Allen & Gledhill is acting as Singapore counsel to Hotel101 Global and its affiliates on its US$2.3 billion proposed listing in New York via a business combination with a Nasdaq-listed special purpose acquisition company, JVSPAC Acquisition. Hotel 101 is the Singapore-headquartered subsidiary of Philippine-listed investment company DoubleDragon. Upon completion of the proposed business combination transaction, the combined entity is expected to be publicly listed on the Nasdaq. The Nasdaq listing will provide Hotel101 with access to public capital markets, and help accelerate its global expansion plans. Partners Christian Chin, Nicholas Soh, Sunit Chhabra, Shalene Jin and Lim Xiu Hui are leading the firm’s team in the transaction.
Allen & Gledhill has also advised The Hongkong and Shanghai Banking Corporation Singapore Branch, as appointed arranger, CDP issuing and paying agent, CDP registrar and CDP transfer agent, on the establishment of a S$1 billion (US$734m) multicurrency debt issuance programme by Wing Tai Holdings. The Hongkong and Shanghai Banking Corporation was appointed non-CDP issuing and paying agent, non-CDP transfer agent and non-CDP registrar, while HSBC Institutional Trust Services (Singapore) was appointed trustee of the programme. The firm also advised Wing Tai, HSBC Singapore, DBS Bank and Oversea-Chinese Banking Corporation (OCBC) on the issue of S$100 million (US$73.4m) principal amount of 4.38 percent notes due 2029, as Series 001 under the programme. DBS Bank and OCBC were appointed joint global coordinators and, together with HSBC, joint lead managers and book-runners. Partners Margaret Chin, Sunit Chhabra and Magdalene Leong led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised DBS Bank, Oversea-Chinese Banking Corporation, CIMB Bank Singapore Branch, Industrial and Commercial Bank of China Singapore Branch and Bank of China Singapore Branch, on the grant of S$840 million (US$617m) syndicated secured green project facilities to Transcend Residential (Toa Payoh). The facilities were granted to, inter alia, finance up to S$710 million (US$521m) of the purchase price of the land and related acquisition costs, up to S$30 million (US$22m) of the land betterment charge payable in respect of the residential development to be constructed at the land, and up to S$100 million (US$73.4m) of the construction and other development costs in relation to the project. Partners Jafe Ng, Daselin Ang and Lyn Wee led the firm’s team in the transaction.
AZB & Partners has advised DP World on the US$285 million acquisition of equity stake by National Investment and Infrastructure Fund in Hindustan Ports, DP World’s Indian subsidiary. Partners Darshika Kothari and Vasudha Asher led the firm’s team in the transaction, which was completed on March 4, 2024.
AZB & Partners has also advised Court Square Capital Partners on its acquisition, thru its affiliates, of equity stake in Velosio Group, consisting of Velosio Holdings and its subsidiaries, including its Indian subsidiary Velosio Overseas (formerly known as SBS Overseas Services), from Velosio Blocker Seller. Partners Ashwath Rau and John Adwet Raghav led the firm’s team in the transaction, which was completed on February 29, 2024.
Moreover, AZB & Partners is advising LeapFrog Investments, Eight Roads, Affirma Capital, 360 One and Accion on the Rs3.3 billion (US$39.4m) acquisition of equity stake of Northern Arc Capital by International Finance Corporation. Partner Vaidhyanadhan Iyer is leading the firm’s team in the transaction, which was signed on February 2, 2024 and is yet to be completed.
Baker McKenzie has advised Sino Biopharmaceutical on its strategic partnership with Boehringer Ingelheim to bring Boehringer Ingelheim’s innovative cancer therapies to the mainland China market. The two companies will jointly develop and commercialize a number of Boehringer’s innovative oncology products that are in the late stages of clinical development, including but not limited to brigimadlin, zongertinib and DLL3/CD3 T-cell engager. Baker McKenzie IP partner Julia Schieber and Yilan Yang of FenXun, Baker McKenzie’s joint operation partner in China, supported by Baker McKenzie M&A / PE partner Derek Poon (Hong Kong), led the firm’s multi-jurisdictional team in the transaction.
Carey Olsen has advised Beijing Energy International Holding, a leading global eco-development solutions provider, on the Bermuda law aspects of a US$40 million green bond issuance. On April 2, 2024, Beijing Energy International successfully issued the bond, featuring a term of two years and a historically low coupon rate of 2.70 percent. The issuance was oversubscribed by 3.04 times. Conducted under the green asset-backed special plan for supporting rural revitalisation of Beijing Energy International’s phase-I supply chain financing, the issuance provides a stable financial foundation for the continued development of the company. China Merchants Asset Management served as the manager, while China Merchants Securities acted as the underwriter. Hong Kong managing partner Michael Padarin led the firm’s team in the transaction.
Clifford Chance has advised the founders of Boss Engineering, a leading manufacturer of robotics-focused planting and agricultural equipment in Australia, on the sale of all of their interests in Boss Engineering to Alceon Private Equity. The transaction, Boss Engineering’s first investment of institutional capital and Alceon Private Equity’s largest acquisition to date, involves rolling up 50 percent of Boss Engineering’s interest into a new holding company. The acquisition is expected to bolster Boss Engineering’s ability to expand its business, invest in new machinery, robots, infrastructure and people, and accelerate its capacity to innovate and introduce new products. Partner Mark Currell led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised ICICI Prudential Corporate Credit Opportunities, thru its investment manager ICICI Prudential Asset Management, on subscribing to Rs1.15 billion (US$14m) secured and redeemable non-convertible debentures issued by Purva Good Earth Properties. The proceeds of the debentures will be utilized towards development of plotted residential and commercial project titled “Purva Ragam” located in Tamil Nadu. Partner Ramanuj Kumar led the firm’s team in the transaction, which was signed on March 22, 2024 and closed on March 28, 2024.
Cyril Amarchand Mangaldas has also advised Alpha Alternatives on the acquisition of stakes in Dilip Buildcon and its SPVs. Dilip Buildcon and Alpha Alternatives have entered into a long-term strategic partnership for the construction, financing and monetization of road projects through an InvIT platform. As part of the partnership, Alpha Alternatives acquired on March 30, 2024 a 26 percent stake in three road SPVs, namely Dodaballapur Hoskote Highways, Dhrol Bhadra Highways and Repallewada Highways from Dilip Buildcon. Alpha Alternatives also subscribed to Rs5.3 billion (US$63.4m) warrants in Dilip Buildcon via a preferential issue on a private placement basis, which would result in 9.99 percent stake in Dilip Buildcon on a fully diluted basis. The preferential issue was approved by Dilip Buildcon shareholders through a special resolution, and the warrants were allotted by Dilip Buildcon to Alpha Alternatives on December 21, 2023. Partners Anchal Dhir, Ajay Sawhney and Aditi Misra, supported by partners Sreetama Sen, Kranti Mohan (REITs and InvITs head), Janhavi Seksaria, Avaantika Kakkar (competition law head), Vijay Chauhan and Dhruv Rajain, led the firm’s team in the transaction, which was signed and closed on March 30, 2024.
Moreover, Cyril Amarchand Mangaldas has represented KuCoin (Peken Global), one of the largest global digital assets exchanges, before the Financial Intelligence Unit – India (FIU-IND) and the Ministry of Electronics and Information Technology (MEITY), resulting in unblocking of KuCoin’s platform in India and making it the first offshore digital assets / cryptocurrency platform to become an FIU-registered VDASP in India. The firm also successfully defended KuCoin against App/website take-down orders imposed by the MEITY in December 2023, leading to the withdrawal of MEITY orders and the unblocking of KuCoin’s website and its application on Google Play / Apple stores. The final order was received on March 22, 2024. Partners Anu Tiwari (fintech co-head), Pallavi Rao and Gauhar Mirza, supported by Kunal Savani, led the firm’s team in the matter.
Nishith Desai Associates has acted as lead counsel for EKA Software Solutions and its shareholders on the acquisition of EKA Software Solutions by Symphony Technology Group, a US-based private equity firm focused on software and software enabled services. With presence across Switzerland, Canada, the US, the UK, Australia, Singapore and India, EKA Software Solutions is a global provider of commodity management solutions. EKA Software Solutions has been engaged in the commodities trade and risk management and supply chain solutions, consistently delivering innovation to its customers. The sale was done via acquisition of the parent entity of the EKA group structure domiciled in Singapore. Partners Vaibhav Parikh (Bangalore office head and M&A / PE head) and Parul Jain (international tax head) led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for CGS International Securities Singapore, as placement agent, on the placement of 40 million ordinary shares by UMS Holdings, a Singapore-headquartered provider of equipment manufacturing and engineering services. UMS Holdings announced that the placement proceeds will position the company well in its pursuit of new opportunities in the semiconductor and aerospace sectors. Partners Raymond Tong and Jasselyn Seet led the firm’s team in the transaction.
R&T Asia (Thailand), member firm of Rajah & Tann Asia, has acted for United Overseas Bank (Thai), one of the largest banks in Southeast Asia, on its β5.7 billion (US$155m) financing transaction of Omega Logistic Campus’s smart automated warehouse project in Thailand. Partners Piroon Saengpakdee and Kamonnete Yongwattananunth led the firm’s team in the transaction.
Skadden has represented ispace, a private space company focusing on the provision of small-scale lunar and payload services and data services relating to the lunar environment, on its ¥8.9 billion (US$58m) offering of newly issued shares of common stock, which are listed in Tokyo. The offering of the shares closed on March 28, 2024. The firm previously represented ispace on its IPO in 2023, which was the first IPO by a space startup in Japan. Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction.
