Allen & Gledhill has advised the Housing and Development Board (HDB) on the issue of S$800 million (US$593m) fixed rate green notes due 2027, under its S$32 billion (US$24m) multicurrency medium term note programme. The issue is an issuance of green bonds, proceeds of which are intended to be used to finance or refinance eligible green projects under the Project Category of Green Buildings, and for such other purposes, as set out in the HDB’s Green Finance Framework. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised CapitaLand Group and CapitaLand Treasury on the establishment of their S$500 million (US$371m) euro-commercial paper programme. CapitaLand Group is the guarantor for the programme, under which CapitaLand Treasury may issue commercial paper notes. Partners Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising Delta Corp on its Rs4.5 billion (US$54m) acquisition of shares, along with Peninsula Land and Alpha Alternatives Fund Advisors, to invest in a real estate development company, which will engage in residential re-development and plotted development in the Mumbai metropolitan region. In addition, Delta will contribute its IP and human resources to this acquisition. Partners Zia Mody, Ashwath Rau, Anand Shah and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on May 8 2024 and is yet to be completed.
AZB & Partners is also advising KKR & Co on its Rs70 billion (US$838m) acquisition of Healthium Group, including Healthium Medtech, from Apax Partners. Partners Nandish Vyas, Malaveeka Chakravarthy, Nishanth Ravidran, Ajay Singh Solanki, Malini Raju and Bharat Budholia are leading the firm’s team in the transaction, which was signed on May 3, 2024 and is yet to be completed.
Moreover, AZB & Partners has advised Amicus Capital Partners and Michael Susan Dell Foundation on the acquisition of stake by Mynavi Corporation in Awign Enterprises. Partner Bhavana Alexander led the firm’s team in the transaction, which was completed on May 8, 2024.
Cyril Amarchand Mangaldas has advised Sterlite Technologies on a qualified institutions placement of its equity shares, aggregating to Rs10 billion (US$120m). The QIP’s net proceeds were proposed to be utilized towards repayment, in full or part, of certain borrowings of Sterite Tecnologies, and general corporate purposes. The QIP opened on April 8, 2024, and closed on April 12, 2024. Partner Gokul Rajan (northern region markets head), supported by partner Yash J Ashar (capital markets head), led the firm’s team in the transaction. Hogan Lovells Lee & Lee acted as international counsel to Nuvama Wealth Management (formerly known as Edelweiss Securities) and Motilal Oswal Investment Advisors, as the book-running lead managers to the issue.
Cyril Amarchand Mangaldas is also advising Blue Coral Investment Holdings Y CIA SRC (Spanish affiliate of ADV Partners) and Arjas Steel Employee Benefit Trust (ESOP Trust) on the sale of the entirety of their shareholding, amounting to 99.12 percent of the issued and paid-up share capital in Arjas Steel, to India-listed Sandur Manganese & Iron Ores and BAG Holdings, an affiliate of Sandur. The consideration for the transaction is based on an adjusting equity value construct, and will be determined by the terms of the share purchase agreement. The transaction also involved the refinancing by Sandur and BAG of the external commercial borrowings availed by Arjas, such that, on the closing date, the principal amount and accrued interest on the ECBs towards Blue Coral Investment Holdings (a Singapore affiliate of ADV) would stand fully discharged. Since the transaction triggered approval thresholds, the closing of the transaction would be subject to an approval from the Competition Commission of India. Partners Smruti Shah and Soumya Srivastava, supported by partners Kaustav Kundu and Kunal Savani, are leading the firm’s team in the transaction, which was signed on April 25, 2024 and is yet to be completed.
Davis Polk has advised ZEEKR Intelligent Technology Holding on its SEC-registered IPO of 21 million American Depositary Shares, each representing 10 ordinary shares, for total gross proceeds of US$441 million. The underwriters have an option to purchase up to an additional 3.15 million additional ADSs. New York-listed ZEEKR is a fast-growing battery electric vehicle (BEV) technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, ZEEKR aspires to lead the electrification, intelligentization and innovation of the automobile industry. Since its inception, ZEEKR has focused on innovation in BEV architecture, hardware, software and application of new technologies. Partners Li He and Ran Li led the firm’s multi-jurisdictional team in the transaction.
Goodwin has advised Templewater and its portfolio company TW Pengu Holdings (TWPH) on their acquisitions of Singapore Breast Surgery Center (SBSC), Central Luzon Integrated Oncology Centre (CLIOC) and Can-Care. TWPH aims to develop a premier oncology group in Asia to attract leading doctors and practices across multiple jurisdictions to enable patients to receive the best treatment and services across all stages of the treatment journey. With Templewater’s support, it has expanded its portfolio to include well-known oncology businesses that provide the highest standards of patient service. An alternative asset management firm headquartered in Hong Kong, Templewater provides investment solutions to institutions, entrepreneurs and family offices across various asset classes. Its private equity strategy focuses on mid-market control buyout opportunities in the Asia Pacific. SBSC is an integrated breast cancer care group in Singapore; CLIOC is a leading oncology clinic located in San Fernando, Philippines, while Can-Care is a retailer and distributor of post-cancer care products in Singapore and Malaysia. Partner Edwin Chan, supported by partners Steve Howard, David Chen, Dulcie Daly, William Stern and Ai Tajima, led the firm’s team in the transaction.
JSA has advised Nippon Leakless (NLK), along with its Indian subsidiary Leakless Gasket India, on the purchase of 40 percent shareholding held by its joint-venture partner, Talbros Automotive Components, in Nippon Leakless Talbros. Upon the purchase of the 40 percent shareholding, the joint venture and certain ancillary arrangements were terminated, and NLK and Leakless Gasket India now hold 100 percent shareholding in Nippon Leakless Talbros. Nippon Leakless Talbros designs and manufactures gaskets catering to two-wheeler manufacturers. Partner Trisheet Chatterjee, supported by partners Sarvesh Kumar Saluja, Dhirendra Negi, Sidharth Sethi, Pragya Chauhan and Kumarmanglam Vijay, led the firm’s team in the transaction.
JSA has also advised CPrime on its acquisition of Integrhythm and its Indian subsidiary Integrhythm (India). CPrime is a trusted global consulting partner backed by private equity firms, such as Goldman Sachs Alternatives and Everstone Capital, and provides enterprise-level strategic consulting and technical solutions. INRY is a ServiceNow Elite Partner renowned for its innovative solutions in HR workflow optimization and customer service management. Partner Archana Tewary led the firm’s team the firm’s team in the transaction.
Allen & Gledhill has advised the Housing and Development Board (HDB) on the issue of S$800 million (US$593m) fixed rate green notes due 2027, under its S$32 billion (US$24m) multicurrency medium term note programme. The issue is an issuance of green bonds, proceeds of which are intended to be used to finance or refinance eligible green projects under the Project Category of Green Buildings, and for such other purposes, as set out in the HDB’s Green Finance Framework. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised CapitaLand Group and CapitaLand Treasury on the establishment of their S$500 million (US$371m) euro-commercial paper programme. CapitaLand Group is the guarantor for the programme, under which CapitaLand Treasury may issue commercial paper notes. Partners Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising Delta Corp on its Rs4.5 billion (US$54m) acquisition of shares, along with Peninsula Land and Alpha Alternatives Fund Advisors, to invest in a real estate development company, which will engage in residential re-development and plotted development in the Mumbai metropolitan region. In addition, Delta will contribute its IP and human resources to this acquisition. Partners Zia Mody, Ashwath Rau, Anand Shah and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on May 8 2024 and is yet to be completed.
AZB & Partners is also advising KKR & Co on its Rs70 billion (US$838m) acquisition of Healthium Group, including Healthium Medtech, from Apax Partners. Partners Nandish Vyas, Malaveeka Chakravarthy, Nishanth Ravidran, Ajay Singh Solanki, Malini Raju and Bharat Budholia are leading the firm’s team in the transaction, which was signed on May 3, 2024 and is yet to be completed.
Moreover, AZB & Partners has advised Amicus Capital Partners and Michael Susan Dell Foundation on the acquisition of stake by Mynavi Corporation in Awign Enterprises. Partner Bhavana Alexander led the firm’s team in the transaction, which was completed on May 8, 2024.
Cyril Amarchand Mangaldas has advised Sterlite Technologies on a qualified institutions placement of its equity shares, aggregating to Rs10 billion (US$120m). The QIP’s net proceeds were proposed to be utilized towards repayment, in full or part, of certain borrowings of Sterite Tecnologies, and general corporate purposes. The QIP opened on April 8, 2024, and closed on April 12, 2024. Partner Gokul Rajan (northern region markets head), supported by partner Yash J Ashar (capital markets head), led the firm’s team in the transaction. Hogan Lovells Lee & Lee acted as international counsel to Nuvama Wealth Management (formerly known as Edelweiss Securities) and Motilal Oswal Investment Advisors, as the book-running lead managers to the issue.
Cyril Amarchand Mangaldas is also advising Blue Coral Investment Holdings Y CIA SRC (Spanish affiliate of ADV Partners) and Arjas Steel Employee Benefit Trust (ESOP Trust) on the sale of the entirety of their shareholding, amounting to 99.12 percent of the issued and paid-up share capital in Arjas Steel, to India-listed Sandur Manganese & Iron Ores and BAG Holdings, an affiliate of Sandur. The consideration for the transaction is based on an adjusting equity value construct, and will be determined by the terms of the share purchase agreement. The transaction also involved the refinancing by Sandur and BAG of the external commercial borrowings availed by Arjas, such that, on the closing date, the principal amount and accrued interest on the ECBs towards Blue Coral Investment Holdings (a Singapore affiliate of ADV) would stand fully discharged. Since the transaction triggered approval thresholds, the closing of the transaction would be subject to an approval from the Competition Commission of India. Partners Smruti Shah and Soumya Srivastava, supported by partners Kaustav Kundu and Kunal Savani, are leading the firm’s team in the transaction, which was signed on April 25, 2024 and is yet to be completed.
Davis Polk has advised ZEEKR Intelligent Technology Holding on its SEC-registered IPO of 21 million American Depositary Shares, each representing 10 ordinary shares, for total gross proceeds of US$441 million. The underwriters have an option to purchase up to an additional 3.15 million additional ADSs. New York-listed ZEEKR is a fast-growing battery electric vehicle (BEV) technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, ZEEKR aspires to lead the electrification, intelligentization and innovation of the automobile industry. Since its inception, ZEEKR has focused on innovation in BEV architecture, hardware, software and application of new technologies. Partners Li He and Ran Li led the firm’s multi-jurisdictional team in the transaction.
Goodwin has advised Templewater and its portfolio company TW Pengu Holdings (TWPH) on their acquisitions of Singapore Breast Surgery Center (SBSC), Central Luzon Integrated Oncology Centre (CLIOC) and Can-Care. TWPH aims to develop a premier oncology group in Asia to attract leading doctors and practices across multiple jurisdictions to enable patients to receive the best treatment and services across all stages of the treatment journey. With Templewater’s support, it has expanded its portfolio to include well-known oncology businesses that provide the highest standards of patient service. An alternative asset management firm headquartered in Hong Kong, Templewater provides investment solutions to institutions, entrepreneurs and family offices across various asset classes. Its private equity strategy focuses on mid-market control buyout opportunities in the Asia Pacific. SBSC is an integrated breast cancer care group in Singapore; CLIOC is a leading oncology clinic located in San Fernando, Philippines, while Can-Care is a retailer and distributor of post-cancer care products in Singapore and Malaysia. Partner Edwin Chan, supported by partners Steve Howard, David Chen, Dulcie Daly, William Stern and Ai Tajima, led the firm’s team in the transaction.
JSA has advised Nippon Leakless (NLK), along with its Indian subsidiary Leakless Gasket India, on the purchase of 40 percent shareholding held by its joint-venture partner, Talbros Automotive Components, in Nippon Leakless Talbros. Upon the purchase of the 40 percent shareholding, the joint venture and certain ancillary arrangements were terminated, and NLK and Leakless Gasket India now hold 100 percent shareholding in Nippon Leakless Talbros. Nippon Leakless Talbros designs and manufactures gaskets catering to two-wheeler manufacturers. Partner Trisheet Chatterjee, supported by partners Sarvesh Kumar Saluja, Dhirendra Negi, Sidharth Sethi, Pragya Chauhan and Kumarmanglam Vijay, led the firm’s team in the transaction.
JSA has also advised CPrime on its acquisition of Integrhythm and its Indian subsidiary Integrhythm (India). CPrime is a trusted global consulting partner backed by private equity firms, such as Goldman Sachs Alternatives and Everstone Capital, and provides enterprise-level strategic consulting and technical solutions. INRY is a ServiceNow Elite Partner renowned for its innovative solutions in HR workflow optimization and customer service management. Partner Archana Tewary led the firm’s team the firm’s team in the transaction.
Simpson Thacher has represented the underwriters on the IPO and listing in New York of ZEEKR Intelligent Technology Holding. The offering comprised 21 million American Depositary Shares, representing 210 million ordinary shares, before exercise of the underwriters’ over-allotment option. The base offering size was US$441 million. Goldman Sachs (Asia), Morgan Stanley Asia, Merrill Lynch (Asia Pacific) and China International Capital Corporation Hong Kong Securities acted as representatives of the underwriters. Zeekr is a fast-growing battery electric vehicle (BEV) technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, Zeekr aspires to lead the electrification, intelligentization and innovation of the automobile industry. Hong Kong partners Yi Gao and Christopher Wong, supported by partners Jonathan Cantor (New York-tax), George Wang (New York) and Bryan Jin (Palo Alto), led the firm’s team in the transaction, which is the largest US IPO by a Chinese company in the past three years.
TT&A has advised International Finance Corporation (IFC) on its proposed investment in Sunshine Healthcare Lanka (SHL), the healthcare arm of the diversified conglomerate Sunshine Holdings in Sri Lanka, for SLR3.27 billion (US$11m). The deal pertains to the proposed acquisition of 14.73 percent shareholding by IFC. The IFC investment fortifies Sunshine’s commitment to meet the growing healthcare needs of Sri Lanka, and will bolster SHL’s implementation of significant capital projects to expand and enhance healthcare delivery nationwide. Joint managing partner Gautam Saha and partner Punita Gupta, supported by partner Amrita Patnaik, led the firm’s team in the transaction.
WongPartnership is acting for DBS on the sale of the units and leaseback of units where it is continuing its operations as a branch or ATM. Partner Jerry Tan is leading the firm’s team in the transaction.
WongPartnership is also acting for Seatrium and Seatrium Offshore & Marine (SOM) on its early full redemption of SOM’s S$500 million (US$371m) floating rate bonds due 2026. Partner Hui Choon Yuen is leading the firm’s team in the transaction.
