Allen & Gledhill has acted as transaction counsel to Novo Tellus Alpha Acquisition (NTAA) and its sponsor Novo Tellus PE Fund 2 on NTAA’s IPO and listing in Singapore. NTAA is a special purpose acquisition company incorporated to enter into a business combination. Novo Tellus Fund 2 is a private equity fund managed by Novo Tellus Capital Partners. Partners Tan Tze Gay, Jonathan Lee and Victoria Leong led the firm’s team in the transaction.
AZB & Partners has advised Waterfield Advisors on the acquisition by marquee single-family offices, ultra-high net worth individuals and existing investors of equity stake, via Series B funding round, in Waterfield Advisors. Partners Bahram Vakil and Bhuvana Veeraragavan led the firm’s team in the transaction, which was completed on February 03, 2022.
AZB & Partners has also advised Filter Capital (Mauritius), via Filter Capital Fund I, on its acquisition, along with other investors, of equity stake, via Series C equity funding round, in Loadshare Networks, a provider of a technology platform for transportation and logistics management services, and technology-enabled logistics distribution services. Partner Nanditha Gopal led the firm’s team in the transaction, which was valued at Rs3.1 billion (US$41m) and was completed on February 04, 2022.
Clifford Chance has advised Huitongda Network on its US$284 million IPO and listing in Hong Kong. Founded in late 2010, Nanjing-based Huitongda is a fast-growing commerce and service platform dedicated to serving business customers in China’s retail market. The company provides a comprehensive suite of supply chain services across an extensive network covering 21 provinces and over 20,000 townships throughout China. The joint sponsors on the deal are CICC, Citi and China Renaissance. China co-managing partner Tim Wang and partners Christine Xu and Fang Liu led the firm’s team in the transaction.
Dentons has advised New York-listed Victoria’s Secret & Co, the world’s largest intimates specialty retailer and owner of Victoria’s Secret and Pink stores, on a joint venture with Regina Miracle International (Holdings), a Hong Kong-listed lingerie manufacturer. Valued at US$100 million, this project is one of the largest franchise driven joint-ventures in the Asia Pacific market. The joint venture will operate all Victoria’s Secret stores and the related online business in China. Under the agreement, which is subject to regulatory clearance, Victoria’s Secret & Co will own 51 percent of the JV, with Regina Miracle retaining the remaining 49 percent. Partner Babette Marzheuser-Wood, global head of franchise group, led the firm’s team in the transaction, supported by partners Clemens Maschke (Frankfurt), Christiane Zedelius (Munich) and Emilia Shi (China).
IndusLaw has advised Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1 and Rhine Holdings (both part of the Kedaara group), as the investor selling shareholders, on the IPO of approximately 36.4 million equity shares of Vedant Fashions, raising approximately Rs31.5 billion (US$422m). Vedant Fashions is India’s most well-known wedding apparel brand, which markets itself under “Manyavar”, “Mohey” and “Mebaz” brands. Partner Manshoor Nazki led the firm’s team in the transaction, while Khaitan & Co advised the company and the promoter selling shareholder as to Indian law. Cyril Amarchand Mangaldas and Sidley Austin advised the book-running lead managers as to Indian law and international law, respectively.
IndusLaw has also advised CLSA, Edelweiss and Motilal Oswal, as the book-running lead managers, on the qualified institutional placement by the Burger King India Group, one of India’s most well-known QSR Brands, of approximately 108.5 million new shares to raise approximately Rs14 billion (US$187m). Partners Manan Lahoty and Manshoor Nazki led the firm’s team in the transaction, while Ashurst advised on US federal securities law. Cyril Amarchand Mangaldas advised Burger King India Group.
Khaitan & Co has advised Masu Brakes on the sale, via business transfer, of its railway friction business to Faiveley Transport Rail Technologies India, owned by Wabtec. MASU was incorporated in 1982 to become the leading supplier of brake pads and brake linings. Since then, MASU has carved a niche for itself in the friction material industry, and has grown into a group of companies that manufactures and exports a wide range of world-class friction products. Partner Kalpana Unadkat, supported by director Vinita Krishnan, led the firm’s team in the transaction, which was announced on January 4, 2022.
Khaitan & Co has also advised TVS Supply Chain Solutions and TVS Mobility, the promoter selling shareholder, on the filing of the draft red herring prospectus with SEBI, for the proposed IPO of equity shares of TVS Supply Chain Solutions, comprising of fresh issue aggregating to Rs20 billion (US$267m) and offer for sale by certain shareholders of the company. The book-running lead managers to the offer are JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Edelweiss Financial Services and Equirus Capital. Partners Aditya Cheriyan and Vivek Sriram led the firm’s team in the transaction, which was announced on February 11, 2022. Trilegal and Allen & Overy (Asia) acted as Indian counsel and international counsel, respectively, to the book-running lead managers.
L&L Partners has advised HPCL on its acquisition of the entire shareholding of BBlunt and its subsidiary BBlunt Spratt from their shareholders, including its majority shareholder Godrej Consumer Products. The overall value of the transaction is approximately Rs1.34 billion (US$18m). Partner Nitin Gera, supported by partner Subhash Bhutoria, led the firm’s team in the transaction.
L&L Partners has also advised Shree Ravi Trading & Manufacturing and its promoters on the strategic investment in SRTM by Oagri Farm. Oagri is promoted by OFB Tech, which operates a tech-enabled platform that facilitates raw material procurement and credit for SMEs. OFB is backed by various investors, including Tiger Global, SoftBank, Norwest and Matrix Partners. Partner Harish Kumar led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to GoGreen Investments on its IPO of 27.6 million units, including 3.6 million units issued upon exercise in full by the underwriters of the over-allotment option, and its listing in New York. GoGreen is a special purpose acquisition company formed to pursue business combination targets, which focuses on companies in the clean/renewable energy space. The offering, which closed on October 25, 2021, raised approximately US$276 million. Partner Juno Huang led the firm’s team in the transaction, while Ellenoff Grossman & Schole acted as US counsel. Cravath, Swaine & Moore acted as US counsel to the underwriters.
Maples and Calder has also acted as Cayman Islands and BVI counsel to CIFI Holdings (Group) and its BVI subsidiary on its issuance of US$150 million 4.45 percent senior notes due 2026, to be consolidated and form a single class with the US$350 million 4.45 percent senior notes due 2026 issued on May 17, 2021, guaranteed by certain non-China-incorporated subsidiaries of the issuer and be listed in Hong Kong, via debt issues to professional investors. The issuer also made an offer to purchase its outstanding 5.5 percent senior notes due 2022. Partner Lorraine Pao led the firm’s team in the transaction, while Sidley Austin acted as US and Hong Kong counsel, and Commerce & Finance Law Offices acted as Chinese counsel. Davis Polk & Wardwell acted as US counsel, while Jingtian & Gongcheng acted as Chinese counsel for the purchasers.
Paul Hastings has represented BNP Paribas, Crédit Agricole, JP Morgan Securities, MUFG Securities Asia and SMBC Niko Securities (Hong Kong), as the joint book-runners and joint lead managers, on a dual-tranche issuance by Hyundai Capital Services of US$400 million 2.125 percent senior bonds due April 2025 and US$300 million 2.5 percent senior green bonds due 2027, under the US$10 billion global medium term note program. The offering was conducted in reliance on Rule 144A and Regulation S of the US Securities Act of 1933, as amended. The firm has also advised Hyundai Capital Services on its update of US$10 billion global medium term note program. JP Morgan Securities acted as the arranger. BNP Paribas, Citigroup Global Markets, Crédit Agricole, HSBC, JP Morgan Securities, Merrill Lynch International, Société Générale, Standard Chartered Bank and UBS AG Hong Kong Branch acted as the dealers. Corporate partner Iksoo Kim led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for the shareholders of Ming Chuan Transportation on the sale of 90 percent of their shares to ComfortDelGro MedCare for approximately S$8.5 million (US$6.3m). Partner Tan Mui Hui led the firm’s team in the transaction.
Rajah & Tann Singapore has also advised INE on its acquisition of the cloud-based hands-on lab platform, Pentester Academy, which is engaged in cyber security, networking, data science, cloud, and DevOps training. Partners Lawrence Tan, Loh Chun Kiat, Benjamin Cheong and Celeste Lee led the firm’s team in the transaction.
WongPartnership is acting for the vendors on Lendlease Global Commercial REIT’s acquisition of the remaining stake interest in Jem mall at an agreed property value of S$2.08 billion (US$1.5b). Partners Tan Teck Howe and Lee Si Min led the firm’s team in the transaction, together with partners Alvin Chia, Lam Chung Nian and Chan Sing Yee.
WongPartnership has also acted as transaction counsel to a global investment company and EDBI, and as Singapore counsel to Paul McCartney’s MPL Ventures on their investment in the US$100 million Series A funding round of Next Gen Foods, the creator of plant-based chicken alternative TiNDLE. The funding round represents the largest Series A deal size in the plant-based meat category globally. Partner Kyle Lee led the firm’s team in the transaction, together with partners Kylie Peh and Chan Jia Hui.
