Allen & Gledhill has advised Group One Holdings, parent company of Asia’s largest global sports media platform, ONE Championship, on the US$150 million raised through an equity financing round, led by global investors Guggenheim Investments and Qatar Investment Authority. Partner Song Su-Min led the firm’s team in the transaction.
Allen & Gledhill has advised Housing and Development Board on the issue of S$950 million (US$707m) fixed rate notes due 2029, under its S$32 billion (US$24b) multicurrency medium term note program. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised Internet Fund V, a fund managed by Tiger Global Management, and DF International Partners V and DF International Partners II, both funds managed by Dragoneer Investment Group, on their acquisition, along with other investors, of stake via Series D equity funding round in wealth management solutions provider Finzoom Investment Advisors. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was valued at approximately Rs5.6 billion (US$74.6m) and was completed on January 28, 2022.
AZB & Partners is also advising Filter Capital (Mauritius), via Filter Capital Fund I, on its acquisition, along with other investors, of equity stake, via Series C equity funding round, in Loadshare Networks, a provider of a technology platform for transportation and logistics management services and technology-enabled logistics distribution services. Partner Nanditha Gopal is leading the firm’s team in the transaction, which was valued at approximately Rs3.1 billion (US$41m) and is yet to be completed.
Baker McKenzie has acted for CLSA, AMTD Global Markets, China International Capital Corporation Hong Kong Securities and China Merchants Securities (HK), as underwriters, on Bank of Qingdao’s H share rights issue. Bank of Qingdao is the first main-board listed bank in Shandong Province, and the 11th bank in China with A+H dual listing in Shenzhen and Hong Kong. The bank mainly offers services and products, such as corporate and personal deposits, loans, payment and settlement, to its customers. The aggregate net proceeds raised under the issue amounted to approximately HK$5.084 billion (US$654m), which will be used to replenish the core tier-one capital, improve the capital adequacy ratio of the bank, support the sustainable and healthy development of future business, and enhance the capital strength and competitiveness of the bank. Beijing partner Wang Hang led the firm’s team in the transaction.
Baker & McKenzie has also advised the Japan Bank for International Cooperation, Deutsche Bank Tokyo Branch as the agent, Societe Generale Bank Tokyo Branch and Goldman Sachs Realty Japan on a US$871 million buyer’s credit facility for Irkutsk Oil Company (INK), a limited liability company incorporated in the Russian Federation. The commercial banks’ portion of the loan will be insured by Nippon Export and Investment Insurance (NEXI). The loan will be provided through INK to Irkutsk Polymer Plant, an INK subsidiary also incorporated in the Russian Federation, for the construction of a new ethylene and polyethylene production plant in the Irkutsk Region of the Russian Federation. The funds will be used to purchase plant equipment from Toyo Engineering and other vendors. This project is socially significant, as it will support INK’s efforts to promote decarbonization through effective use of associated petroleum gas, in line with INK’s strict global ESG policy. At the same time, it will create business opportunities in the Russian petrochemical sector by supporting Japanese companies’ exports, thereby improving the international competitiveness of Japanese industry. Tokyo partners Seishi Ikeda and Kosuke Suzuki led the firm’s team in the transaction.
Clifford Chance has advised private equity firm Navis Capital Partners on its disposal of its entire interest in QIMA, a leading provider of supply chain compliance solutions, to Canada-based global investment group Caisse de dépôt et placement du Québec (CDPQ). Founded in 2005, QIMA is a tech-enabled global testing, inspection and certification (TIC) company that supports corporates in supply chain matters to ensure compliance with quality, safety, hygiene and ESG standards. QIMA is a digital pioneer in the TIC sector with industry-leading technology, and operates its own supply chain quality management SaaS platform. QIMA has a global presence with more than 4,000 employees in 88 countries. Partners Valerie Kong and Bryan Koo led the firm’s team in the transaction.
Eversheds Sutherland has advised EuroEyes International Eye Clinic, a Hamburg-headquartered company listed in Hong Kong, on its £30 million (US$41m) acquisition of London Vision Clinic Partners (LVCP). London-based LVCP is a world-class laser eye surgery clinic principally providing premium vision correction services, including PRK, LASIK, SMILE, phakic lens (ICL) surgery and refractive cataract surgery. LVCP’s founders have won worldwide recognition for their inventions and major contributions to the field of refractive surgery. The acquisition of LVCP will enable EuroEyes to expand its footprint in the UK, and improve the group’s synergy and bring benefits to the group’s ophthalmic services. The firm has an existing relationship with EuroEyes, advising on its IPO and listing in Hong Kong in October 2019. With its plan to use part of the funds raised from its IPO to acquire additional clinic groups in Europe, the acquisition of LVCP is its first post-IPO acquisition. Hong Kong corporate partner Dickson Ng led the firm’s team in the transaction, which was announced on January 20, 2022.
Eversheds Sutherland has also advised Naked Brand Group on the China and Hong Kong aspects of its combination with Cenntro Automotive Group. The transaction is transformational for Naked Brand, with Cenntro shareholders controlling approximately 70 percent of the combined entity. As a result, Naked Brand has changed its name to Cenntro Electric Group. An Australian company listed on the Nasdaq, Naked Brand was a leading e-commerce business in intimate apparel prior to the acquisition. Cenntro is a commercial EV technology company with advanced, market-validated electric commercial vehicles. Cenntro’s product portfolio ranges from last-mile delivery to urban logistics, city service to sustainable farming, and grounds care. The transaction was announced to markets on November 8, 2021, approved by Naked Brand’s shareholders on December 21, 2021, and completed on December 30, 2021. With over US$250 million in cash at completion, the combined group will be strategically positioned and well-capitalized to accelerate and scale production. Cenntro has reaffirmed its 2022 delivery guidance to deliver a minimum of at least 20,000 vehicles. Corporate M&A partner Roderick Lai, supported by Asia head of international M&A Charles Butcher, Hong Kong banking and finance partner Jae Lemin and Shanghai managing partner Jack Cai, led the firm’s team in the transaction, while Graubard Miller and Mills Oakley acted as US counsel and Australian counsel, respectively.
Goodwin is acting as Hong Kong and US counsel to Trinity Acquisition Holdings, a special purpose acquisition company, with Mr Li Ning, LionRock Capital and Astrapto Capital as promoters. Trinity Acquisition is one of the first SPACs that has submitted a listing application in Hong Kong under the new Hong Kong SPAC listing regime. Private equity partners Douglas Freeman and Bosco Yiu, supported by partners Jocelyn Arel, Daniel Karelitz, Todd Pollock and Andy Barton, led the firm’s team in the transaction.
IndusLaw has represented Kotak Mahindra, JP Morgan, BofA Securities, Credit Suisse, ICICI Securities, HDFC Bank and BNP Paribas, as the book-running lead managers, on Adani Wilmar’s US$481 million IPO, which was oversubscribed approximately 17 times. Partners Ravi Dubey and Anjali Menon led the firm’s team in the transaction, while Sidley Austin acted as international counsel. Cyril Amarchand Mangaldas advised Adani Wilmar as to Indian law.
Khaitan and Co has advised Sheares Healthcare Group, thru Polaris Healthcare Investments, on its acquisition of majority stake in Medica Synergie, a leading healthcare company in Eastern India. The acquisition was conducted via secondary purchase of majority stake from Orilus Investment Holdings and certain other shareholders of Medica Synergie, and subscription to primary securities of Medica Synergie. The transaction also involved various internal group restructurings and consolidations. Senior partner Haigreve Khaitan and partners Aakash Choubey and Suhana Islam Murshedd, supported by partners Indruj Singh, Shabnam Shaikh, Anshul Prakash, Deepak Kumar, Supratim Chakraborty, Aditi Sharma, Gaurav Dasgupta and Anisha Chand, led the firm’s team in the transaction. AZB and Partners advised Orilus Investment Holdings and Medica Synergie.
Khaitan & Co is also advising F2 Fun and Fitness (India), via Gold’s Gym India and its shareholders, on the sale of majority stake in Gold’s Gym to Curefit Healthcare. Gold’s Gym and Curefit operate in the retail fitness industry, through the brands “Gold’s Gym” and “Cult.fit”, respectively. Partner Supratim Chakraborty, supported by partners Asim Choudhury, Anisha Chand and Shailendra Bhandare, are leading the firm’s team in the transaction, which is one of the largest majority acquisitions in the Indian fitness sector in recent years. Shardul Amarchand Mangaldas & Co also advised on the deal.
Maples and Calder has acted as Cayman Islands counsel to Genesis Growth Tech Acquisition on its IPO of 25.3 million units, including 3.3 million units issued upon exercise in full by the underwriter of the over-allotment option, and its listing on the Nasdaq. Genesis Growth Tech is a special purpose acquisition company formed to pursue business combination targets, which focuses on businesses including technology companies operating within the consumer internet industry. The offering, which closed on December 13, 2021, raised approximately US$220 million. Partner Everton Robertson led the firm’s team in the transaction, while Orrick Herrington & Sutcliffe acted as US counsel. Davis Polk & Wardwell acted as US counsel to Nomura Securities International, as the underwriter.
Maples and Calder has also acted as Cayman Islands counsel to TLGY Acquisition on its IPO of 20 million Class A ordinary shares, plus a 15 percent underwriter over-allotment option, and its listing on the Nasdaq. The issuer is a special purpose acquisition company formed to pursue business combination targets, which focuses on businesses including biopharma or technology-enabled business-to-consumer industries. The offering, which closed on December 3, 2021, raised approximately US$200 million, plus a 15 percent underwriter over-allotment option. Partner Matt Roberts led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton acted as US counsel. Greenberg Traurig acted as US counsel to Mizuho Securities USA, as the underwriter.
Rahmat Lim & Partners has advised JP Morgan Chase Bank and other finance parties on a US$2 billion senior secured term loan B facility, led by JPMorgan Chase Bank, granted to Grab, a Southeast Asian ride-hailing and food delivery company. The financing was the largest credit facility in Asia’s technology sector at the time of drawdown. Managing partner Azman bin Othman Luk led the firm’s team in the transaction.
Rahmat Lim & Partners has also advised OCBC Bank (Malaysia) and OCBC Al-Amin Bank, as the financiers, on the facilities granted to leading regional telecommunications infrastructure services company edotco Malaysia to, inter alia, finance its capital expenditure and working capital requirements, including the acquisition of telecommunication towers and infrastructures. The borrower is a wholly-owned subsidiary of edotco Group, a subsidiary of Malaysia-listed Axiata Group. Partner Kelvin Loh led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for QAF on the S$110.3 million (US$82m) disposal by the QAF Group of its primary production business in Australia and, following completion of the disposal, the declaration of a special dividend of approximately S$11.5 million (US$8.6m) to QAF shareholders. Partners Cheng Yoke Ping and Cynthia Goh led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Polychain Capital, as one of the two lead investors, on AscendEX’s Series B fundraising, which raised approximately US$50 million. Partner Brian Ng led the firm’s team in the transaction.
Simpson Thacher is advising Blackstone on its acquisition of a majority stake in ASK Investment Managers, one of India’s largest asset and wealth management companies, from Advent International and other sellers. Hong Kong M&A partner Ian Ho led the firm’s team in the transaction.
WongPartnership is acting for Keppel on the arbitration proceedings against Singapore Press Holdings (SPH), over a dispute stemming from Keppel’s acquisition and privatisation of SPH, excluding the newspaper publisher’s media business. Chairman and senior partner Alvin Yeo, senior counsel and partner Wendy Lin are leading the firm’s team in the matter, working with partners Jill Ann Koh and Leow Jiamin.