Latest Deals from Law Firms and Legal Services Providers
Allen & Gledhill has acted as transaction counsel to venture capital firm Accel Management on leading the US$55 million series C round investment in Pluang Technologies. Pluang is an Indonesian fintech start-up providing digital micro-savings and wealth management services through a mobile app, which allows users to make investments in various asset classes. With over two million registered users, Pluang is also available through partnerships with Indonesian “super apps”, namely Gojek, Dana and Bukalapak. Partner Nicholas Soh led the firm’s team in the transaction.
Allen & Gledhill has also acted as Singapore antitrust counsel to Thermo Fisher Scientific on the US$17.4 billion acquisition of 100 percent of the shareholding of PPD. The acquisition aims to establish Thermo Fisher as one of the global leaders in the attractive high growth research services industry, as well as enhance Thermo Fisher’s value proposition for pharma and biotech companies, by adding highly complementary services. Partners Daren Shiau and Elsa Chen led the firm’s team in the transaction.
AZB & Partners has advised Stone Plant Investments, funds managed by Warburg Pincus, on the acquisition of 70 percent equity stake in Imperial Auto Industries. The CCI notification form was filed under the Green Channel route on January 12, 2022, and was accordingly deemed approved on the date of filing. Partner Bharat Budholia led the firm’s team in the transaction.
AZB & Partners has also advised Emerging India Credit Opportunities Fund I, a fund set up by Investec Capital India Private Services, on the Rs10 billion (US$134m) acquisition of stake by various investors in Emerging India Credit Opportunities Fund I. Partner Pallabi Ghosal led the firm’s team in the transaction, which was completed on September 24, 2021.
Baker McKenzie has advised Univenture BGP (UVBGP) on its β11.33 billion (US$343m) acquisition of Eastern Cogeneration (E-Cogen). The deal is one of the largest M&A deals in Thailand in 2021. UVBGP is a joint venture between Univentures and BGrimm Power. E-Cogen is an indirect subsidiary of Eastern Power Group, which, through its subsidiaries and affiliates, indirectly holds 100 percent of E-Cogen. With this acquisition, UVBGP indirectly acquired 74.5 percent of shareholding in PPTC, and 100 percent of shareholding in SSUT, which own and operate 120 MW and 240 MW combined cycle cogeneration power plants in Lat Krabang Industrial Estate and Bang Pu Industrial Estate, respectively. Corporate and M&A partner Sumet Orsirivikorn, supported by partners Vit Vatanayothin, Somika Phagapasvivat and Suksawat Watewai, led the firm’s team in the transaction.
Baker McKenzie has acted as special US counsel to Credit Suisse (Singapore), DBS Bank and Morgan Stanley Asia (Singapore), as the joint global coordinators, joint book-runners and joint underwriters, of Vertex Technology Acquisition Corporation (VTAC), a special purpose acquisition company which listed in Singapore on January 20, 2022 through a S$200 million (US$149m) offering. VTAC is the country’s first SPAC listing, since the announcement of the new rules in September 2021. Baker McKenzie Wong & Leow principal Ashok Lalwani, supported by partners Steven Canner and Carol Stubblefield, principal Kenny Kwan and local principal Caryn Ng, led the firm’s team in the transaction.
Bird & Bird ATMD has acted for Singapore-listed lubricant manufacturer United Global on the proposed voluntary unconditional offer made by DMW investments at an offer price of S$0.45 (US$0.335) for all the issued shares of United Global. The privatisation bid values the company at approximately S$140 million (US$104m). Partner Marcus Chow led the firm’s team in the transaction.
IndusLaw has advised AI infrastructure company Pyxis One (rebranded to ‘Pixis’) on the US$100 million Series C investment by Softbank, General Atlantic, Celesta Capital, Premji Invest and others. Partner Mayukh Datta led the firm’s team in the transaction. Softbank was advised by Latham and Watkins, General Atlantic was advised by Paul, Weiss, Rifkind, Wharton & Garrison, while Premji Invest and Celesta Capital were advised by Quillon Partners.
JSA has advised Deloitte Consulting (US) on its 100 percent acquisition, through its offshore India delivery centre Deloitte Consulting India, of Ad2Pro Global Creative Solutions and its Indian and overseas subsidiaries, known collectively as Madras Global. Madras Global is a content and creative technology company that works with leading brand and media clients across industries to develop solutions that combine creative thinking, technology and automation. Its approximately 1,000-member team delivers continuous content for clients across the globe. Madras Global has studios and offices in India, the US, the UK and Australia. Joint managing partner Vivek Chandy and partners Kuriyan KZ, Archana Tewary and Kumarmangalam Vijay, supported by partners Malini Raju and Karthik BM, led the firm’s team in the transaction, which was completed in late November 2021.
JSA has also advised the joint lead managers on the Rule 144A issue by Reliance Industries of US$4 billion senior unsecured three-tranche issuance of US$ bonds. Partner Dina Wadia, supported by partners Uttara Kolhatkar and Kumarmanglam Vijay, led the firm’s team in the transaction, which is the largest ever foreign currency bond issuance by an Indian conglomerate, and the largest international debt capital market transaction by an Indian corporate.
Majmudar & Partners has acted for Thrasio Holdings, a next generation, global consumer goods company, on a complex, high value acquisition of a significant majority stake in Lifelong Online Retail, a leading Indian online consumer brand backed by Tanglin Venture Partners and the Hero Group. With this acquisition, Thrasio has made its entry into the Indian market, and plans to invest approximately US$500 million in the future to acquire digital-first brands in India. Managing partner Akil Hirani, supported by partners Amrit Mehta (corporate) and Ravi Raghavan (tax), led the firm’s team in the transaction, while Cooley advised on the US law aspects. Rajaram Legal acted for Lifelong and its founders, Khaitan & Co acted for Tanglin Venture Partners, and AZB & Partners acted for the Hero Group.
Maples and Calder has acted as Cayman Islands counsel to Weibo on its global offering of 11 million ordinary shares and secondary listing in Hong Kong. Listed on the Nasdaq since April 2014, Weibo is China’s leading social media platform for people to create, discover and distribute content. The offering, which closed on December 8, 2021, raised approximately HK$3 billion (US$385m). Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and affiliates advised on Hong Kong and US laws, and TransAsia Lawyers advised on Chinese law. The joint sponsors, Goldman Sachs (Asia), Credit Suisse (Hong Kong), CLSA Capital Markets and China International Capital Corporation Hong Kong Securities, and the underwriters were advised by Simpson Thacher & Bartlett as to Hong Kong and US laws, and by Haiwen & Partners as to Chinese law.
Maples and Calder has also acted as Cayman Islands counsel to ANE (Cayman) on its IPO and the listing of 80.22 million ordinary shares in Hong Kong. ANE operates a leading express freight network in China’s less-than-truckload market. The offering, which closed on November 11, 2021, raised approximately HK$1.11 billion (US$142.6m). Partner Derrick Kan led the firm’s team in the transaction, while Davis Polk & Wardwell advised on Hong Kong and US laws, and Jingtian & Gongcheng advised on Chinese law. The joint sponsors, JP Morgan Securities (Far East) and China International Capital Corporation Hong Kong Securities, and the underwriters were advised by Freshfields Bruckhaus Deringer as to Hong Kong and US laws, and by Han Kun Law Offices as to Chinese law.
Rajah & Tann Singapore has advised Synergy Supply Chain Management, Irelia Management, Tristan Management, Subtleway Management and Mr Toh Kok Soo on their mandatory unconditional cash offer for the shares and warrants of Singapore-listed Viking Offshore and Marine. Partners Danny Lim, Tan Mui Hui and Cheryl Tay led the firm’s team in the transaction.
Rajah & Tann Singapore and Christopher & Lee Ong are advising Esteel Enterprise on its M$135.88 million (US$32.4m) acquisition of Eden Flame from Malaysia-listed Lion Industries. Partners Danny Lim and Cynthia Wu from Rajah & Tann Singapore, are leading the transaction, alongside partners Yon See Ting and Looi Zhi Ming from Christopher & Lee Ong.
WongPartnership has acted for an investment firm on the purchase of US$80 million principal amount of convertible notes by Carsome Group, as part of a late stage funding round of US$290 million in Carsome. The funding round placed Carsome at a post-money valuation of US$1.7 billion. The funds will be invested in its talent, product and technology businesses. Partner Quak Fi Ling led the firm’s team in the transaction, together with partner Karen Yeoh.
WongPartnership has also acted for the issue managers and the underwriting banks on the IPO of Vertex Technology Acquisition Corporation (VTAC), sponsored by Vertex. Through VTAC, public market investors can participate in investment opportunities in value-creating businesses at a fast growth stage of their life cycle. Partners Gail Ong and James Choo led the firm’s team in the transaction