Allen & Gledhill has advised SP Group Treasury and Singapore Power on the establishment of a S$10 billion (US$7.2b) global medium term note program by SP Group Treasury. Singapore Power is the guarantor for notes issued under the program. Partners Yeo Wico and Jeanne Ong led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Oversea-Chinese Banking Corporation and Standard Chartered Bank Singapore, as the mandated lead arrangers, on the S$400 million (US$290m) term and revolving credit facilities to DBS Trustee, as trustee of OUE Commercial Real Estate Investment Trust. The proceeds of the facilities were to be applied towards, inter alia, part financing the acquisition of the office component of OUE Downtown, Singapore. Partner Lim Wei Ting led the firm’s team in the transaction.
Allen & Overy has advised The Hongkong and Shanghai Banking Corporation, JP Morgan Securities and Morgan Stanley & Co International, on the Rule 144A / Reg S US$500 million 7.25 percent bonds due 2023, issued by The Development Bank of Mongolia (DBM). This was the first time DBM transacted a bond offering without a government guarantee, thereby setting an important price reference for other Mongolian borrowers. The bonds are listed in Singapore. Despite being issued under challenging bond market conditions, the bonds were priced competitively. DBM was created as a for-profit, legal and government entity in 2011, and was directed to provide financing of large-scale projects and programmes for Mongolia’s development. Capital markets partners Alexander Stathopoulos (Singapore) and John Lee (Hong Kong) led the firm’s team in the transaction.
AZB & Partners has advised International Finance Corporation on its US$100 million investment in India Resurgence Fund. Partners Ashwath Rau and Pallabi Ghosal led the firm’s team in the transaction.
AZB & Partners is also advising Quest Diagnostics and its wholly-owned subsidiary Quest Diagnostics India on the acquisition by Strand Life Sciences of the medical diagnostics business of Quest Diagnostics India. Corporate partners Darshika Kothari and Arvind Ramesh and tax partners Ravi Prakash and Suresh Varanasi are leading the firm’s team in the transaction, which was signed on October 5, 2018 and is yet to be completed.
Baker McKenzie Wong & Leow has advised OUE Commercial Real Estate Investment Trust (OUE C-Reit) on a S$130 million (US$94.3m) dual-tranche unsecured murabahah facility, which represents OUE C-Reit’s first Islamic financing. OUE C-Reit is a Singapore Reit that invests in a portfolio of income-producing real estate used mainly for commercial purposes in financial and business hubs within and outside of Singapore, as well as real estate-related assets. The facility will be used to refinance OUE C-Reit’s existing secured term loan facility in relation to its indirect interest in One Raffles Place in Singapore. The facility will also be used for general corporate and/or working capital purposes. Singapore principal Emmanuel Hadjidakis led the firm’s team in the transaction.
Clifford Chance has advised Deutsche Post DHL Group (DPDG) on the transfer of its supply chain operations in Mainland China, Hong Kong and Macau to SF Holding. DPDG is the world’s leading mail and logistics company, while SF Holding is the leading premium logistics service provider in China. As part of the deal, DPDG will enter a 10-year strategic partnership with SF Holding to grow supply chain operations in China, and will receive an upfront payment of Rmb5.5 billion (US$791.4m) and a revenue-based partnership fee over the next ten years. This strategic partnership will see DPDG’s supply chain business in Greater China operated as a co-branded organisation, and will allow SF Holding to have access to DPDG’s best-in-class supply chain services, management expertise, transportation and warehousing technology, while DPDG will leverage SF Holding’s extensive domestic infrastructure, distribution network and broad base of local customers. China co-managing partner Terence Foo (Beijing) and partner Jörg Rhiel (Frankfurt), supported by partners Richard Blewett (antitrust) and Ling Ho (intellectual property), led the firm’s team in the transaction.
Gide has advised BioMerieux, a world leader in the field of in vitro diagnostics, on its acquisition of a majority stake in Suzhou Hybiome Biomedical Engineering. As part of the deal, the French-listed company acquired 54 percent of the shares in Hybiome for a valuation of €165 million (US$186.3m), as well as additional assets, such as distribution rights and existing installed base for €25 million (US$28.2m). It had already purchased a minority stake in the Suzhou-based company earlier this year in July, a transaction on which the firm also advised. Founded in 2009, Hybiome specialises in automated immunoassay tests. The company develops, manufactures and sells a complete range of diagnostic solutions (reagents, instruments and software) cleared by the National Medical Products Administration. Shanghai partner Fan Jiannian led the firm’s team in the transaction.
Hogan Lovells has advised JGC, United Infrastructure Development (part of Bahwan Engineering Group) and Doosan Heavy Industries & Construction, the successful bidder, on the Sharqiyah Independent Water Project (IWP) in the Sultanate of Oman. The Sharqiyah IWP is a reverse osmosis seawater desalination plant that will sell approximately 80,000 cubic metres of desalinated water per day for 20 years to the Oman Power and Water Procurement, the single buyer of power and water for all independent power and water projects within Oman. This is the first project of its kind in the Middle East, as the desalination plant will be developed with a dedicated solar photovoltaic facility, which will contribute power to the desalination process. MUFG Bank, Sumitomo Mitsui Trust Bank and Shinsei Bank financed the ¥20 billion (US$175.5m) project. Nippon Export and Investment Insurance provided the loan insurance. Dubai projects partner Sohail Barkatali, supported by Dubai partner Rahail Ali, led the firm’s team in the transaction, which achieved financial close on November 5, 2018.
King & Wood Mallesons has acted as Hong Kong law counsel for Altus Capital as the sponsor, and Get Nice Securities and Sun Hung Kai Investment Services as underwriters, on the listing of Dragon Mining in Hong Kong. Incorporated in Australia and an established Nordic player engaged in gold exploration, mining and processing with operating mines, pre-production mining assets and production plants in both Sweden and Finland, Dragon Mining was delisted in Australia on October 19, 2018 and listed in Hong Kong on November 5, 2018. The listing comprised a public offering for 50 million offer shares, priced at HK$2.03 (US$0.26) per share, and raising approximately HK$101 million (US$12.9m). Hong Kong partner Candy Chan led the firm’s team in the transaction, while Magnusson advised on Finnish and Swedish law. Dragon Mining was advised by Kwok Yih & Chan on Hong Kong law, Addisons on Australian law, Tomi Rinne on Finnish law and Foyen Advokatfirma KB on Swedish law.
King & Wood Mallesons has also advised Huatai Financial Holdings (Hong Kong) as the sole sponsor, and other underwriters on the global offering and listing of Xinchengyue Holdings in Hong Kong. Xinchengyue was listed on November 6, 2018. The global offering comprised both Hong Kong public offering and international offering of a total of 200 million offer shares, priced at HK$2.90 (US$0.37) per share, raising approximately HK$580 million (US$74m). A part of Future Land Group, a leading property developer in China, Xinchengyue is a property management service provider in China, and provides a wide range of property management and value-added services for property developers, residents and tenants. Hong Kong partner Gary Lock led the firm’s team in the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Cayman Islands company Niu Technologies on its IPO of 8.3 million American Depositary Shares, representing its Class A ordinary shares, and the listing of such ADSs on the Nasdaq. Niu Technologies is a leading provider of urban mobility solutions specialising in lithium-powered e-scooters with a stronghold in the Chinese market. The offering, which closed on October 23, 2018, raised approximately US$75 million. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel and Dahui Lawyers acted as China counsel. Jingtian & Gongcheng acted as China counsel and Kirkland & Ellis International acted as US counsel to Credit Suisse Securities (USA), Citigroup Global Markets and Needham & Company as the underwriters.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Innovent Biologics on its global offering and listing of shares in Hong Kong. Innovent Biologics is a leading Chinese biopharmaceutical company which offered 236.35 million shares, with net proceeds of approximately US$404.5 million, prior to the exercise of the over-allotment option. The transaction closed on October 31, 2018. Partner Matt Roberts led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and Affiliates advised on Hong Kong and US laws and Han Kun Law Offices advised on China law. The underwriters were advised by Davis Polk & Wardwell as to Hong Kong and US laws and by Commerce & Finance Law Offices as to China law.
Rajah & Tann Singapore has acted on the acquisition of LegalComet, a specialist e-discovery consultancy team, by Rajah & Tann Technologies, in a major step forward in using technology to deliver legal services at unprecedented value and efficiency to clients. LegalComet offers clients legaltech advisory services, including electronic discovery (e-discovery), forensic technology and data governance. The acquisition positions the firm among the first in Asia to launch a full service e-discovery practice, at a time when technology is rapidly disrupting large swathes of industries and the way goods and services are delivered to customers. Partner Brian Ng led the firm’s team in the transaction.
Shook Lin & Bok is acting for Perpetual (Asia), as trustee of First Real Estate Investment Trust (First Reit), on the approximately S$99 million (US$71.8m) acquisition of First Reit’s manager Bowsprit Capital by OUE and OUE Lippo Healthcare. Separately, OUE Lippo Healthcare also intends to purchase a 10.63 percent stake in First Reit for S$102.7 million (US$74.4m). Partners Tan Woon Hum and Andrea Ng are leading the firm’s team in the transaction.
Skadden has advised Renren, the owner of Kaixin Auto Group, a leading premium used car dealership network in China, on Kaixin’s business combination with CM Seven Star Acquisition in an all-stock transaction valued at approximately US$454 million. Renren will sell all of the issued and outstanding shares of Kaixin to CM Seven Star for an initial consideration of approximately 28.3 million shares in CM Seven Star. Hong Kong partner Will Cai led the firm’s team in the transaction, which is expected to close in the first quarter of 2019.
Sullivan & Cromwell is representing Booking Holdings (US) on its strategic partnership with and US$200 million investment in Grab Holdings (Singapore). Corporate partners Brian Hamilton (New York) and Garth Bray (Hong Kong) are leading the firm’s team in the transaction, which was announced on October 29, 2018.
Sullivan & Cromwell is also representing Tokio Marine Holdings (Japan) on its definitive agreement to sell 100 percent of Tokio Millennium Re (Switzerland) and Tokio Millennium Re (UK), owned by Tokio Marine Holdings subsidiary Tokio Marine & Nichido Fire Insurance, to RenaissanceRe Holdings (Bermuda) for approximately US$1.5 billion. Corporate partners Robert DeLaMater (New York), Ben Perry (London) and Keiji Hatano (Tokyo) are leading the firm’s team in the transaction, which was announced on October 30, 2018.