Allen & Overy has advised Aljazira Capital (AJC) on its investment in Floward’s US$156 million Series C Pre-IPO investment round, led by AJC, STV and Rainwater Partners. Announced on February 7, 2023 during Floward’s participation in the technology conference LEAP in Riyadh, KSA, the transaction will support Floward with its business ambitions to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning, as well as fund its M&A strategy to support the demands of its increasing client base. AJC is a leading investment platform owned by Bank Al Jazira, providing Sharia-compliant offerings through a range of integrated services and investment products to individual and institutional clients. Floward is an online flower and gifting company operating in nine countries across the MENA region and the UK. It has recently acquired Mubkhar, the leading perfumery brand in the GCC, in an effort to expand its gifting verticals. Additionally, it has been selected for the Saudi Unicorns Programme, which aims to promote the use of technology by supporting regional tech start-ups to expand globally and achieve unicorn status. Corporate partner Ben Ward led the firm’s team in the transaction. Allen & Overy has also advised the underwriters on the IPO and listing of ADNOC Gas in Abu Dhabi. The IPO comprised a sale by the majority shareholder, Abu Dhabi National Oil Company (ADNOC), of an approximately five percent stake in ADNOC Gas, and raised gross proceeds of approximately US$2.5 billion, with an implied market capitalisation for ADNOC Gas of approximately US$50 billion at the time of listing. The IPO marks the world’s largest listing in...

AZB & Partners has advised Azalp Technologies, an online platform that allows users to purchase digital content of influencers and creators listed on the platform, doing business as “Rigi”, on the Rs1 billion (US$12m) acquisition by Elevation Capital VIII, Accel India VII (Mauritius), SCI Seed Investment II and Stellaris Venture Partners India Trust II, among others, of equity stake in Rigi. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on February 20, 2023. AZB & Partners has also advised UPL on the Rs16 billion (US$195m) acquisition of 9.09 percent stake by The Upswing Trust (a joint venture of TPG and Abu Dhabi Investment Authority) and Woodhall Holdings (DIFC) in UPL Sustainable Agri Solutions. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on February 17, 2023. Clifford Chance has acted as international counsel to global private equity firm CVC Capital Partners on its buyout of Xi’an Yikang Pharmacy. The firm previously advised CVC on its initial strategic investment in Yikang Pharmacy in 2021, and more recently on its acquisition of full control. Yikang Pharmacy is a leading pharmaceutical retail chain business in Northwest China with more than 1,600 pharmacies, and is a national leader among O2O (online to offline) and DTP (direct to patient) pharmacies. Through the investment, CVC will help Yikang Pharmacy to accelerate the growth of its business, implement standardised operating systems and continue to develop its digital health business. China co-managing partner Terence Foo, supported by partner Bai Yong led the firm’s team in the transaction, while Han Kun Law Offices...

Allen & Gledhill has advised Temasek Financial (I) and Temasek Holdings on the issue of €750 million (US$794.3m) 3.25 percent notes due 2027, and €750 million (US$794.3m) 3.5 percent notes due 2033, under their US$25 billion guaranteed global medium term note programme. Temasek is the guarantor for the notes. Singapore partners Yeo Wico, Wu Zhaoqi, Kern Wong and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised venture capital firm Wavemaker Pacific 4 on leading a US$1.5 million series seed round investment in Cube Insights, a Singapore-based data and analytics start-up, which provides market and competitor intelligence for the online economy by processing data and intelligence on the e-commerce market, or companies that operate in the internet economy, for the purpose of sale either as one-time insights or through periodic subscription plans. Partner Nicholas Soh led the firm’s team in the transaction. AZB & Partners has advised LT Foods on its Rs1.75 billion (US$21.2m) acquisition of 29.52 percent stake of Daawat Foods. The Competition Commission of India approved the transaction on February 14, 2023. Partner Hemangini Dadwal led the firm’s team in the transaction. AZB & Partners is also advising IDFC First Bank on the Rs21 billion (US$254.6m) acquisition of 3.62 percent stake in IDFC FIRST Bank by IDFC Financial Holding (IFH), via preferential allotment to IFH. Post the said preferential allotment, the shareholding of IFH in IDFC First Bank will be approximately 39.99 percent. Partners Ashwath Rau, Vipul Jain and Aditya Alok are leading the firm’s team in the transaction, which was signed on February 4, 2023 and is yet to be completed. Baker McKenzie Wong...

Allen & Gledhill has acted as transaction counsel to Mercatus Tres, a subsidiary of Mercatus Co-operative, on its US$652.5 million divestment of its 50 percent indirect interest in Gold Ridge, which owns, manages and operates NEX, to Frasers Centrepoint Trust and Frasers Property. Partners Ho Kin San, Song Su-Min and Tan Boon Wah led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Top Harvest Capital on its participation in the US$8.15 million pre-Series A financing round of Asa Ren, jointly led by Marcy Venture Partners and Kejora Capital. Asa Ren is in the business of consumer genetics testing and digitalising health profiles. Top Harvest Capital invests worldwide in early-stage startups leveraging machine learning or artificial intelligence in software and healthcare. Partner Nicholas Soh led the firm’s team in the transaction. Ashurst has advised Goldman Sachs on the use of their new tokenisation platform, GS DAPTM, in respect of the first tokenised green bond issued by a government globally. A tokenized bond is a bond where its beneficial interests are recorded on settlement in the tokenised securities accounts on a private blockchain network. The successful offering of HK$800 million (US$102m) tokenised green bond is under Hong Kong’s Government Green Bond Programme. GS DAPTM is used to facilitate the use of cash tokens issued by the Hong Kong Monetary Authority (HKMA) for settling primary issuance and secondary trading, as well as making payment for coupons and redemption. Hong Kong’s Financial Services and the Treasury Bureau has described this as a pilot issuance to test the compatibility of Hong Kong’s current legal and regulatory framework, financial...

  Allen & Gledhill has acted as transaction counsel to venture capital firm Wavemaker Pacific 4, who led the US$5.64 million series seed round investment in Klikit, a Singapore-based food delivery software-as-a-service start-up which offers a proprietary one-stop software solution that facilitates the managing and consolidating orders with delivery channels, and building and licensing brands across multiple locations and channels for restaurants. Partner Nicholas Soh led the firm’s team in the transaction. Baker McKenzie has advised CMB International Capital, as the financial adviser to the offeror, Falcon Holding, on its acquisition of approximately 70.92 percent shareholding in Shandong Fengxiang, and the mandatory general offer for all the issued H shares in Shandong Fengxiang, other than those already owned by or agreed to be acquired by Falcon. Falcon is a limited partnership whose general partner is Falcon Holding GP, a company directly 100 percent owned by PAG Capital. Shandong Fengxiang is a white-feathered broiler meat exporter and retail enterprise of chicken meat food in China. Shandong Fengxiang’s H shares are listed in Hong Kong. Capital markets partner Christina Lee, supported by partners Brian Wong and Derek Poon, led the firm’s team in the transaction. Baker McKenzie and its Singapore member firm, Baker McKenzie Wong & Leow, have advised Electricity Generating Public Company (EGCO Group) on the disposal of its entire shares in three geothermal power plants in Indonesia to Star Energy Group Holdings. Under the agreement, EGCO Group disposed 20 percent of issued and paid-up ordinary shares in Star Energy Geothermal and 30.25 percent of issued and paid-up ordinary shares in Star Phoenix Geothermal JV, for a total consideration of US$485 million. The two...