Allen & Overy has advised Aljazira Capital (AJC) on its investment in Floward’s US$156 million Series C Pre-IPO investment round, led by AJC, STV and Rainwater Partners. Announced on February 7, 2023 during Floward’s participation in the technology conference LEAP in Riyadh, KSA, the transaction will support Floward with its business ambitions to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning, as well as fund its M&A strategy to support the demands of its increasing client base. AJC is a leading investment platform owned by Bank Al Jazira, providing Sharia-compliant offerings through a range of integrated services and investment products to individual and institutional clients. Floward is an online flower and gifting company operating in nine countries across the MENA region and the UK. It has recently acquired Mubkhar, the leading perfumery brand in the GCC, in an effort to expand its gifting verticals. Additionally, it has been selected for the Saudi Unicorns Programme, which aims to promote the use of technology by supporting regional tech start-ups to expand globally and achieve unicorn status. Corporate partner Ben Ward led the firm’s team in the transaction.
Allen & Overy has also advised the underwriters on the IPO and listing of ADNOC Gas in Abu Dhabi. The IPO comprised a sale by the majority shareholder, Abu Dhabi National Oil Company (ADNOC), of an approximately five percent stake in ADNOC Gas, and raised gross proceeds of approximately US$2.5 billion, with an implied market capitalisation for ADNOC Gas of approximately US$50 billion at the time of listing. The IPO marks the world’s largest listing in 2023, and the largest ever listing in Abu Dhabi. The IPO was multiple times oversubscribed, with significant demand from UAE investors, as well as regional and international investors. Total gross demand for the IPO amounted to over US$124 billion, implying an oversubscription level of more than 50 times. Abu Dhabi partner Khalid Garousha and US securities partner Jeff Hendrickson led the firm’s team in the transaction.
AZB & Partners is advising KFin Technologies on its Rs291 million (US$3.5m) acquisition of 25.63 percent stake in Fintech Products and Solutions India. Partner Divya Mundra is leading the firm’s team in the transaction, which was signed on February 24, 2023 and is yet to be completed.
Cyril Amarchand Mangaldas has advised Deakin University Australia on setting up its first International Branch Campus. It is also a major landmark for GIFT City, as it marks the entry of the first International University in India. Deakin University received an in-principle approval to set-up its International Branch Campus at the GIFT City, Gujarat, India by securing approval under the regulatory framework notified on October 11, 2022 by the IFSC Authority, under the IFSCA IBC and OEC Regulations. The first program for the Deakin International Branch Campus will tentatively commence by the third quarter of 2024. GIFT City partner Ketaki Mehta, supported by partners Kunal Savani and Abe Abraham, led the firm’s team in the transaction.
Rajah & Tann Singapore is acting for DBS Bank, as the lead financial adviser; Merrill Lynch (Singapore) (BofA) and Citigroup Global Markets Singapore, as the joint financial advisers, with DBS, BofA and Citi as the joint underwriters; and Oversea-Chinese Banking Corporation and United Overseas Bank, as the co-lead managers, on the underwritten renounceable rights issue of SATS to raise gross proceeds of approximately S$798.8 million (US$593m) to partially finance the acquisition by SATS of Worldwide Flight Services. Partner Raymond Tong is leading the firm’s team in the transaction.
Rajah & Tann Singapore is also acting for DigiAsia Bios, Indonesia’s Embeddable ‘Fintech-as-a-Service’ company, on its US$500 million proposed merger with StoneBridge Acquisition, a wholly-owned subsidiary of StoneBridge Acquisition, a special purpose acquisition company. Upon completion of the transaction, the combined company will trade on Nasdaq. Partners Hoon Chi Tern and Debbie Woo are leading the firm’s team in the transaction.
Trilegal is representing Hyundai Motor India (HMI) on its potential acquisition of identified assets, land and buildings, plant and machinery situated at General Motors India manufacturing facility in Talegaon, Maharashtra. The parties have executed a binding term sheet on March 13, 2023, and the transaction is subject to execution of definitive agreements and fulfilment of customary conditions precedent (including relevant governmental and regulatory approvals). National corporate practice group head partner Yogesh Singh and partner Ankush Goyal, supported by partners Apeksha Mattoo, Gautam Chawla and Siddharth Ranade, led the firm’s team in the transaction.