Allen & Gledhill has acted as transaction counsel to B Capital Group on its investment in the US$60 million Series C funding round of Fazz Financial Group. Fazz is a fintech group formed in 2020 after Payfazz invested in Xfers, a Singapore-based fintech company providing payments solutions and infrastructure in Indonesia and Singapore. Payfazz is an Indonesian fintech platform operating a branchless banking agent network that distributes financial services to the unbanked in Indonesia. Partner Julian Ho led the firm’s team in the transaction.
Allen & Gledhill has also advised JP Morgan (SEA) and UBS Singapore Branch, as the joint issue managers, on the secondary listing of Emperador in Singapore. Emperador is a leading global integrated manufacturer, bottler and distributor of brandy, Scotch whisky and other alcoholic beverages, with a market capitalisation of approximately US$5.2 billion, as of June 20, 2022, and whose shares are primary listed in the Philippines. Partners Tan Tze Gay and Rhys Goh led the firm’s team in the transaction.
Allen & Overy is advising Uni-President Enterprises and President Chain Store on the acquisition of a 60 percent majority stake in Carrefour Taiwan from the Carrefour Group, Uni-President’s long-term joint venture partner. Uni-President is a food and retail conglomerate based in Taiwan with a particularly strong footprint in Asia. Both Uni-President Enterprises and President Chain Store are listed in Taiwan. PresiCarre is a joint venture established by Euronext-listed Carrefour and Uni-President in 1987 that introduced hypermarkets to Taiwan under the Carrefour brand, which has proceeded to become one of the leaders in the retail sector in Taiwan. The transaction values Carrefour Taiwan at over US$2 billion enterprise value. After completion, Uni-President will become the sole owner of Carrefour Taiwan. Hong Kong corporate partner Tess Fang, supported by partners Nigel Parker (London) and Noah Brumfield (Washington DC), led the firm’s team in the transaction, which is expected to be completed in 2023, subject to merger control approvals.
AZB & Partners has advised Tata Sons and its indirect wholly owned subsidiary Air India on the acquisition by Air India of the balance of the entire equity share capital of Air Asia India from AirAsia Investment and Tata Sons. Partner Gaurav Bansal led the firm’s team in the transaction, which was approved by the Competition Commission of India on June 14, 2022.
AZB & Partners has also advised Google International on its Rs52.2 billion (US$653.5m) acquisition of 1.28 percent equity stake in Bharti Airtel. Partner Hemangini Dadwal led the firm’s team in the transaction, which was approved by the Competition Commission of India on June 30, 2022.
Bird & Bird ATMD has advised Australia-listed technology company Enero Group on its acquisition of 100 percent shares in the GetIT for up to US$15 million. Enero Group operates a global collective of marketing and communications specialist agencies. GetIT is a Singapore-based B2B technology marketing specialist providing telecom, IT and tech marketers with strategic advisory services, martech, products and programs that create end-to-end marketing success. The acquisition of GetIT will provide Enero Group with its own office network across Asia with a client portfolio that consists of high-profile tech brands, such as AWS, Oracle, Fortinet, Fujitsu, Cisco, Telecom Malaysia, Google Cloud and Trend Micro. Corporate partner Marcus Chow, supported by employment partner Seow Hui Goh, led the firm’s team in the transaction.
Clifford Chance has advised UBS, HSBC and CLSA, as joint global coordinators, and CICC and Haitong International, as joint book-runners, on Ming Yang Smart Energy Group’s global depositary receipts offering and listing in the Shanghai-London Stock Connect segment of the London Stock Exchange. The GDR offering is expected to raise gross proceeds of approximately US$657 million (US$707 million, including any exercise of the over-allotment option). Ming Yang Smart Energy is a leading wind turbine manufacturer and clean energy solutions provider in China. China co-managing partner Tim Wang, with partners Chris Roe (London) and Jean Thio (Singapore), led the firm’s team in the transaction.
Clifford Chance has also advised China Baowu Steel Group on the multi-jurisdictional merger control filings for its acquisition of a 51 percent stake in Xinyu Iron & Steel Group Co (XISCO). The value of the transfer is approximately Rmb 4.255 billion (US$630m). A state-owned iron and steel company headquartered in Shanghai, China Baowu Steel Group is the largest iron and steel company globally. With a crude steel output of 9.38 million tonnes in 2020, XISCO Group is the largest state-owned steelmaker in Jiangxi Province of China. Partner Yong Bai led the firm’s team in the transaction, while Clifford Chance’s associate firm in Istanbul CIFTCI Attorney Partnership, led by partner Itır Çiftçi, advised on Turkish law.
Cyril Amarchand Mangaldas has advised Max Estates on its 100 percent acquisition, via share purchase, of Accord Hotels and Resorts, which owns the 10 acres (40,468.36 sqm) land at Sector 128, Noida. Max Estates is the real estate development arm of the Max Group, while Accord Hotels holds title to the prominently located land. This acquisition marks the entry of Max Estates in the residential sector. Partners Mukul Sharma and Ashish Jain led the firm’s team in the transaction, which was signed on June 4, 2022 and closed on June 17, 2022.
Dentons Hong Kong has acted as the sole advisor to CMB International on the exchange offer by Huijing Holdings of at least a minimum acceptance amount of US$107.4 million of its outstanding US$138.0 million 12.5 percent senior notes due 2022 for 12.5 percent senior notes due 2023. Hong Kong partners Gordon Ng and Man Chiu Lee led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to 51job, a leading provider of integrated human resource services in China, on its take-private transaction, which was completed on May 6, 2022 at an implied equity value of US$4.3 billion, making it one of the largest take-private transactions for a US-listed Chinese business this year. The take-private transaction was completed as a Cayman Islands statutory merger, under which the existing shareholders of 51job had their shares cancelled in exchange for merger consideration of US$61.00 per share. As a result of the merger, 51job has become a privately-held company, and de-listed from the Nasdaq. The investor consortium included DCP Capital Partners II, Ocean Link Partners and Mr Rick Yan, the CEO of 51job. Recruit Holdings, the largest shareholder of 51job, also participated in the transaction with the investor consortium. Hong Kong corporate partner Richard Spooner led the firm’s team in the transaction.
Maples and Calder has also acted as Cayman Islands counsel to Bain Capital Private Equity on its acquisition of VXI Global Solutions from Carlyle Group, and the financing of the acquisition. VXI Global Solutions provides multinational companies with business process outsourcing and information technology services, and is considered as one of the biggest foreign BPO providers in China. Hong Kong corporate partner Karen Zhang Pallaras led the firm’s team in the transaction.
Rahmat Lim & Partners has advised LGMS on its listing in Malaysia, with a market capitalization of M$228 million (US$51m). Partner Zandra Tan led the firm’s team in the transaction, which was completed on June 8, 2022.
Rahmat Lim & Partners has also advised Cnergenz on its listing in Malaysia, with a market capitalisation of M$288.84 million (US$64.75m). Partners Zandra Tan and Tan Yan Yan led the firm’s team in the transaction, which was completed on May 24, 2022.
