AZB & Partners is advising Crosslay Remedies, a subsidiary of Max Healthcare, on its approximately Rs9.4 billion (US$113m) acquisition of Starlit Medical Centre from Star Landcraft and Ace Infracity Developers. Partners Niladri Maulik and Siddharth Khanna are leading the firm’s team in the transaction, which was signed on December 8, 2023 and is yet to be completed.
AZB & Partners is also advising Guidehouse Holding Corporation on the approximately Rs441.73 billion (US$5.3b) acquisition by Bain Capital of Guidehouse Holding Corporation and its Indian subsidiary, Guidehouse India, from Veritas Capital Fund Management. Partners Ashwath Rau and John Adwet Raghav are leading the firm’s team in the transaction, which was signed on November 6, 2023 and is yet to be completed.
Moreover, AZB & Partners has advised Warburg Pincus affiliate Sweet Clover Investment on the more than US$50 million acquisition by CEVA Corporate Services of 96 percent of the shareholding of Stellar Value Chain Solutions from Sweet Clover Investment and Mr Anshuman Sing, the promoter of Stellar Value Chain Solutions. Partners Anil Kasturi and Anisha Shridhar led the firm’s team in the transaction, which was completed on November 20, 2023.
Clifford Chance has advised leading hygiene and health company Essity on the proposed sale of its controlling stake in Vinda International Holdings. The proposed sale will be implemented via a pre-conditional voluntary cash offer made by Isola Castle, a company indirectly wholly-owned by Asia Pacific Resources International, to acquire 100 percent of the shares in Vinda. The transaction is the largest third party offer for a Hong Kong-listed company announced in 2023 so far, with an offer price which corresponds to an equity value of Vinda of approximately HK$28.3 billion (US$3.6b). Nasdaq Stockholm-listed Essity conducts sales in approximately 150 countries under leading global brands TENA and Tork and other well-known brands, including Tempo, Libero and Libresse. The company traces its roots to the founding of Swedish forest products company Svenska Cellulosa Aktiebolaget (SCA), and was renamed Essity after splitting from its timber, paper and pulp operations. Its subsidiary Vinda is listed in Hong Kong, and is one of Asia’s largest manufacturers and distributors of tissue and other personal care products. Partner Amy Ho, supported by partners Tommy Tam, Yi Yang, Ling Ho and Yong Bai, led the firm’s team in the transaction, which is subject to regulatory approvals and other customary conditions.
Clifford Chance has also advised Shenzhen Senior Technology Material (Senior Material) on its US$120 million offering and listing of global depository receipts in the SIX Swiss Exchange, under the expanded China-Europe Stock Connect Scheme. Founded in 2003 and listed in Shenzhen in 2016, Senior Material is the first company in China to engage in the R&D and manufacturing of lithium-ion battery separators, and is today a global leader in the lithium battery separator industry. China co-managing partner Tim Wang and partner Jean Thio, supported by London partner Chris Roe, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised BNP Paribas on its exit from Sharekhan Group via 100 percent stake sale to Mirae Asset Capital Markets (India) (MACM) and Mirae Asset Securities (MAS). The Sharekhan Group is primarily engaged in stock broking, commodities/currency derivatives broking, related products and services, and lending. The firm previously assisted BNP Paribas on its acquisition of the Sharekhan Group in 2015. The proposed transaction will involve the sale of 72.76 percent of the paid-up share capital of Sharekhan, the Sharekhan Group’s holding company and main stock broking entity, to MACM, and the sale of 100 percent of the paid-up share capital of Human Value Developers, which currently holds 27.24 percent stake in Sharekhan, to MAS. Partners Shishir Vayttaden and K Aishwarya, supported by partners Arun Prabhu (technology & telecom head), Anirban Mohapatra, Ankita Ray, Rishiraj Bhatt, Kirthi Srinivas, SR Patnaik (taxation head), Subhojit Sadhu, Shishir Vayttaden and K Aishwarya, led the firm’s team in the transaction, which was signed on December 13, 2023 and is yet to be completed, subject to fulfilment of the conditions precedent, including receipt of the requisite regulatory approvals. AZB & Partners, led by partners Nandish Vyas and Rushabh Maniar, advised Mirae Asset Securities and Mirae Asset Capital Markets (India).
Cyril Amarchand Mangaldas has advised V Guard Industries on its acquisition of additional stake in Gegadyne Energy Labs in its Pre-Series B Funding Round. Post-acquisition, VGuard’s shareholding in Gegadyne is 24.32 percent on a fully diluted basis, pursuant to which Gegadyne has become an associate company of V-Guard. Partner Navin Kumar, supported by partners SR Patnaik (taxation head), led the firm’s team in the transaction, which was signed on October 31, 2023 and closed on November 21, 2023.
Davis Polk has advised the underwriters on the H share rights issue of Zhejiang Expressway and listing of the H rights shares in Hong Kong. The gross proceeds of the rights issue were approximately US$860 million. Hong Kong-listed Zhejiang Expressway is an infrastructure company principally engaged in investing in, developing and operating expressways and high-grade roads in China. Partners James C Lin and Yang Chu led the firm’s team in the transaction.
Khaitan & Co has advised Heisetasse Beverages (dba Third Wave Coffee Roasters) on a Series C funding, via issuance of compulsorily convertible preference shares, to WestBridge, Creaegis and other minority investors. Partner Ganesh Prasad led the firm’s team in the transaction, which was completed on October 9, 2023. Cyril Amarchand Mangaldas, led by partners Maheshwari Sudaresh and Sharada Ramachandra, and Quillon Partners, led by partners Namrata Sinha and Adeeb Shah, also advised in the transaction.
Khaitan & Co has also advised Global Dental Services on the approximately US$50 million investment by Qatar Investment Authority in the Series D1 funding round of Global Dental Services. Partners Bharat Anand and Nidhi Killawala, supported by partners Indruj Singh Rai and Sudipta Bhattacharjee, led the firm’s team in the transaction, which was completed on November 23, 2023. White & Case Singapore represented Qatar Investment Authority.
Skadden has advised the special committee of Gravitas Education Holdings (GEH) on its merger with eLMTree, an entity holding the core overseas education business of Hong Kong-listed NetDragon Websoft Holdings, a Chinese online game and educational software developer. As a result of the merger, GEH has changed its corporate name to “Mynd.ai” effective December 13, 2023. The merger and name change reflect the company’s new direction to pursue the transformation of education via Artificial Intelligence. Corporate partners Yuting Wu (Shanghai) and Peter Huang (Beijing), supported by partners David Goldschmidt (New York), Michael Leiter (Washington DC), Ken Kumayama (Palo Alto), Victor Hollender (New York) and Joseph Yaffe (Palo Alto/Los Angeles), led the firm’s team in the transaction.
S&R Associates has represented Ashv Finance, an RBI-registered non-banking finance company focused on micro, small and medium enterprises, on a US$10 million Series E funding round led by Encourage Capital. Partner Viral Mehta led the firm’s team in the transaction.
WongPartnership has acted for Amethyst Assets, as the offeror, on the voluntary unconditional general offer for Amara Holdings, as well as the financing relating to the general offer. Partners Audrey Chng and Soong Wen E led the firm’s team in the transaction, together with partners Christy Lim, Miao Miao, Oliver Li, Serene Soh and Clarence Kang.
WongPartnership is also acting for United Overseas Bank, the financial adviser to Amethyst Assets, on the voluntary unconditional general offer for Amara Holdings. Partner Quak Fi Ling is leading the firm’s team in the transaction.
