Allen & Gledhill has acted as transaction counsel to KBS US Prime Property Management, as manager of Prime US REIT, on the US$245.5 million acquisition of Sorrento Towers and One Town Center in the US, and its private placement, which raised gross proceeds of approximately US$80 million. Partners Jerry Koh and Teh Hoe Yue led the firm’s team in the transaction.
Allen & Gledhill has also advised Sequoia Capital India, as the lead investor, on StashAway’s US$25 million Series D financing round. StashAway is a digital wealth manager that offers investment portfolios and wealth management solutions for both retail and accredited investors. It operates in Singapore, Malaysia, the Middle East, North Africa and Hong Kong. The Series D funding round brings its total paid-up capital to about S$84 million (US$61.4m), and will accelerate investment product and feature developments across its markets. Julian Ho led the firm’s team in the transaction.
Ashurst has advised Navis Capital and management shareholders on the sale of Amazon Papyrus Chemicals to The Longreach Group. Headquartered in Hong Kong, Amazon Papyrus Chemicals is a leading specialty process chemical solution provider to the pulp and paper industry in Asia. Navis Capital acquired a majority stake in Amazon Papyrus Chemicals in 2014, and the firm advised the Amazon Papyrus Chemicals founders on the investment. Partner Chin Yeoh, supported by partners Rehana Box, Angie Ng and Steven Woodbury, led the firm’s team in the transaction.
Ashurst has also acted as English, Singapore and Indonesian counsel to Société Générale, as lender, hedging bank and agent, on the US$20 million financing of the Quantum and Sambelia utility-scale solar PV power projects in Indonesia developed by Berkeley Energy, a leading renewables energy fund. Quantum and Sambelia are part of the first wave of utility-scale solar projects in Indonesia launched in 2017, and support the national utility PLN and Indonesia’s strategy to boost the share of renewables in the energy mix and reduce reliance on diesel and coal power generation. These projects also represent the first solar projects in Indonesia financed solely by an international commercial bank. Jakarta associated office OSP and Singapore law FLA ADTLaw, led by partners Frederic Draps and Alfred Ng, led the firms’ joint team in the transaction.
AZB & Partners is acting as Indian counsel to Philip Morris International on the Rs61.1 billion (US$818.7m) acquisition by Philip Morris Global Services of 100 percent shareholding in Fertin Pharma, including its Indian subsidiaries Fertin India and Fertin Pharma Research and Development India. Partners Sai Krishna Bharathan, Ananya Sharma and Nandan Pendsey are leading the firm’s team in the transaction, which was signed on June 30, 2021 and is yet to be completed.
AZB & Partners is also advising Capital Land on the acquisition by Ascendas Property Fund (India) of 100 percent equity stake in Datascape Realty. Partners Sai Krishna Bharathan, Shivani Kabra, Monika Bhonsale, Suharsh Sinha and Ishan Handa are leading the firm’s team in the transaction, which was signed on July 2, 2021 and is yet to be completed.
Baker McKenzie is advising Media and Games Invest (MGI) on its acquisition of Smaato for an enterprise value of €140 million (US$165m). MGI is a leading digital integrated games and media company with main operational presence in Europe and North America. Based in San Francisco and Hamburg, Smaato operates a leading mobile first digital advertising technology platform. The transaction is in line with MGI’s strategy of seeking highly value-accretive acquisitions, which increase its long-term profitability. The acquisition of Smaato increases substantially the critical mass of MGI’s media segment Verve Group by adding more advertisers and publishers to its platform. Partner Tracy Wut is leading the firm’s team in the transaction, which is expected to close within the next two months, subject to regulatory approvals.
Clifford Chance has acted as international counsel to CVC on multijurisdictional merger filings for its US$1.5 billion joint venture with Shiseido, a global beauty brand that operates in more than 100 countries and regions, on the transfer of part of Shiseido’s personal care business to a new company, which is 65 percent held by funds advised by CVC and 35 percent by Shiseido. Beijing partner Yong Bai led the firm’s team in the transaction, supported by Brussels partner Richard Blewett and Istanbul associate firm CIFTCI Attorney Partnership partner Itir Ciftci, led the firm’s team in the transaction. DaHui Lawyers acted as Chinese counsel for filing in China.
Clifford Chance has also advised the founders of Sweat, a digital fitness app for women, on the sale of Sweat to iFIT Health & Fitness, a global leader in connected fitness software, content and equipment. Co-founded by trainer Kayla Itsines and CEO Tobi Pearce in 2015, Sweat will remain a standalone brand as part of iFIT. Itsines and Pearce will continue to lead Sweat business in their existing roles, while the company remains headquartered in Adelaide, Australia. The Sweat platform offers over 5,000 unique workouts across 26 exercise programmes. Sydney partner Mark Currell, supported by partners Kevin Lehpamer and Sarah Jones, led the firm’s team in the transaction.
Davis Polk has advised Kindstar Globalgene Technology on its IPO and listing in Hong Kong, and on a Rule 144A and Regulation S international offering. The gross proceeds from the offering amounted to HK$2.21 billion (US$284m), prior to exercise of the over-allotment option. Kindstar Global is a leading independent esoteric clinical testing service provider in China. It has the largest esoteric testing portfolio among all the independent esoteric testing providers in China. Partners Yang Chu, Li He and Xuelin (Steve) Wang led the firm’s team in the transaction.
Davis Polk has also advised Zhejiang Expressway on its US$470 million Regulation S offering of 1.638 percent bonds due 2026. Zhejiang Expressway is an infrastructure company principally engaged in investing in, developing and operating high-grade roads. The company and its subsidiaries also carry out securities business and certain ancillary businesses, such as hotel business. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
Khaitan & Co has advised Vopak India on its investment to acquire 49 percent shareholding in a pan-India joint venture with Aegis Logistics, which will operate a network of terminals currently located in five strategic ports in India. With a total capacity of around 960,000 cubic metres, the partnership will become one of the largest independent tank storage companies for LPG and chemicals. As part of the transaction, the firm also advised Vopak India on the acquisition of 24 percent stake in Hindustan Aegis (LPG), a joint venture between Aegis Logistics and Itochu Petroleum (Singapore). Partner Vivek Sriram, supported by director Vinita Krishnan and partner Anisha Chand, led the firm’s team in the transaction, which was announced on July 13, 2021 and was valued at Rs27.66 billion (US$371m). Veritas Legal acted for Aegis Logistics.
Khaitan & Co has also acted as Indian counsel to Global Renewable Synergy on its approximately β14.8 billion (US$451m) subscription of new shares, representing approximately 41.6 percent equity interest, in Avaada Energy. Global Renewable Synergy is a wholly-owned subsidiary of Thailand-listed Global Power Synergy, which is owned and controlled by the Government of Thailand. Partners Haigreve Khaitan and Dibyanshu led the firm’s team in the transaction. Cyril Amarchand Mangaldas represented the Avaada Group.
Kudun and Partners has represented Saksiam Leasing on the IPO preparation for the offering of newly issued shares to the public and listing all shares in Thailand. The size of Saksiam Leasing’s IPO is approximately β2 billion (US$61m). Saksiam Leasing is the third largest loan provider listed in Tahiland. On its first-trading day, it gained a lot of attention from analysts and investors, and ranked third as the most traded stock on its first day (in terms of value). Its price on the first day was more than 121 percent from its IPO price. Partner Kudun Sukhumananda led the firm’s team in the transaction.
L&L Partners has advised Bank of Baroda on the funding and financial closure of the first phase of Ola Futurefactory, a green field project being setup by Ola Electric Technologies at a 500-acre site in Tamil Nadu for the manufacture of electric two-wheeler vehicles. The first phase will have an annual capacity of 500,000 vehicles, valued at more than US$100 million. At full capacity of 10 million vehicles annually, it will be the world’s largest two-wheeler factory. The first phase is nearing completion, and will be exporting the EVs to France, Italy, Germany and other countries. Partner Girish Rawat led the firm’s team in the transaction.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings on its issuance of US$200 million 4.9 percent senior notes due 2026. The notes are listed in Singapore. Powerlong Real Estate Holdings is a property developer in China specialising in large-scale retail and residential complexes. Partner Karen Zhang Pallaras 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.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has also acted as BVI counsel to Champion Moments, a wholly-owned subsidiary of SJM Holdings, on its issuance of Pt300 million (US$37.5m) 3.9 percent senior notes due 2026 and HK$1.25 billion (US$161m) 3.9 percent senior notes due 2026, guaranteed by SJM Holdings. A debut issuance by the SJM group, the notes are listed in Macao. Partner Lorraine Pao led the firm’s team in the transaction, while Latham & Watkins acted as US counsel and C&C Advogados acted as Macau counsel for the issuer and guarantor. King & Wood Mallesons acted as US counsel, while Manuela António – Lawyers and Notaries acted as Macau counsel for the initial purchasers.
Paul Hastings has advised three Chinese property management companies this week on their global offerings and IPOs in Hong Kong. The firm has represented Kangqiao Service Group on its US$82.9 million IPO; CCB International Capital, as the sole sponsor and sole global coordinator, on the US$98.5 million Hong Kong IPO of Dexin Services Group; and the sole sponsor and underwriters on the US$37.8 million IPO of Ling Yue Services Group. Based in Henan Province, Kangqiao Service Group is a comprehensive property management service provider, while Hangzhou-headquartered Dexin Services Group is part of the Dexin Group, a leading Chinese real estate conglomerate. On the other hand, Sichuan-based Ling Yue Services Group engages in property management services, value-added services to non-property owners and community value-added services. CCB International Capital acted as the sole sponsor, sole global coordinator and joint book-runner for its Hong Kong IPO, while CMB International Capital, Huatai Financial Holdings (Hong Kong), Seazen Resources Securities, Vision Capital International Holdings, Shenwan Hongyuan Securities (HK) and CMBC Securities acted as the joint book-runners. Chair of Greater China global partner Raymond Li, supported by corporate partners Jean Yu, Vincent Wang and Chaobo Fan, led the firm’s team in the transaction.
S&R Associates has represented Oravel Stays, the operator of OYO Hotels & Homes, on raising US$660 million in Term Loan B debt financing from global institutional investors. This is the first Term Loan B debt financing involving an Indian company. Partners Divyanshu Pandey, Sanjeev Adlakha and Arpita Garg led the firm’s team in the transaction.
WongPartnership has also acted for DBS and OCBC, as the arrangers, and for DB International Trust (Singapore), as trustee, on Keppel Infrastructure Trust’s update of its medium term note programme to S$2 billion (US$1.46b). Partners Trevor Chuan and Khoo Yuh Huey led the firm’s team in the transaction.
WongPartnership has also acted for ESR Fund Management, as manager, on the approximately S$120 million (US$87.8m) acquisition by ESR-REIT of the property at 46A Tanjong Penjuru. Partners Monica Yip and Jerry Tan were involved in the transaction.
