Allen & Gledhill has acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the convertible note investment in Sirka Science, an Indonesia-based digital personal health coaching start-up addressing weight loss and lifestyle goals by providing actionable steps and professional consultations. Partner Nicholas Soh led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the US$1.8 million series seed round investment in Groundup.ai, a Singapore-based industrial AI start-up which is developing an industrial predictive maintenance and safety platform with proprietary AI sound analytics and sensor hardware, video analytics and demand prediction that helps industrial companies save substantial maintenance expenses on their machinery and prevent unplanned downtime. Partner Nicholas Soh also led the firm’s team in the transaction.
Moreover, Allen & Gledhill has acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the convertible note round investment in Soul Parking Technologies, a Singapore-based holding company of Solusi Parkier Nusantara, an Indonesia-based start-up that develops smart parking solutions for motorcycles by building compact motorcycle storage (CMS) modules and developing a proprietary parking management system that can integrate with existing parking facilities. Partner Nicholas Soh also led the firm’s team in the transaction.
AZB & Partners is advising Air India SATS Airport Services on its agreement with Yamuna International Airport for a multi-modal cargo hub at the Noida International Airport in Jewar, Uttar Pradesh. Partners Anand Shah, Anuja Tiwari and Siddharth Paranjpe are leading the firm’s team in the transaction, which was signed on February 10, 2023 and is yet to be completed.
AZB & Partners has also advised Citibank and Citicorp Finance (India) on their approximately Rs116 billion (US$1.4b) slump sales of their respective consumer business undertakings in India to Axis Bank. Partners Zia Mody, Ashwath Rau, Gautam Ganjawala, Anand Shah, Nohid Nooreyezdan, Roxanne Anderson, Shivanand Nayak, Nandan Pendsey, Bharat Budholia and Karthik Mudaliar led the firm’s team in the transaction, which was signed on March 30, 2022 and completed on March 1, 2023.
Moreover, AZB & Partners has advised Multiples Private Equity Fund III, acting through its investment adviser Multiples Alternate Asset Management, and State Bank of India on their Rs19.5 billion (US$236m) acquisition, along with other investors, of equity stake in TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India. Partners Darshika Kothari and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on February 24, 2023 and is yet to be completed.
Cyril Amarchand Mangaldas has advised JM Financial Institutional Securities, as the sole broker, on the block sale of shares of Sona BLW Precision Forgings, resulting in the exit of Blackstone Group from Sona Forgings, for reportedly approximately Rs49.17 billion (US$595m). As a part of the transaction, JM Financial acted as the sole broker in the block trade involving the sale of approximately 120 million equity shares of Sona Forgings by Blackstone entity Singapore VII Topco III. The transaction involved the sale of the entire 20.5 percent stake held by Blackstone Group in Sona Forgings. Capital markets (west) regional head partner Abhinav Kumar led the firm’s team in the transaction, which was signed on March 12, 2023 and closed on March 14, 2023.
DLA Piper Middle East has advised leading mobile telecommunications company Zain Group on its recent US$45 million acquisition of BIOS Middle East Holdings, a leading provider of managed private cloud services headquartered in the UAE. The firm has further advised Zain Group on its recent joint venture with gaming start-up PLAYHERA. The joint venture, “PLAYHERA MENA”, is a Saudi Arabia-based next generation gaming tournament platform, which will target the region’s gaming market and help diversify Saudi Arabia’s economy as part of its Vision 2030. A pioneer in the telecom industry, Zain Group has a commercial footprint in seven Middle Eastern and African countries, and a workforce of over 7,500. Corporate (Middle East) head partner Will Seivewright led the firm’s team in the transaction.
JSA has advised Mobiv Acquisition, a US-based special purpose acquisition company (SPAC) with a focus on electric vehicles, on the Indian aspects of entering into a definitive merger agreement with Srivaru Holdings, a company based out of Coimbatore, India and is one of the leading providers of premium electric motorcycles in India, the world’s largest and fastest-growing market for two-wheeled vehicles. Mobiv will combine with Srivaru to create a publicly-traded company. The deal value, including the vehicle sales revenue-based earn-out for Srivaru shareholders of 25 million shares, which is also the implied total consideration to Srivaru shareholders, will be approximately US$409 million. Assuming no redemptions by Mobiv’s public stockholders, the transaction is anticipated to generate gross proceeds of up to approximately US$104 million in cash, which will be used to fund operations and growth. Partner Rupinder Malik, supported by partners Rajul Bohra and Kumarmanglam Vijay (direct tax practice head), led the firm’s team in the transaction, which is expected to result in the first US-listed electric motorcycle company with manufacturing facilities based in India.
JSA has also advised Sumitomo Wiring Systems on its approximately Rs16.12 million (US$195m) sale, via block deal on the stock exchanges, of 3.4 percent of the equity share capital of Samvardhana Motherson International, one of the world’s largest manufacturers of components for the automotive industry. Sumitomo Wiring Systems is one of the promoters of Samvardhana Motherson International. Partners Vikram Raghani, Birbahadur Sachar and Pracheta Bhattacharya led the firm’s team in the transaction, with Anderson Mori & Tomotsune.
Rajah & Tann Singapore has acted as lead counsel to Temasek Holdings, as majority shareholder of Sembcorp Marine, and substantial shareholder of Keppel Corporation, on the landmark S$8.7 billion (US$6.5b) merger of Sembcorp Marine and Keppel Offshore & Marine to create sustainable value over the long term for two of the world’s leaders in global O&M engineering and energy sectors. The transaction created waves, not just in the offshore marine industry globally, but is also seen as an epic landmark transaction that underscores the city state’s commitment and drive towards promoting green growth, and its strategic pivot towards renewable and clean energy. The firm also acted for Temasek in a connected transaction involving the sale of Keppel Offshore & Marine’s legacy rigs and associated receivables to a new entity held by Baluran, Keppel and Temasek. Partners Sandy Foo, Hoon Chi Tern, Chua Choon King, Lee Xin Mei, Lim Chen Chen, Goh Jun Yi, Eugene Lee, Adzfar Alami and Dodo Lim led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Baluran, an indirect wholly-owned subsidiary of ASM Connaught House Fund V, on its joint venture with Kyanite Investment Holdings (an indirect wholly-owned subsidiary of Temasek Holdings) and Kepinvest Holdings (a wholly-owned subsidiary of Keppel Corporation), to acquire legacy rigs and associated receivables from Keppel Offshore & Marine. The approximately S$4.058 billion (US$3b) acquisition was carried out through a joint venture company “AssetCo” held by Baluran, Kyanite and Kepinvest, and was a key transaction connected with the landmark merger of Sembcorp Marine and Keppel O&M. Partners Favian Tan and Cheryl Tan led the firm’s team in the transaction.
Simpson Thacher has represented Hong Kong-listed Logory Logistics Technology on its IPO and Regulation S offering. Logory offered approximately 43.2 million H shares, prior to the exercise of the international underwriters’ over-allotment option. The base offering size was approximately HK$125 million (US$16m). The H shares of Logory are listed in Hong Kong. Haitong acted as sole sponsor, overall coordinator and sole global coordinator. Logory has built a digitalized ecosystem for road freight transportation in China, and operates one of the largest digital freight platforms in China. Logory also operates Trucker Community, which is the largest community in the logistics industry in China. In addition, Logory has launched a comprehensive portfolio of truck sales and aftermarket solutions through its Truck Plus business. Logory seeks to enhance transparency and synergy in the collaboration between participants in the ecosystem of road freight transportation industry through digitalized services, and to help such participants establish more balanced and reciprocal relationships through repeated transactions. Hong Kong capital markets partners Christopher Wong, Yi Gao and Marjory Ding led the firm’s team in the transaction.
S&R Associates is representing Solenis, a portfolio company of Platinum Equity, on the Indian legal aspects of its proposed US$4.6 billion acquisition of Diversey Holdings, a Nasdaq-listed provider of cleaning and hygiene products. Partners Sanjeev Adlakha and Prachi Goel, supported by competition practice head Simran Dhir and partner Sumit Bansal, led the firm’s team in the transaction, which is subject to regulatory approvals.
WongPartnership is acting for Keppel Land in Keppel Land and Double Peak Holdings on the divestment of Greenfield Development, which indirectly owns a hotel in Myanmar. Partner Hsiao-Huey Teo is leading the firm’s team in the transaction.
WongPartnership has also acted as Singapore counsel for Broom, an Indonesia-based auto-financing startup, on its US$10 million pre-Series A financing round, led by Openspace Ventures. The funding will enable Broom to diversify its product offerings, and further accelerate its dealer inventory turnover. Partner Kyle Lee led the firm’s team in the transaction.
