AZB & Partners has advised Peninsula Land on its Rs7.6 billion (US$91m) acquisition, along with Delta Corp and Alpha Alternatives Fund Advisors, of significant stake in Harborpeak Real Estate. Peninsula Land will contribute its human resources, infrastructure and Intellectual Property know-how to Harborpeak Real Estate. Partners Ashwath Rau, Anand Shah and Kashish Bhatia led the firm’s team in the transaction, which was completed on June 24, 2024.
AZB & Partners has also advised Peninsula Land on the Rs1.5 billion (US$18m) acquisition of stake in Peninsula Land by Arsenio Strategies. Partners Ashwath Rau, Anand Shah and Kashish Bhatia also led the firm’s team in the transaction, which was completed on June 24, 2024.
Moreover, AZB & Partners has advised Peak XV Partners Investments VIII-1 on its Rs834 million (US$10m) acquisition, along with Elevar Equity and Panthera Peak, of stake in Cloudphysician International. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on June 14, 2024.
A&O Shearman is advising e& enterprise, the digital transformation arm of global technology and investment group e&, on its 100 percent acquisition of GlassHouse, a leading Turkish-based IT infrastructure services company. This move aligns with e&’s strategic ambition to scale e& enterprise, strengthen its digital capabilities and expand its international footprint. This acquisition, which is subject to customary closing conditions, is set to provide e& enterprise entry to the Turkish IT services and cloud market, allowing it to expand its existing solutions to Türkiye, and leverage GlassHouse SAP capabilities in both the UAE and the Kingdom of Saudi Arabia. Established in 2004, GlassHouse Technologies employs more than 150 people and has offices in Turkey, South Africa, and Qatar. e& enterprise delivers advanced B2B solutions using the latest technologies, including cloud, IoT and AI industry solutions, cybersecurity, big data and analytics. The transaction follows on from e& enterprise’s acquisition of a majority stake in P2P lending platform Beehive Group in May 2023, on which Allen & Overy also advised. Middle East, Turkey and Africa M&A/corporate head partner Ben Ward, supported by partners Tom Butcher (Middle East communications, technology and data privacy head), Lydia Challen (London), Hugh Hollman (Washington DC) and Turkey associated firm Gedik & Eraksoy partner Caner Elmas, is leading the firm’s team in the transaction.
Clifford Chance has advised battery technology company Gelion on a joint development agreement with global diversified resources company Glencore to deploy battery technologies in the decarbonisation of the mining sector. The agreement between Gelion and Glencore will leverage expertise from both companies to coordinate and assess opportunities for battery technology innovation. Gelion and Glencore intend to explore the use of Gelion’s technologies in Glencore’s stationary and/or mobile applications, as well as potential synergies in relation to the supply of materials to Gelion and future recycling of batteries. Based in the UK and Australia, London-listed Gelion is a global renewable-energy storage company focused on designing and manufacturing zinc hybrid and lithium sulphur-based batteries. A Swiss multinational commodity trading and mining company, Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of over 60 commodities worldwide. Partner Nadia Kalic, supported by partner Ling Ho, led the firm’s team in the transaction.
Clifford Chance has also advised China Merchants Capital (CMC) on its US$870 million investment for a 40 percent stake in a project company holding Hong Kong telecommunications services provider HKT’s passive network infrastructure assets. The transaction involves an innovative structure that mutually benefits CMC and HKT. This investment by CMC is expected to lead to a strengthened long-term relationship and wider collaboration between CMC and HKT to support new service offerings in the Greater Bay Area and other new geographies. CMC is an alternative investment and asset management platform jointly owned by China Merchants Group and GLP, managing nearly 70 Rmb and foreign currency funds, with total assets under management of approximately Rmb300 billion (US$41b), as of end 2023. Hong Kong-listed HKT is a leading technology, media and telecommunications company offering local fixed line, local data and broadband, international telecommunications, mobile, media entertainment, enterprise solutions and other telecommunications services. Its market-leading premium passive access network has the most extensive coverage in Hong Kong. Partner Julie Fu, supported by partners Liyong Xing, Edith Leung and Yong Bai, led the firm’s team in the transaction, which is the largest M&A transaction involving passive network infrastructure in Hong Kong in recent years.
Moreover, Clifford Chance has advised Arrowpoint on the establishment and launch of Arrowpoint Investment Partners, an Asia-based multi-strategy hedge fund manager. The firm also advised Arrowpoint on its negotiations with seed investors, and the structuring of the manager’s equity participation. The Cayman-registered fund launched with an initial target of around US$1 billion in assets under management, and offices in Singapore and Hong Kong. Arrowpoint is one of the largest hedge fund launches in Asia this year. Partner Matt Feldmann, supported by partners Avrohom Gelber, Paul Koppel and Jefferey LeMaster, led the firm’s multi-jurisdictional team in the transaction, while Walkers acted as Cayman Islands counsel.
Cyril Amarchand Mangaldas has advised SEDEMAC Mechatronics on the acquisition of the minority shareholding by Xponentia Opportunities Fund-II, A91 Emerging Fund II, 360 One Special Opportunities Fund-Series 8 and 360 ONE Monopolistic Market Intermediaries Fund from the existing SEDEMAC shareholders. SEDEMAC manufactures innovative and critical-to-the-application control products, incorporating fresh control technologies conceived and developed in-house, to leaders of large markets globally. Partner Siddharth Hariani, supported by partners Ankita Ray and Siddharth Hariani, led the firm’s team in the transaction, which closed on May 30, 2024.
Cyril Amarchand Mangaldas has also advised Kogta Financial (India) on its Series F fundraise of Rs12.3 billion (US$147m) from advised the Ontario Teachers’ Pension Plan (OTPP). The round involves primary and secondary fundraises. Morgan Stanley and Creador, existing investors of Kogta Financial (India), are partially exiting. The firm also advised existing investor Multiples Private Equity on a Chinese wall basis on the shareholder rights renegotiation, as part of the round. Partner Suvojit Halder, supported by partner Aditi Manchanda, led the firm’s team in the transaction, which was signed on June 6, 2024.
Moreover, Cyril Amarchand Mangaldas has advised BofA Securities India, Morgan Stanley India, BNP Paribas Securities India and Jefferies India, as placement agents, on the sale via India’s stock exchange of 484.68 million Indus Towers equity shares with face value of Rs10 (US$0.12) each, representing approximately 18 percent of the total issued and paid-up equity share capital of Indus Towers, for approximately Rs153 billion (US$1.83b). The sellers, which are also the promoters of Indus Towers, include Euro Pacific Securities, CCII (Mauritius), Asian Telecommunication Investments (Mauritius), Trans Crystal, Mobilvest, Prime Metals, Vodafone Telecommunications (India) and Al-Amin Investments. This secondary trade was one of the largest secondary trades in the Indian capital markets. The transaction involved coordination among multiple sellers and brokers, requiring several rounds of discussion to finalize the documentation. Partners Abhinav Kumar (western region markets head) and Gokul Rajan (northern region markets head) led the firm’s team in the transaction, which closed on June 20, 2024.
JSA has represented Coforge on its proposed acquisition of a majority stake of Cigniti Technologies for approximately US$256 million. The transaction included Coforge making an open offer to the public shareholders of Cigniti, in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. India-listed Coforge is a global enterprise information technology solutions and services company. India-listed Cigniti provides digital assurance and digital engineering services. The deal also involved the subsidiary of Coforge availing a committed line of financing on May 2, 2024 for an amount not exceeding US$250 million by the Hongkong and Shanghai Banking Corporation GIFT City branch, and Coforge undertaking a fund raising exercise via a QIP to fund the acquisition. Partner Anand Lakra, supported by partners Shareen Gupta, Utsav Johri, Sucheta Bhattacharya, Sonakshi Das, Vaibhav Choukse and Ela Bali, led the firm’s team in the transaction.
Khaitan & Co has advised Gokaldas Exports (GEX) on its proposed investment in fabric manufacturer BRFL Textiles by subscribing to Optionally Convertible Debentures (OCDs). In its first tranche, GEX will subscribe for Rs500 million (US$6m), with the remaining OCDs worth up to Rs3 billion (US$36m) to be subscribed subsequently in multiple tranches, depending on the funding requirements. These funds shall be utilized mainly to meet the working capital needs, with a smaller portion towards the capex requirements. Further, subject to the fulfilment of certain conditions and receipt of applicable regulatory, statutory or other required approvals/consents, a possible merger or acquisition will be explored by June 30, 2025. Partner Ashutosh Sharma, supported by executive director Bhavin Vora and partners Abhishek Dadoo, Anshuman Sakle, Rahul Chakraborti, Harsh Parikh, Deepak Kumar and Shailendra Bhandare, led the firm’s team in the transaction.
Khaitan & Co has also advised Novo Holdings on the acquisition, as part of the Series B investment round, of a minority stake in agricultural and food technology company Agnext Technologies. Partners Kartick Maheshwari, Aashutosh Sampat and Nayantara Kutty, supported by director Rahul Jain and partners Supratim Chakraborty, Deepak Kumar, Adheesh Nargolkar, Shailendra Bhandare and Ritu Shaktawat, led the firm’s team in the transaction.
K&L Gates, with its Singapore office K&L Gates Straits Law, has advised the shareholders of B2B research and data provider Vanda on its sale to software services investor FPE Capital. Vanda is a global independent research company that provides tactical macro and strategic investment analysis to institutional investors. The investment by FPE Capital will be used to evolve Vanda’s data and research offerings and pursue selective acquisitions. FPE Capital are investors in the second-stage growth of software, data and software services companies. Asset management and investment funds (AMIF) partner Edward Bennett (Singapore), supported by AMIF partners Jennifer Klass (New York) and Philip Morgan (London), led the firm’s team in the transaction.
O’Melveny has acted as Hong Kong and US counsel to Hong Kong-listed Laopu Gold on its IPO and listing in Hong Kong. The total offering size was approximately HK$905 million (US$116m), after full exercise of the offer size adjustment option. Established in 2009, Laopu Gold is a Chinese heritage gold jewelry brand accredited by the China Gold Association. It is the first gold jewelry brand in China to promote the concept of heritage gold, and the only brand in China that focuses on the design, manufacture and sale of heritage gold jewelry. Among all gold jewelry brands in China, Laopu Gold ranked first in terms of single-store sales in 2022 and 2023. The cornerstone investors in this IPO are Tencent, China Southern Asset Management and CPE Fund, who subscribed for US$56 million worth of shares. At the time of the IPO, Laopu Gold was 582 times oversubscribed. China Securities (International) acted as the sole sponsor, sole overall coordinator and sole global coordinator. China Securities (International), CCB International and BOCOM International acted as joint book-runners and joint lead managers. Tiger Brokers (HK) also acted as a joint lead manager. Partners Ke Geng and Ke Zhu led the firm’s team in the transaction, which is widely recognized as the “First Chinese Heritage Gold Brand IPO” in the market.
Rajah & Tann Singapore has acted for QT Vascular on its acquisition of three Eastern Dental Surgery clinics through Eastern Dental Centre, an indirect subsidiary of QT Vascular. The acquisition is part of QT Vascular’s efforts to expand its dental services business. Partner Tan Mui Hui led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for GoTyme Financial and Tyme Group on the acquisition of the entire issued and paid-up share capital of Uploan Asia and all outstanding options issued by Uploan Asia. Uploan Asia and its subsidiaries operate SAVii, a popular salary loan provider in the Philippines. Partners Terence Quek and Jasselyn Seet led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised the Ontario Teachers’ Pension Plan (OTPP) and Morgan Stanley on the acquisition of a significant minority stake in Kogta Financial (India). The funds raised will be used as primary capital to drive growth across its product offering and expand regional presence, and will also provide partial exits to Kogta’s existing institutional investors Morgan Stanley and Creador. A fast-growing retail focused NBFC specializing in the secured vehicle and MSME financing space, Kogta Financial (India) has a strong track record of institutional backing with existing investments. Partners Abhishek Guha and Tanya Uppal, supported by partners Veena Sivaramakrishnan, Mohit Bhatia, Mukul Baveja, Tanya Uppal, Gauri Chhabra and Nivedita Tiwari, led the firm’s team in the transaction, which is valued at approximately US$148 million. Latham & Watkins advised OTPP on international law, while Cyril Amarchand Mangaldas advised Kogta Financial (India).
S&R Associates has represented the broker on the Rs41.84 billion (US$501m) bulk deal sale of 97.9 million equity shares of Vedanta, a natural resources and technology company, by promoter entity Finsider International on the Indian stock exchange. Partner Sudip Mahapatra led the firm’s team in the transaction.
