Allen & Gledhill has acted as transaction counsel to Mizuho Bank on the ¥20 billion (US$159m) term loan facility to GLP. Mizuho Bank was appointed facility agent, mandated lead arranger and book-runner, and sustainability coordinator. Partner Kok Chee Wai led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Singapore Post and SingPost Group Treasury on the issue of S$250 million (US$183m) 4.35 percent subordinated perpetual securities by SingPost Group Treasury, under its S$1 billion (US$733m) multicurrency debt issuance program. SingPost is the guarantor of the program. Partners Margaret Chin, Ong Kangxin and Sunit Chhabra led the firm’s team in the transaction.
Ashurst has advised Sumitomo Forestry, one of the largest real estate developers in Japan, on its formation of a joint venture with Bywater Properties, a prominent property developer in the UK. As its first project, the joint venture company will develop an office building in Lambeth, London, which will be primarily using timber structure and will have an extruded terracotta façade, which is quite unique for a large-scale commercial building in the UK. Sumitomo Forestry is also a distributor of high-quality timbers and building materials. London corporate partner and head of European Japanese practice Hiroyuki Iwamura, supported by real estate partners Jamie Chapman and Ben Patton and tax partner Paul Miller, led the firm’s team in the transaction.
Ashurst has also represented Hong Kong-listed Far East Consortium International, an international company mainly engaged in property development and investment, hotel operations and management, on the acquisition of R&F Properties VS (UK), owner of the 133,000 sqm gross floor area mixed use development site at Vauxhall Square in Vauxhall, London. Situated on the southern banks of the River Thames, Vauxhall Square is designated for residential, hotel, office, retail and leisure use. The transaction represents a disposal by R&F Properties of a major property development asset in London. R&F Properties will have the option to repurchase the entire issued share capital of R&F Properties VS (UK) and related intercompany loans from Far East Consortium on or before six months after completion. Global co-head of finance, funds and restructuring partner Jini Lee and partners Daniel Lau, Chin Yeoh and Li Jiang (Hong Kong) and Melanie Jordan (UK) led the firm’s team in the transaction.
AZB & Partners has advised United States International Development Finance Corporation on its long term loan facility via external commercial borrowing of up to US$50 million extended to Motilal Oswal Home Finance. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction, which was signed on February 8, 2022 and was completed on March 30, 2022.
AZB & Partners is also advising Warburg Pincus, via its affiliate South Elm Investments, on its Rs15.9 billion (US$209m) acquisition of equity stake in Micro Life Sciences. Partner Bharat Budholia is leading the firm’s team in the transaction, which was approved by the Competition Commission of India on March 15, 2022 and is yet to be completed.
Baker McKenzie has advised Hong Kong Securities and Futures Commission (SFC)-licensed blockchain and virtual assets manager MaiCapital on securing approval from the SFC to manage portfolios that comprise up to 100 percent virtual assets. MaiCapital is a leading alternative investment manager in Hong Kong, and a pioneer in applying institutional investment practices to the innovative cryptocurrency space. Since securing licenses from the SFC to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities in 2018, the company has been operating two actively managed blockchain-themed hedge funds — the Blockchain Opportunity Fund and the Bitcoin Plus Investment Fund. The funds deploy a range of investment strategies, including systematic and quantitative trading, market-making and arbitrage algorithmic trading across a range of instruments, including cryptocurrency futures and derivatives, contracts for difference and the top 50 liquid coins. The funds are supported by leading global service providers, including Coinbase, OSL and trading venues for cryptocurrency futures contracts that are regulated by the UK’s Financial Conduct Authority. Joy Lam and Ryan Chan led the firm’s team in the transaction.
IndusLaw has represented Mr Sanjay Krishnan, promoter of Lithium Urban Technologies (LUT), a company engaged in clean-fuel-powered transportation services, on its partnership with Eversource Capital, as part of a primary and secondary transaction that allows for a majority stake in LUT. This comes with an exit for Lightrock India and other investors. Senior partner Srinivas Katta and partner Rashi Saraf led the firm’s team in the transaction, which was valued at US$47 million. Cyril Amarchand Mangaldas represented Green Growth Equity Fund, while Trilegal represented Lithium Urban Technologies.
IndusLaw has also advised Rebel Foods on its acquisition of a majority stake in Bliss Chocolates India (Smoor), and has added high quality chocolates and dessert offerings to Rebel Foods’ portfolio of food brands. The investment by Rebel Foods will help Smoor to expand its presence in India and abroad, and also strengthen its physical presence in nine cities across India. Partner Anubha Sital led the firm’s team in the transaction. Magnah Law Partners also advised on the deal.
JSA has advised Lupin on the acquisition of a portfolio of 343 brands, including all rights and interests associated with their products, from Anglo French Drugs & Industries (AFDI) and its associates. An innovation-led transnational pharmaceutical company headquartered in Mumbai, Lupin offers branded and generic formulations, biotechnology products and active pharmaceutical ingredients. AFDI develops, manufactures, markets and distributes the formulations of various drugs in the skin and respiratory sector. Partner Shivpriya Nanda, supported by partners Zain Pandit and Gaurav Arora, led the firm’s team in the transaction, which was valued at Rs3.25 billion (US$43m).
Khaitan & Co is advising a consortium led by Bandhan Financial Holdings on its proposed acquisition of a controlling stake in IDFC Asset Management and IDFC AMC Trustee. The consortium comprised of Bandan Financial Holdings, GIC and ChrysCapital. The consortium was selected through a highly competitive divestment process, which witnessed strong participation from strategic players and financial investors. This has been a highly tracked acquisition, and will be the largest deal in the Indian asset management industry to date. Announced on April 6, 2022 and valued at Rs45 billion (US$591m), the proposed acquisition is subject to necessary regulatory approvals and customary closing conditions. Partners Saswat Subasit and Shourya Sengupta (Partner) and director Sumit Chakraborty, supported by partners Dipen Chatterjee, Supratim Chakraborty, Anshul Prakash, Siddharth Shah and Vivek Mimani, are leading the firm’s team in the transaction, while Trilegal advised GIC and ChrysCapital and acted as co-counsels. Cyril Amarchand Mangaldas advised IDFC.
Khaitan & Co has also advised Bank of Baroda on the merger of the Baroda Mutual Fund and BNP Paribas Mutual Fund. The transaction involves the merger of the Baroda Asset Management and Trustee Companies managing the Baroda Mutual Fund schemes with the Asset Management and Trustee Companies of BNP Paribas managing the BNP Paribas Mutual Fund schemes in India. The merged companies have total assets under management of Rs222.5 billion (US$2.9b). The joint venture has been consummated by a court-approved merger, and does not involve exchange of consideration. Gautam Suseel and Probal Bose, supported by partners Atul Pandey and Anisha Chand, led the firm’s team in the transaction, which was completed on March 14, 2022. AZB and Partners also advised on the deal.
Paul Hastings has acted as sole international counsel on Hana Bank’s update of its US$10 billion global medium term note program, and the issuance of US$600 million 3.2 percent senior unsecured sustainability notes due 2027 under the program. As the flagship company of Hana Financial Group, Hana Bank is a leading South Korean commercial bank engaged in a broad range of banking activities and services for individual, corporate and governmental customers. JP Morgan acted as the arranger in the update of US$10 billion program. BNP Paribas, Citigroup, Crédit Agricole, Daiwa Capital Markets, Hana Financial Investment, HSBC, ING Bank, JP Morgan, KEB Hana Global Finance, Merrill Lynch, Mizuho Securities, MUFG Securities, Société Générale, Standard Chartered Bank and UBS acted as the dealers. As for the US$600 million issuance of notes, JP Morgan, Merrill Lynch, MUFG Securities, Société Générale and Standard Chartered Bank acted as the joint book-runners and joint lead managers, while Hana Financial Investment and KEB Hana Global Finance acted as the co-managers. In 2021, the firm also advised on Hana Bank’s update of its US$10 billion global medium term note program and the issuance of US$600 million senior secured sustainability notes. Corporate partner Iksoo Kim led the firm’s team in the transaction.
Rajah & Tann Singapore is acting for DBS Trustee, as trustee of Mapletree North Asia Commercial Trust (MNACT), on the S$4.2 billion (US$3b) proposed merger of Mapletree Commercial Trust (MCT) and MNACT, thru an acquisition by MCT of all issued and paid-up units of MNACT held by unitholders via a trust scheme of arrangement. This is the first REIT merger which is structured with two scheme consideration options offered for MNACT unitholders, who may elect to receive consideration in a combination of cash-and-units in MCT or scip only. Partners Sandy Foo and Favian Tan are leading the firm’s team in the transaction.
Rajah & Tann Singapore and Christopher & Lee Ong had acted for Citigroup Global Markets Singapore, DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on a S$648.8 million (US$475m) equity fund raising, which comprised a private placement to raise approximately S$400 million (US$293m), and a preferential offering to raise approximately S$248.8 million (US$182.3m), undertaken by Lendlease Global Commercial REIT, to part-finance its acquisition of the remaining 68.2 percent effective interest in an integrated office and retail property known as Jem. Partners Raymond Tong and Cynthia Wu from Rajah & Tann Singapore led the firm’s team in the transaction, alongside partners Yon See Ting and Looi Zhi Min from Christopher & Lee Ong.
S&R Associates has represented multinational telecommunications company Vodafone Group on the Rs33.7 billion (US$443m) acquisition by Vodafone Group entities of equity shares of India-listed telecom company Vodafone Idea, as part of Vodafone Idea’s Rs45 billion (US$591m) preferential allotment of equity shares to its promoters. Partners Rajat Sethi, Tanya Aggarwal and Lakshmi Pradeep led the firm’s team in the transaction.
Tiang & Partners has advised on the successful launch of an Open-ended Fund Company (OFC), with its first sub-fund structured as a typical closed-ended PE fund, to provide a novel approach which allows the client to take advantage of both the OFC subsidy from the Securities and Futures Commission, and Carried Interest Concession under the Hong Kong Inland Revenue Ordinance. Investment funds head partner Gaven Cheong led the firm’s team in the transaction.
WongPartnership is acting for Chip Eng Seng and Haiyi Group on the acquisition of a minority interest in 8 Shenton Way (AXA Tower). The project will add to the pipeline of Chip Eng Seng’s property development projects in Singapore, and will enable the company to mitigate its financial and execution risks through participating in a large-scale redevelopment project with other partners. Partner Chan Sing Yee is leading the firm’s team in the transaction, together with partner Angela Lim.