AZB & Partners has advised Plutus Wealth Management / Mr Arpit Khandelwal on the Rs7.15 billion (US$85.5m) acquisition of stake by Plutus, along other acquirers, in Vikram Solar. Partners Hardeep Sachdeva, Priyamvada Shenoy and Gaurav Priyadarshi led the firm’s team in the transaction, which was completed on June 10, 2024.
AZB & Partners has also advised Michael & Susan Dell Foundation on its Rs210 million (US$2.5m) acquisition of stake in Futwork. Partners Hardeep Sachdeva and Priyamvada Shenoy led the firm’s team in the transaction, which was completed on August 28, 2024.
Moreover, AZB & Partners is advising Oravel Stays on its Rs44.07 billion (US$526m) acquisition of G6 Hospitality. Partners Niladri Maulik and Anshuman Vikram Singh are leading the firm’s team in the transaction, which was signed on September 6, 2024 and is yet to be completed.
Baker McKenzie Thailand has represented RS Public Company and RS Music (RS Group) on the divestment of RS Group’s entire music catalog to Universal Music Group and Universal Music (Thailand) (UMG Group). After representing RS Group on the sale of its interests in its music catalog assets and joint venture with UMG Group in 2023, the firm has just completed the sale of RS Group’s additional stakes, with a total value of US$65 million, to UMG Group. The RS Group’s music catalog is the second largest in Thailand, comprising more than 10,000 master recordings and 6,000 copyright ownerships, publishing rights and licenses dating back as early as 1981. This partnership is in line with RS Public Company’s business plan. Under the joint venture, RS Group would retain rights to ‘offline’ distribution channels in the music catalog, while UMG Group would gain rights to worldwide digital distribution channels. This strategic partnership will also allow RS Group to gain significant capital to further expand its music business and explore new high-potential businesses. After proceeding with the restructuring of the music business, the RS Group is preparing to list in Thailand in 2027. Partner Nuchaya Timrat, supported by supported by partner Naris Asavathongkul, led the firm’s team in the transaction, which is a pioneer transaction in Thailand’s music industry.
Christopher & Lee Ong and Rajah & Tann Singapore, member firms of Rajah & Tann Asia, are advising Green Esteel on its M$251.5 million (US$61m) investment, via subscription of new shares, in Malaysia-lised Southern Steel Berhad. Partners Yon See Ting and Looi Zhi Min from Christopher & Lee Ong are leading the transaction, along with partners Danny Lim and Cynthia Wu from Rajah & Tann Singapore.
Christopher & Lee Ong has also acted for AIGF Advisors on its investment with Berjaya CKE. The firm advised on the investment structure and financing exercise of the investee’s strategic investment. Partners Jennifer Lee and Adrian Yap led the transaction.
Moreover, Christopher & Lee Ong has advised CIMB Investment Bank, as principal adviser, sole book-runner, sole managing underwriter and joint underwriter, and Affin Hwang Investment Bank and RHB Investment Bank, as the joint underwriters, on the M$2.36 billion (US$571m) IPO and listing of 99 Speed Mart Retail Holdings in Malaysia. Partner Justin Chua led the firm’s team in the transaction, which is the largest IPO in Malaysia since 2017.
Clifford Chance has advised a syndicate of local and international banks, led by Bank of China (Hong Kong) and The Hongkong and Shanghai Banking Corporation, as coordinators, on the Hong Kong Housing Society’s (HKHS) HK$12 billion (US$1.5b) five-year term and revolving syndicated loan facilities. The loan facilities, which include a social tranche, will be used to support their development, particularly the construction of subsidised housing projects. The HK$3 billion (US$385m) social tranche will specifically fund designated affordable housing projects to support a variety of Hong Kong residents. Partner Vicky Ma led the firm’s team in the transaction, marks the largest syndicated loan for HKHS.
Rajah & Tann Singapore is advising E2I on its voluntary unconditional offer for Singapore-listed Silverlake Axis, for cash or a combination of cash and E21’s redeemable preference shares. Based on the immediate cash offer price of S$0.36 (US$0.28) per share, Silverlake Axis is valued at approximately S$905.3 million (US$704.20); based on the immediate cash offer price of S$0.30 (US$0.23), coupled with the deferred redemption amount of S$0.18 (US$0.14) per share, Silverlake Axis is valued at approximately S$1.2 billion (US$933m). The group is a leading enterprise technology, software and services company in the Asia Pacific region. Partners Danny Lim and Cheryl Tay, along with partners Lee Xin Mei and Adzfar Alami, are leading the transaction.
Shardul Amarchand Mangaldas & Co has advised HKR Roadways on its acquisition by GIP EM India Highways and VINCI Highways. A securities purchase and subscription agreement was executed among the purchasers for: (a) the acquisition of 100 percent of the shares held by GHL and KSSF in HKR by GIP and VINCI; (b) the redemption by HKR of 100 percent of the cumulative redeemable preference shares held by GHL and KSSF; (c) the redemption of 100 percent of the non-convertible debentures held by KSSF; and, (d) the repayment of the term loan availed by HKR from Axis Bank and Kotak Mahindra Bank. Partners Deepto Roy and Dnyanraj Desai led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Mrs Bectors Food Specialities, one of the leading companies in the branded biscuits division and the premium bakery division in North India, on the Qualified Institutions Placement of equity shares aggregating to approximately US$47 million. ICICI Securities and SBI Capital Markets were the lead managers on the QIP. Partner Sayantan Dutta led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised Shoden Developers and Suijin Projects, part of the House of Hiranandani Group, on acquiring development rights from Maitri Park Co-operative Housing Society, Shrinagar Cooperative Housing Society, Nava Shrinagar Co-operative Housing Society, Rameshwar Co-operative Housing Society and Ramprasad Co-operative Housing Society to its respective properties admeasuring approximately 15 acres, all situated at Chembur, Mumbai. The deal, which was closed in June 2024, entails redevelopment of five Societies, comprising of approximately 450 society members spread across 15 acres in Chembur, Mumbai. The developers intend to amalgamate four societies into one apex society for the purpose of a cluster redevelopment. Partner Bhoumick Vaidya led the firm’s team in the transaction.
Skadden has advised Tokyo-listed leading medical device manufacturer Terumo on the ¥182.5 billion (US$1.3b) Rule 144A/Regulation S secondary offering of its common stock. The offering of approximately 73.2 million shares of common stock at ¥2,493.5 (US$17.37) per share closed on September 13, 2024. Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction.
Skadden has also advised Midea Group on its IPO and listing in Hong Kong, raising approximately US$4 billion, before the exercise of the over-allotment option. Midea is a global leading, technology-driven provider of smart home, commercial and industrial solutions, offering a wide range of home appliances and solutions for enterprise customers, such as compressors and motors, commercial air conditioners, industrial robots and supply chain services. Corporate partners Haiping Li, Shu Du, Kai Sun and Yilin Xu, supported by partners Adrian JS Deitz, Brian Egan, Brooks Allen, Sean Shimamoto and Kevin Hardy, led the firm’s team in the transaction, which marks the largest IPO in Hong Kong and the largest listing by a China-based company globally since 2022, as well as the second largest listing globally in 2024.
Trilegal has advised IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management, as book-running lead managers, on NTCP Green Energy’s proposed IPO of equity shares, comprising a fresh issue aggregating up to Rs100 billion (US$1.2b). The offering is one of the largest proposed IPOs in India this year. NTPC Green is a wholly-owned subsidiary of NTPC, a ‘Maharatna’ central public sector enterprise and the largest renewable energy public sector enterprise (excluding hydro) in India. The IPO proceeds will be used for repayment or prepayment of certain outstanding borrowings, and for general corporate purposes. Partners Richa Choudhary and Ramakant Rai led the firm’s team in the transaction.
TT&A has advised Barclays Bank, Citigroup Global Markets, Deutsche Bank Singapore Branch, JP Morgan Securities and Standard Chartered Bank, as joint managers, on to the issue of US$900 million 10.875 percent guaranteed secured notes due 2029 by Vedanta Resources Finance II, a subsidiary of Vedanta Resources. The bonds are guaranteed by Vedanta Resources, Twin Star Holdings and Welter Trading. Partners Rahul Gulati and Priyanka Kumar led the firm’s team in the transaction.
WongPartnership is acting for First Sponsor Group on a renounceable and non-underwritten rights issue of up to approximately S$283.8 million (US$221m) aggregate principal amount of 4.85 percent subordinated perpetual convertible capital securities (Series 3 Convertible Securities) in the denomination of S$1.08 (US$0.84) for each Series 3 Convertible Security, on the basis of one Series 3 Convertible Security for every five existing ordinary shares with a par value of US$0.10 each in the capital of the company held by entitled shareholders as of the record date, fractional entitlements to be disregarded. The rights issue was managed by DBS Bank. Partner Hui Choon Yuen is leading the firm’s team in the transaction, together with partners Long Chee Shan, Tan Shao Tong and Goh Ziluo.
WongPartnership has also acted for Blackstone on the sale by Blackstone and Soilbuild of a US$1.6 billion portfolio of Singapore industrial assets to the joint venture platform owned by Warburg Pincus and Lendlease. Partners Tan Teck Howe and Lee Si Min led the firm’s team in the transaction, together with partners Quak Fi Ling, Kevin Ho, Elaine Chan, Felix Lee, Anna Tan, Kylie Peh and Chiang Yuan Bo.
