Allen & Gledhill has acted as transaction counsel to the National University of Singapore (NUS) on the issue of its S$340 million (US$255m) 3.268 percent notes due 2033, under its S$2 billion (US$1.5b) multicurrency medium term note programme. NUS successfully raised S$340 million (US$255m) thru the issue of green notes under the programme. The net proceeds from the issue will be allocated towards the financing of green projects under the new Green Finance Framework of the university, which provides the overarching criteria and guidelines for NUS to enter into green finance transactions, and is a move by the university to extend its efforts in addressing climate change and environmental sustainability. NUS is believed to have been the first university in Asia to launch a framework on sustainability-linked finance and to issue a green note. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Lang Eye Centre, Dr Leonard Ang and Ms Sherona Ng on the S$19.5 million (US$14.6m) acquisition of 60 percent of the shares in Lang Eye Centre by Foundation Health (Specialists). Partner Christopher Ong led the firm’s team in the transaction.
Ashurst has represented Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB), on the β1 billion (US$29m) 3.1 percent 5-year bond issued by SNC, guaranteed by CGIF. The bond was issued under the ASEAN+3 Multi-Currency Bond Issuance Framework, a policy initiative under the Asian Bond Markets Initiative to standardize the bond and note issuance processes with the goal of strengthening bond market linkages among the Association of Southeast Asian Nations members, China, Japan and Korea (ASEAN+3). CGIF is a multilateral facility established by the ASEAN+3 and the ADB, as a trust fund of ADB to provide credit enhancements, mainly in local currencies, issued by credit worthy ASEAN+3-domiciled bond issuers. Global finance, funds and restructuring co-head partner Jini Lee led the firm’s team in the transaction.
AZB & Partners is advising Hero Mindmine Institute, Hero Corporate Service and Global Ivy Ventures on the acquisition by Imarticus Learning of shares held by Hero Corporate Service and Global Ivy Ventures in Hero Mindmine Institute. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was signed on March 30, 2023 and is yet to be completed.
AZB & Partners has also advised Reliance Industries on the acquisition by its subsidiary Reliance Retail Ventures and other investors, including Google, of stake in Dunzo Digital. Partners Ashwath Rau and Jasmin Karkhanis led the firm’s team in the transaction, which was completed on March 24, 2023.
Moreover, AZB & Partners has advised The Souled Store and its founders Vedang Gokul Patel, Aditya Dinesh Sharma, Rohin Rajan Samtaney and Harshvardhan Lal on the Rs1.33 billion (US$16.2m) acquisition of more than 35 percent equity stake in The Souled Store by Xponentia Opportunities Fund II, Elevation Capital VII, RP-SG Ventures Fund 1 and RP-SG Capital Ventures Opportunity Fund 1. Partners Anand Shah and Siddharth Paranjpe led the firm’s team in the transaction, which was signed on February 24, 2023 and was completed on March 25, 2023.
Moreover, AZB & Partners has advised The Souled Store and its founders Vedang Gokul Patel, Aditya Dinesh Sharma, Rohin Rajan Samtaney and Harshvardhan Lal on the Rs1.33 billion (US$16.2m) acquisition of more than 35 percent equity stake in The Souled Store by Xponentia Opportunities Fund II, Elevation Capital VII, RP-SG Ventures Fund 1 and RP-SG Capital Ventures Opportunity Fund 1. Partners Anand Shah and Siddharth Paranjpe led the firm’s team in the transaction, which was signed on February 24, 2023 and was completed on March 25, 2023.
Baker McKenzie has also advised the seller of M3 Capital Partners (M3CP), a leading global private equity capital advisory business, to GLP Capital Partners (GCP), a leading global alternative asset manager that focuses on thematic investing across real assets and private equity. The acquired business will continue to operate as M3CP. M3CP has completed transactions representing over US$150 billion of total capitalization since its inception, and has unique expertise in creating and scaling specialized fund management businesses across a diverse array of real asset classes and private equity strategies. From offices in Hong Kong, Beijing and London, M3CP will continue to provide strategic capital advisory services to GCP and select other real asset companies and fund managers. Partners Jason Ng (funds), Derek Poon (private equity/ M&A) and Grace Fung (financial services) led the firm’s team in the transaction.
Baker McKenzie has also advised the seller of M3 Capital Partners (M3CP), a leading global private equity capital advisory business, to GLP Capital Partners (GCP), a leading global alternative asset manager that focuses on thematic investing across real assets and private equity. The acquired business will continue to operate as M3CP. M3CP has completed transactions representing over US$150 billion of total capitalization since its inception, and has unique expertise in creating and scaling specialized fund management businesses across a diverse array of real asset classes and private equity strategies. From offices in Hong Kong, Beijing and London, M3CP will continue to provide strategic capital advisory services to GCP and select other real asset companies and fund managers. Partners Jason Ng (funds), Derek Poon (private equity/ M&A) and Grace Fung (financial services) led the firm’s team in the transaction.
Baker McKenzie has also advised the seller of M3 Capital Partners (M3CP), a leading global private equity capital advisory business, to GLP Capital Partners (GCP), a leading global alternative asset manager that focuses on thematic investing across real assets and private equity. The acquired business will continue to operate as M3CP. M3CP has completed transactions representing over US$150 billion of total capitalization since its inception, and has unique expertise in creating and scaling specialized fund management businesses across a diverse array of real asset classes and private equity strategies. From offices in Hong Kong, Beijing and London, M3CP will continue to provide strategic capital advisory services to GCP and select other real asset companies and fund managers. Partners Jason Ng (funds), Derek Poon (private equity/ M&A) and Grace Fung (financial services) led the firm’s team in the transaction.
Khaitan & Co has advised Aditya Birla Capital and Infocyber India on their proposed exit from Aditya Birla Insurance Brokers via a 100 percent stake sale to Edme Services at an enterprise value of Rs4.55 billion (US$55.5m) on a cash-free and debt-free basis. The proposed exit is subject to the approval of the Insurance Regulatory and Development Authority of India and other statutory/regulatory approvals. Aditya Birla Insurance Brokers is one of India’s leading composite insurance brokers. It specializes in providing integrated insurance broking and advisory services to companies and individuals, and also offers re-insurance solutions to insurance companies. Aditya Birla Capital is the holding company for the financial services businesses of the Aditya Birla Group. As of December 31, 2022, Aditya Birla Capital manages aggregate assets worth more than Rs3.6 trillion (US$44b), with a consolidated lending book of approximately Rs859 billion (US$10.5b), through its subsidiaries and joint ventures. Edme Services is part of the Samara Capital Group and an affiliate of Samara Alternative Investment Fund. Samara Capital is one of India’s leading mid-market private equity firms. Partners Saswat Subasit and Shourya Sengupta led the firm’s team in the transaction.
Khaitan & Co has also acted as India counsel to Z Capital Group and Techniks Tool Group on their acquisition of the Eppinger Group. Partner Ganesh Prasad, supported by partners Indruj Singh Rai, Vinay Joy, Sudheer Madamaiah, Prashanth Ramdas, Smita Jha, Anand Mehta, Manisha Shroff, Shailendra Bhandare, Onkar, Anisha Chand and Tamarra Sequeira, led the firm’s team in the transaction.
Paul Hastings has advised Morgan Stanley Asia and China International Capital Corporation Hong Kong Securities, as the joint sponsors, on the HK$238.9 million (US$30.43m) global offering of Beisen Holding and its listing in Hong Kong. Morgan Stanley Asia and China International Capital Corporation Hong Kong Securities acted as the overall coordinators, joint sponsors, joint global coordinators and joint lead managers and, together with Futu Securities International (Hong Kong) and Tiger Brokers (HK) Global, as the joint book-runners. Beisen is the largest provider of cloud-based human capital management (HCM) solutions in China, in terms of revenues in 2021. Founding partner and Greater China chair Raymond Li and corporate partners Chaobo Fan and Steven Hsu led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Kotak Real Estate Fund X, a fund managed by Kotak Investment Advisors, on its investment in the non-convertible debentures issued by Bharat Hotels, parent entity of the LaLiT Hospitality Group which owns and operates 13 luxury hotels, spa and resort properties in India. This issuance will help Bharat Hotels to strengthen its position in the hospitality industry, and provide an opportunity for investors to invest in the growing hospitality sector of India. Partners Veena Sivaramakrishnan and Zubin Mehta, supported by partners Lalan Gupta, Bhoumick Vaidya, Mrinal Kumar and Shrutikirti Kumar, led the firm’s team in the transaction, which was valued at approximately US$135 million and closed on January 31, 2023. S&R Associates advised Bharat Hotels.
Skadden has represented ispace on its ¥6.73 billion (US$52m) IPO in Tokyo. The company offered approximately 26.52 million shares at an offer price of ¥254 (US$1.89) per share, for a total offer value of ¥6.73 billion (US$52m), exclusive of the underwriters’ over-allotment option. ispace is a leading company offering lunar payload delivery and lunar data services in Japan. Trading commenced on April 12, 2023. Tokyo partner Kenji Taneda led the firm’s team in the transaction, which is the first IPO by a space startup in Japan.
Skadden has represented ispace on its ¥6.73 billion (US$52m) IPO in Tokyo. The company offered approximately 26.52 million shares at an offer price of ¥254 (US$1.89) per share, for a total offer value of ¥6.73 billion (US$52m), exclusive of the underwriters’ over-allotment option. ispace is a leading company offering lunar payload delivery and lunar data services in Japan. Trading commenced on April 12, 2023. Tokyo partner Kenji Taneda led the firm’s team in the transaction, which is the first IPO by a space startup in Japan.
Trilegal is advising Manipal Hospitals and its promoters on Temasek’s acquisition of a significant stake in Manipal Health Enterprises (Manipal Hospitals), which also involves part exit to TPG and full exit to National Investment Investment and Infrastructure Fund-II. Corporate partners Harsh Maggon and Ankit Kejriwal, Nisha Kaur Uberoi (national competition head) and Rudresh Singh (competition) are leading the firm’s team in the transaction, which is the largest private equity deal in the healthcare sector in India.
Trilegal is advising Manipal Hospitals and its promoters on Temasek’s acquisition of a significant stake in Manipal Health Enterprises (Manipal Hospitals), which also involves part exit to TPG and full exit to National Investment Investment and Infrastructure Fund-II. Corporate partners Harsh Maggon and Ankit Kejriwal, Nisha Kaur Uberoi (national competition head) and Rudresh Singh (competition) are leading the firm’s team in the transaction, which is the largest private equity deal in the healthcare sector in India.
WongPartnership is acting for Heeton Holdings on the invitation to the holders of its 6.8 percent fixed-rate notes due November 2023 to exchange their outstanding S$62.7 million (US$47m) of existing notes for new notes due November 2026. For each S$180,000 (US$135,164) of the existing notes, Heeton Holdings is offering S$200,000 (US$150,182) of new notes at a higher coupon rate of seven percent. The new notes are expected to be issued on May 2, 2023, and shall be redeemed in full on their maturity date, which is expected to fall on or around November 2, 2026. Partner Trevor Chuan is leading the firm’s team in the transaction.
WongPartnership is acting for Algorand Foundation on the winding-up application against the Singapore entity of failed cryptocurrency hedge fund, Three Arrows Capital, with a claim of US$C53.5 million. Partner Daniel Chan is leading the firm’s team in the matter, together with partner Chan Jia Hui.
