Allen & Gledhill has advised Eurofins Food Testing Lux Holding, a wholly-owned subsidiary of Eurofins Assurance Lux Holding SARL, on the acquisition of approximately 1.14 million ordinary shares in The Superintendence and Inspection of Coffee and Products for Export and Import (Cafecontrol), one of leading companies in testing and support service industry in Vietnam. In addition, Eurofins shall enter into an option agreement, in which Eurofins will be entitled to acquire additional shares from the sellers in Cafecontrol. Following completion of the transaction, Eurofins shall hold at least 67 percent and up to 95 percent of total ordinary shares in Cafecontrol. Vietnam partner Tran Ngoc Hoang Phuong led the firm’s team in the transaction.
Allen & Gledhill has also advised Phu My 3 Bot Power Company (PM3) on the project transfer process and the post-transfer liquidation process Phu My 3 BOT Thermal Power Plant (PM3 Plant) to the Ministry of Industry and Trade (MOIT) and Vietnam Electricity (EVN). The PM3 Plant, a combined-cycle gas turbine power plant that uses domestic gas sources to operate, was developed by PM3, which was a joint venture among Sembcorp Utilities, Kyuden International and Sojitz. Upon completion of the transfer to the MOIT and EVN, the PM3 Plant is expected to contribute around 4.6 billion kWh to the national electricity system. Vietnam partner Jonathan Lin led the firm’s team in the transaction.
AZB & Partners is advising BTS Investments 1 (Bodhi Tree) on the Rs374.2 billion (US$4.5b) acquisition of Star India (Disney Star) by Reliance Industries and Viacom18 Media, a joint venture between Reliance Industries and Bodhi Tree. Partners Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on February 28, 2024 and is yet to be completed.
AZB & Partners is also advising Accenture on its more than US$50 million acquisition of Mindcurv Holdings and its Indian subsidiary Mindcurv Technology Solution. Partners Vaidhyanadhan Iyer and Vasudha Asher are leading the firm’s team in the transaction, which was signed on February 27, 2024 and is yet to be completed.
Moreover, AZB & Partners has advised Advent International on the Rs9.8 billion (US$118m) sale of equity stake of Eureka Forbes by Lunolux, an Advent entity. Partners Vaidhyanadhan Iyer and Sneha Nagvekar led the firm’s team in the transaction, which was completed on February 22, 2024.
Baker McKenzie has advised Gaw Capital Partners on its partnership with BW ESS, a leading global investor in the energy storage sector and part of the BW Group, to launch Valent Energy, an investment platform in Australia with over 1.6 gigawatts of utility-scale battery projects, including three in Victoria and New South Wales that are fully approved and ready-to-build. Gaw Capital and BW ESS will pool their resources in Valent Energy, commit and arrange capital of over A$2 billion (US$1.3b) to build the battery energy storage projects, and develop and grow its captive pipeline of development assets. The strategic partnership comes at an opportune time, in light of the Australian government’s rollout of policy to support battery projects, and the record periods of negative prices during daytime solar floods. Funds partner Jason Ng led firm’s team in the transaction.
Clifford Chance has advised The Hong Kong Mortgage Corporation (HKMC) on the triple-tranche issuance of Hong Kong dollar (HK$)-denominated benchmark bonds totalling HK$12 billion (US$1.5b), under its US$30 billion Medium Term Note Programme. The triple-tranche issuance comprises HK$8 billion (US$1b) two-year, HK$3 billion (US$383.4m) five-year and HK$1 billion (US$128m) 10-year bonds. The net proceeds of the notes issued will be used to meet general financing requirements. HKMC is wholly-owned by the Hong Kong SAR Government through the Exchange Fund. Partner Mark Chan led the firm’s team in the transaction, which is the largest Hong Kong dollar-denominated senior unsecured public bond transaction, and the largest 10-year Hong Kong dollar-denominated public bond issuance in the institutional market.
Cyril Amarchand Mangaldas has advised Multiples on its proposed investment in Svatantra Microfin – a non-banking financial company – microfinance institution led by Ananya Birla. Multiples, along with Advent International, entered into definitive agreements for a combined investment of approximately Rs19.3 billion (US$233m) into Svatantra Microfin. Partners Aditi Manchanda and Srabanee Ghosh, supported by partner Kirthi Srinivas, led the firm’s team in the transaction, which was signed on March 4, 2024 and stands as the largest private equity investment in India’s microfinance sector. AZB & Partners, led by partners Vaidhyanadhan Iyer and Jeet Chaudhuri, advised Advent India PE Advisors.
Cyril Amarchand Mangaldas has also advised SBL Energy on entering into definitive documents to raise growth capital by issuance of securities to Synergy Capital (DIFC) Fund I General Partner, India SME Investments – Fund I and Mr Mukul Agrawal. SBL Energy is the second largest industrial explosive company in India and caters to the infrastructure and mining sectors. Partner Siddharth Hariani led the firm’s team in the transaction, which was signed on February 14, 2024.
Rajah & Tann Singapore has acted for Edgecortix on its US$20 million Series A Prime funding round, which was led by Global Hands-On VC, a leading Japan-US collaboration focused venture capital, and SBI Investment, Japan’s leading venture capital firm. Edgecortix is a Japan-based company with a focus on edge artificial intelligence (AI) fabless semiconductor development and design to create high-speed yet very lower-power, flexible edge AI-focused processors. Partners Tracy Ang and Janice Pui led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for ISQ GMF Asia Infrastructure Holdings on its subscription for warrants in AGP LNG Holdco (Singapore), a Singapore-incorporated company that is part of the Atlantic Gulf & Pacific group, a global energy company involved in the development, ownership and operation of global LNG infrastructure platforms and city gas distribution networks. Partner Terence Quek led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised ACME Group entities on the divestment to Blupine Energy of 100 percent equity interest by ACME Solar Holdings and ACME Solar Energy in certain subsidiaries, which are operating solar photovoltaic power projects with an aggregate capacity of 369 MWAC in the States of Karnataka, Uttarakhand and Punjab. Partners VR Neelakantan, Kushal Sinha and Dhrupad Pant led the firm’s team in the transaction, which signifies the paramount and remarkable growth potential of the Indian renewables’ energy sector, and the immense value that it promises to global private equity investors.
Simpson Thacher has advised Stonepeak on the successful final close of Stonepeak Asia Infrastructure Fund, with US$3.3 billion in total capital commitments. The fund, representing Stonepeak’s first dedicated Asia strategy, exceeded its target of US$3 billion, having received robust demand from new investors and existing investors in other Stonepeak funds. New York funds partners Jonathan Karen and Deborah Gruen led the firm’s team in the transaction.
Trilegal has represented Nuvama Wealth Management (formerly known as Edelweiss Securities), as the book-running lead manager, on the qualified institutions placement of equity shares by Xpro India, a company engaged in the business of polymer processing. A professionally managed arm of the BIRLA group, Xpro India is also a manufacturer in India of coextruded plastic films, thermoformed components, coextruded cast films and speciality films, including dielectric films and special purpose biaxilliary oriented polypropylene films. The proceeds of the issue amounted to Rs1.5 billion (US$18m). Capital markets partners Bhakta Patnaik and Brajendu Bhaskar led the firm’s team in the transaction.
Trilegal has also advised Jefferies India on the sale of 49 million equity shares of Bharti Airtel held by Pastel (Singtel). The share sale was undertaken through a block trade for an aggregate consideration of Rs58.5 billion (US$707m). Partners Richa Choudhary and Albin Thomas led the firm’s team in the transaction.
TT&A has advised the United States International Development Finance Corporation on its loan facility, via an external commercial borrowing, of up to US$10 million to non-banking financial company Clime Finance for on-lending to MSMEs engaged in climate adaptation and/or mitigation activities in India, which financing will help contribute towards India’s efforts to increase renewable energy generation. Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.
