Allen & Gledhill has acted as transaction counsel to international healthcare provider IHH Healthcare on its investment into Intellect, a digital mental health platform with more than three million users in over 20 countries. IHH is the first strategic healthcare investor in Intellect. Partners Julian Ho and Alexander Yap led the firm’s team in the transaction.
AZB & Partners is advising Sarvapriya Healthcare Solutions on its approximately Rs8 billion (US$97.3m) acquisition of 42.36 percent stake held by Dalmia Cement (Bharat) in Dalmia Bharat Refractories. Partners Zia Mody, Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on March 26, 2023 and is yet to be completed.
AZB & Partners has also advised ASG Hospital, via its wholly-owned subsidiary ASG Eye Hospital Ventures, on its acquisition of Vasan Healthcare. The resolution plan, which amounted to Rs5.2 billion (US$63m), was approved by the National Company Law Tribunal Chennai Bench on February 3, 2023, and it was implemented on March 6, 2023. Vasan Healthcare’s total debt, which was resolved by virtue of the resolution plan, is Rs22.23 billion (US$270.5m). Partners Kunal Kumbhat, Suharsh Sinha and Dhirajkumar Totala led the firm’s team in the transaction.
Moreover, AZB & Partners has advised IDFC First Bank on the Rs21 billion (US$255.6m) acquisition of 3.62 percent stake in IDFC First Bank by IDFC Financial Holding, via preferential allotment to IDFC Financial Holding. Post the said preferential allotment, IDFC Financial Holding’s shareholding in IDFC First Bank will be approximately 39.99 percent. Partners Ashwath Rau, Vipul Jain and Aditya Alok led the firm’s team in the transaction, which was completed on March 23, 2023.
Baker McKenzie has advised Victory Securities, a wholly-owned subsidiary of Hong Kong-listed Victory Securities (Holdings), on securing approval from the Hong Kong Securities and Futures Commission (SFC) to manage investment funds that comprise up to 100 percent virtual assets. After becoming the first licensed corporation to be permitted to provide the full spectrum of virtual asset dealing and advisory services in Hong Kong, Victory Securities has now secured SFC consent to launch two cryptocurrency tracker funds. This approval makes Victory Securities the only licensed corporation in Hong Kong with the necessary regulatory approvals to provide virtual asset-related distribution, advisory and asset management services. Virtual assets specialists Joy Lam, Ryan Chan and Samantha W S Lai led the firm’s team in the transaction.
Clifford Chance has advised Hang Seng Investment Management (HSVM), Hong Kong’s No. 1 ETF manager in terms of assets under management, on the launch and listing in Hong Kong of the Hang Seng Stock Connect China A Low Carbon Index ETF. The new ETF is an index-tracking fund which aims to invest in China A-shares with low carbon exposures, and is the first low-carbon themed A-share ETF in Hong Kong. Providing investors with access to low carbon- and ESG-themed securities, constituents of the fund are included based on their compliance with the United Nations Global Compact principles, and weighted based on Carbon Emission Intensity data provided by ISS ESG. Partner Rocky Mui led the firm’s team in the transaction.
Clifford Chance has also advised on the global merger control filings for two joint ventures in the metals sector, deepening the firm’s track record in a strategic industry of China’s economy. The first is advising Baoshan Iron & Steel (Baosteel), a subsidiary of the world’s largest steel producer China Baowu Steel Group, on the establishment of a joint venture company between Baosteel and Inner Mongolia BaoTou Steel Union. Baosteel mainly engages in iron and steel manufacturing, processing and distribution, information technology, carbon industry and finance business. Inner Mongolia BaoTou Steel Union is primarily active in the development and utilisation of mineral resources and the production and sale of steel products. The second is advising Taiyuan Iron & Steel (Group) Co (TISCO), also a subsidiary of China Baowu Steel Group, on the establishment of a joint venture company among TISCO, Vale Indonesia (VI) and Shandong Xinhai Technology (Xinhai) to jointly operate the ferronickel processing project in the Bahadopi area of Sulawesi, Indonesia. TISCO manufactures and distributes steel products, and is an integrated operation platform for China Baowu’s stainless steel business. Indonesia-listed VI is a mineral mining company and subsidiary of Vale, one of the largest producers of iron ore and nickel in the world. Xinhai is the pioneer of the integrated nickel-electricity model in China. Partner Yong Bai led the firm’s team in the transaction, working with local counsel from multiple jurisdictions.
Skadden is advising JX Nippon Mining & Metals on its definitive stock purchase agreement with Lundin Mining Corporation (LMC) to sell 51 percent of the issued and outstanding equity of SCM Minera Lumina Copper Chile (Lumina Copper), a wholly-owned subsidiary of JX which operates the Caserones copper-molybdenum mine in Chile, to LMC for approximately US$950 million. LMC will also have the right to acquire up to an additional 19 percent interest in Lumina Copper for US$350 million over a five-year period, commencing on the first anniversary of the date of closing. Partners Mitsuhiro Kamiya (Tokyo-corporate), Joe Yaffe (Palo Alto and Los Angeles- executive compensation and benefits), Andrew Foster (Hong Kong- antitrust/competition), Anne Villanueva (Palo Alto- labor and employment), Nathan Giesselman (Palo Alto-tax) and Ken Kumayama (Palo Alto-intellectual property and technology) are leading the firm’s multi-jurisdictional team in the transaction.
Skadden has also acted as international counsel to DPC Dash on its IPO and listing in Hong Kong. DPC Dash offered approximately 12.8 million shares at HK$46 (US$5.86) per share, for a total offer price of approximately HK$ 588.8 million (US$75m). Trading commenced on March 28, 2023. DPC Dash is the exclusive franchisee of the world’s largest pizza company, Domino’s Pizza, in mainland China, Hong Kong and Macau, with 604 shops in 17 cities in mainland China. Partners and co-heads of the China practice Haiping Li (Shanghai) and Paloma Wang (Hong Kong) led the firm’s team in the transaction.
Trilegal has represented JM Baxi Ports and Logistics on successfully obtaining approval from the Competition Commission of India in relation to the strategic partnership between JM Baxi Ports and Logistics and Hapag-Lloyd Aktiengesellschaft. JM Baxi Ports and Logistics provides marine shipping and logistics services, and offers logistics value chain, including port facilities, such as container and multi-cargo port terminals, container freight stations and inland container depots, and niche logistics services for project and bulk cargo. National competition practice head partner Nisha Kaur Uberoi and partner Rudresh Singh led the firm’s team in the transaction.
WongPartnership has represented Mr Chang Peng Hong Clarence, the former regional manager of BP Singapore, on the proceedings. Clarence Chang Peng Hong was sentenced to 80 months imprisonment, and also ordered to pay a penalty equivalent to the bribes he received between 2006 and 2010. Partners Melanie Ho and Tang Shangwei led the firm’s team in the matter.