Allen & Gledhill has acted as transaction counsel to JHF Mercury Capital Partners, acting through its general partner Mercury JHF Capital Partners, on the ¥15 billion (US$102m) revolving credit, letter of credit and bank guarantee facility, with an accordion increase up to ¥25 billion (US$170m), from United Overseas Bank, DBS Bank and Oversea-Chinese Banking Corporation as joint mandated lead arrangers and book-runners, lenders and issuing banks. The facility is used for funding expenses, investments and general working capital purposes, for which a capital call is expressly allowed to be made under the limited partnership documents relating to JHF Mercury Capital Partners. Partners Kok Chee Wai and Wong Jie Ning led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to DBS Bank, Sumitomo Mitsui Banking Corporation Singapore Branch, United Overseas Bank, Malayan Banking Singapore Branch, The Hongkong and Shanghai Banking Corporation Singapore Branch, Oversea-Chinese Banking Corporation and MUFG Bank Singapore Branch on the S$620 million (US$432m) and US$162 million dual currency loan facilities to Asia Mobile Holdings. The facilities are to finance, among others, its working capital requirements. Partner Lim Wei Ting led the firm’s team in the transaction.
Allen & Overy has advised Infinigate Group, a pan-European value-added distributor (VAD) of cybersecurity solutions and a portfolio company of private equity firm Bridgepoint, on its merger with StarLink. This is the latest important step in Infinigate’s expansion strategy, which will extend its reach to more than 50 countries, with offices in more than 30 countries. Founded in 2005 and based in Dubai, StarLink is a market-leading VAD in cybersecurity, secure cloud and secure networking in the Middle East and Africa. It employs more than 300 people across eleven countries, managing a portfolio of 60 vendors and 1,500 resellers. Headquartered in Rotkreuz, Switzerland, Infinigate offers state-of-the-art security solutions from more than 60 vendors through its European network of more than 10,000 partners, which includes resellers, integrators and consulting companies. Founded in 1996, Infinigate employs approximately 500 staff with a pan-European business in markets including Germany, Switzerland, Austria, the UK, Sweden, France, the Netherlands, Belgium, Denmark, Finland and Norway. Partners Dr Roman Kasten (Frankfurt) and Dr Nils Koffka (Hamburg), supported by partners David Foster (Dubai), Hugh Hollman (Brussels), Lydia Challen (London) and Robin Harvey (London), led the firm’s team in the transaction.
AZB & Partners has advised Mayo Clinic on its acquisition of stake in Karkinos Healthcare. Partners Darshika Kothari and Vasudha Asher led the firm’s team in the transaction, which was completed on August 31, 2022.
AZB & Partners has also advised Veritas Capital on its acquisition and combination, through an affiliate, of two complementary revenue cycle management businesses: Coronis Health and MiraMed Global Services, including their subsidiaries. Partner Roxanne Anderson led the firm’s team in the transaction, which was completed on August 4, 2022.
Christopher & Lee Ong, member firm of Rajah & Tann Asia, has advised Culture Convenience Club and Sojitz on establishing the first Tsutaya bookstore in Malaysia. The end-to-end assistance included advising on negotiations with Pavilion Trading Enterprise to establish Tsutaya bookstore as a franchised store, as well as the franchisor and franchisee registration, joint venture agreements, supply agreements and financing agreements relating to the franchise. Partner Yau Yee Ming led the firm’s team in the transaction.
Clifford Chance has advised sponsor Huatai Securities on the US$1.3 billion global IPO of H Shares and listing of leading EV battery manufacturer CALB in Hong Kong. Jiangsu-based CALB is among the largest EV battery suppliers in China. Huatai, JP Morgan and Citi are the joint global coordinators and, together with Credit Suisse, are the joint book-runners and joint lead managers for the global offering. China co-managing partner Tim Wang, with partners Virginia Lee, Fang Liu and Tianning Xiang, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised abrdn (Mauritius Holdings) 2006 on the secondary trade by abrdn in HDFC Life Insurance. abrdn is one of the promoters of HDFC Life, and has undertaken multiple share sale after the IPO of the company. As a part of the transaction, abrdn undertook the sale via share sale on the screen-based trading of BSE for approximately Rs24.34 billion (US$295.7m). The transaction involved a sale by abrdn of 43 million equity shares, with face value of Rs10 (US$0.121) each, of HDFC Life, representing approximately two percent of HDFC Life’s total issued and paid-up equity share capital. BofA Securities India acted as the broker. Capital markets partner Abhinav Kumar, supported by taxation head partner SR Patnaik and partner Kunal Savani, led the firm’s team in the transaction, which was signed on September 13, 2022 and closed on September 15, 2022.
Cyril Amarchand Mangaldas has also advised Biocon on its sale, via bulk trade on the stock exchanges, of shares aggregating to Rs12.2 billion (US$148m) in Syngene International. Capital markets partners Reuben Chacko and Janhavi Manohar led the firm’s team in the transaction, which was signed on September 5, 2022 and closed on September 8, 2022. Spark Capital Advisors (India), the broker, was advised by Linklaters Singapore on US federal securities law.
Harneys has acted as Cayman Islands counsel to MTT Group Holdings on its successful IPO with net proceeds of HK$71.2 million (US$9.1m). Its shares were listed and commenced trading in Hong Kong on September 26, 2022. MTT Group is a vertically integrated IT solutions provider, principally engaged in the distribution of IT products in Hong Kong and the provision of system integration solutions in Hong Kong, China and Macau, operating through two different trade names, namely TriTech and Multisoft, respectively. Partner Raymond Ng led the firm’s team in the transaction, while Bird & Bird provided Hong Kong advice. P C Woo & Co provided Hong Kong advice to the sole sponsor, Innovax Capital.
Harneys has also acted as Cayman Islands counsel to AC Ventures on the establishment of its Fund V, which is structured as a Cayman Islands exempted limited partnership. Fund V is a US$250 million fund for Southeast Asia early stage startups with a focus in the consumer technology, B2B, digital media enablers, fintech and SME sectors. Investors span across Asia, the US, the Middle East and Europe, including Alibaba. Founded in 2014, AC Ventures has a portfolio of over 120 investments in Indonesia and the rest of Southeast Asia, including noteworthy companies Xendit, Carsome, Stockbit, Ula, Shipper and Aruna. Its team is mostly based in Indonesia, but also recently set up offices in Singapore and Malaysia. Asia Head of Funds and Regulatory Maggie Kwok led the firm’s team in the transaction.
JSA has represented Singapore Telecommunications (Singtel) on its sale of equity stake in Bharti Airtel to Bharti Telecom. Singtel eventually sold approximately 3.3 percent of total equity shares of Bharti Airtel for approximately S$2.54 billion (US$1.76b). Bharti Airtel is a public limited company incorporated in India, and its shares are listed and traded on India’s stock exchanges. Bharti Airtel is a global communications solutions provider with over 491 million customers in 17 countries across South Asia and Africa. It has four business segments, namely mobile services, home services, digital television services and Information and Communication Technology (ICT) business services. Partner Vikram Raghani, supported by Anand Lakra, led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Tencent Music Entertainment Group (TME), a company primarily listed in New York, on its secondary listing, via introduction of its Class A Ordinary Shares, in Hong Kong, which closed on September 21, 2022. TME is the largest online music entertainment platform in China, in terms of monthly active users, and offers online music and social entertainment services through its four major product brands – QQ Music, Kugou Music, Kuwo Music and WeSing. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Davis Polk & Wardwell advised on Hong Kong and US laws, and Han Kun Law Offices advised on Chinese law. The joint sponsors, JP Morgan Securities (Far East) and Goldman Sachs (Asia), were advised by Freshfields Bruckhaus Deringeras as to Hong Kong and US laws, and by CM Law Firm as to Chinese law.
Maples and Calder has also acted as Cayman Islands counsel to Dingdang Health Technology Group on its IPO of approximately 33.54 million shares and its listing in Hong Kong. Dingdang Health Technology Group is a service provider in the digital retail pharmacy industry in China, and ranked No. 3 in such industry by revenue in 2021. It is also the largest product and service provider in the on-demand digital pharmacy industry in China by revenue in 2021. The offering, which closed on September 14, 2022, raised approximately HK$402 million (US$51.2m). Partner Juno Huang led the firm’s team in the transaction, while Clifford Chance advised on Hong Kong and US laws. The joint sponsors, China International Capital Corporation Hong Kong Securities and CMB International Capital, and the underwriters were advised by Paul Hastings as to Hong Kong and US laws.
Milbank (Hong Kong) has advised Union Bank of the Philippines on its acquisition, through a highly competitive auction process, of the consumer banking business of Citigroup in the Philippines. The transaction is significant in the development of UnionBank’s retail banking business. In addition to expanding its customer base by approximately one million customers, the investment is anticipated to advance UnionBank’s credit-card and banking business in the higher-end segment of the consumer market. UnionBank is a leading universal bank in the Philippines. Citigroup is the largest foreign commercial bank in the Philippines providing corporate and investment banking services, treasury and trade solutions, markets and securities services, consumer banking services and business process outsourcing services. Hong Kong global corporate partner Neeraj Budhwani and Hong Kong global capital markets partner James Grandolfo led the firm’s team in the transaction, which was valued at more than US$1 billion.
Rajah & Tann Singapore is acting as Singapore counsel to Keppel Infrastructure Trust on its S$191.6 million (US$133m) joint venture with Keppel Renewable Investments to invest S$233.6 million (US$162.3m) in a diversified portfolio of operational and pipeline onshore wind projects across Norway, Sweden and the UK, sponsored by Fred Olsen Renewables. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.
Trilegal has acted as sole advisor to ZEE Entertainment Enterprises and Essel Group on securing an approval from the Competition Commission of India (CCI) for the proposed ZEE – Sony amalgamation, which was cleared on October 4, 2022, subject to certain modifications. The resultant entity will be the largest entertainment media player in India, and ZEE – Sony will combine their linear networks, digital assets, production operations and program libraries. The CCI issued a show-cause notice with their prima facie competition concerns, and sought an explanation as to why a detailed investigation in Phase II should not be undertaken. The firm’s team advanced legal and economic arguments and successfully convinced the CCI to approve the amalgamation in Phase I, with certain remedies. Competition law national head partner Nisha Kaur Uberoi and partner Gautam Chawla led the firm’s team in the matter.
WongPartnership is acting as Singapore counsel to the sellers on the €1.3 billion (US$1.26b) acquisition of Worldwide Flight Service by SATS. Managing partner Ng Wai King and partners Alvin Chia, James Choo and Kevin Ho are leading the firm’s team in the transaction.
WongPartnership is also acting for ESR-Logos Funds Management, as manager of ESR-Logos REIT, on ESR-Logos REIT’s S$35.3 million (US$24.5m) divestment of its property at 2 Jalan Kilang Barat. The divestment is expected to be completed in Q4 2022, subject to the approval of Singapore Land Authority. Partner Serene Soh is leading the firm’s team in the transaction.
