AZB & Partners is advising United Al Saqer Group (UASG), via Freshfields, on its Rs16 billion (US$192m) acquisition of stake in DNEG and its Indian targets, namely Prime Focus Technologies, DNEG India Media Services, Apptarix Mobility Solutions and Prime Focus Academy of Media and Entertainment Studies. Partners Darshika Kothari and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on July 1, 2024 and is yet to be completed.
AZB & Partners has also advised Oravel Stays on the Rs4.16 billion (US$50m) acquisition of stake in Oravel Stays by Incred Wealth and Investment Services. Partners Niladri Maulik and Anshuman Vikram Singh led the firm’s team in the transaction, which was completed on July 4, 2024.
Moreover, AZB & Partners is advising Rane Holdings on its Rs450m (US$5.4m) acquisition of 51 percent stake in Rane NSK Steering Systems from NSK. Partner Aarthi Sivanandh is leading the firm’s team in the transaction, which was signed on July 1, 2024 and is yet to be completed.
Clifford Chance has advised China Merchant Port Holdings (CMP) on the international aspects of its proposed acquisition of a 51 percent controlling stake of Indonesia’s port operator Nusantara Pelabuhan Handal (NPH) from Episenta Utama Investasi (EUI), which will trigger a mandatory tender offer for the remaining shares in NPH held by other eligible public shareholders. Indonesia-listed NPH operates two container terminals in Jakarta’s largest port, Tanjung Priok. The transaction will mark CMP’s market entry into Indonesia, further expanding its port network in South East Asia. Hong Kong-listed CMP is a global port and shipping developer, investor and operator with an extensive network covering 51 ports in 26 countries and regions, as of 2023. Partner Julie Fu led the firm’s team in the transaction, while ABNR Counsellors at Law acted as Indonesia counsel.
AZB & Partners is advising United Al Saqer Group (UASG), via Freshfields, on its Rs16 billion (US$192m) acquisition of stake in DNEG and its Indian targets, namely Prime Focus Technologies, DNEG India Media Services, Apptarix Mobility Solutions and Prime Focus Academy of Media and Entertainment Studies. Partners Darshika Kothari and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on July 1, 2024 and is yet to be completed.
AZB & Partners has also advised Oravel Stays on the Rs4.16 billion (US$50m) acquisition of stake in Oravel Stays by Incred Wealth and Investment Services. Partners Niladri Maulik and Anshuman Vikram Singh led the firm’s team in the transaction, which was completed on July 4, 2024.
Moreover, AZB & Partners is advising Rane Holdings on its Rs450m (US$5.4m) acquisition of 51 percent stake in Rane NSK Steering Systems from NSK. Partner Aarthi Sivanandh is leading the firm’s team in the transaction, which was signed on July 1, 2024 and is yet to be completed.
Clifford Chance has advised China Merchant Port Holdings (CMP) on the international aspects of its proposed acquisition of a 51 percent controlling stake of Indonesia’s port operator Nusantara Pelabuhan Handal (NPH) from Episenta Utama Investasi (EUI), which will trigger a mandatory tender offer for the remaining shares in NPH held by other eligible public shareholders. Indonesia-listed NPH operates two container terminals in Jakarta’s largest port, Tanjung Priok. The transaction will mark CMP’s market entry into Indonesia, further expanding its port network in South East Asia. Hong Kong-listed CMP is a global port and shipping developer, investor and operator with an extensive network covering 51 ports in 26 countries and regions, as of 2023. Partner Julie Fu led the firm’s team in the transaction, while ABNR Counsellors at Law acted as Indonesia counsel.
Cyril Amarchand Mangaldas has advised the National Bank for Financing Infrastructure and Development on its issuance of 500,000 listed, unsecured, rated, redeemable, taxable, non-convertible debt securities with face value of Rs100,000 (US$1,197.00), aggregating to Rs50 billion (US$599m). The base issue was Rs20 billion (US$239.5m), which was oversubscribed more than six times. The debt securities have been listed in the Indian stock exchanges. The deal involved various stakeholders and regulatory advice for the issuance of bonds by a statutory body. Partner Meeta Kurpad led the firm’s team in the transaction, which closed on July 4, 2024.
JSA has advised Axis Capital on the initial offering of units of Nxt-Infra Trust (InvIT), an infrastructure investment trust, on a private placement basis, comprising an issuance of units aggregating to Rs15.2 billion (US$182m). Actis-affiliated Actis Highway Infra is the sponsor of the InvIT. As part of the transaction, the InvIT has acquired an asset portfolio comprising six road assets. The units of the InvIT were listed in India on July 2, 2024. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Lotus Technology on its business combination with L Catterton Asia Acquisition (LCAA), a Nasdaq-listed Cayman Islands special purpose acquisition company. LCAA is affiliated with L Catterton, a leading global consumer-focused investment firm. The transaction, which was completed on February 22, 2024, valued the combined entity at a pro forma enterprise value of approximately US$5.4 billion. Lotus Technology commenced trading on the Nasdaq on February 23, 2024. Proceeds from the business combination are expected to be used for further product innovation, next-generation automobility technology development, global distribution network expansion and general corporate purposes. Lotus Technology is a leading global luxury electric vehicle maker which has operations across China, the UK, and the EU. It is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies. Hong Kong corporate partner Karen Zhang Pallaras 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 L Catterton Asia Acquisition.
Maples and Calder has also acted as Cayman Islands counsel to Gravitas Education Holdings (GEH), a New York-listed Cayman Islands company, on its merger with eLMTree, an entity holding the spun-off core overseas education business of NetDragon Websoft Holdings, a Hong Kong-listed Cayman Islands company, at a valuation of US$800 million for the merged entity. Following the merger, GEH has been renamed to Mynd.ai, with its ADSs trading in New York. Following the completion of the merger, NetDragon holds 74.39 percent of the issued share capital of Mynd.ai, which owns 100 percent of the subsidiaries operating the NetDragon Education Business. Prior to the deal closing, GEH also divested all of its existing businesses, with the exception of its Singapore education business. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Cleary Gottlieb Steen & Hamilton acted as US counsel to Best Assistant, NetDragon’s controlled subsidiary, while Kirkland and Ellis acted as Hong Kong counsel to NetDragon Websoft Holdings.
Moreover, Maples and Calder has acted as BVI counsel to CSCIF Hong Kong on the establishment on April 26, 2024 of US$4 billion medium term note programme, guaranteed either by China Securities (International) Finance Holding or by CSC Financial; and on CSCIF Hong Kong’s issue on May 31, 2024 of its US$500 million floating rate guaranteed notes due 2027 under the programme. The CSCIF group is a leading large full-service investment bank in China. The programme and the notes are listed in Hong Kong. Partner Karen Zhang Pallaras led the firm’s team in the transaction. Davis Polk & Wardwell acted for CSCIF Hong Kong, China Securities (International) Finance Holding and CSC Financial as English counsel, while Tian Yuan Law Firm acted as China counsel. Linklaters and Guantao Law Firm acted for the dealers, the trustee and the managers as English and China counsel, respectively.
Rajah & Tann Singapore is acting for Synagistics on the De-SPAC transaction between Synagistics and HKAC, a special purpose acquisition company listed in Hong Kong. Partners Lee Xin Mei, Hoon Chi Tern and Eugene Lee are leading the firm’s team in the transaction.
Russin & Vecchi has acted as Vietnam counsel to Zurich Insurance Group on the acquisition of AIG’s global personal travel insurance business with the well-established Travel Guard brand. The business will be combined with Zurich’s existing Cover-More platform. The deal is worth US$600 million, not including potential additional earn-outs. The acquisition strategically enables Zurich to expand its footprint in more countries, and makes Zurich a leading travel insurer globally. Partner Nhut Nguyen led the firm’s team in the transaction, while Skadden Arps and Clyde & Co also advised Zurich.
Shardul Amarchand Mangaldas & Co has advised the committee of creditors (CoC) on the corporate insolvency resolution process of Metalyst Forgings, a subsidiary of Amtek Auto. Metalyst was admitted into corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code 2016 in December 2017, following which the CoC of Metalyst approved a resolution plan submitted by Deccan Value Investors and DVI PE (Mauritius). However, subsequently, DVI sought to withdraw the resolution plan which was pending approval of the Adjudicating Authority. The NCLT and NCLAT allowed the withdrawal. This was challenged by the CoC of Metalyst, along with the resolution professional of Metalyst, all the way up to the Supreme Court. The long pending litigation was eventually concluded, with the Supreme Court passing an order in March 2024, inter alia, holding that the withdrawal of the resolution plan by DVI was illegal, and approving the resolution plan for effective implementation. Partners Anoop Rawat and Saurav Panda, supported by partners Misha, Meghna Rajadhyaksha, Siddhanth Kant and Rohan Jain, led the firm’s team in the matter.
Shardul Amarchand Mangaldas & Co has also advised Morgan Stanley PE Asia Fund on acquiring a minority stake in Hyderabad Institute of Oncology (HIO). The deal is valued at approximately Rs5 billion (US$60m). The Hyderabad Institute of Oncology operates Omega Hospitals, a chain of hospitals focused on oncology and cancer treatment across Telangana and Andhra Pradesh. Led by leading surgical oncologist Dr Mohan Vamsy, Omega Hospitals is India’s second largest cancer-focused hospital chain. Partner Nivedita Tiwari, supported by partners Devesh Pandey, Shruti Kinra, Alina Arora, Pooja Ramchandani, J V Abhay, Ashoo Gupta, Suruchi Kumar, Apurva Zutshi and Manika Brar, led the firm’s team in the transaction. Hyderabad Institute of Oncology and its promoters, Dr Mohan Vamsy Chigurupati, Dr Padmaja Chigurupati and Dr Nagavardhanamma Parvathaneni, were advised by J Sagar Associates.
Moreover, Shardul Amarchand Mangaldas & Co has advised Continuum Green Energy Group on the Regulation S/ Rule 144A issuance of senior secured notes equivalent to US$650 million, issued by eight subsidiaries of Continuum. The notes are listed in India, and represent external commercial borrowings availed by the co-issuers. The firm also acted as Indian counsel to Continuum on a tender offer for the purchase of outstanding US$561 million senior notes listed in Singapore, issued by Continuum Energy Levanter in 2021. A renewable energy group based out of India and founded in 2009, Continuum focuses on large-scale wind farms which can be co-located with solar photovoltaic installations. Continuum’s operating capacity of 1,299.8 MW makes it one of the largest suppliers of renewable energy to commercial and industrial customers in India. Partners Prashant Gupta and Shubhangi Garg, supported by partner Gouri Puri, led the firm’s team in the transaction.
Skadden has advised NTT Finance, the financing subsidiary of the NTT Group, on the issuance of US$600 million principal amount of senior notes due 2027, US$900 million of senior notes due 2029 and US$850 million of senior notes due 2031. The notes were listed in Singapore, and the offering was completed on July 2, 2024. Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction.
Skadden has also advised the underwriters, led by JP Morgan Securities, Citigroup Global Markets and Morgan Stanley & Co, on Mitsubishi’s issuance of US$500 million of senior notes due 2029. The notes were listed in Singapore, and the offering was completed on July 2, 2024. Tokyo corporate partner Kenji Taneda also led the firm’s team in the transaction.
Trilegal has advised BRFL Textiles and certain BRFL Textiles shareholders, namely JM Financial group (comprising of JM Financial Products, JM Financial Asset Reconstruction Company and JM Financial India Trust II-JM Financial India Fund II) and Think Investments on a strategic investment from Gokaldas Exports in BRFL, with a larger view to consolidate BRFL with Gokoldas Exports in the future, through an agreed consolidation mechanism. The transaction comprises a preliminary issuance of 500,000 optionally convertible debentures to Gokoldas Exports by BRFL for a subscription price of Rs500 million (US$6m), followed by an additional Rs3 billion (US$36m) investment by Gokoldas Exports to be made in subsequent tranches. This strategic investment has been made by Gokoldas Exports with a view to acquire 100 percent shareholding of BRFL, via an agreed consolidation mechanism. BRFL Textiles is a fabric processing company that houses the largest single-roof fabric processing unit in India at Tarapur, Maharashtra, with 400,000 meters per day capacity. Corporate partner Nikhil Sachdeva led the firm’s team in the transaction.
TT&A has advised IFC on its subscription to unlisted, rated, secured, redeemable non-convertible debentures of up to R8.35 billion issued by Infopark Properties on a private placement basis. Infopark Properties will use the proceeds of the subscription to refinance its existing debt. Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction.
WongPartnership has acted for Singapore Telecommunications (Singtel) on its participation in a consortium with global investment firm Kohlberg Kravis Roberts & Co (KKR) for the consortium’s proposed investment of S$1.75 billion (US$1.3b) in STT GDC, a leading data centre colocation services provider. The proposed investment, once completed, will be the largest digital infrastructure investment in Southeast Asia to date in 2024. Partners Ng Wai King, Chan Sing Yee and Ling Pei Lih led the firm’s team in the transaction.
