Allen & Gledhill has advised Oversea-Chinese Banking Corporation on the issue of US$750 million 4.602 percent subordinated notes due 2032, under its US$30 billion global medium term note program. Barclays, Citibank, JP Morgan and OCBC were the joint lead managers for the notes. Partner Glenn Foo led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, on the issue of S$250 million (US$180m) 4.11 percent notes due 2027, under its S$2 billion (US$1.4b) multicurrency debt issuance programme. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction. Allen & Overy is advising Mubadala Investment on the sale of stakes in Abu Dhabi Future Energy (Masdar) to Abu Dhabi National Energy (TAQA) and Abu Dhabi National Oil Company (ADNOC). Announced last year by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the transaction will create a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala and ADNOC under the Masdar brand. The transaction values the new Masdar joint ventures at approximately Dh7 billion (US$1.9b), on a 100 percent equity basis. TAQA will acquire a 43 percent controlling stake in Masdar’s renewables business, with Mubadala retaining a 33 percent interest, and ADNOC owning the remaining 24 percent interest. Meanwhile, ADNOC will hold a 43 percent controlling stake in Masdar’s new green hydrogen joint venture, Mubadala will retain a 33 percent interest, and TAQA will hold a 24 percent effective stake. Together, the three partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key...

Allen & Gledhill has advised Singapore Telecommunications (Singtel) and Singtel Group Treasury on the issue of US$100 million 3.56 percent sustainability-linked notes due 2027, under the S$10 billion (US$7.3b) guaranteed euro medium term note programme guaranteed by Singtel. United Overseas Bank is the sole lead manager for the issue of the notes. The issue of the notes is a partnership by Singtel Group Treasury with UOB and digital securities exchange ADDX. This is the largest foreign currency digital bond in Singapore, and also the Singtel Group’s first digital sustainability-linked bond. Partners Yeo Wico, Bernie Lee, Sunit Chhabra, Yeo Boon Kiat, Alexander Yap and Adrian Ang led the firm’s team in the transaction. Allen & Gledhill has also advised Village Global on its investment in the US$30 million seed funding round of Recur Club, the operator of a platform that helps companies raise financing against their recurring revenues and allows investors to invest in the recurring revenue streams of companies. Village Global is an early-stage venture capital firm that is backed by some of the world’s most successful entrepreneurs, such as Bill Gates, Jeff Bezos, Mark Zuckerberg and Reid Hoffman. Partner Julian Ho led the firm’s team in the transaction. Allen & Overy has advised Prosus, one of the world’s largest global technology investors, as lead investor on a US$170m Series C funding round by Foodics, the leading cloud-based technology and payment platform for restaurants in the MENA region. The transaction represents the largest SaaS Series C round in MENA. The funding round was also led by Sanabil Investments, a PIF-owned investment company focused on private growth investments in various stages of...

Allen & Gledhill has acted as transaction counsel to the Housing and Development Board on the issue of S$900 million (US$650m) fixed rate notes due 2025, under its S$32 billion (US$23b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Circle Internet Financial on its acquisition of all issued and outstanding shares of Cybavo, a crypto technology company that is a pioneer in core crypto security, custody, operations and blockchain infrastructure platform services, providing services to firms across nearly every sector of the crypto and Web3 landscape. Partners Nicholas Soh and Adrian Ang led the firm’s team in the transaction. AZB & Partners is advising WestBridge AIF I, along with co-investors MMPL Trust and Konark Trust, on their acquisition, along with other investors, of equity stake via Series A funding round in PhysicsWallah. Partners Gautam Saha, Amrita Patnaik and Punita Gupta are leading the firm’s team in the transaction, which was valued at Rs7.78 billion (US$100m) and is yet to be completed. AZB & Partners is also advising Blu-Smart Mobility on the acquisition by multiple investors of equity stake via Series A fundraising round in Blu-Smart Mobility. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was valued at Rs1.1 billion (US$14m) and is yet to be completed. Baker McKenzie has advised Radisson Hotel Group on a definitive agreement for the approximately US$675 million acquisition of the franchise business, operations and intellectual property of Radisson Hotel Group Americas by New York-listed Choice Hotels International. The addition...

Allen & Gledhill has acted as transaction counsel for Astrea 7 on the issue of S$526 million (US$383m) Class A-1 secured fixed rate bonds due 2032, US$175 million Class A-2 secured fixed rate bonds due 2032, and US$200 million Class B secured fixed rate bonds due 2032. All three classes of bonds are listed in Singapore. The bonds are the fourth issuance of retail bonds in Singapore backed by cash flows from private equity funds. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay and Lim Pek Bur led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Sequoia Capital India’s Surge, as the lead investor, on the US$3 million seed financing of Grupin, an Indonesia-based social commerce platform. Surge is a biannual scale-up programme for start-ups in Southeast Asia and India. Partner Julian Ho led the firm’s team in the transaction, while Soemadipradja & Taher, led by partner Emalia Achmadi advised on Indonesian law. AZB & Partners is advising Bundl Technologies (Swiggy) on its acquisition of Dineout from Times Internet. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on May 12, 2022 and is yet to be completed. AZB & Partners is also advising Voltas on its acquisition of 40 percent equity stake in the joint venture, for setting up an inverter compressor manufacturing facility in India, formed with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group). Partners Bahram Vakil and Qais Jamal are leading the firm’s team in the transaction, which was valued at Rs2.5 billion (US$32m) and...

Allen & Gledhill has advised NTUC FairPrice Co-operative on the establishment of its S$1 billion (US$730m) multicurrency medium term note programme, and the issue of S$300 million (US$219m) 3.46 percent notes due 2029 under the programme. Partners Margaret Chin, Delwin Singh and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel for Credit Suisse (Singapore) and Goldman Sachs (Singapore), as joint issue managers, on the secondary listing of Class A ordinary shares by NIO in Singapore. NIO is the first electric vehicle manufacturer to be listed in Singapore. Upon admission to the official list in Singapore, the company will have concurrent listings in Hong Kong and New York. Partners Tan Tze Gay and Rhys Goh led the firm’s team in the transaction. AZB & Partners has advised AJ Capital, via AJ Capital Gaming 1, on its acquisition, along with other investors, of stake in Cashgrail (Zupee). Partner Arvind Ramesh led the firm’s team in the transaction, which was valued at more than US$5 million and was completed on May 17, 2022. AZB & Partners is also advising Mayo Clinic on its acquisition of stake in Karkinos Healthcare. Partners Darshika Kothari and Vasudha Asher are leading the firm’s team in the transaction, which was signed on May 18, 2022 and is yet to be completed. Bird & Bird ATMD has acted as Singapore counsel to lead investor EV Growth, a growth fund under Indonesian venture capital firm East Ventures, on the Series A+ funding round, which raised US$28 million for Singapore designer toy collectibles start-up Mighty Jaxx. The deal brings the company’s valuation...