Allen & Overy has advised Abu Dhabi Ports Group on its acquisition of Spanish logistics firm Noatum for AED2.5 billion (US$681m). The acquisition propels AD Ports Group to one of the most significant logistics and freight forwarding companies in the world. The investment in Noatum, which has over 2,600 employees and operates in 26 countries, including Spain, the US, the UK and other Asian and European markets, will significantly extend AD Group’s global connectivity to create a market-leading international logistics brand. Moving forward, Noatum will lead AD Ports Group’s Logistics Cluster, consolidating the company’s existing logistics offering into its operations. This marks the group’s third major international acquisition this year, following the acquisition of a 70 percent stake in Transmar and TCI in September, and the acquisition of 80 percent stake in Dubai-based Global Feeder Shipping this month. Abu Dhabi managing partner Ibrahim Mubaydeen, Abu Dhabi corporate partner Nick Stuart and Spanish corporate partner Fernando Torrente led the firm’s team in the transaction, which is subject to regulatory approvals and is expected to close in the first half of next year.
AZB & Partners has advised Perfect Day on its approximately Rs6.5 billion (US$79m) acquisition of Sterling Biotech. Partners Hardeep Sachdeva, Ravi Bhasin, Kamal Shankar and Parag Maini led the firm’s team in the transaction, which was completed on November 11, 2022.
AZB & Partners has also advised Sukoon Healthcare Services on the approximately Rs1.2 billion (US$14.5m) acquisition by Lightrock India, via LR India Fund II IFSC, of a significant controlling stake in Sukoon Healthcare Services. Partner Ankit Tandon led the firm’s team in the transaction, which was completed on November 23, 2022.
Clifford Chance has advised Home Credit Group on its agreement to sell 100 percent of its Philippines and Indonesian consumer finance businesses to a consortium of Mitsubishi UFJ Financial Group (MUFG) affiliates, led by Krungsri Bank, in deals worth approximately €615 million (US$643m). Headquartered in the Netherlands and majority owned by investment group PPF, Home Credit is an international consumer finance provider with current operations in seven countries in Central and Eastern Europe and Asia. Krungsri and MUFG Bank are to purchase 75 percent and 25 percent, respectively, of Home Credit Philippines for a valuation of €406 million (US$424m). In Indonesia, Krungsri, Adira Finance (a subsidiary of Bank Danamon, which is an affiliate of MUFG) and an Indonesian investor, as required by local regulations, are to purchase 75 percent, 10 percent and 15 percent, respectively, of Home Credit Indonesia for a valuation of €209 million (US$218.5m). The deals are subject to Krungsri shareholder approval, as well as customary regulatory approvals. Partners Emma Davies, Bryan Koo and Valerie Kong, supported by London partners Zayed Al Jamil and partner Nicola Helmsley and director Edward Page, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised multinational automotive parts manufacturer Continental Automotive Components (India) on the acquisition of Southgate Tech Park, located at Electronic City, Bangalore. The one million sq ft campus is one of the largest and key R&D locations of Continental Auto Components globally, and can house around 6,500 employees. The technical centre was inaugurated on November 23, 2022. Partner Abhilash Pillai, supported by partner Sharan Kukreja, led the firm’s team in the transaction, which represents the largest buyout deal of ready commercial assets in 2022.
Cyril Amarchand Mangaldas has also advised Five-Star Business Finance on its approximately Rs15.93 billion (US$193m) IPO. Five-Star is an NBFC providing secured business loans to micro-entrepreneurs and self-employed individuals, each of whom are largely excluded by traditional financing institutions. It has a strong presence in south India. Southern region markets practice co-head partner Vijay Parthasarathi and partner Rohit Tiwari led the firm’s team in the transaction, which closed on November 17, 2022. Sidley Austin acted as international counsel to the book-running lead managers.
HHP Law Firm has advised Indonesia’s sovereign wealth fund, Indonesia Investment Authority (INA), and China’s Silk Road Fund (SRF) on their joint investment in the Indonesia-listed pharmaceutical producer and distributor Kimia Farma and its unit Kimia Farma Apotek. Subject to the fulfilment of all conditions precedent, at closing, INA and SRF will acquire a 40 percent stake in Indonesian state-owned pharmaceutical company Kimia Farma’s subsidiary, Kimia Farma Apotek. The investment will be used to fund Kimia Farma Apotek’s strategic business expansion, working capital needs and initiatives to further improve operational efficiency. INA and SRF will also participate in Kimia Farma’s rights issue, which proceeds will be used to support the expansion plans and improve healthcare services in Indonesia. Gerrit Jan Kleute led the firm’s team in the transaction, supported by the broader Baker McKenzie‘s regional team.
Rajah & Tann Singapore has acted for Insignia Ventures on its US$10 million Series A investment in Konvy, Thailand’s leading beauty e-commerce platform. Partner Terence Quek led the firm’s team in the transaction, alongside partner Pakpoom Suntornvipat from R&T Asia (Thailand).
Rajah & Tann Singapore has also acted for NoonTalk Media on its IPO and listing in Singapore, the first listing in Singapore of a homegrown, one-stop provider of high-quality, bespoke events and entertainment solutions. Partners Raymond Tong and James Chan led the firm’s team in the transaction.
Trilegal has advised the merchant bankers Axis Capital, Credit Suisse Securities (India) and Edelweiss Financial Services on the initial offer by Anzen India Energy Yield Plus Trust of up to 75 million units, representing an undivided beneficial interest at a price of Rs100 (US$1.21) per unit, aggregating to Rs7.5 billion (US$91m). The issuance was undertaken via private placement, under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations 2014 (InvIT Regulations). The Trust, which has been established to own power transmission and renewable energy assets in India, is the first infrastructure investment trust from the Edelweiss group. The transaction involved a complex structure, with the Trust acquiring equity and debt securities in two power transmission assets, including through a swap of units of the Trust. As part of the transaction, the Trust also acquired the right of first offer to acquire 12 renewable energy assets from its sponsor and affiliates. Partner Richa Choudhary led the firm’s team in the transaction.
TT&A has advised ATC Telecom Infrastructure on its Rs16 billion (US$194m) investment in Vodafone Idea towards subscription of up to 16,000 unsecured, unrated, unlisted, optionally convertible debentures in one or more tranches, which are convertible into equity shares at a conversion price of Rs10 (US$0.121) per equity share. The funds raised by Vodafone are to be utilized towards amounts owed by Vodafone to ATC under the master lease agreements and, to the extent of any remainder, for general corporate purposes of Vodafone. Senior partner Gautam Saha and partner Amrita Patnaik led the firm’s team in the transaction.
TT&A has also advised Asian Development Bank (ADB) on its loan facility, via an external commercial borrowing, of up to US$30 million to Smartchem Technologies to finance the capital expenditure of the borrower for, inter alia, its fertilizers business, environmental, health and safety-related capex etc. in India. The loan is supported by a corporate guarantee from listed company Deepak Fertilisers and Petrochemicals Corporation. Senior partner Gautam Saha and partner Ambarish Mohanty led the firm’s team in the transaction.