Allen & Gledhill has advised Singapore Airlines on the issue of US$600 million 3.375 percent notes due 2029, under its S$10 billion (US$7.4b) 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 Citigroup Global Markets Singapore, UBS AG Singapore Branch, Oversea-Chinese Banking Corporation, China International Capital Corporation (Singapore) and UOB Kay Hian on the IPO and listing of Pegasus Asia in Singapore. Citigroup and UBS were appointed joint issue managers and global coordinators, and joint book-runners and underwriters. OCBC was appointed joint global coordinator, book-runner and underwriter, while CICC and UOB Kay Hian were appointed joint book-runners and underwriters. Pegasus Asia is a special purpose acquisition company incorporated to enter into a business combination. Tikehau Capital SCA, through a subsidiary Bellerophon Financial Sponsor 3 SAS; Financière Agache SA, through a subsidiary Poseidon Asia Financial Sponsor SAS; Diego De Giorgi and Jean Pierre Mustier are the sponsors of Pegasus Asia. Partners Tan Tze Gay led the firm’s team in the transaction.
AZB & Partners has advised Coinbase Ventures, through Coinbase Global, on its Rs158 million (US$2.1m) acquisition, along with other investors, of equity stake in Ippopay Technologies. Partners Ravi Bhasin, Rohan Bagai and Aprajita Rana led the firm’s team in the transaction, which was completed on January 11, 2022.
AZB & Partners has also advised Reliance Industries on its Rs11 billion (US$227m) acquisition, along with other investors, of stake in Dunzo Digital, such that Reliance will own 25.8 percent stake in Dunzo after the transaction. Partners Ashwath Rau, Jasmin Karkhanis, Nandan Pendsey and Aditya Bhat led the firm’s team in the transaction, which was completed on January 7, 2022.
Baker McKenzie has advised EQT on the sale of its interest in ELEVATE, a leading provider of ESG and supply chain services, to global assurance provider LRQA, via its EQT Mid Market Fund (EQT Private Equity). Under EQT Private Equity’s tenure, ELEVATE has developed into a differentiated market leading platform, which can support customers across their entire responsible sourcing and supply chain ESG management journey, with a footprint across more than 100 countries. M&A/private equity partners Robert Wright and Tracy Wut led the firm’s team in the transaction, which is subject to regulatory approvals, and is expected to close in 2022.
Bird & Bird ATMD has acted for United Overseas Bank, as the sponsor and issue manager for Alpina Holdings, on the company’s listing in Singapore, which raised approximately S$8.1 million (US$6m) in net proceeds for the company, and S$1.6 million (US$1.2m) for its controlling shareholders. Alpina Holdings is an established Singapore-based contractor specialising in providing integrated building services, mechanical and electrical engineering services and alteration and addition works. Jolie Gioux led the firm’s team in the transaction.
JSA has advised Rakesh Jhunjhunwala, Rare Enterprises and other investors on their investment in Syska LED Lights and Syska Group Companies. Rakesh Jhunjhunwala’s asset management firm Rare Enterprises and other investors completed a hybrid investment in India’s fast moving electrical goods industry. Leading lighting manufacturer Syska LED Lights and Syska group entities are promoted by the Uttamchandani family. Syska Group has diversified into segments such as LED, personal care appliances, mobile accessories and home appliances. Partner Aarthi Sivanandh, supported by partners Anjana Potti and Rajeev Reddy led the firm’s team in the transaction.
JSA has also advised Origin Learning Solutions on its acquisition by US-based learning solutions company, eLearning Brothers, backed by RLG Capital & Trinity Private Equity Group. eLearning Brothers is a leader in corporate learning technology and custom training development solutions. Its suite of products and services includes custom learning design and development, learning platforms, and development tools for creating interactive mobile learning, virtual reality, video-based coaching, and gaming learning experiences. Partners Bhavana Elizabeth Alexander and Aarthi Sivanandh led the firm’s team in the transaction.
Maples and Calder has advised Clover Biopharmaceuticals on its IPO and listing of 150 million ordinary shares in Hong Kong. Clover Biopharmaceuticals is a global clinical-stage biotechnology company committed to developing novel vaccines and biologic therapeutic candidates for infectious diseases, as well as cancer and autoimmune diseases. The offering, which closed on November 5, 2021, raised approximately HK$2.03 billion (US$260m). Partner Derrick Kan led the firm’s team in the transaction, while Kirkland & Ellis advised on Hong Kong and US laws, and Tian Yuan Law Firm advised on Chinese law. The joint sponsors, Goldman Sachs (Asia) and China International Capital Corporation Hong Kong Securities, and the underwriters were represented by Skadden, Arps, Slate, Meagher & Flom and affiliates as to Hong Kong and US laws, and by Commerce & Finance Law Offices as to Chinese law.
Mayer Brown has represented Hong Kong-listed alternative investment financial services institution Sun Hung Kai & Co on its Series B investment in Sygnum Bank, the world’s first digital asset bank. Sun Hung Kai & Co led the US$90 million Series B funding round for Sygnum, which was oversubscribed. A digital asset technology group with a Swiss banking license and a Singapore asset management license, Sygnum intends to use the proceeds from the latest funding round to accelerate the development of new institutional-grade Web 3.0 offerings, and expand into new global markets. Corporate and securities partner Mark Uhrynuk (Hong Kong) and intellectual property and IT partner Oliver Yaros (London) led the firm’s team in the transaction.
Paul Hastings has advised LG Energy Solution on its US$10.7 billion global offering and listing in Korea. Morgan Stanley and KB Securities acted as the joint lead managers. LG Energy Solution is one of the world’s leading battery manufacturers, producing batteries for electric vehicles, IT devices and energy storage systems. Seoul office chair partner Dong Chul Kim led the firm’s team in the transaction, which is the largest IPO in South Korean capital markets to date.
Rajah & Tann Singapore is acting for The Hongkong and Shanghai Banking Corporation Singapore Branch on its proposed US$150 million joint venture with Temasek Holdings, in a partnership to establish a debt financing platform dedicated to sustainable infrastructure projects with an initial focus on Southeast Asia. Partner Favian Tan is leading the firm’s team in the transaction, alongside partner Kala Anandarajah, who is advising on the competition/anti-trust aspects.
Rajah & Tann Singapore has acted for CGS-CIMB Securities (Singapore), as the sole placement agent, on the placement of new ordinary shares in the capital of iFAST to raise gross proceeds of S$105 million (US$78m). Partner Raymond Tong led the firm’s team in the transaction.
WongPartnership has acted for The Straits Trading on its private placement to raise gross proceeds of approximately S$80.9 million (US$60m). Partners Karen Yeoh and Loh Jen Vern led the firm’s team in the transaction.