the deal, OneWeb will continue to operate the LEO business from its headquarters in London, while Eutelsat would remain headquartered in Paris. In 2021, the firm also advised Hanwha Systems on its US$300 million investment in OneWeb. Additionally, the firm has advised on Hanwha Solutions’ debut issuance of green bonds, Hanwha Systems’ US$345 million Korea IPO, the US$1.2 billion merger of Hanwha Q CELLS and Hanwha SolarOne, and the US$370 million strategic equity investment of Hanwha Chemical in Solarfun Power. Partners Iksoo Kim (Seoul), Garrett Hayes (London), Matthew Poxon (London) and Charles Cardon (Paris) led the firm’s team in the transaction, which is expected to be completed by the end of the first half of 2023.
Rajah & Tann Singapore has acted for Lendlease on land-related matters in connection with a joint redevelopment of the Comcentre by Lendlease and Singapore Telecommunications. Comcentre will be redeveloped into a S$3 billion (US$2.17b) world-class sustainable workplace. Partners Norman Ho and Gazalle Mok led the firm’s team in the transaction.
Slaughter and May is advising Ineos on three landmark joint ventures with Sinopec for an aggregate value of US$7 billion, which comprise: 1. Ineos acquiring 50 percent equity interests in Sinopec subsidiary Shanghai SECCO Petrochemical, which has an annual petrochemicals production capacity of 4.2 million tonnes, following its successful tender bid on the Shanghai United Asset and Equity Exchange; 2. Sinopec acquiring 50 percent stake in Ineos Styrolution Advanced Materials (Ningbo), which is currently constructing a 600,000 tonnes per year ABS plant. Ineos and Sinopec also plan to work together on two additional 300,000 tonnes per year ABS plants, which will also be built based on Ineos’ world-leading Terluran® ABS technology; and, 3. A 50:50 greenfield joint venture between Ineos and Sinopec to build a new 500,000 tonnes per year high-density polyethylene (HDPE) plant in Tianjin, with the plan to build at least two additional HDPE plants with similar capacity in the future to produce Ineos pipe grade under license. Once completed, these joint ventures are expected to generate combined annual turnover of approximately US$10 billion from nearly seven million tonnes of petrochemicals production capacity, which will significantly reshape Ineos’ petrochemicals production and technology in China. Ineos is a global chemical company, and a global manufacturer of petrochemicals, speciality chemicals and oil products. Comprising 36 businesses, Ineos operates 194 sites in 29 countries throughout the world. Sinopec is one of the largest integrated energy and chemical companies in China. Hong Kong partners Peter Brien (corporate), Justin Chan (corporate), Lisa Chung (financing) and Natalie Yeung (anti-trust), and London partners Hywel Davies (corporate), Caroline Phillips (financing), David Ives (intellectual property) and Laura Houston (intellectual property) are leading the firm’s team in the transaction.
WongPartnership is acting for Indonesia-based social commerce platform KitaBeli on its extended Series A funding round, as well as its subsequent US$20 million funding round. KitaBeli plans to use the fresh capital to expand its presence in Indonesia, as well as to launch new product categories, such as beauty, personal care, frozen food, and mother and baby products. Partner Kyle Lee led the firm’s team in the transaction.
WongPartnership is acting also for the liquidators of Three Arrows Capital in Singapore, the bankrupt billion-dollar cryptocurrency hedge fund. Partners Manoj Pillay Sandrasegara, Lionel Leo and Daniel Liu are leading the firm’s team in the matter.