Allen & Gledhill has acted as transaction counsel to DBS Bank on its joint venture with Singapore Exchange, Standard Chartered Bank (Singapore) and Temasek Holdings to establish Climate Impact X (CIX), a global exchange and marketplace for high-quality carbon credits. CIX is an initiative from Singapore’s Emerging Stronger Taskforce’s Alliance for Action (AfA) on Sustainability. The AfA on Sustainability aims to position Singapore as a hub for carbon-related services and nature-based solutions. CIX comprises The Exchange, a digital platform that enables buyers and suppliers to trade large volumes of high-quality carbon credits, and the Project Marketplace, a digital platform for buying high-quality carbon credits directly from specific projects. Partners Lim Pek Bur, Adrian Ang, Elsa Chen, Alexander Yap and Jessie Lim led the firm’s team in the transaction.
AZB & Partners is advising Reno Asia Holdings II on its Rs14 billion (US$182m) acquisition, along with other investors, of equity stake in Livspace. Partners Roxanne Anderson and Gaurav Bansal are leading the firm’s team in the transaction, which was signed on February 4, 2022 and is yet to be completed.
AZB & Partners has also advised Unidays on its acquisition of Wynaut Webventures, operator of “Student Identify”, an online student verification service for couponing, discounts and offers by merchants. Partners Roxanne Anderson and Nandan Pendsey led the firm’s team in the transaction, which was completed on January 31, 2022.
Clifford Chance has advised the Commonwealth Bank of Australia (CBA) and a syndicate of nine banks on a syndicated A$800 million (US$585m) sustainability-linked agricultural inventory borrowing base facility for Viterra, one of Australia’s leading grain companies. This marks Australia’s first syndicated inventory financing structure to tie sustainability performance targets to the origination of domestic, sustainably grown grain. Designed to drive better sustainability outcomes for the Australian and international agriculture sectors, the new facility supports sustainable farming practices among local growers by linking Viterra’s cost of capital to its performance against agreed sustainability targets throughout its supply chain over a four-year period. Partner Mark Gillgren led the firm’s team in the transaction.
JSA has advised Global Car Group on its Series G round of equity financing. The round saw participation by its existing investors, which included SoftBank and Alpha Wave Ventures. Trifecta Capital also invested. Global Car Group operates ‘Cars24.com’, one of India’s leading platforms for the purchase and sale of used vehicles. Partner Trisheet Chatterjee, supported by partners Zain Pandit and Vaibhav Choukse, led the firm’s team in the transaction, which was valued at US$350 million at a valuation of US$3.3 billion.
Khaitan & Co has acted as Indian counsel for Crestview Partners on its majority investment in MBA Tech at the US level. Classic Systems, the Indian subsidiary of MBA Tech, provides engineered solutions for manufacturing automation. Gibson, Dunn & Crutcher acted as transaction co-counsel. Partner Mayank Singh, supported by partners Ritu Shaktawat and Shailendra Bhandare, led the firm’s team in the transaction, which was completed on February 28, 2022.
Khaitan & Co has advised Crompton Greaves Consumer Electricals on its acquisition of up to 55 percent of the shareholding of Butterfly Gandhimathi Appliances. Crompton Greaves Consumer Electricals is a leading manufacturer of consumer products in India with a more than 90 years old brand legacy. Butterfly Gandhimathi Appliances manufactures, markets, distributes and supplies household appliances under the brand name of “Butterfly”. The acquisition amounted to Rs20.46 billion (US$266m), comprising of secondary purchase worth Rs13.8 billion (US$180m) from promoters and open offer worth Rs6.7 billion (US$87m). Executive director Sudhir Bassi and partner Aravind Venugopal, supported by partners Arindam Ghosh, Arva Merchant, Shailendra Bhandare, Vinay Joy and Anisha Chand, led the firm’s team in the transaction.
L&L Partners has represented VLCC Healthcare on obtaining a favorable decision before the NCLT, where the permission to initiate insolvency of VLCC was rejected by the tribunal. The timing of the decision could not be better for the client, considering that the client is in the process of launching its IPO. Partner Shiv Sapra led the firm’s team on the matter.
L&L Partners has also advised Tata Cleantech Capital, Tata Capital Financial Services, NIIF Infrastructure Finance and India Infradebt on the financial assistance to Alfanar Energy, a subsidiary of Alfanar (based in Saudi Arabia) and Alfanar Power (based in England), for refinancing existing term loans availed from its existing lenders and financing the additional project cost in relation to operations and maintenance of a 301.40 MW operational wind power plant in Bhuj district in the state of Gujarat, India along with the associated transmission and substation infrastructure. Partner Karan Mitroo led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Lai Fung Holdings for the establishment of US$2 billion medium term note programme, guaranteed by Lai Fung Holdings. The programme is listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, while Allen & Overy acted as Hong Kong and English law counsel. Clifford Chance acted as English law counsel, while Global Law Office acted as Chinese law counsel for the dealers.
Maples and Calder has also acted as BVI counsel to MingYang Smart Energy (BVI) on its issue of US$200 million 1.6 percent Credit-Enhanced Green Bonds due 2024, with the benefit of an irrevocable standby letter of credit issued by Bank of China Guangdong Branch and a keepwell deed provided by Shainghai-listed MingYang Smart Energy Group. The bonds are listed in Chongwa (Macao) Financial Asset Exchange. The issuer’s group is one of the world’s largest wind turbine manufacturers with strong independent research and development capabilities, and a provider of integrated clean energy solutions. Partner Juno Huang led the firm’s team in the transaction, while King & Wood Mallesons advised as to English, Hong Kong and Chinese laws, and STA-Lawyers advised as to Macau law. The joint lead managers were advised by Linklaters as to English and Hong Kong laws, by FC Law as to Macau law, and by Jingtian & Gongcheng as to Chinese law.
Rajah & Tann Singapore is acting for the Singapore Exchange on its joint venture with DBS Bank, Standard Chartered and Temasek Holdings to develop Climate Impact X, which is envisioned to be a carbon exchange and marketplace to provide organisations with high-quality carbon credits to address hard-to-abate emissions. Partners Sandy Foo and Favian Tan are leading the firm’s team in the transaction, alongside partner Kala Anandarajah, who is advising on the competition aspects.
Rajah & Tann Singapore has also acted on the S$286.9 million (US$210.4m) disposal of the entire issued and paid-up share capital of a special purpose vehicle, which is the registered proprietor of 55 Market Street, Singapore. The property, strategically located in the heart of the Central Business District, has a leasehold tenure of 999 years, and is zoned commercial with a gross plot ratio of 15.0. Partners Norman Ho, Hoon Chi Tern and Gazalle Mok led the firm’s team in the transaction.
S&R Associates is representing multinational telecommunications company Vodafone Group on the proposed sale of 127.1 million equity shares, representing 4.7 percent of outstanding share capital, of Indus Towers to Bharti Airtel. Partners Rajat Sethi, Tanya Aggarwal and Lakshmi Pradeep led the firm’s team in the transaction.
WongPartnership has acted for a global investment company on the sale of its entire 12 percent stake in Sunseap, part of a total 91 percent stake in Sunseap that was sold to EDP Renewables for S$1.1 billion (US$807.3m). Partner Mark Choy led the firm’s team in the transaction.
WongPartnership has also acted as Singapore counsel to Audax Private Equity and Mobileum on the sale of Mobileum to HIG Technology Partners. Partner Kyle Lee led the firm’s team in the transaction, together with partners Kylie Peh and Chan Jia Hui.
