Ashurst has acted as international counsel, advising on both English and Hong Kong laws, to the issuer and guarantor on the issuance of US$200 million 6.5 percent guaranteed bonds due 2023 issued by ITG Holding Investment (HK), unconditionally and irrevocably guaranteed by Xiamen ITG Holding Group. The bonds are listed in the Chongwa (Macao) Financial Asset Exchange, and were cleared through Macao Central Securities Depository and Clearing (MCSD). ITG Holding Investment is a diversified service provider engaged in five main business sectors, namely supply chain, urban construction and operation, consumer and health, financial services and advanced manufacturing businesses. It is a state-owned company established in 1995 under Xiamen Municipal Bureau of Finance, the predecessor of Xiamen SASAC. Partner Jessica Li led the firm’s team in the transaction, which is the largest issuance by a Chinese non-financial institution since the launch of MCSD.
AZB & Partners has advised India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India, on the Rs28 billion (US$338m) acquisition by Green Infra Wind Energy, a wholly-owned subsidiary of Sembcorp Green Infra, of 100 percent stake in Vector Green Energy from India Infrastructure Fund II. Partners Zia Mody, Atreya Bhattacharya and Aditya Periwal led the firm’s team in the transaction, which was completed on January 10, 2023.
AZB & Partners has also advised Oiltanking and Oiltanking India on the Rs10.5 billion (US$127m) acquisition by Adani Ports and Special Economic Zone of Oiltanking India’s 49.38 percent equity stake in Indian Oiltanking, and Oiltanking’s 10 percent equity stake in IOT Utkal Energy Services. Partner Divya Mundra led the firm’s team in the transaction, which was completed on January 31, 2023.
JSA has advised private equity fund Frontenac on the India leg of its 100 percent sale of Excellarate, including its Indian subsidiaries, to Encora. Frontenac is a Chicago-based private equity firm, which focuses on investing in lower middle market buyout transactions. Excellarate is a global technology services and solutions company with over 20 years of domain expertise within health, insurance, financial and enterprise technologies. Encora is a global next-gen product engineering provider. Partner Rishabh Gupta led the firm’s team in the transaction.
JSA has also advised DBS Bank India on a structured term loan facility extended to an Indian subsidiary of a Singapore-based major education services company for the acquisition of three operating school assets located in Hyderabad, India. Partner Soumitra Majumdar led the firm’s team in the transaction.
Khaitan & Co has advised India-listed Eris Lifesciences on the Rs3.4 billion (US$41m) acquisition by its wholly-owned subsidiary, Eris Oaknet Healthcare, of a part of the dermatology portfolio of Glenmark Pharmaceuticals, via the acquisition of nine trademarks, along with their applicable line extensions. A pharmaceutical company with a pure-play domestic branded formulations business model, Eris Lifesciences has established a leading presence in its core cardio-metabolic franchise in just 15 years from inception, and is also successfully diversifying its business with three emerging therapies (Dermatology, Neuropsychiatry and Gynaecology). Eris Oaknet Healthcare focuses on the dermatology segment business of Eris Lifesciences. This transaction helps augment and expand the business of Eris Oaknet Healthcare by way of expansion in product offerings. Partner Kalpana Unadkat, supported by partners Arindam Ghosh and Shailendra Bhandare, led the firm’s team in the transaction, which was completed on January 17, 2023.
Khaitan & Co has also advised Mizuho Bank, MUFG Bank GIFT Branch, Sumitomo Mitsui Banking Corporation Singapore Branch and Mashreqbank, as the lenders, on their grant of an unsecured term loan facility of up to US$200 million to JSW Vijayanagar Metallics, under the external commercial borrowing route, supported by a letter of comfort from JSW Steel, the holding company of JSW Vijayanagar Metallics. The facility is proposed to be utilised towards capital expenditure in connection with a manufacturing plant. Partner Manisha Shroff led the firm’s team in the transaction, which was completed on November 14, 2022. Allen & Overy acted as lenders’ English counsel.
Maples has acted as Cayman Islands counsel to 360 DigiTech on its global offering of 5.54 million ordinary shares and secondary listing in Hong Kong. Nasdaq-listed since December 2018, 360 DigiTech is a Credit-Tech platform in China that provides a comprehensive suite of technology services, with 360 Jietiao app as its primary user interface. The offering closed on November 29, 2022, and raised approximately HK$277.2 million (US$35.3m). Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and affiliates advised on Hong Kong and US laws, and Commerce & Finance Law Offices advised on Chinese law. The joint sponsors, Citigroup Global Markets Asia and China International Capital Corporation Hong Kong Securities, and the underwriters were advised by Kirkland & Ellis on Hong Kong and US laws, and by Jingtian & Gongcheng on Chinese law.
Maples has also acted as Cayman Islands counsel to Giant Biogene Holding on its IPO of approximately 22.6 million shares, and the listing in Hong Kong. Giant Biogene is a leader in the bioactive ingredient-based professional skin treatment product industry in China. It is the second largest professional skin treatment product company in China in 2021, with a retail sales value of Rmb6 billion (US$884m), as well as the largest collagen-based professional skin treatment product company by retail sales in China. The offering, which closed on November 4, 2022, raised approximately HK$495.8 million (US$63m). Partner Juno Huang led the firm’s team in the transaction, while Clifford Chance advised on Hong Kong and US laws, and Jingtian & Gongcheng and Guantao Law Firm advised on Chinese law. The sponsors Goldman Sachs (Asia) and China International Capital Corporation Hong Kong Securities, among others, were advised by Freshfields Bruckhaus Deringer as to Hong Kong and US laws, and by Commerce & Finance Law Offices as to Chinese law.
O’Melveny has advised Fluence Analytics, a startup that provides real-time analytics solutions to polymer and biopharmaceutical companies worldwide, on its acquisition by Yokogawa Electric, an advanced solutions provider in the areas of measurement, control and information to customers across a broad range of industries. As a result of the acquisition, Fluence Analytics will function as Yokogawa Fluence Analytics, and integrate its operations with Yokogawa’s existing business to further enhance its technological capabilities. Based in the US, Fluence Analytics is a global leader in polymerization*1 reaction monitoring and control, and its automatic continuous online monitoring of polymerizations (ACOMP) product is the only commercially available system that can measure and analyze multiple polymer properties in real time. Founded in Tokyo in 1915, Yokogawa Electric addresses customer issues regarding the optimization of production, assets and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations. Silicon Valley M&A partners Brian Covotta and Warren Lazarow led the firm’s team in the transaction, which was announced on February 2, 2023.
Skadden is advising Lotus Technology, a pioneering luxury electric vehicle maker that operates under the iconic British brand “Lotus”, on its business combination with L Catterton Asia Acquisition, a special purpose acquisition company listed in the Nasdaq, and affiliated with L Catterton, a leading global consumer-focused investment firm. The business combination implies an estimated enterprise value of approximately US$5.4 billion for Lotus Technology. Upon completion of business combination, the combined company is expected to retain its name as “Lotus Technology”, and its ordinary shares are expected to be listed in the Nasdaq. Proceeds from the business combination are expected to be used for further product innovation, next-generation automobility technology development, global distribution network expansion and general corporate purposes. Partners Peter Huang (Beijing) and Shu Du (Hong Kong), supported by partners Steve Kwok (Hong Kong), Bruce Goldner (New York), Victor Hollender and Brian Egan (Washington DC), are leading the firm’s team in the transaction.
Skadden is also advising Renault Group on Renault-Nissan-Mitsubishi Alliance’s new initiatives to take their partnership to the next level. This three-dimension program to maximize value creation for all Alliance stakeholders will include: 1) high-value-creation operational projects in Latin America, India and Europe; 2) enhanced strategic agility with new initiatives that partners can join; 3) a rebalanced Renault Group-Nissan cross-shareholding and reinforced Alliance governance. Renault Group and Nissan have entered into a binding framework agreement regarding the above-mentioned transactions, with a view of reaching definitive agreements by the end of the first quarter of 2023. Corporate partners Armand Grumberg (Paris), Mitsuhiro Kamiya (Tokyo) and Bruce Embley (London), and antitrust/competition partner Frederic Depoortere (Brussels) are leading the firm’s team in the transaction.
S&R Associates is representing ArcelorMittal Projects India on its successful Rs2.88 billion (US$35m) bid and investment, jointly with Bothra Shipping Services, for the mechanization of Vishakhapatnam Port berths on a Design, Build, Finance, Operate and Transfer basis. Partners Sudip Mahapatra and Lakshmi Pradeep led the firm’s team in the transaction.
TT&A has advised the STEAG Group on the Indian law aspects of an intra group restructuring, involving transfer of a stake in STEAG Energy Services (India) (SESI), and the transfer of a group entity in Botswana from an offshore STEAG group company to SESI. Partner Feroz Dubash led the firm’s team in the transaction.
TT&A has also advised Asian Development Bank Ventures, an existing shareholder in Euler Motors, on the GIC-led Series C funding raised by Euler Motors. The deal involved raising by Euler Motors of Series C funding of approximately US$60 million. Euler Motors aims to utilise the funds to scale up its manufacturing and supply chain infrastructure, accelerate product development and augment talent across key functions in the organization. Established in 2018, Euler Motors plans to expand its retail presence in 12 new markets. Partner Dushyant Bagga led the firm’s team in the transaction.
WongPartnership is acting for the manager of Frasers Centrepoint Trust (FCT) and Frasers Property on the joint acquisition of a 50 percent stake in suburban mall Nex from a subsidiary of Mercatus Co-operative, a unit of NTUC, for S$652.5 million (US$492m). The acquisition is in line with FCT’s investment strategy, allowing for diversification and enhancing its market position in the suburban retail sector. Partners Andrew Ang and Soong Wen E are leading the firm’s team in the transaction, together with partners Monica Yip, Chan Jia Hui and Jerry Tan.
WongPartnership has also acted for a global investment firm on the launch of yuu Rewards Club, a free rewards platform created by the firm’s tech venture, minden.ai. Partner Mark Choy led the firm’s team in the transaction, together with partner Kylie Peh.
