AZB & Partners has advised Parksons Packaging on its acquisition of 100 percent of the share capital of MK Printpack. Green Fin Investments, an affiliate of Warburg Pincus, holds majority of the share capital of Parksons Packaging. Partners Anil Kasturi and Anisha Shridhar led the firm’s team in the transaction, which was completed on March 27, 2023.
AZB & Partners has also advised Accenture on the acquisition by IBS Software of the freight and logistics service business of Accenture subsidiary Accenture Solutions and its affiliates. The transaction in India was confined to the transfer of employees. Partners Vaidhyanandan Iyer and Nishanth Ravindran led the firm’s team in the transaction, which was completed on February 20, 2023.
Moreover, AZB & Partners has represented Abu Dhabi Investment Authority, via its wholly-owned subsidiary, on its acquisition of equity stake in Lenskart Solutions. Partner Gaurav Bansal led the firm’s team in the transaction, which was valued at approximately Rs41 billion (US$499m) and was completed on March 23, 2023.
Clifford Chance has advised the Ayala Group’s listed energy platform ACEN Corporation, through ACEN Renewables International and ACEN International, on the international aspects of its partnership with and investment in renewable energy producer BrightNight’s India platform. The partnership aims to deploy up to US$250 million equity plus related performance guarantees. ACEN and BrightNight will develop, construct and operate a multi-technology renewable power portfolio in India, including over 1.2GW of BrightNight’s existing hybrid development pipeline. The pipeline includes hybrid wind-solar and energy storage projects that operate around the clock to provide clean and on-demand energy. ACEN has over 4,000MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India and Australia, with a renewable share of 98 percent, which is among the highest in the region. As one of the largest listed renewables platform in Southeast Asia, ACEN aims to reach 20GW of renewables capacity by 2030. BrightNight is the first global renewable integrated power company. Working with utility and commercial and industrial customers across the US and Asia Pacific, the company designs, develops and operates safe, reliable, large-scale renewable power projects. Partner Melissa Ng, supported by partner Jeroen Thijssen, led the firm’s team in the transaction, while Khaitan & Co acted as Indian counsel.
Clove Legal has represented Indigo Paints, a listed company and India’s fifth largest and fast-growing decorative paints brand, on the acquisition, via a combination of primary capital infusion and secondary purchase from the promoters, of 51 percent stake in Apple Chemie India, a company engaged in construction chemicals and water proofing. Partner Dharmesh Kotadia led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised IDFC and IDFC Financial on the subscription of shares of IDFC First Bank on preferential allotment basis for approximately Rs21.69 billion (US$264m). Partners Anu Tiwari and Ketaki Mehta led the firm’s team in the transaction, which closed on March 23, 2023.
Cyril Amarchand Mangaldas has also advised DMI Finance, an RBI-registered non-banking financial company, on its US$400 million equity fundraising led by Mitsubishi UFJ Financial Group. DMI Finance is a digital lender with products, including consumption, personal and MSME loans. Mitsubishi UFJ, through its consolidated subsidiary MUFG Bank, led the investment in DMI Finance, with participation from existing investor Sumitomo Mitsui Trust Bank. Partners Anu Tiwari and Jian Johnson, supported by partner Ankita Ray, led the firm’s team in the transaction, which was announced on April 3, 2023.
Drew & Napier has acted as Singapore counsel to Super Hi International Holding on its listing via introduction in Hong Kong on December 30, 2022. Before the spin-off listing, Super Hi was a component of Haidilao International Holding, a leading global and fast-growing Chinese restaurant brand focusing on hot pot cuisine. Super Hi serves as a self-operated restaurant brand for Haidilao’s hot pot offerings in the international market. Since opening the first restaurant in Singapore in 2012, Super Hi has opened 110 restaurants in 11 countries across four continents, including Thailand, Vietnam, Malaysia, Indonesia, Japan, Korea, the US, Canada, the UK and Australia. Director Wu Geng led the firm’s team in the transaction.
HHP Law Firm and Baker McKenzie have advised Indonesian nickel mining company Vale Indonesia on its proposed collaboration with battery minerals producer Zhejiang Huayou Cobalt and automaker Ford Motor to advance more sustainable nickel mining and refining in Indonesia. At a ceremony held on March 30, 2023 with Indonesia’s President Joko Widodo, the three companies entered into definitive agreements, pursuant to which equity investments will be made to develop the Pomalaa Block High-Pressure Acid Leaching (HPAL) Project. Subject to relevant approvals, the project could produce up to 120 kilotons per annum of mixed hydroxide precipitate (MHP), a lower-cost nickel product used in EV batteries. The entry into these agreements is the continuation of Vale Indonesia’s Pomalaa Block ground-breaking in November 2022. The project is a National Strategic Project with an estimated investment of up to Rp67.5 trillion (US$4.5b), and is expected to generate 12,000 construction jobs. Norman Bissett, Tanya Denning and Luke Devine led the firms’ team in the transaction.
Khaitan & Co has advised PerkinElmer on the India leg of the sale of its AES business assets to Spectralytic Scientific Solutions. PerkinElmer sold its Analytical & Enterprise Solutions business, along with the PerkinElmer brand (across multiple jurisdictions, including India) to leading global private equity fund New Mountain Capital at a valuation of up to US$2.45 billion. New York-listed PerkinElmer is a publicly traded corporation based in Waltham, Massachusetts, USA. It provides end-to-end solutions that help scientists, researchers and clinicians better diagnose disease and discover new and more personalized drugs. Its dedicated team of 11,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. PerkinElmer’s AES Business includes its leading OneSource laboratory and field services, along with a portfolio of atomic spectroscopy, molecular spectroscopy and chromatography instruments, consumables and reagents that serve the biopharma, food, environmental and safety and applied end markets. Partner Ashraya Rao, supported by partners Anshul Prakash, Adheesh Nargolkar, Smriti Yadav, Harsh Parikh, Manavendra Mishra and Indruj Rai, led the firm’s team in the transaction.
Khaitan & Co has also advised AdaniConneX on the acquisition of 100 percent share capital of Support Properties from Adani Power at an enterprise value of Rs155.65 billion (US$1.9b). AdaniConneX is a joint venture between Adani Group (India’s largest private infrastructure and energy provider) and EdgeConneX (world’s largest private data center operator) to empower digital India with a 1 GW of data center capacity over the next decade. Partners Ashraya Rao and Harsh Parikh led the firm’s team in the transaction.
Simpson Thacher has represented SBI Sumishin Net Bank on its ¥49.8 billion (US$374m) global offering of shares, including an offering to institutional investors outside Japan, pursuant to Rule 144A and Regulation S under the Securities Act. The shares in the international offering were existing shares sold by selling shareholders SBI Holdings and Sumitomo Mitsui Trust Bank. SBI Sumishin Net Bank is a leading internet bank in Japan offering digital banking services to consumers throughout Japan. The international joint lead managers for the international offering were Nomura International, SBI Securities (Hong Kong), Goldman Sachs International, Daiwa Capital Markets Europe and UBS London Branch. Partners Alan Cannon (Tokyo-capital markets) and Jonathan Cantor (New York-tax) led the firm’s team in the transaction.
Simpson Thacher is also representing KKR on the acquisition of the Hyatt Regency Tokyo by funds managed by KKR and Gaw Capital Partners from Odakyu Electric Railway. The transaction is expected to be completed by Q2 2023, subject to regulatory approvals and customary closing conditions. The Hyatt Regency Tokyo is a 746-room luxury hotel located in Shinjuku, one of Tokyo’s busiest business and retail districts, and adjacent to the Tokyo Metropolitan Government headquarters. Partners Noritaka Kumamoto and Jonathan Stradling (Tokyo-M&A), Ian Ho (Hong Kong-M&A) and Makiko Harunari (Hong Kong-credit) are leading the firm’s team in the transaction.
S&R Associates has represented Embassy Office Parks REIT (Embassy REIT), India’s first listed real estate investment trust, and its manager, Embassy Office Parks Management Services, on the acquisition of Embassy Business Hub, an integrated business park in Bengaluru expected to comprise 2.1 million sq ft of leasable area upon completion, along with the associated business of common area maintenance services and common infrastructure services, for an enterprise value of approximately Rs3.35 billion (US$41m). The acquisition was completed through the purchase of equity shares of Embassy Construction (the developer of Embassy Business Hub) by Embassy REIT from certain affiliates of Embassy Property Developments, a sponsor of Embassy REIT. Partners Sandip Bhagat, Shivaji Bhattacharya and Pratichi Mishra led the firm’s team in the transaction.
S&R Associates has also represented IRB Infrastructure Trust, India’s first privately placed unlisted InvIT, sponsored by IRB Infrastructure Developers, on the listing of its units in India. This is the second listing of a previously unlisted InvIT on the stock exchanges in India. Partner Pratichi Mishra led the firm’s team in the transaction.
Morever, S&R Associates has represented Firmenich International, the world’s largest privately-owned fragrance and taste company; Koninklijke DSM (DSM), a Dutch-Swiss company and health, nutrition & bioscience global leader; and Danube, a wholly-owned subsidiary of DSM, on obtaining Indian competition law approval for the merger between DSM and Firmenich to form DSM-Firmenich, a Swiss-domiciled company whose shares are proposed to be listed in Euronext Amsterdam. Competition head Simran Dhir, supported by partners Rajat Sethi and Dhruv Nath, led the firm’s team in the transaction.
Trilegal has advised Deutsche Bank Singapore Branch and The Hongkong and Shanghai Banking Corporation, as the arrangers, on the update of up to US$350 billion global medium-term note programme, and US$150 million drawdown thereunder, by Shriram Finance, one of India’s largest non-banking finance companies that focuses on vehicle financing. This is the first overseas bond issuance undertaken by Shiram Finance, post the merger of Shriram City Union Finance with Shiram Finance, under the revised external commercial borrowing framework in India, which was revised pursuant to the circular dated December 8, 2021 notified by the Reserve Bank of India. Partners Richa Choudhary and Joseph Jimmy led the firm’s team in the transaction.
Trilegal has also acted as sole counsel to the proposed public issuance of non-convertible debentures (NCDs) by Muthoot Finance with a shelf limit of Rs26 billion (US$317m) and the tranche one issue thereunder aggregating up to Rs3 billion (US$36.5m). Muthoot Finance is the largest gold loan non-banking financial corporation in India, in terms of loan portfolio. This is one of the first public issuance of NCDs to be undertaken by a company under the SEBI NCS (Amendment) Regulations 2023, which sets out a specific period of subscription in public debt issue. Partners Richa Choudhary and Joseph Jimmy led the firm’s team in the transaction.