AZB & Partners has advised Veristat on its acquisition of Instat Consulting USA and standalone acquisition of Instat Clinical Research India. Partners Ashwath Rau, Vipul Jain and Ajay Solanki led the firm’s team in the transaction, which was completed on October 16, 2023.
AZB & Partners is also advising Kotak Mahindra Bank and Kotak Mahindra General Insurance on the approximately Rs40.51 billion (US$486m) acquisition by Zurich Insurance of 51 percent of equity stake in Kotak General Insurance. Partners Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on November 2, 2023 and is yet to be completed.
Moreover, AZB & Partner is advising AU Small Finance Bank on its approximately Rs44.1 billion (US$529m) acquisition of Fincare Small Finance Bank. Partners Ashwath Rau and Vipul Jain are leading the firm’s team in the transaction, which was signed on October 29, 2023 and is yet to be completed.
Clifford Chance has advised JP Morgan Securities and UBS, as the underwriters, on the US$444.9 million offering and listing by Will Semiconductor Shanghai of global depositary receipts in Switzerland, under the expanded China-Europe Stock Connect scheme. Headquartered in Shanghai, Will Semiconductor produces semiconductors and related components that are used in mobile communication, vehicle-mounted electronics, security, internet communication and household appliances, among others. China co-managing partner Tim Wang and partner Jean Thio led the firm’s cross-border team in Shanghai, London and Washington DC in the transaction.
Dentons Hong Kong has advised XXF Group Holdings, an established automobile retailer providing automobile finance lease service primarily through its self-operated sales outlets in China, on the global offering of its shares in Hong Kong. The offering raised gross proceeds of approximately HK$113 million (US$14.5m). Capital markets partner and corporate finance head Gordon Ng led the firm’s team in the transaction.
Khaitan & Co has advised Aditya Birla Fashion and Retail (ABFR) on a 50:50 joint venture with Christian Louboutin to form CLI Footwear and Accessories to distribute and sell Christian Louboutin’s luxury products in India. This strategic collaboration allows ABFR to expand its luxury brand portfolio and venture into the footwear market. By incorporating CLI Footwear and Accessories, ABFR intends to complement its existing fashion apparel range and cater to a broader customer base. This move is expected to strengthen its position in the competitive luxury market segment. Partner Shourya Sengupta led the firm’s team in the transaction.
Khaitan & Co has also acted as transaction counsel to Cosyst Holding, a wholly-owned subsidiary of KPL International, and Kanoria Chemicals and Industries (KCI) on Cosyst’s minority investment in APAG Holding, via a combination of secondary purchase of securities from KCI and primary investment via subscribing to equity securities of APAG. The transaction also involved primary investment by APAG existing strategic partner Novares Venture Capital (France) in APAG to maintain its 20 percent shareholding in APAG. A Swiss corporation incorporated under the laws of Switzerland, APAG Holding is an established supplier to the European and global automotive industry. APAG has specialized in certain areas of expertise, including ECU (electronic control units), lighting (LED-based comfort lighting applications) and EMS (electronic manufacturing services). Its clients include large European OEMs, wherein APAG serves as Tier 1+n supplier. Senior partner Padam Khaitan and partner Shourya Sengupta led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised Cello World on its IPO via an offering for sale by certain shareholders of approximately 29.34 million equity shares aggregating to Rs19 billion (US$228m). The equity shares were listed on the Indian stock exchanges on November 6, 2023. Cello World is a prominent player in the consumer ware market in India, with presence in the consumer houseware, writing instruments and stationery, moulded furniture and allied products, and consumer glassware categories. Capital markets national head Prashant Gupta and partner Abhinav Maker led the firm’s team in the transaction. Sidley Austin acted as international counsel to Kotak Mahindra Capital, ICICI Securities, IIFL Securities, JM Financial and Motilal Oswal Investment Advisors, as the book-running lead managers.
Shardul Amarchand Mangaldas is also advising Ring Plus Aqua (RPA) on the strategic acquisition, via acquisition of equity shares, of 59.25 percent stake in Maini Precision Products (MPP) from MPP Group members Gautam Maini, Sandeep Kumar Maini, Maini Family Trust and KMaini Motorsports India, and minority investors Paragon Partners Growth Fund-I and Amit Mohatta. MPP manufactures, per customer specific drawings, and supplies high precision mechanical components, assemblies and subassemblies to the automotive, industrial, defence and aerospace sectors. The strategic acquisition is to be followed by the consolidation of businesses of JK Files & Engineering, RPA and MPP, via the demerger of JK Files involving the engineering business of JK Files and investments of JK Files in RPA and JK Talabot into a wholly-owned subsidiary of Raymond, the new company, and the merger of MPP and RPA with Raymond. Partners Manav Nagaraj, Anuj Bhasme and KS Bhargava, supported by partners Pooja Ramchandani, Kriti Kaushik, Karan Joseph and Gauri Chhabra, are leading the firm’s team in the transaction, which was valued at approximately Rs6.82 billion (US$82m), and is expected to close on January 15, 2024. Trilegal advised Maini Precision Products and MPP Group members Gautam Maini, Sandeep Kumar Maini, Maini Family Trust and KMaini Motorsports India, while IndusLaw advised Paragon Partners Growth Fund-I and Amit Mohatta.
Wong & Partners has advised ams OSRAM, thru its wholly-owned subsidiary in Malaysia, Osram Opto Semiconductors (Malaysia), on a RM2 billion (US$425m) transaction agreement signed with Permodalan Nasional, the Employees Provident Fund (EPF) and Retirement Fund (KWAP) for the sale and leaseback of its manufacturing facility in Kulim Hi-Tech Park, Kedah. ams OSRAM is a global leader in intelligent sensors and emitters. Partners May Chua and Faez Abdul Razak led the firm’s team in the transaction.
WongPartnership has acted for Wintime Energy on its proposed US$7 million subscription of 70 percent shares in Vnergy, National University of Singapore’s all-vanadium redox flow battery energy storage technology start-up company. Partners Joseph He and Miao Miao led the firm’s team in the transaction.
WongPartnership has also acted as Singapore counsel to ZQ Capital on the acquisition of Popular Holdings, the holding company for the Popular group. Partner Quak Fi Ling led the firm’s team in the transaction, together with partners Tan Teck Howe, Kylie Peh and Lee Si Min.
