AZB & Partners is advising Lion Meadow Investment, an affiliate of Warburg Pincus, on the Rs31.26 billion (US$432m) sale of its 20 percent equity stake in Bharti Telemedia to Bharti Airtel. The consideration was paid partly in cash and partly via issuance of equity shares to Bharti Airtel. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was signed on February 17, 2021 and is yet to be completed.
AZB & Partners is also advising TPG Dodla Dairy Holdings, as the investor selling shareholder, on Dodla Dairy’s IPO of equity shares with face value of Rs10 (US$0.138) each, comprising a fresh issue of equity shares aggregating up to Rs500 million (US$6.9m) and an offer for sale of up to 10.1 million equity shares, consisting of up to 830,000 equity shares by TPG Dodla Dairy Holdings, up to 416,604 equity shares by Dodla Sunil Reddy, up to approximately 1.04 million equity shares by Dodla Family Trust and up to 327,331 equity shares by Deepa Reddy. Partners Varoon Chandra and Lionel D’Almeida are leading the firm’s team in the transaction, which was filed with the SEBI on February 15, 2021 and is yet to be completed.
Further, AZB & Partners is advising Jubilant FoodWorks on its £24.8 million (US$35m) 100 percent acquisition, via its wholly-owned subsidiary Jubilant FoodWorks Netherlands, of Fides Food Systems Coöperatief UA, which holds 32.81 percent equity shares in DP Eurasia, from Turkish Private Equity Fund II. Partners Ajay Bahl and Anant Dang are leading the firm’s team in the transaction, which was signed on February 19, 2021 and is yet to be completed.
Moreover, AZB & Partners is advising Nadathur Fareast on the Rs14.58 billion (US$201m) sale of its shareholding in Indegene to CA Dawn Investments (Carlyle Group) and Brighton Park Capital, composed of BPC Genesis Fund I SPV and BPC Genesis Fund I-A SPV. Partners Sai Krishna Bharathan and Vivek Bajaj are leading the firm’s team in the transaction, which was signed on January 29, 2021 and is yet to be completed.
Finally, AZB & Partners is advising Asian Development Bank on its acquisition of unlisted, non-convertible debentures aggregating up to Rs1 billion (US$13.8m) to be issued by Global Health, the operator and manager of hospitals across India under the Medanta brand. Partners Gautam Saha and Ambarish Mohanty are leading the firm’s team in the transaction, which was signed on February 12, 2021 and is yet to be completed.
Clifford Chance has advised China Baowu Steel Group on the merger controls and foreign direct investment filings in numerous jurisdictions for its acquisition of a 51 percent stake in Taiyuan Iron & Steel (Group). China Baowu Steel is a state-owned iron and steel company headquartered in Shanghai. With this acquisition, it is now the largest iron and steel company in the world. In 2019, the firm also acted on China Baowu Steel’s acquisition of 51 percent interest in Magang Group. Partner Yong Bai, supported by partners Richard Blewett (Brussels), Anastasios Tomtsis (Brussels), Torsten Syrbe (Moscow) and Itir Ciftci from associate firm CIFTI Law Firm in Istanbul, led the firm’s team in the transaction.
Clifford Chance has also advised HH&L Acquisition, a special purpose acquisition company (SPAC), on its formation, US$414 million IPO and listing in New York. The SPAC targets the healthcare sector and is one of the largest SPAC IPOs by Asian sponsors. Partners Ying White and Fang Liu, supported by New York partners Andrew Epstein and Jeffrey LeMaster, led the firm’s team in the transaction.
Davis Polk has advised New Horizon Health on its IPO and listing in Hong Kong and Rule 144A and Regulation S international offering, which raised gross proceeds of approximately HK$2.04 billion (US$263m), prior to any exercise of the over-allotment option. Founded in November 2015, New Horizon Health is the pioneer in China’s colorectal cancer screening market with ColoClear, its proprietary, non-invasive, multi-target, FIT-DNA test, being the first and only molecular cancer screening test in China approved by NMPA. New Horizon Health’s mission is to advance the innovation and accelerate the adoption of cancer screening technologies in China. Partners Yang Chu and Howard Zhang led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on the Regulation S offering of high-yield notes by Ronshine China Holdings of U$200 million principal amount of 5.5 percent senior notes due 2022. Hong Kong-listed Ronshine China Holdings is a residential property developer in China. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
K Law has represented Credit Suisse Funds (CSF) on the petition filed by Hinadri Foods before the National Company Law Appellant Tribunal (NCLAT). The issue stemmed from the company petition filed under Section 7 of the Insolvency and Bankruptcy Code 2016, which was withdrawn by Credit Suisse Funds after a settlement was executed with Himadri. The National Company Law Tribunal (NCLT) Mumbai allowed CSF to withdraw the petition, and granted liberty to mention any defiance of the settlement terms. Himadri failed to comply with the agreement, and CSF filed an application to revive the petition. NCLT allowed the revival of the petition. The order was challenged by Himadri, but the challenge was rejected by the NCLAT on its order dated January 7, 2021. Partners Ayush Agarwala and Aditi Mittal represented the client on the matter, which was valued at approximately Rs41.34 million (US$507.703).
Khaitan & Co has advised Tredegar Corporation on its transfer of 100 percent equity ownership of its subsidiary, Tredegar Film Products India, to Brazilian company Miramar Participações. Through its subsidiaries, Tredegar manufactures and sells polyethylene plastic films, polyester films, and aluminum extrusions worldwide. Partners Rajat Mukherjee and Sarthak Sarin, supported by partner Ritu Shaktawat, led the firm’s team in the transaction, which was signed on August 25, 2020 and was completed on October 30, 2020.
Khaitan & Co has also advised Euromoney Institutional Investor on its global acquisition of WealthEngine, including its Indian subsidiary WealthEngine Software. Euromoney is a global business-to-business information services business, which provides price discovery, essential market intelligence and events. Partners Rajat Mukherjee and Sarthak Sarin led the firm’s team in the transaction, which was completed on December 8, 2020. Perkins Coie, led by Justin Gonzales, also advised Euromoney.
WongPartnership is advising Dymon Asia Private Equity and Emet Grace on the mandatory conditional cash offer for Penguin International. Partners Andrew Ang and Anna Tan led the firm’s team in the transaction, together with partner Christy Lim.
WongPartnership is also acting as Singapore counsel to Shiseido on the divestment of its personal care business to CVC Capital Partners. Partners advising on the matter are Jenny Tsin, Ameera Ashraf, Tan Shao Tong, Lydia Ong and Chang Qi-Yang.
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