AZB & Partners has advised Munich Health Holding on the Rs14.96 billion (US$210m) acquisition by Housing Development Finance Corporation of a majority of the shares of HDFC ERGO Health Insurance, formerly Apollo Munich Health Insurance, from Apollo Hospitals Group and other HDFC ERGO shareholders. Partners Rajendra Barot and Arvind Ramesh led the firm’s team in the transaction, which was completed on January 9, 2020.
AZB & Partners has also advised Deutsche Bank and The Hongkong and Shanghai Banking Corporation, as the arrangers, on the update by Shriram Transport Finance of the US$2 billion global medium term note programme to US$3 billion global medium term note programme. Partners Varoon Chandra and Richa Choudhary led the firm’s team in the transaction, which was completed on December 27, 2019.
Clifford Chance has acted as international counsel, while Yegin Ciftci Attorney Partnership has acted as transaction and Turkish law counsel to a consortium comprised of China Merchants Expressway Network & Technology Holdings, China Merchants Union (BVI), Jiangsu Expressway, Zhejiang Expressway, Anhui Expressway and Sichuan Expressway on its proposed acquisition of a 51 percent stake in ICA. ICA is the concessionaire of the Third Bosphorus Bridge and the Northern Marmara Motorway in Turkey, connecting the Asian and European sides of Istanbul, and is strategically located in the north western Turkish region of Marmara for freight and passenger transportation. The acquisition represents one of the largest infrastructure M&A transactions in Turkey, and a landmark cross-border investment by Chinese investors in Turkey. Yegin Çiftçi Istanbul corporate/M&A partner Itır Çiftçi and Clifford Chance M&A partner Fang Liu, supported by partners Frank Yuen and Tianning Xiang, led their firm’s respective teams in the transaction, which is subject to customary closing conditions.
J Sagar Associates has advised Raag Technologies and Services and its promoters on the 100 percent acquisition made by Spoton Logistics, the logistics arm of Samara Capital. Raag engages in warehousing and logistics services. Spoton started its journey in 2012, when private equity firm India Equity Partners bought the domestic business from TNT India. In 2018, Spoton partnered with a consortium of investors, led by Samara Capital, to invest into and build out the next stage of Spoton’s growth. Spoton provides logistics services to an array of sectors all over India. Spoton purchased 65 percent of the share capital of Raag on closing date, and has a commitment to purchase the 35 percent balance over a period of three years, based on performance. Partners Aarthi Sivanandh and Bhavana Alexander led the firm’s team in the transaction. Spoton Logistics was represented by Economic Law Practice.
J Sagar Associates has also advised Axis Capital and ICICI Securities, as the book-running lead managers, on the proposed IPO of Rossari Biotech. Rossari has filed a draft red herring prospectus with the SEBI for an offer of equity shares comprising a fresh issue of up to Rs1.5 billion (US$21m) and an offer for sale of up to 10.5 million equity shares by Rossari promoters, namely Edward Walter Menezes and Sunil Srinivasan Chari. Rossari is one of the leading specialty chemicals manufacturing companies and the largest manufacturer of textile specialty chemicals in India. They operate in India, as well as in 17 foreign countries. Partners Vikram Raghani and Arka Mookerjee led the firm’s team in the transaction.
Khaitan & Co has advised Hyderabad Industries on the sale and transfer, through a slump sale arrangement on a going concern basis, of its calcium silicate insulation products division, operated under the brand ‘HYSIL’, to Calderys India Refractories for Rs800 million (US$11.2m). Partner Niren Patel, supported by director Vinita Krishnan, led the firm’s team in the transaction.
Khaitan & Co has also advised Wadhawan Global Capital on the sale of 100 percent of the share capital of DHFL General Insurance to Navi Technologies, subject to the receipt of the approval of the Insurance Regulatory and Development Authority of India and satisfaction of other conditions precedent. Pursuant to this transaction, Navi Technologies intends to enter into the insurance sector. Partner Niren Patel also led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to China YuHua Education, a Cayman Islands exempted company listed in Hong Kong, on its issuance of approximately HK$2.1 billion 0.9 percent convertible bonds due 2024, convertible into its ordinary shares, which closed on December 27, 2019. China YuHua Education is one of the leading private school operators in China. Juno Huang led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher Flom advised on English and Hong Kong law, and Tian Yuan Law Firm advised on Chinese law. Linklaters advised the Bank of America Securities, as sole global coordinator, book-runner and lead manager, and The Bank of New York Mellon London Branch, as the trustee, on English law and Hong Kong law, respectively. JunHe advised Bank of America Securities on Chinese law.
Maples and Calder has also acted as Cayman Islands counsel to Hydoo International Holding on its offer to exchange any of the outstanding US$157 million 12 percent senior notes due 2020 for a combination of its approximately US$111.7 million 14 percent senior notes due 2021 and US$81.8 million 14 percent senior notes due 2021, and on the issuance of approximately US$81.8 million 14 percent senior notes due 2021. The firm also acted as BVI counsel to certain Hydoo BVI subsidiaries, who guaranteed the notes. The notes are listed in Singapore, and the transaction closed on December 19, 2019. Juno Huang also led the firm’s team in the transaction, while DLA Piper acted as Hong Kong and US counsel, and Global Law Offices acted as China counsel. Sidley Austin acted as US counsel, while Jingtian & Gongcheng acted as China counsel to the initial purchasers, including AMTD Global Markets, BNP Paribas, Kaisa Financial Group and Fulbright Securities.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Gaw Capital Partners on obtaining approximately S$945 million (US$700m) syndicated green loan financing to Ophir-Rochor Commercial from three banks, secured by Duo Tower and Duo Galleria at 3 and 7 Fraser Street, Singapore. Partners Norman Ho and Cindy Quek led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for Bintan Alumina Indonesia (BAI) on the US$80.23 million investment by Malaysia-listed Press Metal Aluminium Holdings of a 25 percent stake in BAI, with the funding going towards a second phase of BAI’s aluminium oxide refinery project to double its capacity. The majority shareholder of BAI is an indirect subsidiary of Shanghai-listed Shandong Nanshan Aluminium. Partners Cheng Yoke Ping, Chia Lee Fong and Cynthia Wu led the firm’s team in the transaction.
Shook Lin & Bok is acting for DBS Trustee, the trustee of Mapletree North Asia Commercial Trust, on the acquisition from Mapletree Investments of an effective interest of 98.47 percent in two freehold, multi-tenanted office properties in Greater Tokyo, Japan, for S$482.5 million (US$357.6m). Partner Andrea Ng led the firm’s team in the transaction.
Weerawong, Chinnavat & Partners has advised Citigroup Global Markets, The Hongkong and Shanghai Banking Corporation and ING Bank Singapore Branch, as the dealers, on the issue of US$400 million 4.9 percent Perpetual Additional Tier 1 Capital Securities issued under the US$3 billion euro medium term note programme by TMB Bank Cayman Islands branch. The deal is the first-ever Basel III-compliant Additional Tier 1 notes from Thailand, and the largest US$ bond issuance from TMB to date. Senior partner Veeranuch Thammavaranucupt led the firm’s team in the transaction.