AZB & Partners is advising LIC Mutual Fund Asset Management and LIC Mutual Fund Trustee on their acquisition of IDBI Asset Management and IDBI MF Trustee. Partner Rushabh Maniar is leading the firm’s team in the transaction, which was signed on December 29, 2022 and is yet to be completed.
AZB & Partners has also advised KKR & Co on its acquisition of 13.3 percent stake in Advanta Enterprises, a subsidiary of UPL, under which UPL shall consolidate its Indian as well as global seeds. Partners Nandish Vyas and Bharat Budholia led the firm’s team in the transaction, which was valued at Rs24.6 billion (US$301m) and was completed on December 16, 2022.
Baker McKenzie has advised CapitaLand Investment (CLI), a leading global real estate investment manager with a strong Asia foothold, on its strategic partnership with Ally Logistic Property (ALP) and Pruksa Holding (PSH), to establish a S$1 billion (US$751m) CapitaLand SEA Logistics Fund (CSLF). ALP is a total warehousing solution provider in the Taiwan logistics industry. One of Thailand’s top real estate developers, Thailand-listed PSH primarily develops affordable residential projects, including townhouses, single detached houses and condominiums for all customer groups, notably in Bangkok. CLI, ALP and PSH have committed an initial equity investment of S$270 million (US$202.7m), with an option to increase their investment up to S$540 million (US$405.4m), and a target to achieve assets under management of S$1 billion (US$US$571m). CSLF will develop smart logistics infrastructure to meet the rising demand in Southeast Asia for warehouses. CLI, ALP and PSH will contribute their respective strengths and network in this partnership to grow CSLF’s logistics portfolio in Southeast Asia. Under the strategic partnership, CLI will be CSLF’s fund manager, leveraging its well-established global real estate platform, fund management expertise and local operating presence to provide the fund a competitive advantage in deal sourcing, investment and execution. ALP will provide automated warehouse technology, while PSH will provide market knowledge and integrated development experience in Thailand. Hong Kong funds partner Jason Ng led the firm’s team in the transaction.
FenXun Partners, Baker McKenzie’s China Joint Operation partner, is advising leading Chinese e-commerce company JD.com on the listing of its REIT, Harvest Jingdong Warehousing Logistics Close-end Infrastructure Securities Investment Fund, in Shanghai. The REIT, which was recently approved by the China Securities Regulatory Commission and the Shanghai Stock Exchange, shall hold three Chinese logistics parks totaling 350,995 sq mts (1.2 million sq ft) with a combined value of Rmb1.565 billion (US$231.6m). These include the first phase of JD.com Chongqing E-commerce Park, a transshipment and logistics center in Chongqing, as well as the company’s Asia No. 1 Logistics Parks in Wuhan, Hubei province and Langfang, Hebei province. Partners Wang Jianzhao, Yang Guangshui and Bao Zhi led the firm’s team in the transaction.
IndusLaw has advised Alight, a leading cloud-based human capital and technology services provider, on its acquisition of the Reed Group companies, a leading absence management service provider, from Guardian Life Insurance Company of America. The acquisition of Reed Group builds upon Alight’s strategy to support employees and their dependents from hire through retire by adding new content, capabilities and products that have the power to change the way that people interact with human resources, their benefits and their employer to power more confident decisions for life. Partner Saurav Kumar led the firm’s team in the transaction, while Kirkland & Ellis acted as US counsel. Morgan, Lewis & Bockius advised the Reed Group companies and Guardian Life Insurance Company of America.
JSA has advised on the merger of Netscribes (India) with NS Oxymoron Advisors. Netscribes (India) provides services across investment and business research, market, competitive, social media intelligence and communication to meet the tactical business objectives. NS Oxymoron Advisors, the holding company of Netscribes (India), supports organisations with data, information, research, insights, analytics, content and solutions across industries for tech-enabled and data-driven in nature. Partner Rinku Ambekar led the firm’s team in the transaction.
JSA has advised Temasek on its investment in SarvaGram Solutions, as part of the Series C funding round by SarvaGram. This funding round also received participation from Elevar Equity, Elevation Capital and TVS Capital Funds. SarvaGram is a rural lending and distribution platform, which focuses on lending to rural households. SarvaGram provides a range of customised financial and capacity-enhancing products to unlock the potential of aspirational rural India. Partners Vikram Raghani and Birbahadur Sachar led the firm’s team in the transaction.
Saraf and Partners has advised the President of India, acting through the Ministry of Railways, and the Department of Investment and Public Asset Management, Ministry of Finance (DIPAM), on a divestment of five percent of MoR’s stake in IRCTC, via an offer for sale, for Rs27.3 billion (US$333m). Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities and JM Financial Institutional Securities acted as brokers. Partner Murtaza Zoomkawala led the firm’s team in the transaction.
Simpson Thacher has represented Daiei Kankyo on its ¥43.3 billion (US$325m) global offering of shares, including an offering to institutional investors outside Japan, pursuant to Rule 144A and Regulation S under the Securities Act. The shares in the international offering consisted of newly issued shares and existing shares sold by Daiei Kankyo’s parent company. Daiei Kankyo operates a waste management and recycling business in Japan that covers the collection and transportation, intermediate treatment, recycling and final disposal of industrial and general waste from principally municipalities, manufacturers, general contractors and medical institutions. SMBC Nikko Capital Markets acted as sole book-runner in the international offering. Tokyo capital markets partner Taki Saito led the firm’s team in the transaction.
Simpson Thacher has also represented Skymark Airlines on its ¥32.5 billion (US$250m) global offering of shares, including an offering to institutional investors outside Japan, pursuant to Rule 144A and Regulation S under the Securities Act. The shares in the international offering consisted of newly issued shares and existing shares sold by selling shareholders. Skymark Airlines is the third largest Japanese airline, operating 23 routes within Japan. The international joint lead managers for the international offering were Morgan Stanley & Co International, Daiwa Capital Markets Europe and Merrill Lynch International. Tokyo capital markets partner Taki Saito led the firm’s team in the transaction.
S&R Associates has represented IRB InvIT Fund, India’s first publicly listed InvIT, on its Rs3.42 billion (US$41.6m) acquisition of VK1 Expressway from the fund’s sponsor, IRB Infrastructure Developers. VK1 is a concessionaire for a section of the Vadodara-Mumbai Expressway. Partner Pratichi Mishra led the firm’s team in the transaction.
TT&A has advised KNI India, a joint venture between Norwegian Investment Fund for Developing Countries (NORFUND) and KLP, Norway’s largest pension company, on its investment in Koppal-Narendra Transmission, an entity controlled by Renew Power. The deal, which is the first transmission investment by Norfund in an Indian project, involves subscription to equity shares and non-convertible debentures by KNI India, where KNI India will hold 49 percent stake in the target. Partners Dushyant Bagga and Shivranjani Ralawata led the firm’s team in the transaction.
TT&A has also acted as Indian counsel to the United States International Development Finance Corporation (DFC) on the un-funded guaranty provided by DFC to the Hongkong and Shanghai Banking Corporation India (HSBC) for approximately US$10 million, under the structured obligation framework, in relation to the loans provided by HSBC to Aryadhan Financial Solutions. Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.
WongPartnership is acting for Tang Dynasty Treasure on its mandatory conditional cash offer at S$0.72 (US$0.53) per share for the shares of Chip Eng Seng. If entitled, Tang Dynasty intends to privatise and delist Chip Eng Seng in Singapore. Partner Audrey Chng is leading the firm’s team in the transaction, together with partners Hui Choon Yuen, Chan Jia Hui and Serene Soh.
WongPartnership is also acting for insurance technology startup Igloo on its US$27 million Series B funding round, in extension to the US$19 million round concluded earlier in March. The latest funding round was led by the InsuResilience Investment Fund II, a fund initiated by the German development bank KfW and managed by impact investor BlueOrchard Finance. Partner Kyle Lee is leading the firm’s team in the transaction.
