|AZB & Partners has advised Mount Kellett on its sale, together with other investors, of securities aggregating to approximately 68.77 percent of the equity share capital and 98.1 percent of the preference share capital of Medplus Health Services. Partners Darshika Kothari and Divya Mundra led the transaction, which was valued at Rs6.4 billion (US$100.6m) and was completed on December 16, 2017.
AZB & Partners has also advised NCR Corporation India on its sale to Electronic Payment Solutions of certain assets and contracts of NCR for outsourcing of installation and maintenance of cash dispensers. Partner Ashwin Ramanathan led the transaction, which was valued at Rs555.14 m (US$8.7m) and was completed on December 29, 2017.
Baker McKenzie has advised Vietnam’s Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) on its IPO of shares in Ho Chi Minh City. HDBank’s US$300 million IPO is the second largest deal in the Vietnamese banking sector, since the Bank for Foreign Trade’s (Vietcombank’s) US$463 million IPO in 2007. On December 27, 2017, the stock exchange approved HDBank to list more than 980 million shares at Vnd33,000 (US$1.45) per share. Trading started on January 5, 2018. Being one of the top 10 joint stock commercial banks in Vietnam with more than 27 years of local market experience and expanding to the world, HDBank has strong financial strength, advanced technology, a modern transaction model and professional customer service. Ho Chi Minh City partner Nguyen HK Oanh led the transaction.
Baker McKenzie’s Hong Kong office has also advised the Pure Group on its investment partnership with FountainVest Partners and Ontario Teachers’ Pension Plan. The partnership will help support Pure’s strategic expansion across the region. Headquartered in Hong Kong, the Pure Group was founded in 2002 and offers a diverse range of premium wellness products and services, such as fitness centres, yoga studios, an online video platform, organic health products and performance activewear. Partner Tracy Wut led the transaction, which was signed on December 19, 2017. Kirkland & Ellis acted as international counsel for the consortium, while Paul Weiss advised the Ontario Teachers’ Pension Plan.
Baker McKenzie FenXun Joint Operation Office has advised Shui On Land on the approximately Rmb3.87 billion (US$593m) sale of a 49.5 percent interest in one of its commercial real estate portfolios in Shanghai to further its strategic partnership with the China Life Group. The portfolio includes a bundle of developed properties and undeveloped land parcels in the Hongkou district, Shanghai, commonly known as Hall of the Moon, Hall of the Stars, Phase II Shopping Mall and Hall of the Sun. The transaction enables Shui On Land to optimise the value of its mature investment properties and to recycle its capital into other new opportunities, and is in line with its asset-light strategy implemented since 2015. Shui On Land is a property development company established in 2004 under the Shui On Group. With a focus on high-quality residential, office, retail, entertainment and cultural properties, Shui On Land is running projects at prime locations of key cities in Mainland China, many of which are operated under the Xintiandi brand owned by Shui On Land. China Life Insurance is the country’s largest life insurer. The transaction has further cemented the relation between Shui On Land and China Life Group for a long-term strategic partnership. Alex Gong, partner of Baker McKenzie FenXun Shanghai, and Rico Chan of Baker McKenzie Hong Kong led the transaction.
DLA Piper has advised Baltimore-based and Nasdaq-listed Laureate Education, the world’s largest global network of higher education institutions, on the sale of its global network institution in Malaysia, INTI University and Colleges, to Affinity Equity Partners. The net transaction value to Laureate is US$162 million, with a minority equity shareholder’s share of the total transaction value at US$18 million. INTI University and Colleges is a leading provider of quality and private education through academic innovation, industry partnerships, and student outcomes. It has five campuses in the country and has seen its student numbers grow progressively to over 16,500 in 2017. Affinity is one of Asia Pacific’s largest and longest established independent private equity firms. It currently has total assets under management of US$8 billion. INTI is Affinity’s third investment in Malaysia in the past four years. Corporate partner Heng Loong Cheong, supported by Hong Kong IPT partner Scott Thiel, corporate partners Mark Burger (Melbourne) and Gloria Liu (Hong Kong), led the transaction, which is expected to close in the second quarter of 2018.
East & Concord Partners Beijing Office has represented Beijing Enterprises Group, as the initial investor of the project, and Beijing Enterprises Railroad Transportation Construction and Beijing Enterprises Transportation Equipment, as the construction parties, on the investment and construction of the medium-low speed maglev line S1 in Beijing. On December 30, 2017, Beijing’s first medium-low speed maglev line with independent intellectual property started its trial operation officially. The S1 line is a demonstration line of medium-low speed maglev transportation. Its trial operation marks the successful landing of research and development fruits of medium-low speed maglev technology. The operation of S1 line is intended to improve the external traffic situation of Mentougou New Area and play a positive role in the adjustment of industrial structure in Shijingshan District. In addition, it aims to promote the development of the maglev transportation industry in China and provide powerful industrial confidence to fully implement the deployment of Made in China 2025, build brand for Beijing and carry out the national strategy of “Road & Belt Initiative” and “Going Global” with the involvement of maglev transportation. Partners Li Dongming and Li Jian led the transaction.
Gibson, Dunn & Crutcher has represented a consortium led by Bain Capital on the acquisition of 100 percent of Trans Maldivian Airways (TMA) from Blackstone managed funds and certain minority investors. TMA is the largest seaplane operator in the Maldives. Its principal business is transporting tourists from Male International Airport to resorts on the various atolls that comprise the Maldives. Hong Kong partners Brian Schwarzwalder and Michael Nicklin, supported by Hong Kong partner Kelly Austin, led the transaction, which was signed and closed on December 18, 2017.
J Sagar Associates has advised the joint book-runners, comprising of BofA Merrill Lynch, Citigroup, HSBC, Barclays, JP Morgan, Standard Chartered Bank, ANZ, BNP Paribas, Credit Agricole CIB, DBS Bank, Deutsche Bank, Mizuho Securities, Morgan Stanley, Scotiabank, SMBC Nikko and Societe Generale Corporate and Investment Banking, on the issue by Reliance Industries of US$800 million 3.667 percent senior unsecured fixed rate notes due 2027. Joint managing partner Dina Wadia and partner Uttara Kolhatkar led the transaction.
Khaitan & Co has advised Asianol Lubricants on the sale of a 45 percent stake in Quaker Chemical India to Quaker China Holdings, The Netherlands, thereby exiting from its joint venture with Quaker US. Asianol is an ISO 9001 2008 certified company, offering premium quality products and services for primary metals, mining, cement, automotive, construction equipment and manufacturing industry. Partner Haigreve Khaitan and associate partner Sameer Sah led the transaction.
Khaitan & Co has also advised Edelweiss Financial Services on its approximately US$236 million qualified institutions placement. The Edelweiss Group is one of India’s leading diversified financial services conglomerates, providing a broad range of financial products and services to a substantial and diversified client base, that includes corporations, institutions and individuals. Executive director Sudhir Bassi and partner Nikhilesh Panchal led the transaction.
Mayer Brown JSM has advised Essence Corporate Finance (Hong Kong) as sole sponsor on China Futex Holdings’ listing in Hong Kong. China Futex is engaged in the research and development, manufacturing and sales of both single and double circular knitting machines. Corporate and securities partner Derek Tsang led the transaction.
Rajah & Tann Singapore has acted for Swiss Reinsurance (Swiss Re) on the re-domiciliation of Swiss Re Asia (SRAL) from Zurich, Switzerland to Singapore and subsequent portfolio transfers of Swiss Re’s reinsurance business in the Asia Pacific to SRAL. This is the first ever re-domiciliation of a foreign company to Singapore under the newly amended provisions in 2017 to the Singapore Companies Act. Partner Simon Goh led the transaction.
Rajah & Tann Singapore has also acted for Omni Joy Overseas, a special purpose vehicle of real estate investment house Pamfleet Group, on the sale of the entire issued and paid-up share capital in Arjuno Holdings, the registered proprietor of all 29 strata lots in the nine-storey commercial development known as The Prospex, situated in Singapore. Partners Norman Ho and Tracy Ang led the transaction, which was valued at S$60 million (US$45m).
Simmons & Simmons has acted as Hong Kong counsel for Vobile Group on its IPO and listing in Hong Kong. Silicon Valley-based Vobile Group is a leading provider of online video content protection services. Priced at HK$2.58 (US$0.33) per share, the global offering raised approximately HK$143.5 million (US$18.3m), subject to the exercise of the over-allotment option, with an initial market capitalisation of approximately HK$1.1 billion (US$140.6m). CLSA Capital Markets is the sole sponsor to Vobile Group for the listing, while CLSA is the sole global coordinator, the sole book-runner and the sole lead manager of the global offering. Hong Kong partner Joseph Lee led the transaction.
S&R Associates has advised Morgan Stanley, HDFC Bank, Credit Suisse, CLSA, Nomura, Edelweiss, Haitong Securities, IDFC, IIFL Holdings and UBS, as book-running lead managers, on the Rs86.9 billion (US$1.4b) IPO of HDFC Standard Life Insurance, a private sector life insurer. Partners Sandip Bhagat (Mumbai) and Juhi Singh (New Delhi) led the transaction.
S&R Associates has also advised JM Financial, CLSA, Nomura, Axis Capital, Edelweiss, IIFL Holdings, SBI Capital Markets and YES Securities, as book-running lead managers, on the Rs15.4 billion (US$242m) IPO of Reliance Nippon Life Asset Management. Partners Sandip Bhagat (Mumbai) and Venkatesh Vijayaraghavan (New Delhi), led the transaction, which was the first listing of a mutual fund asset manager in India.