Allen & Gledhill has acted as transaction counsel to Wavemaker Pacific 4 on leading a US$3.75 million seed round investment in Meatiply, a Singapore-based food research company that develops and produces meat alternatives through cell cultivation. Partner Nicholas Soh led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to United Overseas Bank, Malayan Banking Singapore Branch, Hong Leong Finance and Bank of China Singapore Branch on the S$932 million (US$695m) conventional loan and Islamic Murabahah facilities to Chuan Park Development. The facilities were used to, among others, partially finance the acquisition via collective sale of the Chuan Park condominium, and the development and construction of a residential development on the site. Partners Aloysius Ng and Lyn Wee led the firm’s team in the transaction.
Moreover, Allen & Gledhill has acted as transaction counsel to United Overseas Bank and Shanghai Pudong Development Bank Singapore Branch on the S$580 million (US$433m) term loan facilities to Kingsford Marina Development. The loan facilities were used to, among others, partially finance the acquisition of a 99-year leasehold site at Marina Gardens Lane, and the construction of a condominium development on the property. Partners Aloysius Ng and Lyn Wee also led the firm’s team in the transaction.
AZB & Partners is advising BlackRock on its Rs1 trillion (US$12b) acquisition of Global Infrastructure Management (GIM). The acquisition includes Global Infrastructure Partners, GIM’s Indian wholly-owned indirect subsidiary, and the management of two India Infrastructure focused fund, namely Infrastructure Fund and Infrastructure Fund II, and companies held by the funds, which include Hanjer Biotech Energies, Ascend Telecom Infrastructure, ONGC Tripura Power, and Pristine Logistics and Infraprojects. Partners Zia Mody, Ashwath Rau, Atreya Bhattacharya, Rushabh Maniar, Anuja Tiwari, Mallika Anand and Bharat Budholia are leading the firm’s team in the transaction, which was signed on January 12, 2024 and is yet to be completed.
AZB & Partners has also advised TPG ASIA SF V on its Rs1.9 billion (US$23m) sale of equity stake in Shriram Properties. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on December 6, 2023.
Moreover, AZB & Partners has advised FIH Mauritius Investments on its US$250 million acquisition of 10 percent equity stake in Bangalore International Airport from Siemens Project Ventures. Partners Darshika Kothari and Divya Mundra led the firm’s team in the transaction, which was completed on December 12, 2023.
Baker McKenzie has advised Luk Fook Holdings (International) on the acquisition by its wholly-owned subsidiary of 50.43 percent total issued shares in Hong Kong Resources Holdings, and the subsequent unconditional mandatory cash offers to acquire all the issued shares in Hong Kong Resources, and cancel all outstanding options of Hong Kong Resources for approximately HK$200.7 million (US$26m). Hong Kong Resources principally engages in the retail sales and franchising operations for gold and jewellery products (including the “3DG Jewellery” brand) in Hong Kong and Mainland China, as well as in the wholesaling and contracting operations of gold and jewellery products in Mainland China. The transaction enables Luk Fook to optimize its business structure and consolidate its control of the “3DG Jewellery” brand and business, while enabling Hong Kong Resources to benefit from the financial strength and expertise of Luk Fook in the jewellery market. Capital markets partner Christina Lee led the firm’s team in the transaction.
Allen & Gledhill has acted as transaction counsel to Wavemaker Pacific 4 on leading a US$3.75 million seed round investment in Meatiply, a Singapore-based food research company that develops and produces meat alternatives through cell cultivation. Partner Nicholas Soh led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to United Overseas Bank, Malayan Banking Singapore Branch, Hong Leong Finance and Bank of China Singapore Branch on the S$932 million (US$695m) conventional loan and Islamic Murabahah facilities to Chuan Park Development. The facilities were used to, among others, partially finance the acquisition via collective sale of the Chuan Park condominium, and the development and construction of a residential development on the site. Partners Aloysius Ng and Lyn Wee led the firm’s team in the transaction.
Moreover, Allen & Gledhill has acted as transaction counsel to United Overseas Bank and Shanghai Pudong Development Bank Singapore Branch on the S$580 million (US$433m) term loan facilities to Kingsford Marina Development. The loan facilities were used to, among others, partially finance the acquisition of a 99-year leasehold site at Marina Gardens Lane, and the construction of a condominium development on the property. Partners Aloysius Ng and Lyn Wee also led the firm’s team in the transaction.
AZB & Partners is advising BlackRock on its Rs1 trillion (US$12b) acquisition of Global Infrastructure Management (GIM). The acquisition includes Global Infrastructure Partners, GIM’s Indian wholly-owned indirect subsidiary, and the management of two India Infrastructure focused fund, namely Infrastructure Fund and Infrastructure Fund II, and companies held by the funds, which include Hanjer Biotech Energies, Ascend Telecom Infrastructure, ONGC Tripura Power, and Pristine Logistics and Infraprojects. Partners Zia Mody, Ashwath Rau, Atreya Bhattacharya, Rushabh Maniar, Anuja Tiwari, Mallika Anand and Bharat Budholia are leading the firm’s team in the transaction, which was signed on January 12, 2024 and is yet to be completed.
AZB & Partners has also advised TPG ASIA SF V on its Rs1.9 billion (US$23m) sale of equity stake in Shriram Properties. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on December 6, 2023.
Moreover, AZB & Partners has advised FIH Mauritius Investments on its US$250 million acquisition of 10 percent equity stake in Bangalore International Airport from Siemens Project Ventures. Partners Darshika Kothari and Divya Mundra led the firm’s team in the transaction, which was completed on December 12, 2023.
Baker McKenzie has advised Luk Fook Holdings (International) on the acquisition by its wholly-owned subsidiary of 50.43 percent total issued shares in Hong Kong Resources Holdings, and the subsequent unconditional mandatory cash offers to acquire all the issued shares in Hong Kong Resources, and cancel all outstanding options of Hong Kong Resources for approximately HK$200.7 million (US$26m). Hong Kong Resources principally engages in the retail sales and franchising operations for gold and jewellery products (including the “3DG Jewellery” brand) in Hong Kong and Mainland China, as well as in the wholesaling and contracting operations of gold and jewellery products in Mainland China. The transaction enables Luk Fook to optimize its business structure and consolidate its control of the “3DG Jewellery” brand and business, while enabling Hong Kong Resources to benefit from the financial strength and expertise of Luk Fook in the jewellery market. Capital markets partner Christina Lee led the firm’s team in the transaction.
JSA has also advised Shyam Metalics and Energy (SME) on its qualified institutions placement for an issue of approximately 24 million equity shares to qualified institutional buyers aggregating to approximately Rs13.85 billion (US$167m). ICICI Securities was the placement agent to the QIP. SME filed the placement document on January 5, 2024. SME is a leading integrated steel and ferro alloys producer, in terms of long steel products, in the eastern region of India, and among the largest producers of ferro alloys, aluminium foils and pellets in India. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised Tanjung Buai Ventures, a special purpose vehicle of Malaysia’s sovereign wealth fund Khazanah Nasional, on its primary investment and secondary acquisition of stakes in Wow Momo Foods. The primary investment was made via subscription to compulsorily convertible preference shares (Series D3 CCPS), and the secondary purchase was made from the company founders, namely Sagar Jagdish Daryani, Binod Kumar Homagai and Shah Miftaur Rahman, and certain other shareholders (India 2020 Fund II and William Bissell). This deal will strengthen investment in India’s food and beverage industry, and further augment and expand Wow! Momo’s presence in India. Partners Iqbal Khan and Pooja Singhania, supported by partners Gauri Chhabra, Kanika Goenka and Mukul Baveja, led the firm’s team in the transaction.
S&R Associates has represented Kotak Mahindra, Axis Capital and Avendus Capital, as the placement agents, on the Rs22.63 billion (US$272m) initial offer of units, via private placement, by Sustainable Energy Infra Trust, India’s largest renewable energy listed infrastructure investment trust (InvIT), co-sponsored by the Mahindra Group and Ontario Teachers’ Pension Plan Board. Partners Swapneil Akut and Pratichi Mishra led the firm’s team in the transaction.
Trilegal is advising Tata Consumer Products on its approximately Rs19 billion (US$228m) acquisition of up to 100 percent of Organic India, a subsidiary of Fabindia. Corporate partners Harsh Maggon and Pranav Atit, supported by partners Kirti Balasubramanian (intellectual property), Rahul Arora (real estate), Atul Gupta (labour and employment) and Nikhil Narendran (TMT), are leading the firm’s team in the transaction, which was signed on January 12, 2024 and is yet to be completed. AZB & Partners, led by partners Anil Kasturi and Anisha Shridhar, advised FabIndia and Organic India.
Trilegal has also advised Asian Infrastructure Investment Bank (AIIB) on its investment into Sustainable Energy Infra Trust (SEIT), a renewable energy infrastructure investment trust (InvIT) backed by OTPP and Mahindra group. AIIB is the anchor investor in the InvIT, which was set up to house eight renewable energy assets developed by the Mahindra group. The placement memorandum for the private placement of units was filed by SEIT with SEBI on December 27, 2023, while the offer was opened on January 4, 2024 and closed on January 10, 2024. Partners Vaibhav Kothari (corporate) and Nayantara Nag (projects), supported by partners Riyaz Bhagat (projects), Richa Choudhary (capital markets), Sneha Vardhan (corporate), Tine Abraham (disputes resolution), Gautam Chawla (competition), Kannan Rahul (banking & finance) and Himanshu Sinha (taxation), led the firm’s team in the transaction.
Moreover, Trilegal has advised Highways Infrastructure Trust on its acquisition of 100 percent stake in 12 road assets (eleven hybrid annuity model assets and one build operate transfer asset) from PNC Infratech and PNC Infra Holdings. With an aggregate enterprise value of approximately Rs90 billion (US$1b), including earnouts and subject to adjustments, the transaction is one of the largest acquisitions in the Indian highways sector. Partners Neeraj Menon (projects), Amar Narula (projects) and Sneha Vardhan (corporate), supported by partners Apeksha Mattoo (labour & employment), Nisha Kaur Uberoi (competition national head) and Rudresh Singh (competition), led the firm’s team in the transaction.
TT&A has advised Asian Development Bank on its subscription to unlisted, secured, unrated, redeemable, transferable and interest bearing non-convertible debentures for an amount not exceeding Rs1.5 billion (US$18m) to be issued by Cygnus Medicare on a private placement basis to expand access to affordable and quality health care in northern India. The financing will support Cygnus’s plans to establish up to six new hospitals in tier-2 and tier-3 cities, and strengthen and upgrade its existing hospitals by adding specialty departments. Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.
TT&A has also advised Asian Development Bank on the execution of documents for subscription to unlisted, secured, unrated, redeemable, transferable and interest bearing non-convertible debentures for an amount not exceeding Rs1.5 billion (US$18m) to be issued by Cygnus Medicare on a private placement basis to expand access to affordable and quality health care in northern India. The financing will support Cygnus’s plans to establish up to six new hospitals in tier-2 and tier-3 cities, and strengthen and upgrade its existing hospitals by adding specialty departments. Partners Gautam Saha, Pallavi Meena and Pragya Sood also led the firm’s team in the transaction.
WongPartnership is acting for the general partner and investment manager of Titan Dining, a private equity fund investing in Asia, on its extension of fund duration and increase in fund size to S$450 million (US$336m), with the support from Jollibee Worldwide, which is part of the Jollibee Group from the Philippines and the anchor investor. Partner Low Kah Keong is leading the firm’s team in the transaction.
