Allen & Overy has advised e& enterprise on its acquisition of a majority stake in Beehive Group, a peer-to-peer (P2P) lending platform. The acquisition, which is subject to customary regulatory approvals, will enable e& enterprise to broaden and enhance its core value proposition in several digital adjacent verticals. Beehive Group is an online digital marketplace lender for P2P term debt finance in the UAE, and is operating a bank partnership model in Saudi Arabia and Oman. It became the first regulated P2P platform across MENA in March 2017, and is one of the only fully operational and regulated P2P platforms in the GCC. Beehive Group has provided over AED1 billion (US$272m) in funding to SMEs to date. Formerly known as Etisalat Digital, e& enterprise is part of Abu Dhabi-listed e&, a leading ICT and telecommunications group. Operating in 16 countries across the Middle East, Asia and Africa, with decades of experience starting in the UAE as the country’s first telecoms company, e& delivers advanced B2B solutions using the latest technologies. Corporate partner Ben Ward led the firm’s team in the transaction.
AZB & Partners is advising Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs20.4 billion (US$249.5m) acquisition by KKR affiliate Greenlake Asia Holdings II of equity stake in Serentica Renewables. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on April 24, 2023 and is yet to be completed.
AZB & Partners has also advised Hero Enterprise Partner Ventures on its Rs2.5 billion (US$30.6m) acquisition of stake in TVS Supply Chain Solutions. The deal was signed on March 30, 2023, and the first tranche and second tranche were completed on March 31, 2023 and April 17, 2023, respectively. Partners Anil Kasturi and Ashish Pareek led the firm’s team in the transaction.
Moreover, AZB & Partners has advised Quality Investment Holdings PCC on the rights issue of equity shares of PNB Housing Finance for approximately Rs25 billion (US$305.7m). The deal was signed on March 29, 2023, while the rights equity shares were listed on May 17, 2023. Partners Ashwath Rau, Nilanjana Singh and Lionel D’Almeida led the firm’s team in the transaction.
Further, AZB & Partners has advised The Rise Climate Fund on its acquisition of stake in Ohmium International, including indirect investment in its Indian subsidiaries Ohmium Operations and Ohmium India. Partners Roxanne Anderson, Anuja Tiwari and Mallika Anand led the firm’s team in the transaction, which was completed in April 2023.
HHP Law Firm has advised Telekomunikasi Indonesia on the spin-off of its broadband company IndiHome to Telkomsel for a consideration of Rp58.3 trillion (US$4b), satisfied through the issuance of new shares by Telkomsel. IndiHome is the largest fixed broadband provider in Indonesia, with more than a 50 percent market share. The separation and integration of IndiHome services into Telkomsel is part of TelkomGroup’s strategy to strengthen its position as a leading integrated telecommunications player in Indonesia. The transaction is expected to be value accretive for Telkomsel, and has received support from shareholders Telkom and Singtel. Telkom and Telkomsel signed a Conditional Spin-off Agreement on April 6, 2023. Senior partners Iqbal Darmawan and Daniel Pardede led the firm’s team in the transaction, which is expected to be completed by early Q3 2023, subject to regulatory and shareholder approvals.
Khaitan & Co has advised Dr Prakash A Mody and Unichem Laboratories on the proposed acquisition of 33.38 percent of the paid-up equity share capital of Unichem Laboratories by IPCA Laboratories from Dr Prakash A Mody for a total consideration of approximately Rs10.34 billion (US$126m), and up to approximately Rs8 billion (US$97.5m) towards open offer. The transaction involves an open offer by IPCA Laboratories, under the relevant provisions of SEBI (Substantial Acquisition of shares and Takeovers) Regulations 2011. Partners Bhavik Narsana and Shreya Mukherjee, supported by partners Arindam Ghosh, Shabnam Shaikh, Anshuman Sakle and Abhiraj Gandhi, led the firm’s team in the transaction.
Khaitan & Co has also advised PI Health Sciences (PIHS) on the acquisition of 100 percent shareholding of Therachem Research Medilab (India) and Solis Pharmachem from its existing shareholders, and the acquisition of identified assets of Therachem Research Medilab, for a total consideration of US$75 million. Partners Prasenjit Chakravarti and Nitish Goel led the firm’s team in the transaction.
Skadden has advised Telekomunikasi Selular (Telkomsel) on certain aspects of its spin-off of its IndiHome (Indonesia) business into its majority-owned subsidiary Telkomsel. The transaction also involves the simultaneous subscription for shares in Telkomsel by its other shareholder, Singapore Telecommunications (Singtel). IndiHome, Telkom’s fixed broadband business, is valued at Rp58.3 trillion (US$4b). Partners Jonathan Stone and Rajeev Duggal led the firm’s team in the transaction.
TT&A is acting as Indian counsel to Asian Development Bank on its proposed subscription of non-convertible debentures to be issued by Tata Power Delhi Distribution, one of Delhi’s electricity distribution companies, for up to Rs1.5 billion (US$18.3m). Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction.
TT&A has also acted as Indian counsel to Barclays Bank, Deutsche Bank Singapore Branch, Hongkong and Shanghai Banking Corporation, JP Morgan Securities, Chartered Bank, BNP Paribas, DBS Bank, Mizuho Securities Asia, MUFG Securities Asia Singapore Branch, Natixis, SMBC Nikko Securities (Hong Kong) and Société Générale, as the joint book-runners, on the issue and sale by Mauritius-incorporated Diamond II of US$400 million 7.95 percent senior notes due 2026, guaranteed by ReNew Energy Global. Partners Rahul Gulati and Priyanka Kumar led the firm’s team in the transaction.
WongPartnership has acted for Little Farms, a Singapore-based gourmet grocery chain, on its Series B-1 fundraising, which involved the subscription by Heliconia Capital, a wholly-owned subsidiary of Temasek Holdings, for S$2 million (US$1.5m) of Series B-1 shares, as well as the issue by Little Farms of a S$12 million (US$9m) exchangeable bond to Heliconia Capital. Partner Soong Wen E led the firm’s team in the transaction.
