Latest Deals from Law Firms and Legal Services Providers
Allen & Gledhill, together with its associate firm in Malaysia Rahmat Lim & Partners, has advised URC Snack Foods (Malaysia) on its approximately M$2 billion (US$477m) “cash-free debt free” acquisition of a 100 percent stake in Crunchy Foods. Munchy Food Industries and Munchworld Marketing, subsidiaries of Crunchy Foods, are manufacturers of snacks and edible food in Malaysia. Munchy Food is Malaysia’s number one biscuit brand, and is also a recognised brand across the region. Partners Christian Chin and Mark Quek, together with partners Chen Lee Won, Kelvin Loh, Lee Yee Ling and Raymond Yong of Rahmat Lim & Partners, led their respective firm’s team in the transaction.
Allen & Gledhill has also advised SIX Group on its joint venture with SBI Digital Asset Holdings to engage in businesses related to the issuance, trading, settlement and custody (wallet solutions) of digital assets, including without limitation security tokens and cryptocurrencies, in the Asia Pacific region. Partners Chiam Tao Koon and Alexander Yap led the firm’s team in the transaction.
AZB & Partners has advised Internet Fund VII, a fund managed by Tiger Global Management, on its acquisition, along with other investors, of equity stake via series B equity funding round in Soul Vision Creations, the operator of an augmented reality platform for B2B operations d/b/a Avataar.Me. Partners Ashwath Rau, Srinath Dasari, Nanditha Gopal and Aditya Singh Chandel led the firm’s team in the transaction, which was valued at Rs3.3 billion (US$44.2m) and was completed on December 17, 2021.
AZB & Partners has also advised Healthcare At Home India on the acquisition of equity stake via Series B round by Impact Assets, a group company of ABC World Asia, in Healthcare At Home India. Partners Gautam Saha, Amrita Patnaik and Sachin Mehta led the firm’s team in the transaction, which was valued at Rs1.12 billion (US$15m).
Christopher & Lee Ong, a member firm of Rajah & Tann Asia, has acted as local counsel for One Rock Capital Partners on its acquisition of Eastman Chemical’s tire additives business, which is valued at approximately US$800 million. The acquisition aims to further strengthen and drive the company’s portfolio of product and service offerings as an independent company. Partner Yau Yee Ming, supported by partner Ooi Ju Lien, led the firm’s team in the transaction.
Clifford Chance has acted as international counsel to EQT Mid Market fund (EQT Private Equity) on the sale of its majority stake in CFB Group, a Chinese multi-brand food and beverage platform operator incorporated in the Cayman Islands, to Fountainvest Partners. In 2013, EQT Private Equity acquired a majority stake in CFB Group, and had since grown and diversified CFB Group from a two-brand master franchisee to a leading multi-brand platform operator. Today, CFB Group has a portfolio of brands, including ice-cream brand Dairy Queen, pizza brand Papa John’s, Brut Eatery, XiaoMian and San Dao Ru Chuan, and has more than 1,100 stores across China. M&A and private equity partner Bryan Koo led the firm’s team in the transaction.
Clifford Chance has also advised APG Asset Management, the largest pension provider in the Netherlands, on the establishment of a joint venture with Wang On Properties, a listed real estate developer in Hong Kong, to engage in the acquisition of residential properties in Hong Kong for development and re-development for sale. The joint venture aims to enable affordable housing, urban regeneration and urbanisation in Hong Kong. Under the partnership, APG and Wang On will jointly acquire and develop residential properties across urban locations in Hong Kong, with an initial total commitment of HK$4.66 billion (US$598m). M&A and private equity partner Bryan Koo also led the firm’s team in the transaction.
HHP Law Firm has acted as Indonesia counsel to CK Hutchison Holdings (CKHH Group) and Hutchison 3 Indonesia (H3I) on their landmark approximately US$6 billion merger with Indosat, the Indonesia telecom business of Ooredoo. The deal was completed on January 4, 2022, having received all required shareholder and regulatory approvals. The newly merged entity, which will be known as Indosat Ooredoo Hutchison, will have increased annual revenues, and is expected to realise significant operational synergies that will deliver cost efficiencies and facilitate deeper innovation and network enhancements. Senior partners Daniel Pardede and Mita Guritno, supported by senior partners Iqbal Darmawan (capital markets), Andi Kadir (dispute resolution), Ponti Partogi (tax) and Daru Lukiantono (intellectual property), and associate partners Alvira Wahjosoedibjo (employment), Wiku Anindito (intellectual property) and Mochamad Fachri, led the firm’s team in the transaction, working with Baker McKenzie Wong and Leow in Singapore and Baker McKenzie Hong Kong.
Howse Williams has acted as Hong Kong counsel to CMBC Capital, as the sole sponsor, CMBC Securities, as the sole global coordinator and joint book-runner, and other underwriters, on the HK$139 million (US$17.8m) listing of the shares of Vanov Holdings in Hong Kong. Vanov is a high and new technology enterprise that designs, manufactures and sells papermaking felts. It is ranked fourth of the leading papermaking felts manufacturers in China in 2020. Papermaking felts are fabrics used in the papermaking machines for dewatering, pressing, forming and drying of paper in the papermaking process. The shares commenced trading in Hong Kong on January 11, 2022. Partners Brian Ho and Denise Che led the firm’s team in the transaction.
IndusLaw has advised Juspay Technologies on its US$60 million Series C funding, led by SoftBank and existing investors VEF and Wellington Management and others. Partner Anindya Ghosh led the firm’s team in the transaction. Morrison & Foerster, led by partner Amit Kataria, advised SoftBank, while Touchstone Partners, led by partner Yashasvi Mohanram, advised Wellington Management.
IndusLaw has also advised Addverb Technologies, India’s leading warehouse automation company, on the US$132 million investment by Reliance Retail Ventures, the retail unit of Reliance Industries. Reliance is now the largest shareholder in Addverb. This strategic partnership will help Addverb scale and deliver more advanced and affordable robots globally. Senior partner Avimukt Dar and partner Anubha Sital, supported by tax and regulatory partner Ritesh Kumar, led the firm’s team in the transaction. Khaitan & Co advised Reliance.
JSA has advised a consortium of 12 lenders, comprising of Bank of India, Bank of Maharashtra, Punjab National Bank, Union Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Indian Overseas Bank, UCO Bank, Central Bank of India, Export Import Bank of India, led by State Bank of India, on a secured rupee term loan facility for approximately Rs189 billion (US$2.53b) extended to Numaligarh Refinery, a subsidiary of Oil India. The facility will be utilised for part-financing the cost of expanding the refinery capacity of the borrower to triple its refining capacity from 3 MMTPA to 9 MMTPA. As part of the project, the borrower is also laying a 1,640 km crude oil pipeline from Paradip, Odisha to Numaligarh, Assam, along with a crude oil import terminal at Paradip for receipt of imported crude. This is the largest project being implemented by a corporate in north-east India, and is being pursued as part of India’s North-East Hydrocarbon Vision 2030. Partner Dina Wadia, supported by partner Soumitra Majumdar, led the firm’s team in the transaction.
Khaitan & Co has advised Supriya Lifesciences and promoter selling shareholder Dr Satish Waman Wagh on the IPO of equity shares by Supriya Lifescience. Executive director Sudhir Bassi and partners Madhur Kohli and Abhishek Rastogi led the firm’s team in the transaction, which was valued at Rs7 billion (US$94m) and was completed on December 28, 2022. IndusLaw also advised on the deal.
Khaitan & Co has also advised Axis Bank, as the lender, on HT Media’s issue of rupee-denominated senior, rated, listed, secured and redeemable non-convertible debentures, via private placement pursuant to Section 42 of Companies Act 2013, aggregating up to Rs960 million (US$13m). Partner Siddharth Srivastava led the firm’s team in the transaction, which was completed on December 31, 2021.
L&L Partners has advised HDFC Bank on the financial assistance aggregating up to Rs5 billion (US$67m) to Green Gas, a joint venture of GAIL (India) and Indian Oil Corporation, for the takeover/refinance of outstanding existing facilities and part financing the ongoing and future capex of Green Gas for City Gas Distribution network and infrastructure in the authorized geographical areas, including Faizabad, Unnao, Agra and Lucknow. Partner Girish Rawat led the firm’s team in the transaction.
L&L Partners has also advised State Bank of India on the financial assistance aggregating up to Rs9.7 billion (US$130m) to Renew Solar Power, a subsidiary of Renew Power, for refinancing existing term loans and the non-fund based facility from its existing lenders, in relation to a 250 MW AC solar power project at Bikaner in the state of Rajasthan. Partner Karan Mitroo led the firm’s team in the transaction.
Maples & Calder has acted as Cayman Islands counsel to Sirnaomics on its IPO of 7.54 million shares and the listing in Hong Kong. Sirnaomics is an RNA therapeutics biopharmaceutical company with product candidates in preclinical and clinical stages that focuses on the discovery and development of innovative drugs for indications with medical needs and large market opportunities. The offering, which closed on December 30, 2021, raised approximately HK$497 million (US$63.8m). Partner Juno Huang led the firm’s team in the transaction, while Clifford Chance advised on Hong Kong and US laws, and Commerce & Finance Law Offices advised on Chinese law. The sole sponsor, CICC, and the underwriters were advised by Wilson Sonsini Goodrich & Rosati as to Hong Kong and US laws, and by Jingtian & Gongcheng as to Chinese law.
Maples & Calder has also acted as Cayman Islands counsel to Qingci Games on its IPO of 85 million shares and the listing in Hong Kong. Qingci Games is an established mobile game developer and publisher in China. The offering, which closed on December 16, 2021, raised approximately HK$952 million (US$122m). Partner Derrick Kan led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton (Hong Kong) advised on Hong Kong and US laws, and JunHe advised on Chinese law. The joint sponsors, CICC and CITIC Securities, and the underwriters were advised by Wilson Sonsini Goodrich & Rosati as to Hong Kong and US laws, and by Global Law Offices as to Chinese law.
WongPartnership is acting for ESR-REIT on the sale of an industrial building at 28 Senoko Drive to Tat Seng Packaging Group. The net proceeds will be used to repay borrowings and to fund asset enhancements, acquisitions, unit buy-backs and working capital requirements. Partner Serene Soh led the firm’s team in the transaction.
WongPartnership has also acted for ProBatus Capital, as the lead investor, on the US$9 million Series A funding round of Indonesia-based insurance marketplace Lifepal. Partner Kyle Lee led the firm’s team in the transaction.
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