Allen & Gledhill has acted as transaction counsel to the Housing and Development Board on the issue of S$900 million (US$650m) fixed rate notes due 2025, under its S$32 billion (US$23b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Circle Internet Financial on its acquisition of all issued and outstanding shares of Cybavo, a crypto technology company that is a pioneer in core crypto security, custody, operations and blockchain infrastructure platform services, providing services to firms across nearly every sector of the crypto and Web3 landscape. Partners Nicholas Soh and Adrian Ang led the firm’s team in the transaction.
AZB & Partners is advising WestBridge AIF I, along with co-investors MMPL Trust and Konark Trust, on their acquisition, along with other investors, of equity stake via Series A funding round in PhysicsWallah. Partners Gautam Saha, Amrita Patnaik and Punita Gupta are leading the firm’s team in the transaction, which was valued at Rs7.78 billion (US$100m) and is yet to be completed.
AZB & Partners is also advising Blu-Smart Mobility on the acquisition by multiple investors of equity stake via Series A fundraising round in Blu-Smart Mobility. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was valued at Rs1.1 billion (US$14m) and is yet to be completed.
Baker McKenzie has advised Radisson Hotel Group on a definitive agreement for the approximately US$675 million acquisition of the franchise business, operations and intellectual property of Radisson Hotel Group Americas by New York-listed Choice Hotels International. The addition of Radisson’s nine hotel brands in the Americas is the latest chapter in Choice’s successful strategy to expand its growth opportunities by bringing the company’s best-in-class franchising platform to adjacent hotel segments and to a new set of hotel owners. The added 624 hotels with over 68,000 rooms expand Choice Hotels’ presence in the upscale and core upper-midscale hospitality segments, particularly in the West Coast and Midwest of the US. The transaction has been unanimously approved by Choice Hotels’ Board of Directors, and is expected to close in the second half of 2022, pending regulatory approvals and customary closing requirements. Choice Hotels International is one of the largest lodging franchisors in the world, with nearly 7,000 hotels, representing nearly 600,000 rooms, in 35 countries and territories as of March 31, 2022. Radisson Hotel Group is one of the world’s largest and most dynamic hotel groups with nine distinctive brands, more than 1,700 hotels in operation and under development, more than 260,000 rooms and a footprint spanning over 120 countries and territories. Radisson Hotel Group Americas represents Radisson Hotels operations and brands in the US, Canada, Latin America and the Caribbean. Partners Howard Wu (Shanghai) and Derek Liu (San Francisco) and FenXun’s Jacky Zhu led the firm’s team in the transaction, which was announced on June 13, 2022. Choice Hotels International was represented by Willkie Farr & Gallagher.
Baker McKenzie has also advised Knight Dragon Investments and its subsidiary KD Tokens on the tokenization of economic interests in Building 4 in Upper Riverside Development, which is at the heart of Knight Dragon’s ten million sq ft iconic Greenwich Peninsula development. The project is the first tokenization of prime real estate in Central London. With an anticipated market valuation of £140 million (US$172m), the transaction involves the minting of digital tokens that entitle token holders to share 80 percent of the gross profit generated by Building 4 in Upper Riverside Development. Knight Dragon is an entrepreneurial urban regenerator and property developer. Backed by Dr Henry Cheng, Chairman of Chow Tai Fook Enterprises, and led by entrepreneur Sammy Lee, Knight Dragon has a solid foundation and a global outlook. Its flagship project is Greenwich Peninsula in London, one of the largest regeneration projects in Europe, where the team is delivering a new district that encapsulates Knight Dragon’s approach and expertise in creative placemaking. Virtual asset specialist Joy Lam led the firm’s team in the transaction.
Clifford Chance has advised Mitsui & Co on its acquisition of a 28.6 percent minority stake in Rol-Ryż, a leading European pulses and rice distributor and a subsidiary of Italian rice company Euricom. Through this investment, Mitsui will accelerate the use of its global trading functions and business infrastructure relating to a wide range of food resources and products, expand sales routes throughout Europe and Asia, and contribute to the improvement of dietary lifestyles globally. Partners Natsuko Sugihara (Tokyo) and Wojciech Polz (Warsaw) led the firm’s team in the transaction.
Cyril Amarchand Mangaldas and Norton Rose Fulbright has advised Chubu Electric Power, through its wholly-owned subsidiary, on a share subscription agreement to acquire 25.1 percent stake in OMC Power. Chubu will be utilizing its comprehensive insight in power transmission and distribution for the improvement of the generation facilities. As part of the transaction, Chubu would acquire the stake in OMC Power via subscription to equity shares and Series C CCPS. The deal was signed on May 31, 2022, and is subject to anti-trust filings (EU and China) and lender consents. Partners Sangita John and Manan Mehta led the firm’s team in the transaction, which was valued at approximately US$39 million. Norton Rose Fulbright acted as International counsel to Chubu.
Khaitan & Co has advised a consortium of 16 lenders led by State Bank of India on the resolution/settlement of the Rs135 billion (US$1.73b) outstanding debt liability extended by the lenders to Suzlon Energy, Suzlon Generators, Suzlon Global Services, Suzlon Gujarat Wind Park and Suzlon Power Infrastructure. The settlement was implemented by the Suzlon group by obtaining fresh fund-based facilities and non-fund-based facilities from REC and Indian Renewable Energy Development Agency, and allotment of equity shares to the lenders against the existing optionally convertible debentures and compulsorily convertible preference shares held by the lenders. The other lenders comprised of Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Union Bank (erstwhile Corporation Bank), Central Bank of India, ICICI Bank, IDBI Bank, Indian Overseas Bank, Punjab National Bank, Yes Bank, Life Insurance Corporation of India, Saraswat Co-operative Bank, Export Import Bank of India and Power Finance Corporation. Senior partner Haigreve Khaitan and partner Kumar Saurabh Singh, supported by capital market partner Aditya Cheriyan and Oishik Bagchi, led the firm’s team in the transaction, which was completed and was announced on May 24, 2022. Cyril Amarchand Mangaldas also advised on the deal.
Khaitan & Co has also advised Mr Aakash Chaudhry, as lead investor, on his approximately Rs300 million (US$3.8m) investment on the US$5 million Series A funding round of Sequelone Solutions (aka HONO, an Indian human resource technology start-up). The deal structure involved primary and secondary transactions. Partner Bharat Anand led the firm’s team in the transaction, which was completed on April 25, 2022.
Rajah & Tann Singapore has successfully concluded the sale of the Tuaspring Power Plant to a subsidiary of YTL Power International. The conclusion of the sale is a highlight for the firm, as the team was faced with many challenges, including complexities posed by the de-coupling of what had been constructed as a single integrated desalination and power plant project. The power plant was sold for S$270 million (US$195m) in cash. Partners Tan Chuan Thye, SC and Shemane Chan, supported by partners Sandy Foo, Benjamin Tay, Wilson Zhu and Loh Yong Hui, led the firm’s team in the transaction.
R&T Asia (Thailand) is acting for True Corporation on the copyright infringement lawsuit before the Central IP&IT Court in Thailand. Partner Nuttaphol Arammuang is leading the firm’s team in the transaction.
WongPartnership is acting for Frasers Property Hospitality Trust Holdings on its proposed privatisation. Managing partner Ng Wai King and partners Chan Sing Yee and Soong Wen E led the firm’s team in the transaction, together with partners Hui Choon Yuen and Chan Jia Hui.
WongPartnership is also acting for TCC Group Investments, a stapled securityholder of Frasers Hospitality Trust, on the proposed privatisation of Frasers Hospitality Trust. Partner Andrew Ang was involved in the transaction.