Allen & Gledhill has acted as transaction counsel for Wong Ghan and Mdm Chin Lee, founders of the Speedy group, on the S$65 million (US$46m) sale of their shares in Speedy Industrial Supplies (Speedy Singapore) to BizLink Holding. The sale was made subsequent to the transfer of all the shares of Wong in S I S Speedy Industrial Supplies (Speedy Malaysia) to Speedy Singapore, to consolidate sole ownership of Speedy Malaysia in Speedy Singapore. Speedy Malaysia is the Malaysian subsidiary of Speedy Singapore. Partners Tan Su May and Michelle Fum led the firm’s team in the transaction, while partners Chen Lee Won and Lum Sher Vin of Rahmat Lim & Partners advised on the Malaysia law aspects.
Allen & Gledhill has acted as transaction counsel for IHH Healthcare, through a subsidiary, on the minority investment in Singapore-based telehealth company Doctor Anywhere (DA), which has raised US$27 million in a Series B funding round to expand its platform and enter new geographies in Southeast Asia. The funding round was co-led by Square Peg and EDBI. The firm also advised Square Peg on the due diligence of the Series B funding round. Partners Tan Su May, Mak Wei Munn and Alexander Yap led the firm’s team in the transaction.
Ashurst has advised New York-listed IHS Markit, a world leader in critical information, analytics and solutions, on its acquisition of Catena Technologies, a Singapore-based global regulatory trade reporting firm. The integration of Catena Technologies into IHS Markit’s MarkitServ and other compliance platforms will enable IHS Markit to provide customers with comprehensive and efficient trade reporting services, and will enable customers to reduce costs, fulfil regulatory compliance needs and focus on strategic initiatives. Partner Simon Brown led the firm’s team in the transaction.
AZB & Partners is advising Reliance Industries and Jio Platforms on Silver Lake’s Rs56.56 billion (US$745m) acquisition of approximately 1.5 percent equity stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are leading the firm’s team in the transaction, which was signed on May 3, 2020 and is yet to be completed.
AZB & Partners has also advised Uttam Galva Metallics on the Rs15.67 billion (US$206m) acquisition by Carval Investors (USA) and Nithia Capital Resources Advisers (UK) of a 95 percent equity stake of Uttam Galva Metallics. Partners Rajendra Barot, Nilanjana Singh, Nilang Desai, Hemangini Dadwal, Suharsh Sinha and Dhirajkumar Totala led the firm’s team in the transaction, which was approved by the National Company Law Tribunal on April 30, 2020.
Baker McKenzie has advised Edelweiss Securities (Hong Kong), a subsidiary of the Edelweiss Group, on obtaining a securities and futures dealing and advisory licence from the Securities and Futures Commission in April 2020. This successful application makes Edelweiss Securities among the few Indian brokerage houses which can offer full Indian securities and futures brokerage and research services to professional investors in Hong Kong. The Edelweiss Group is one of India’s leading diversified financial services conglomerate, providing a broad range of financial products and services to a substantial and diversified client base. Partner Karen Man, global head of the financial services regulatory practice, led the firm’s team in the transaction.
Baker McKenzie Wong & Leow has advised Shareable Assets, a Singapore-based fintech company with experience from the Blue Whale Global group, on obtaining its capital markets services licence from the Monetary Authority of Singapore on April 16, 2020. This allows them to launch their new asset tokenisation platform, Shareable Asset, where asset owners issue asset-backed security tokens, allowing investors to participate in fractional ownership in assets, including real estate assets. Shareable Asset is a secure mobile and desktop application that gives retail investors access to high quality investments, with the added transparency through the use of blockchain technology. Asset owners are able to raise capital faster and more efficiently. Principal Stephanie Magnus, Asia Pacific head of financial institutions, led the firm’s team in the transaction.
Davis Polk has advised the dealer manager on a cash tender offer by Envision Energy International for its outstanding 7.5 percent senior notes due 2021. Established in 2007 and headquartered in China, Envision Energy is a world-leading smart energy technology company that designs, develops, manufactures and sells smart wind turbines and provides customised smart wind farm solutions. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.
Han Kun Law Offices has acted as China counsel to the underwriters on the US IPO and listing of Kingsoft Cloud Holdings in the Nasdaq. Kingsoft Cloud is a leading cloud service provider in China, providing cloud infrastructure, cloud products and industry-specific solutions across cloud services, and other related services.
Han Kun Law Offices has also acted as China counsel to Aesthetic Medical International Holdings Group, a leading provider of aesthetic medical services in China, on its US IPO and listing in the Nasdaq.
J Sagar Associates has advised Krishak Bharati Cooperative (Kribhco) on the sale of 76 percent shares of its wholly-owned subsidiary, Kribhco Infrastructure, to Continental Warehousing (Nhava Seva). The transaction also involved infusion of funds by Kribhco and Continental Warehousing in Kribhco Infrastructure, by way of subscription to OCDs and CCPS. Kribhco Infrastructure is an integrated multi-modal logistics operator in India. Continental Warehousing is a subsidiary of Hindustan Infralog, a joint venture between Dubai Ports World and National Investment and Infrastructure Fund. With the transaction, Hindustan Infralog is now one of the leading integrated rail terminal and container train operators in India, with an enhanced network to provide end-to-end connectivity to cargo owners. Partners Sidharrth Shankar and Divyanshu Pandey led the firm’s team in the transaction.
Khaitan & Co has advised Insight Venture Management on the investment, via subscription to Series C1 compulsorily convertible preference shares, by Coatue Management, Ribbit Capital and existing investors Insight Venture Partners (IVP) and Steadview Capital in Resilient Innovations (BharatPe). The total deal value is approximately US$75 million, with IVP investing US$8 million. IVP is a leading global private equity and venture capital firm, which invests in growth-stage technology, software and internet businesses. It has over US$20 billion worth of assets under management, invested in more than 300 companies. Partner Mayank Singh led the firm’s team in the transaction, which was completed on February 28, 2020.
Khaitan & Co has also advised Mahindra and Mahindra Financial Services, Mahindra Asset Management and Mahindra Trustee on the 51.49 joint venture of Mahindra Financial Services with Manulife Investment Management Singapore in Mahindra Asset Management. Partners Siddharth Shah and Divaspati Singh, supported by partners Anisha Chand and Arindam Ghosh led the firm’s team in the transaction, which was valued at US$35 million and was completed on April 29, 2020.
Maples and Calder has acted as Cayman Islands counsel to Xiaomi on the issuance of US$600 million 3.375 percent senior notes due 2030 by its wholly-owned subsidiary Xiaomi Best Time International. The notes are listed in Hong Kong and are unconditionally and irrevocably guaranteed by Xiaomi, an internet company with smartphones and smart hardware connected by an IoT platform at its core. Partner Everton Robertson led the firm’s team in the transaction, which closed on April 29, 2020. Skadden, Arps, Slate, Meagher & Flom acted as US and Hong Kong counsel to Xiaomi Best Time International. Allen & Overy acted as US counsel to the initial purchasers, which included Goldman Sachs (Asia), JP Morgan Securities, Morgan Stanley & Co International, Bank of China, China International Capital Corporation Hong Kong Securities, ICBC International Securities, CCB International Capital, AMTD Global Markets, Barclays Bank and The Hongkong and Shanghai Banking Corporation.
Rajah & Tann Singapore and Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law), member firms of Rajah & Tann Asia, have acted for Pageant Media Holdings on its acquisition of Eurekahedge from Mizuho Bank and the founders of Eurekahedge. Partners Lim Wee Hann, Benjamin Cheong, Kala Anandarajah, Dominique Lombardi and Loh Chun Kiat led the firm’s team in the transaction.
Skadden has advised Baidu, a leading search engine, knowledge and information-centred internet platform and AI company, on its issuance of US$1 billion aggregate principal amount of notes. The public offering consisted of US$600 million 3.075 percent notes due 2025 and US$400 million 3.425 percent notes due 2030. The notes have been registered under the US Securities Act of 1933, as amended, and are listed in Singapore. The offering was priced on April 1, 2020. Hong Kong partners Julie Gao, Jonathan Stone and Shu Du led the firm’s team in the transaction. Maples and Calder acted as Cayman Islands and BVI counsel to Baidu, led by partner Derrick Kan. Davis Polk & Wardwell and Jingtian & Gongcheng acted as US counsel to Goldman Sachs and Bank of America Securities, respectively, as the underwriters.
Skadden has also advised Pinduoduo, an innovative and fast growing technology platform and one of the leading Chinese e-commerce players, on its US$1.1 billion private placement of Class A common shares to certain long-term investors. The placement was announced on March 31, 2020. Hong Kong partner Julie Gao led the firm’s team in the transaction.
WongPartnership is acting for Asian Infrastructure Investment Bank as a partner on Clifford Capital’s launch of a platform for infrastructure debt in Asia. Partners Andrew Ang and Anna Tan led the firm’s team in the transaction.
WongPartnership has also acted for the lenders, comprising of DBS, UOB and BNPP on financing ARA Asset Management’s acquisition of Robinson Centre. Partners Christy Lim, Serene Soh and Bernadette Tan led the firm’s team in the transaction.