A&O Shearman has advised the underwriters on the Republic of the Philippines’ SEC-registered offering of 4.375 percent US Dollar-Denominated Global Bonds due 2030, 4.75 percent US Dollar-Denominated Global Bonds due 2035 and 5.175 percent US Dollar-Denominated Global Bonds due 2049 for an aggregate principal amount of US$2.5 billion. This offering highlights the Philippines’ strategic engagement with global capital markets, demonstrating its commitment to fiscal resilience and economic growth. Partner Felipe Duque, supported by partner Jack Heinberg, led the firm’s team in the transaction.
A&O Shearman is also advising IHH Healthcare, one of the world’s largest private healthcare groups, on its US$900 million acquisition of Island Hospital, Penang. Partner James Mythen is leading the firm’s team in the transaction, which is expected to close in November 2024, and is one the largest M&A deals in Malaysia this year.
AZB & Partners is advising The Rise Fund (founded by TPG) on the Rs20 billion (US$238m) investment by the International Finance Corporation, Asian Development Bank and DEG-Deutsche Investitions-UND ENTWICKLUNGSGESELLSCHAFT consortium in Fourth Partner Energy. Partners Nandish Vyas and Malaveeka Chakravarthy are leading the firm’s team in the transaction, which was signed on June 29, 2024 and is yet to be completed.
AZB & Partners is also advising Perfect Day on its US65.45 million sale of equity stake in Sterling Biotech to Zydus Animal Health and Investments (Zydus Lifesciences). Partners Hardeep Sachdeva, Ravi Bhasin and Sudish Sharma are leading the firm’s team in the transaction, which was signed on August 23, 2024 and is yet to be completed.
Moreover, 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 their Rs18 billion (US$214m) sale of equity stake in India Grid Trust. Partners Ashwath Rau, Atreya Bhattacharya and Lionel D’Almeida are leading the firm’s team in the transaction, which was signed on August 21, 2024 and is yet to be completed.
Baker McKenzie has advised Sunset Hospitality Group (SHG), a leading multinational lifestyle hospitality group with an extensive portfolio of hospitality, entertainment and F&B destinations, on its acquisition of a majority interest in Maximal Concepts, a Hong Kong-based hospitality group renowned for operating premium venues under various brands, including John Anthony, Limewood, Palais de Chine, Sip Song, The Aubrey, and the well-known and highly awarded Mott 32. Maximal Concepts operates in Hong Kong, Las Vegas, Vancouver, Singapore, Dubai, Toronto, Bangkok, Seoul, and Cebu, and upcoming venues in Los Angeles, Bali, Riyadh, Manila, Mumbai and Scottsdale, and is one of the most awarded hospitality groups in Asia. The acquisition marks a significant step for SHG in bolstering its portfolio of world-class F&B brands. By partnering with Maximal Concepts, which is celebrated for its expertise in creating unique gastronomic experiences, SHG will enhance its ability to deliver exceptional dining and entertainment options. This strategic move, combined with SHG’s robust commercial, technical and operational capabilities, will further strengthen SHG’s position as a leading global hospitality group, increasing its total number of venues to over 80 across 22 countries. M&A partner Adnan Doha (UAE), supported by partners Keri Watkins (real estate & hospitality-Dubai), Adil Hussain (banking & finance-Dubai) and Joanna Taylor-Matthews (employment-Dubai), led the firm’s cross-border team in the transaction.
Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, has advised Jebsen & Jessen Group on its landmark acquisition of MSM Group, a leading Mongolian conglomerate. MSM Group’s extensive business interests span multiple sectors, including industrial equipment, chemicals, automotive, beverages and agricultural equipment distribution. The transaction marks a significant milestone in Jebsen & Jessen’s expansion strategy beyond its stronghold in Southeast Asia, and represents its first foray into the Mongolian market. M&A principal Boo Bee Chun led the firm’s team in the transaction.
Cyril Amarchand Mangaldas is advising Johnson Controls International on the Indian aspects of the sale of its residential and light commercial heating, ventilation and air conditioning (HVAC) business to the Bosch Group. The transaction involved the sale of 100 percent of the total share capital of Johnson Controls Hitachi Air Conditioning Holding (UK), a 60-40 joint venture with Hitachi Global Life Solutions, to Robert Bosch, and the indirect acquisition of India-listed Johnson Controls-Hitachi Air Conditioning India. Partner Anshu Choudhary, supported by partners Anchal Dhir, Ashish Jain, Abhilash Pillai and Mudit Shah, is leading the firm’s team in the transaction, which was signed on July 23, 2024.
Cyril Amarchand Mangaldas has also advised Ambuja Cements on its acquisition of 100 percent of the shareholding of Penna Cement Industries (PCI) from its promoter / promoter group. The transaction was undertaken by entering into a binding agreement, and subsequently a share purchase agreement. The shares of PCI were purchased for an enterprise value of Rs98.22 billion (US$1.17b)). The firm also advised Ambuja on the provision of an inter-corporate deposit of Rs3 billion (US$35.7m) to PR Cement Holdings, a group company of PCI. Further, the firm advised on the repayment of loans by PCI and its subsidiaries via subscription of optionally convertible debentures by Ambuja in PCI and its subsidiary, Marwar Cement, in two or more tranches. This acquisition will boost Ambuja’s target of reaching 140 MTPA capacity in the cement manufacturing market by financial year 2028. The parties signed the binding agreement on June 13, 2024, then entered into a share purchase agreement on July 1, 2024, which closed on August 16, 2024. Partners Smruti Shah, Paridhi Adani and Anand Jayachandran, supported by partners Lakshmi Prakash, Anand Jayachandran, Abe Abraham, Smruti Shah, Gyanendra Kumar, Monark Gahlot, Abhilash Pillai, Jinal Mehta, Emil Joseph, Ashish Jain, Ramanuj Kumar, Aniket Singhania, Nishikant Sao (partner-designate) and Smruti Shah, led the firm’s team in the transaction. Tatva Legal advised Penna Cement Industries.
Moreover, Cyril Amarchand Mangaldas has advised Vedanta on the offer for sale of approximately 63.6 million equity shares of its subsidiary, Hindustan Zinc, via an offer for sale through a separate designated window of the stock exchanges on August 16, 2024 and August 19, 2024. With face value of Rs2 (US$0.024) each, the shares represented 1.51 percent of the total issued and paid-up equity share capital of Hindustan Zinc. The floor price for the offer for sale was set at Rs486 (US$5.79) per equity share. Citigroup Global Markets India and JM Financial Institutional Securities acted as the brokers on the transaction. Senior partner Yash Ashar and Devaki Mankad led the firm’s team in the transaction.
JSA has advised Bharat Value Fund (BVF) on acquiring a 6.5 percent stake in Marudhar Rocks International for Rs1.5 billion (US$18m). Marudhar Rocks International is the largest manufacturer of premium engineered quartz surfaces, with an annual capacity of approximately two million square meters across three strategically located facilities. The funding will enable the company to diversify its product portfolio, invest in cutting-edge technologies, and meet the growing demand in both domestic and international markets, while expanding its market presence globally. Partner Siddharth Mody, supported by partner Anurag Shrivastav, led the firm’s team in the transaction.
JSA has also advised Apax Digital Fund II on its strategic investment in Greytip Software, a cloud-based HR and payroll software company popularly known as greytHR. This was Greytip’s largest funding round so far. Apax now holds a controlling stake of 52.1 percent in Greytip Software. The transaction consisted of a primary, as well as a secondary, component, including providing an exit to the largest and oldest shareholders, MegaDelta Capital and Blume Ventures. This investment will fuel growth, enable market expansion and enhance AI capabilities. greytHR aims to optimize customer experience and R&D efforts through upskilling and innovative product development. Partner Probir Roy Chowdhury, supported by partner Yajas Setlur, led the firm’s team in the transaction.
K&L Gates has advised an international investor in a China logistics develop-to-hold core fund managed by leading Asia-Pacific new economy real asset manager ESR on the fund’s divesture of its portfolio of over Rmb5.8 billion (US$815m) of logistics assets in China. The divestment comprises a portfolio of nine high-quality logistics assets in Tier 1 and Tier 1.5 cities of China, including Guangzhou, Hangzhou, Shanghai and Suzhou, where strong consumerism continues to drive the demand for logistics assets. The assets are well-located, close to key transportation hubs and urban centers. Most of the buildings in this portfolio have also obtained LEED gold or silver certifications. With a total net lettable area of approximately 850,000 square meters, the nine assets have tenant customers that include top companies from e-commerce, third-party logistics and manufacturing sectors. After the divestment, ESR will continue to manage the assets. Asset management and investment funds partner Edward Bennett (Singapore, K&L Gates Straits Law) and corporate partner Frank Voon (Beijing/Hong Kong) led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Dida on its IPO of approximately 39 million shares and the listing in Hong Kong. Dida is a technology-driven platform aiming to create more transit capacity with less environmental impact by primarily providing carpooling marketplace services to fill up idle seats on private passenger cars. The offering, which closed on June 28, 2024, raised approximately HK$234.5 million (US$30m). Partner Richard Spooner led the firm’s team in the transaction, while Wilson Sonsini Goodrich & Rosati advised on Hong Kong law, and Han Kun Law Offices advised on Chinese law. The joint sponsors, namely China International Capital Corporation Hong Kong Securities, Haitong International Capital and Nomura International (Hong Kong), were advised by Kirkland & Ellis as to Hong Kong law, and by Tian Yuan Law Firm as to Chinese law.
Maples and Calder has also acted as Cayman Islands counsel for QuantumPharm on its IPO of approximately 187.4 million shares and its listing in Hong Kong. The offering, which closed on June 13, 2024, raised approximately HK$989.3 million (US$127m). QuantumPharm is the first specialist technology company listed in Hong Kong under Chapter 18C, a new regime introduced by the HKEX in March 2023, which is aimed at attracting high-growth, emerging and innovative technology enterprises to list in Hong Kong. QuantumPharm is a Shenzhen-based company that offers quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation for pharmaceutical material, and other fields. Partner and head of the Asia corporate practice Matt Roberts led the firm’s team in the transaction, while Sidley Austin acted as Hong Kong counsel, and Fangda Partners acted as Chinese counsel.
Moreover, Maples and Calder has acted as Hong Kong and Jersey counsel for Catcha Investment, a publicly-traded Cayman Islands special purpose acquisition company, on its business combination with Jersey-incorporated Crown LNG Holdings, resulting in Crown LNG Holdings becoming a US publicly-listed company listed on the Nasdaq. The transaction, which completed in July 2024, valued the combined entity at a pro forma implied enterprise value of approximately US$685 million. Crown is a leading provider of offshore LNG liquefaction and regasification infrastructure for harsh weather locations. Sponsored by Catcha Group, Catcha is one of the earliest and most established new economy-focused investment groups in Southeast Asia and Australia. Partner and head of corporate practice in Asia Matt Roberts and Jersey corporate partner David Allen led the firm’s team in the transaction, while Goodwin Procter acted as US counsel. Nelson Mullins Riley & Scarborough acted as US counsel to Crown LNG Holdings.
Morgan Lewis has advised AIGF Advisors on its significant investment in Berjaya CKE International, a leading Malaysian commercial kitchen equipment manufacturer. The company manufactures its products in Malaysia, and markets them under its own brand, “Berjaya”, in more than 40 countries. Headquartered in Singapore, AIGF is an ASEAN-focused private equity firm sponsored by Mitsubishi Corporation that focuses on growth capital investments in the ASEAN region. The firm previously advised AIGF on the sale of Restaurants Development, a franchisee of KFC Thailand, to Devyani International DMCC, a subsidiary of India-listed Devyani International. Morgan Lewis George Cyriac led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Muhavra Enterprises (Blue Tokai) on its latest funding round of approximately US$35 million, led by Verlinvest and with participation from other notable existing investors, such as Anicut Capital and A91 Partners. Partner Nikita Goyal led the firm’s team in the transaction. Lexygen advised Verlinvest.
Shardul Amarchand Mangaldas & Co has also advised Premier Energies on its IPO of equity shares aggregating to approximately US$337.10 million, via combination of a fresh issue and an offer for sale of shares by one of the promoters, Chiranjeev Singh Saluja, and the investor selling shareholders, namely South Asia Growth Fund II Holdings and South Asia EBT Trust (entities affiliated with GEF Capital). The equity shares were listed on the stock exchanges on September 3, 2024. The IPO was subscribed 74.38 times overall, with the qualified institutional buyers component oversubscribed 216.17 times and the non-institutional buyers component oversubscribed 50.04 times. Kotak Mahindra Capital, JP Morgan India and ICICI Securities acted as the book-running lead managers in the IPO. Partners Prashant Gupta (capital markets national head) and Devi Prasad Patel led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised Interarch Building Products on its approximately US$72 million IPO of equity shares. Interarch Building Products is a leading turnkey pre-engineered steel building solution provider in India with integrated facilities for design and engineering, manufacturing and on-site project management capabilities for the installation and erection of pre-engineered steel buildings. The equity shares were listed on the Indian stock exchanges on August 26, 2024. The IPO included a secondary offer for sale of equity shares of US$19.27 million by OIH Mauritius (Everstone Capital). The IPO was subscribed over 66.90 times overall, with an employee reservation of Rs20 million (US$238,250.00). Ambit and Axis Capital were the book-running lead managers on the transaction. Partners Nikhil Naredi and Abhiroop Amitava Datta led the firm’s team in the transaction.
Trilegal has advised JM Financial India Growth III on its investment in Energy Beverages, which owns a fast-growing national bottled water under the brand “Clear”, one of the fastest-growing bottled water brands with a pan-India presence. Energy Beverages is strategically expanding its distribution across the nation. Proceeds from the investment will support brand-building initiatives and enhancing the existing capacities and distribution network of the company. Partners Amit Khansaheb and Pratyush Singh, supported by partner Kirti Balasubramanian, led the firm’s team in the transaction.
Trilegal has also advised Kotak Mahindra Capital, JP Morgan India and ICICI Securities, as the book-running lead managers, on the IPO of equity shares of Premier Energies, an integrated solar cell and module manufacturer with an annual installed capacity of 2 GW for cells and 4.13 GW for modules. In addition to manufacturing solar cells and modules, Premier Energies provides engineering, procurement and construction solutions, operations and maintenance services, and also operates as an independent power producer. The offer included a fresh issue of equity shares aggregating up to Rs12.9 billion (US$153.6m), and an offer for sale of equity shares aggregating to Rs15.39 billion (US$183m) by selling shareholders, including two GEF Fund entities. The IPO was subscribed 75 times, and the equity shares listed at a premium of 120 percent on the stock exchanges. Partners Bhakta Patnaik and Brajendu Bhaskar led the firm’s team in the transaction.
Moreover, Trilegal has acted as Indian counsel for JM Financial, CLSA India, JP Morgan India and Kotak Mahindra Capital, as the lead managers, on the qualified institutions placement of equity shares by Prestige Estates Projects, one of the leading real estate developers in India. Partners Bhakta Patnaik and Brajendu Bhaskar, supported by partner Mridul Kumbalath, led the firm’s team in the transaction.
