Allen & Gledhill has advised DBS Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch, Industrial and Commercial Bank of China Singapore Branch and Oversea-Chinese Banking Corporation on the issue of S$250 million (US$185m) green notes due 2027 under the S$2 billion (US$1.48b) multicurrency debt issuance programme established by OUE REIT Treasury. DBS, HSBC Singapore and OCBC were appointed joint lead managers and book-runners of the notes, while ICBC Singapore was appointed joint lead manager and book-runner (no book). OCBC was also appointed sole global coordinator of the notes, as well as green finance adviser to OUE REIT for the offering of the notes. The net proceeds raised from the issue of the notes will be applied exclusively to finance or re-finance, in whole or in part, new or existing eligible green projects that meet one or more of the categories of eligibility, as recognised in the Green Bond Principles and Green Loan Principles, in accordance with the Green Financing Framework established by OUE REIT. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Oiltanking Group on its divestment of Oiltanking Karimun to Novus Middle East DMCC. In connection with the divestment, Oiltanking Finance, a wholly-owned finance company of Oiltanking, transferred all rights in a loan it extended to Oiltanking Karimun to Novus Middle East DMCC. Allen & Gledhill partner Oh Hsiu-Hau and AGI Legal partners Kevin Omar Sidharta, Elsie F Hakim and Aris Budi Prasetiyo led their respective firm’s team in the transaction.
Moreover, Allen & Gledhill has advised ClavystBio Investments, which co-led the US$14.5 million financing round of NSG Bio Global (NSG BioLabs). ClavystBio is a life sciences investor and venture builder set up by Temasek. NSG BioLabs is a hub for biotech innovation, supporting developing life sciences companies by fitting-out, operating and managing Singapore’s largest and leading level 2 biosafety co-working laboratory and office space. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners is advising Ericsson India on its Rs9.3 billion (US$111.4m) acquisition of stake in Vodafone Idea. Partners Nilanjana Singh and Kritika Agarwal led the firm’s team in the transaction, which was signed on June 13, ,2024 and is yet to be completed.
AZB & Partners has also advised Kotak Mahindra Bank and Kotak Mahindra General Insurance on the Rs55 billion (US$659m) acquisition of an additional 19 percent of equity stake by Zurich Insurance in Kotak General Insurance Company. Partners Ashwath Rau and Kashish Bhatia led the firm’s team in the transaction, which was completed on June 18, 2024.
Moreover, AZB & Partners has advised HSBC Securities and Capital Markets (India) on the sale of stake by Cintra INR Investments in IRB Infrastructure Developers. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on June 12, 2024.
A&O Shearman has advised Drake & Scull International (DSI) on its AED4 billion (US$1b) successful debt restructuring, marking a significant milestone as the first major restructuring to be fully implemented under the UAE Bankruptcy Law. The restructuring plan effected an ambitious and comprehensive restructuring of DSI’s capital structure through a significant debt write-down, a quasi-debt for equity swap via an innovative Shari’a-compliant mandatory convertible sukuk, as well as the raising of new equity pursuant to a public rights issue. Turkey co-managing partner Adam Fadian, supported by partners Bilal Ahmad, Ibrahaim Mubaydeen (Abu Dhabi managing partner), Ahmad Ma’abreh, Khalid Garousha (senior partner), Zeid Qursha and Jamie Durham, led the firm’s team in the transaction.
Clifford Chance has advised Hong Kong-listed global medical devices company MicroPort Scientific Corporation, as borrower, on a US$150 million convertible loan facility and a US$300 million credit support provided by financial institutions. Under the convertible loan agreement, the lenders will obtain certain rights to convert their loan participations into Hong Kong-listed shares of MicroPort Scientific Corporation. Partners Vicky Ma and David Tsai, supported by partners Christine Xu and Rocky Mui, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Zurich Insurance on its acquisition of a 70 percent stake in Kotak Mahindra General Insurance, comprising of subscription of equity shares issued by KGI and acquisition of equity shares from Kotak Mahindra Bank. The transaction represents the single largest investment by a global strategic insurer in the Indian non-life insurance sector. Partner Indranath Bishnu led the firm’s team in the transaction, which was signed on November 2, 2023 and closed on June 18, 2024, after receipt of approval from the Competition Commission of India (February 6, 2024), Insurance Regulatory and Development Authority of India (May 6, 2024) and Reserve Bank of India (June 4, 2024).
Cyril Amarchand Mangaldas has also advised UBS and Credit Suisse on the regulatory requirements in India for the overseas merger of Credit Suisse with UBS, on account of RBI and SEBI licenses held by Credit Suisse bank branch (i.e. Credit Suisse Mumbai branch) and subsidiary (i.e. Credit Suisse Finance (India)) in India, and absorption of the operations of Credit Suisse Mumbai branch, pursuant to the overseas merger of Credit Suisse into UBS. The transaction involved the absorption of regulated entities in India, such as the CS Mumbai Branch which was undertaking business as a bank branch and as a depository participant in India, and Credit Suisse Finance (India), which is an NBFC registered with the RBI, and therefore involved obtaining requisite approvals/ licenses from the RBI, SEBI and NSDL. The merger of CS with UBS was made effective on May 31, 2024. Managing partner Cyril Shroff and senior partner Nivedita Rao, supported by partners Ramgovind Kuruppath, Gazal Rawal, Rutu Gandhi and Bishen Jeswant, led the firm’s team in the transaction. Freshfields Bruckhaus Deringer acted as global counsel for UBS Group.
Moreover, Cyril Amarchand Mangaldas has advised ICICI Securities, Morgan Stanley India, Axis Capital, HDFC Bank, IIFL Securities and Nuvama Wealth Management (formerly known as Edelweiss Securities), as underwriters, on the IPO of Go Digit General Insurance, one of the leading digital full stack insurance companies in India. The offer involved an issuance of 96.13 million equity shares with face value of Rs10 (US$0.12) each of Go Digit General Insurance, at an offer price of Rs272 (US$3.26) per equity share (including a share premium of Rs262 (US$3.14) per equity share), comprising a fresh issue of 41.36 equity shares, aggregating to Rs11.25 billion (US$134.7m) and an offer for sale of 54.77 million equity shares by certain shareholders of Go Digit General Insurance. The equity shares commenced trading on the Indian stock exchanges on May 23, 2024. The transaction was signed on December 8, 2021 and closed on May 21, 2024. Senior partner Yash Ashar and partner Abhinav Kumar (western region markets head), supported by partners Indranath Bishnu (insurance head) and Bharath Reddy, led the firm’s team in the transaction, while Latham & Watkins acted as international counsel. Allen Overy Shearman Sterling acted as international counsel for Go Digit General Insurance.
JSA has advised Coforge on its qualified institutions placement to fund the acquisition of Cigniti Technologies. Coforge filed a placement document on May 27, 2024 for an issue of approximately 4.87 million equity shares aggregating to approximately Rs22.4 billion (US$268m) to qualified institutional buyers. Partner Arka Mookerjee, supported by partners Pracheta Bhattacharya and Anshu Bansal, led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to CCSC Technology International Holdings on its IPO of approximately 1.38 million ordinary shares, and its listing on the Nasdaq. CCSC Technology is a Hong Kong-based company that sells, designs and manufactures interconnect products, including connectors, cables and wire harnesses. The offering, which closed on January 22, 2024, raised approximately US$5.5 million. Partner Derrick Kan led the firm’s team in the transaction, while Hunter Taubman Fischer & Li, Jincheng Tongda & Neal Law Firm and P C Woo & Co acted as US, China and Hong Kong counsel, respectively. Becker & Poliakoff acted as US counsel to Revere Securities and RF Lafferty & Co, as the underwriters.
Maples and Calder has also acted as Cayman Islands counsel to ZKH Group on its IPO and listing in New York. A leading maintenance, repair and operations procurement service platform in China, ZKH provides one-stop maintenance, repair and operations procurement and management services for its customers. ZKH is a holding company incorporated in the Cayman Islands, which conducts its business primarily through its Chinese subsidiaries. The offering, which closed on December 19, 2023, raised approximately US$62 million in one of the biggest IPOs by a Chinese company in New York in 2023. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Kirkland & Ellis acted as US counsel to Deutsche Bank Hong Kong Branch, China Renaissance Securities (Hong Kong) and China International Capital Corporation Hong Kong Securities, as the underwriters.
Moreover, Maples and Calder has acted as Cayman Islands counsel to EDOC Acquisition, a special purpose acquisition company incorporated in the Cayman Islands and listed on the Nasdaq, on the business combination between EDOC and Australian Oilseeds Holdings, a Cayman Islands company. The transaction was structured as a statutory merger under Cayman Islands law between EDOC and a Cayman Islands subsidiary of Australian Oilseeds, upon the completion of which EDOC became a wholly-owned subsidiary of Australian Oilseeds, in consideration for which its shareholders received shares of Australian Oilseeds. Simultaneously, Australian Oilseeds acquired the entire issued share capital of Australian Oilseeds Investments, an Australian proprietary company, in consideration for the issuance of shares of Australian Oilseeds with an aggregate value of US$190 million, subject to adjustment. Australian Oilseeds is the largest cold pressing oil plant in Australia and the APAC region. The transaction, which completed on March 21, 2024, represents a post-combination valuation of US$190 million for Australian Oilseeds upon closing, subject to adjustment. Following completion of the transaction, Australian Oilseeds commenced trading on the Nasdaq. Partner Richard Spooner also led the firm’s team in the transaction, while Ellenoff Grossman & Schole acted as US counsel and Clayton Utz acted as Australian counsel. Rimon PC acted as US counsel to Australian Oilseeds Investments.
Paul Hastings is advising Hanwha Systems and Hanwha Ocean on their acquisition of Philly Shipyard, a leading US shipbuilder that has delivered approximately half of the large US Jones Act commercial ships in the United States since 2000. Hanwha Systems and Hanwha Ocean will together invest US$100 million. The transaction is expected to close during the fourth quarter of 2024, subject to the satisfaction of certain customary conditions, including approval by the Committee on Foreign Investment in the United States. The transaction is the first ever acquisition of a US shipbuilder by a Korean company, and is an important step in Hanwha’s strategy to expand its global defense and shipbuilding footprint. Established in 1997, Philly Shipyard is the sole operating subsidiary of Philly Shipyard, a publicly listed company controlled by Aker, a Norwegian investment company with diverse holdings in energy, green technologies, and marine biotechnology. Philly Shipyard supplies around 50 percent of the largest US commercial vessels, including tankers and container ships. In addition, Philly Shipyard constructs training vessels for the US Maritime Administration. Corporate partners Iksoo Kim and Alex Kaufman, supported by partners Dan Stellenberg, Jane Song, Lucas Rachuba, Navi Dhillon and Scott Flicker, led the firm’s team in the transaction.
Simpson Thacher is advising Blackstone on the tender offer intended to be made by private equity funds and vehicles managed by Blackstone for the common shares of Infocom, a leading provider of digital comics. This marks the largest private equity transaction announced or closed in Japan this year. Partners Anthony King (New York) and Shahpur Kabraji (London) led the firm’s team in the transaction.
Skadden is advising the Special Committee of the Board of Directors of BEST, a leading integrated smart supply chain solutions and logistics provider in China and Southeast Asia, on the Agreement and Plan of Merger with BEST Global Partners in a transaction that implies an equity value of the company of approximately US$54.2 million. The merger with BEST Global Partners, which is backed by a consortium including its CEO, will see BEST de-list in New York with shareholders receiving a premium cash payout for their shares. Corporate partner Yuting Wu (Shanghai), supported by partners Haiping Li (Hong Kong) and Peter Huang (Beijing), is leading the firm’s team in the transaction, which is expected to close in the third quarter of 2024.
S&R Associates has represented Axis Capital, Goldman Sachs, Jefferies and JM Financial, as book-running lead managers, on the Rs15.51 billion (US$186m) IPO by TBO Tek, which operates an online B2B travel distribution platform. Partner Jitesh Shahani led the firm’s team in the transaction.
S&R Associates has also represented Peak XV Partners on the Rs7.4 billion (US$89m) IPO of Le Travenues Technology (Ixigo), the second largest online travel agency in India, as well as a pre-IPO placement of Rs650 million (US$7.8m). Partners Sandip Bhagat and Jabarati Chandra, led the firm’s team in the transaction.
WongPartnership is acting for a former director of a major engineering company in Singapore, who faces charges for allegedly giving bribes to the former Assistant Director of the National Library Board. As the allegations relate to bribery of a public servant, this matter has been extensively reported in the news. Partners Melanie Ho and Tang Shangwei are leading the firm’s team in the matter.
WongPartnership is also acting for one of the co-founders of a major healthcare corporation, who faces five charges for allegedly conspiring to give bribes to the former chief executive of an insurance broker in Singapore and eight charges for allegedly conspiring to falsify accounts. As the client is the co-founder of a major healthcare corporation, this matter has been extensively reported in the news. Partners Melanie Ho and Tang Shangwei are also leading the firm’s team in the matter.
