Allen & Gledhill has acted as transaction counsel to Oversea-Chinese Banking Corporation, CIMB Bank Singapore Branch and Maybank Securities, as the mandated lead arrangers, on the S$978 million (US$696.7m) sustainability-linked credit facilities to DBS Trustee, in its capacity as trustee of OUE Commercial Real Estate Investment Trust and OUE Hospitality Sub-Trust. The facilities will be used to refinance the existing borrowings of OUE Commercial Real Estate Investment Trust and OUE Hospitality Sub-Trust. Partners Lim Wei Ting and Wong Jie Ning led the firm’s team in the transaction.
AZB & Partners has advised De Lage Landen Financial Services India (DLL India) on the sale of its agricultural and healthcare equipment financing portfolio to Kotak Mahindra Bank. Partners Darshika Kothari, Anand Shah and Nikunj Maheshwari led the firm’s team in the transaction, which was completed on July 8, 2022.
AZB & Partners has also advised Voltas on the Rs11.88 billion (US$149m) sale of its domestic projects business (relating to mechanical, electrical and plumbing; heating, ventilation and air conditioning and water projects; mining and construction equipment business; and textile machinery division business) to its 100 percent wholly-owned subsidiary Universal MEP Projects & Engineering Services. Partner Qais Jamal led the firm’s team in the transaction, which was completed on August 2, 2022.
Baker McKenzie has advised the mandated lead arrangers, the joint social loan coordinators and the lenders on the US$ 1.1 billion syndicated social loan facility to Housing Development Finance Corporation). The loan proceeds will be applied to fund affordable housing projects in India. This facility is the world’s largest social loan to date, India’s largest social financing issuance, the first social external commercial borrowing (ECB) loan out of India, and the largest ECB loan deal from a housing finance company. CTBC Bank, Mizuho Bank, MUFG Bank, State Bank of India and Sumitomo Mitsui Banking Corporation acted as joint social loan coordinators and mandated lead arrangers. Finance and projects principal Kah Chin Chu led the firm’s team in the transaction.
Clifford Chance has advised Biocare Projects on its long-term carbon removal project with Australia-listed timber company Kiland. Biocare Projects specialises in identifying, sourcing and financing project development in the carbon space, supporting businesses to improve processes which reduce carbon impact and unlock carbon monetisation opportunities. The Biocare-Kiland project involves the conversion of 4.5 million tonnes of fire damaged timber from Kiland’s timber plantations on Kangaroo Island in South Australia into approximately 900,000 tonnes of biochar, a stable form of carbon made from biomass which acts as a carbon store that can endure in soil for hundreds to thousands of years. The project will take place over the next six to ten years, and is expected to generate approximately 1.8 million carbon credits. Partner Reuben van Werkum led the firm’s team in the transaction.
Gide has advised Adeo, the European leader and third largest global player in the home improvement and DIY market, on the sale of 100 percent of equity in Leroy Merlin Consulting (Beijing), and the transfer of its property in Beijing to Ministorage Investment V, a Hong Kong-registered company operating a self-storage business in Asia. Partners Guo Min and David Boitout led the firm’s team in the transaction.
Khaitan & Co has advised the Lighthouse Canton group on setting up their first venture debt fund in India, which will primarily invest in venture debt instruments and make further investments in such equity and equity-linked instruments of portfolio entities for maximizing return for investors. The fund proposes to raise investments of Rs5.5 billion (US$69m), with an additional green shoe option of accepting Rs5.5 billion (US$69m), totalling to a proposed fund size of Rs11 billion (US$138m). The fund has not announced its first close yet. Partners Siddharth Shah and Vivek Mimani led the firm’s team in the transaction.
Khaitan & Co has also advised Foundation Holdings, as a continuing investor, on the part sale of its stake in ASG Hospital to General Atlantic and Kedaara Capital. ASG Hospitals raised funds, through primary and secondary investment from General Atlantic and Kedaara Capital, with an overall deal value of Rs15 billion (US$188m). The secondary component included a complete exit for Invest Corp Private Equity Fund and a partial stake sale by Foundation Holdings. Partner Mayank Singh led the firm’s team in the transaction. Shardul Amarchand Mangaldas, Veritas Legal and AZB & Partners also advised on the deal.
Maples and Calder has advised Gogox Holdings on its IPO of 31.2 million shares, and listing in Hong Kong. The offering closed on June 24, 2022 and raised approximately HK$670 million (US$85m), before it issued a further 4.68 million shares in an overallotment. Gogox is the first Hong Kong logistics unicorn to go public in Hong Kong. Corporate partner Everton Robertson led the firm’s team in the transaction, while CYL & Partners, in association with Cooley Hong Kong, acted as Hong Kong counsel. Paul Hastings acted as Hong Kong counsel to the joint sponsors UBS Securities Hong Kong, China International Capital Corporation Hong Kong Securities, BOCOM International (Asia) and ABCI Capital, and the underwriters.
Maples and Calder has also acted as Cayman Islands counsel to Nano Labs on its IPO of 1.77 million American Depositary Shares, representing its class A ordinary shares, and its listing on the Nasdaq. Nano Labs is a leading fabless integrated circuit design company and product solution provider in China. The offering, which closed on July 14, 2022, raised approximately US$20.3 million. Partner Richard Spooner led the firm’s team in the transaction, while Wilson Sonsini Goodrich & Rosati and Zhong Lun Law Firm acted as US and Chinese counsels, respectively. Hogan Lovells and DeHeng Law Offices (Shenzhen) acted as US and Chinese counsels, respectively, to the underwriters, AMTD Global Markets, Maxim Group and US Tiger Securities.
Paul Hastings has advised Chongqing Hongjiu Fruit on its HK$561 million (US$71.5m) global offering and listing in Hong Kong. A fast-growing and multi-brand fruit company in China with an end-to-end supply chain, Hongjiu Fruit focuses on managing the entire supply chain for quality fruits primarily grown in China, Thailand and Vietnam. China International Capital Corporation Hong Kong Securities acted as the sole sponsor and, together with Citigroup Global Markets Asia and UBS AG Hong Kong Branch, acted as the joint global coordinators in this transaction. Global partner and Greater China chair Raymond Li and corporate partners Vincent Wang and Chaobo Fan led the firm’s team in the transaction.
Trilegal has acted as sole advisor to Prosus and PayU India on securing an unconditional approval from the Competition Commission of India on the proposed acquisition of IndiaIdeas.com (BillDesk). This was an acquirer only filing made by PayU India, with the firm acting as the sole counsel for PayU. This is the largest acquisition in the digital payments sector in India. The combined entity will be India’s largest digital payments entity, and among the top ten online payments providers globally. The CCI issued a show-cause notice with their prima facie competition concerns, and sought an explanation why a detailed investigation in Phase II should not be undertaken. The firm successfully convinced the CCI to approve the transaction in Phase I without any remedies. This is the first and only instance of the CCI clearing the transaction unconditionally (without any remedies) after issuing a show-cause notice. Partner and competition law national head Nisha Kaur Uberoi, supported by partner Gautam Chawla, led the firm’s team in advising the client. AZB & Partners and Shardul Amarchand Mangaldas represented the seller shareholders on M&A aspects.
WongPartnership is acting for 8S Capital Holdings, which is jointly-owned by KKR Credit Funds and the founders of 800 Super Holdings, on the disposal of 800 Super Holdings to Keppel Asia Infrastructure Fund and Keppel Infrastructure Holdings for S$380 million (US$271m). Partner Quak Fi Ling is leading the firm’s team in the transaction, together with partners Kylie Peh and Jerry Tan.
WongPartnership is also advising Mr William Lee, the co-founder of 800 Super Holdings, on his post-transaction shareholding arrangements, following the disposal of 800 Super Holdings to Keppel Asia Infrastructure Fund and Keppel Infrastructure Holdings. Partners Audrey Chng and Nicolette Lye are leading the firm’s team in the transaction.
