Allen & Gledhill has acted as transaction counsel to SeaTown Holdings International, which manages SeaTown Private Capital Master Fund, on its US$50 million investment in OnPoint Holdings, an e-commerce enabler in Vietnam. Partners Chong Zhuo Chen, Oh Hsiu-Hau and Teoh Sze Min led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to venture capital firm Openspace Ventures on leading the US$6.4 million pre-Series A funding round in Nano Technologies, a Vietnam-based earned-wage access start-up which operates the flexible payroll application, VUI, empowering low-income workers to access their salary. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs91 billion (US$1.1b) sale by Kayak Investments Holding, an affiliate of Kohlberg Kravis Roberts & Co, of equity stake in Max Healthcare. Partners Ashwath Rau, Atreya Bhattacharya and Lionel Almedia led the firm’s team in the transaction, which was completed on August 16, 2022.
AZB & Partners has also advised Greenizon Agritech Consultancy (doing business as Jai Kisan) on the Rs4 billion (US$50m) acquisition by GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures, as well as existing investors, including Blume Ventures, Arkam Ventures, Mirae Asset and Snow Leopard Ventures, of equity stake in Jai Kisan. The debt funding was provided by Northern Arc, Alteria and MAS Financial. Partners Vaidhyanadhan Iyer, Gautam Ganjawala and Veena Gopalakrishnan led the firm’s team in the transaction, which was completed on July 29, 2022.
Cyril Amarchand Mangaldas has acted as Indian counsel to JP Morgan India, as the sole broker, on the bulk sale of approximately 37.6 million shares of Crompton Greaves Consumer Electricals, held by MacRitchie Investments, a promoter entity and indirect wholly-owned subsidiary of Temasek Holdings. Partner Abhinav Kumar led the firm’s team in the transaction, which was signed on August 05, 2022 and closed on August 10, 2022.
Khaitan & Co is advising JSW Energy on the acquisition by its wholly-owned subsidiary, JSW Neo Energy, of 100 percent shareholding in 16 SPVs and one ancillary SPV of Mytrah Energy (India), along with majority shareholding in one SPV, totalling to 1753 MW of renewable capacity. The total acquisition portfolio consists of ten Wind SPVs with a capacity of 1,331 MW and seven Solar SPVs with a capacity of 422 MW (487 MWp DC) and one ancillary SPV. With an enterprise value of Rs105.31 billion (US$1.3b), the deal is the largest acquisition by JSW Energy since its inception. Partners Akhil Bhatnagar and Kumar Saurabh Singh, supported by partners Arva Merchant, Sudheer Madamaiah, Divya Chaturvedi, Kingshuk Banerjee and Anisha Chand, are leading the firm’s team in the transaction, which was announced on August 10, 2022 and is yet to be completed. HSA Legal, led by partner Saurya Bhattacharya, is also advising on the transaction.
Khaitan & Co has also advised Fluence Energy on setting up a 50:50 joint venture with ReNew Power to boost the energy storage sector in India. A joint venture between global energy company AES and Siemens, Fluence Energy is a global market leader in energy storage products and services and digital applications for renewables and storage. The JV between Fluence Energy and ReNew Power will cater to a market projected to reach 27GW/108GWh by 2030. Managed and operated by an independent management team and board, the JV aims to bring market-leading energy storage technology and global experience to Indian customers by localizing and integrating Fluence’s energy storage products and packages in India. The new JV will provide energy storage solutions to a diversified customer base in the Indian energy market, powered by Fluence’s global experience and ReNew’s pioneering role in the sector. Its first customer will be ReNew for 150MWh BESS at its 300 MW Peak Power Project site with SECI. Partners Niren Patel and Vidur Sinha, supported by partners Adheesh Nargolkar and Smriti Yadav, led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Tuya on its global offering of 7.3 million Class A ordinary shares and dual primary listing in Hong Kong. The offering closed on July 5, 2022 and raised approximately HK$140 million (US$17.8m). The firm previously advised Tuya on the Cayman Islands aspects of its IPO of American depositary shares in New York in 2021. Corporate partner Karen Zhang Pallaras led the firm’s team in the transaction, while Davis Polk & Wardwell advised on Hong Kong and US laws, and Jia Yuan Law Offices advised on Chinese law. Cleary Gottlieb Steen & Hamilton (Hong Kong) acted as Hong Kong and US counsel, while Jingtian & Gongcheng acted as Chinese counsel to the joint sponsors China International Capital Corporation Hong Kong Securities, Merrill Lynch (Asia Pacific) and Morgan Stanley Asia, and the underwriters.
Maples and Calder has also acted as Cayman Islands counsel to OCFT, a company primarily listed and traded in New York, on its dual primary listing via introduction of its ordinary shares in Hong Kong. Shares in the company commenced trading in Hong Kong on July 4, 2022. The firm previously advised OCFT on the Cayman Islands aspects of its IPO of American depositary shares in New York in 2019. Partner Lorraine Pao led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton advised on Hong Kong and US laws, and Haiwen & Partners advised on Chinese law. Clifford Chance and Grandall Law Firm advised the joint sponsors Goldman Sachs and HSBC as to Hong Kong and US laws, and on Chinese law, respectively.
Mayer Brown has advised Weave Living on the formation of a US$140 million equity joint venture with LaSalle Investment Management, and advised the joint venture on its first acquisition of an en-bloc apartment building on Robinson Road, a highly-coveted residential area in Hong Kong. Weave Living is Asia Pacific’s leading fully integrated lifestyle rental accommodation provider, while LaSalle is one of the world’s leading real estate investment management firms. The acquisition of the property on 68 Robinson Road for HK$275 million (US$35 million) is Weave Living’s third in Hong Kong this year, and marks LaSalle’s return to the Hong Kong property market. The firm represented the joint ventures between Weave Living and its capital partners Angelo Gordon and PGIM Real Estate in the previous acquisitions in Hong Kong this year. Hong Kong real estate partners Peter Ho and Eugene Wong led the firm’s team in the transaction.
Slaughter and May Hong Kong has advised Cathay Pacific Airways on the annual update of the US$2.5 billion Medium Term Note Programme of its wholly-owned subsidiary, Cathay Pacific MTN Financing (HK). Notes issued under the programme are guaranteed by Cathay Pacific Airways and may be listed in Hong Kong. Hong Kong partner Lisa Chung led the firm’s team in the transaction.
Trilegal has advised DAM Capital, ICICI Securities and IIFL Securities, as the book-running lead managers, on the IPO of equity shares by Syrma SGS Technology. The offer included a fresh issue of equity shares amounting to Rs7.66 billion (US$96m) and an offer for the sale of Rs741.26 million (US$9.3m) by a promoter selling shareholder. Incorporated in 2004, Syrma SGS Technology is a Chennai-based technology-focused engineering and design company engaged in turnkey electronics manufacturing services. Capital markets partners Bhakta Patnaik and Brajendu Bhaskar led the firm’s team in the transaction.
WongPartnership is acting for Ascott Residence Trust on the proposed acquisition of nine serviced residences, rental housing and student accommodation properties from its sponsor, The Ascott. The acquisition will increase Ascott Residence Trust’s distribution by S$9.2 million (US$6.6m) and its distribution per stapled security by 2.8 percent, on a pro forma FY2021 basis. Partners Chan Sing Yee and Nicolette Lye are leading the firm’s team in the transaction, together with partner Long Chee Shan.
