Latest Deals
Allen & Gledhill is acting as transaction counsel for CapitaLand on the proposed demerger, via scheme of arrangement, of CapitaLand Investment Management (CLIM) and subsequent take private by CLA Real Estate Holdings, CapitaLand’s existing controlling shareholder. The scheme involves a distribution in specie by CapitaLand of approximately 48 percent of the shares in CLIM, as well as six percent of the units in CapitaLand Integrated Commercial Trust, to CapitaLand minority shareholders. Following completion of the distributions, CLA Real Estate Holdings will acquire all the remaining shares in CapitaLand not already held by CLA Real Estate Holdings. In connection with the scheme, CapitaLand will undertake an internal restructuring of its subsidiaries and associated companies to consolidate its investment management platforms and lodging business under CLIM. Following completion of the scheme, CapitaLand will be delisted, while CLIM will be listed. Partners Lim Mei, Hilary Low, Lee Kee Yeng, Chong Zhuo Chen, Leonard Ching, Elsa Chen, Magdalene Leong, Ho Kin San and Tan Boon Wah led the firm’s team in the transaction, which is the first in Singapore that involves a demerger, a listing via spin-off and a take private in the same transaction. Partners Christopher Koh and Wong Yi Jia led the firm’s team advising JP Morgan (SEA), as the financial adviser to CapitaLand.
Allen & Gledhill has also acted as transaction counsel for ARA Real Estate Investors 30 on the ¥34.5 billion (US$312m) loan facility agreement with Sumitomo Mitsui Banking Corporation Singapore Branch. Partners Jafe Ng and Ong Kangxin led the firm’s team in the transaction.
AZB and Partners is advising Wipro on its Rs51.3 billion (US$700m) acquisition of METRO’s Indian and European IT units. Partners Srinath Dasari and Veena Gopalakrishnan are leading the firm’s team in the transaction, which was signed on March 31, 2021 and is yet to be completed.
AZB & Partners has also advised ADB Ventures on its Rs300 million (US$4.1m) acquisition, along with other entities, of equity stake in Smart Joules. Partners Gautam Saha and Dushyant Bagga led the firm’s team in the transaction, which was signed on February 16, 2021 and was completed on March 25, 2021.
Davis Polk has advised the underwriters on Bairong’s IPO and listing in Hong Kong and Rule 144A / Regulation S international offering, raising net proceeds of approximately HK$3.76 billion (US$483.5m), prior to the exercise of the over-allotment option. Bairong is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China by revenue in 2019, after taking into account revenue from precision marketing services. Partners Li He and Yang Chu led the firm’s team in the transaction.
Maples and Calder, the Maples Group’s law firm, has acted as Cayman Islands counsel to RLX Technology on its IPO of 116.5 million American Depositary Shares, representing its class A ordinary shares, and its listing in New York. RLX is the number one branded e-vapor company in China. The offering, which closed on January 26, 2021, raised approximately US$1.4 billion. Partner Richard Spooner led the firm’ team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and Han Kun Law Offices acted as US and Chinese counsels, respectively. Latham & Watkins and Jingtian & Gongcheng acted as US and Chinese counsels, respectively, to Citigroup Global Markets and China Renaissance Securities (Hong Kong), as the underwriters.
Maples and Calder, the Maples Group’s law firm, has also acted as Cayman Islands counsel to Alchip Technologies, a Cayman Islands exempted company listed in Taiwan, on its offering of 7.6 million global depositary shares (GDS), representing 7.6 million ordinary shares of a par value of NT$10 (US$0.35) each, and the listing of such GDSs in Luxembourg and traded on the Europe MTF market in Luxembourg. Alchip is a leading provider of silicon design and production services for companies developing complex and high-volume system-on-a-chip designs, with a specific focus on application-specific integrated circuits. The offering, which closed on January 20, 2021, raised approximately US$190 million. Partner Juno Huang led the firm’s team in the transaction, while Baker & Mckenzie acted as Taiwan counsel and Dentons Law Office acted as Chinese and Hong Kong counsel. Haiwen & Partners acted as Chinese counsel and Latham & Watkins acted as US counsel to Credit Suisse (Hong Kong), as the initial purchaser. Patterson Belknap Webb & Tyler acted as US counsel to Citibank, as depositary.
Paul Hastings has advised Huifu Payment on the proposal by Purity Investment for delisting in Hong Kong, via a scheme of arrangement under Section 86 of the Companies Act of the Cayman Islands. The amount of cash required to implement the proposal is approximately HK$1.25 billion (US$160.7m). The scheme took effect on March 25, 2021 (Cayman Islands time), while the listing of Huifu Payment shares in Hong Kong was withdrawn on March 29, 2021 (Hong Kong time). Huifu Payment is a leading independent third-party payment service provider in China, focusing on integrated merchants acquiring, SaaS service, industry solution, and cross-border and international business. The company was listed in Hong Kong in 2018. Raymund Li, global partner and chair of Greater China, led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has advised Japfa Comfeed Indonesia, the largest agrifood company in Indonesia, on the issuance of US$350 million sustainability-linked bonds (SLB) listed in Singapore. Partners Lee Xin Mei, Cheryl Tan and Eugene Lee led the firm’s team in the transaction, which is the first of its kind in the agri-food industry, and the first US$-denominated SLB issuance from Southeast Asia.
Rajah & Tann Singapore and Assegaf Hamzah & Partners, member firms of Rajah & Tann Asia, have acted for Japfa on the effective disposal of 80 percent of its shareholding in its wholly-owned subsidiary, Greenfields Dairy Singapore, to Freshness for US$295 million, comprising a cash component of US$236 million and a share component comprising shares amounting to 20 percent of Freshness share capital on a fully diluted basis upon completion of the transaction. Partners Evelyn Wee, Hoon Chi Tern and Favian Tan from Rajah & Tann Singapore and Ahmad Fikri Assegaf from Assegaf Hamzah & Partners, led their respective firm’s team in the transaction.