Allen & Gledhill has acted as transaction counsel to ARA Trust Management (Suntec), as manager of Suntec Real Estate Investment Trust (Suntec REIT), on the S$500 million (US$373m) sustainability-linked term loan facility to HSBC Institutional Trust Services (Singapore), as trustee of Suntec REIT. Partner Jafe Ng led the firm’s team in the transaction.
Allen & Overy is advising a consortium led by Fajr Capital on the acquisition of a 65 percent stake in Aster DM Healthcare, the holding company of the GCC business of Aster DM Healthcare. On November 28, 2023, Aster DM Healthcare received approval from its board of directors to separate its India and GCC businesses into two distinct and standalone entities. Under the separation plan, the Moopen family (Aster DM Healthcare founders) will continue to manage and operate the GCC business, retaining a 35 percent stake following the sale of the remaining 65 percent to the Fajr Capital-led consortium. The current market cap of the combined India and GCC business stands at around US$2 billion. The transaction values the GCC business at an enterprise value of US$1.7 billion and an equity value of US$1 billion. The Fajr Capital-led consortium includes Emirates Investment Authority, Al Dhow Holding (AlSayer Group’s investment arm), Hana Investment (subsidiary of Olayan Financing) and Wafra International Investment. A UAE-based private equity firm which invests in the Middle East and Southeast Asia, Fajr Capital is owned by prominent sovereign wealth funds from Abu Dhabi, Brunei Darussalam and Malaysia, and private investors from the Gulf region and beyond. Middle East corporate head partner David Foster led the firm’s team in the transaction, which is subject to regulatory and corporate approvals, including shareholder approval.
AZB & Partners has advised Warburg Pincus affiliate White Harbor Investment on the Rs5.75 billion (US$69m) acquisition of stake by Galleria Retail in R Retail Ventures from White Harbor Investment. Partners Anil Kasturi and Ashish Pareek led the firm’s team in the transaction, which was completed on October 31, 2023.
AZB & Partners is also advising Bharti Enterprises and Bharti Management Services on the acquisition of stake by Bharti Enterprises in Bharti Management Services from Societe Beaujon. Partners Anil Kasturi and Niladri Maulik are leading the firm’s team in the transaction, which was signed on October 11, 2023 and is yet to be completed.
Moreover, AZB & Partners is advising MG Motor India and SAIC Motor HK Investment on the more than US$100 million acquisition of stake by JSW Ventures Singapore in MG Motor India. Partners Anil Kasturi, Anisha Shridhar and Toshit Shandilya are leading the firm’s team in the transaction, which was signed on November 30, 2023 and is yet to be completed.
Clifford Chance has advised Asian Development Bank on its US$6.5 million senior secured financing to SDG 13 Ventures, a subsidiary of Greenway Grameen Infra, for the development of a carbon offset project in India. The project involves the production and distribution of one million improved cookstoves to rural households in Madhya Pradesh and Odisha states. The financing was further supported by a US$3.25 million first-loss liquidity reserve facility provided by the Climate Innovation and Development Fund administered by ADB. The project will subsidise the cost of the new, more efficient cookstoves to rural households, and result in a total reduction of 22.9 million tons of carbon dioxide. Greenway, through SDG 13, will sell the carbon credits generated from use of the improved cookstoves to international buyers. Partner Nicholas Wong, supported by partners Nigel Howorth, Janice Goh and Matthew Warner, led the firm’s cross-border team in the transaction.
Cyril Amarchand Mangaldas has advised Aster DM Healthcare on the US$1 billion sale of its GCC business. At closing, the buyer will be held by a consortium of financial investors and the promoters of Aster. Partner Anand Jayachandran, supported by partners Arun Prabhu (technology & telecom head), Avaantika Kakkar (competition head) and Reuben Chacko (south market regional co-head), led the firm’s team in the transaction, which was signed on November 28, 2023 and is expected to close by March 2024. Baker McKenzie acted as international counsel for the seller.
Davis Polk is advising GoTo Gojek Tokopedia on its strategic partnership with TikTok to drive long-term growth for Indonesia’s MSME sector and the country’s digital economy, as a whole. As part of the transaction, GoTo’s e-commerce platform, Tokopedia, and TikTok Shop Indonesia’s businesses will be combined under the existing Tokopedia entity, in which TikTok will take a controlling stake. TikTok has committed to invest over US$1.5 billion in the combined entity over time, to provide future funding required by the business, without additional dilution to GoTo. GoTo is the largest digital ecosystem in Indonesia, with a mission to “empower progress” by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy. TikTok is the leading destination for short-form mobile video. Hong Kong partner Miranda So led the firm’s team in the transaction.
Khaitan & Co has advised Heisetasse Beverages (dba Third Wave Coffee Roasters) on a Series C funding, via issuance of compulsorily convertible preference shares to WestBridge, Creaegis and other minority investors. Partner Ganesh Prasad led the firm’s team in the transaction. Cyril Amarchand Mangaldas, led by partners Maheshwari Sudaresh and Sharada Ramachandra, and Quillon Partners, led by partner Namrata Sinha, also advised on the deal.
Khaitan & Co has also advised Global Dental Services on the approximately US$50 million investment by Qatar Investment Authority in the Series D1 funding round of the company. Partners Bharat Anand and Nidhi Killawala, supported by partners Indruj Singh Rai and Sudipta Bhattacharjee, led the firm’s team in the transaction, which was completed on November 23, 2023. White & Case Singapore represented Qatar Investment Authority.
K&L Gates has advised BPEA EQT on its recent investment in Klook, a Hong Kong-based online booking platform for travel and leisure experiences in Asia. Along with other investment funds, BPEA EQT participated in the fundraising round, which raised US$210 million. Klook was founded in 2014, and allows users to choose from diverse experiences, ranging from attractions and tours to local transport and experiential stays in over a thousand destinations globally. BPEA EQT is one of Asia’s largest private alternative investment firms, and part of global investment organization EQT. Hong Kong corporate partner William Ho, supported by Taipei corporate partner Joseph Tseng, led the firm’s multi-jurisdictional team in the transaction.
Shardul Amarchand Mangaldas has advised JSW Group on the acquisition of 35 percent stake in Morris Garages Motor India (MGI), via a primary investment in MGI and a secondary purchase of shares from MGI promoters SAIC Motor HK Investment and SAIC Motor International. Partners Deepto Roy and Dnyanraj Desai, supported by partners Gauri Chhabra, Mukul Baveja, Veena Sivaramakrishnan, Mohit Bhatia, Jay Gandhi and Gaurita Udiyawar, led the firm’s team in the transaction, which was valued at approximately US$637.5 million and was signed on November 30, 2023. Herbert Smith Freehills and Orrick, Herrington & Sutcliffe advised JSW Group as international counsel. AZB & Partners and Landing Law Offices acted as Indian and Chinese counsel, respectively, to Morris Garages Motor India and SAIC Motor HK Investment.
Skadden is representing TikTok, a leading global entertainment platform, on the US$1.5 billion strategic partnership between TikTok and GoTo Gojek Tokopedia, Indonesia’s largest digital ecosystem. The partnership brings together Tokopedia and TikTok Shop Indonesia’s businesses under one entity, Tokopedia. TikTok will hold a controlling stake of the combined entity, and will seek to drive growth in Indonesia’s MSME sector over the coming years. Hong Kong corporate partners Haiping Li and Jonathan Stone, supported by Hong Kong anti-trust partner Andrew Foster and London tax partner Alex Jupp, are leading the firm’s team in the transaction.
S&R Associates has represented Citigroup Global Markets India on the delivery of a fairness opinion to the board of directors of listed company TV18 Broadcast for the proposed amalgamation, pursuant to a scheme of arrangement of TV18 and e-Eighteen.com into listed company Network18 Media & Investments, and the issuance and allotment of equity shares of Network18 to the shareholders of TV18 and e-Eighteen as consideration. Partner Sudip Mahapatra led the firm’s team in the matter.
S&R Associates has also represented Axis Capital, Ambit, HSBC Securities and Capital Markets (India) and SBI Capital Markets, as the placement agents, on the Rs6.69 billion (US$80m) institutional placement of units by India Grid Trust, India’s first listed infrastructure investment trust in the power sector. Partner Pratichi Mishra led the firm’s team in the transaction.
Trilegal is advising UltraTech on competition law aspects of the proposed acquisition of Kesoram’s cement business. The proposed acquisition will provide UltraTech the opportunity to extend its footprint in the highly fragmented, competitive and fast-growing western and southern markets in the country. National competition head partner Nisha Kaur Uberoi led the firm’s team in the transaction. Khaitan & Co, led by corporate partner Haigreve Khaitan, advised UltraTech on the corporate aspects of the deal.
Trilegal has also represented ICICI Securities and IIFL Securities, as the book-running lead managers, on the qualified institutions placement of equity shares by APAR Industries, the largest Indian company in sales of conductors, and also one of the largest Indian exporters of conductors and cables in Fiscal Year 2023. Subscribed by various marquee investors, the issue raised proceeds amounting to Rs10 billion (US$120m), which will be used towards working capital requirements. Capital markets partners Bhakta Patnaik and Albin Thomas led the firm’s team in the transaction.
TT&A has advised Asian Development Bank on its loan facility, via external commercial borrowing, of up to US$125 million to L&T Finance (now merged into L&T Finance Holdings). The borrower is an NBFC and will on-lend the proceeds to various end-users, including to women borrowers for rural group loans and micro finance loans. The ADB financing deal was negotiated and entered into in parallel with a merger process, under which L&T Finance and certain other L&T group companies were to be merged into L&T Finance Holdings. Partner Ambarish Mohanty led the firm’s team in the transaction.
Watson Farley & Williams has advised Avation on the refinancing with Investec of five aircraft. A mix of ATRs and A320s, the aircraft were each leased to different lessees located in different jurisdictions, including Fiji, Nepal, the Philippines and the UK. The refinancing, which took place between October and November 2023, saw the firm advise on the prepayment of the existing loan, and discharge of the existing security over the aircraft. The firm also advised Investec on taking new security and local counsel in each jurisdiction, regarding the requirements to register the change in financiers for the aircraft. Avation is a commercial passenger aircraft leasing company with a fleet of 35 aircraft (including Airbus A220, A320, A321, A330, Boeing 777-and ATR 72 aircraft) currently on lease to a global roster of airlines. Investec is an Anglo-South African international banking and wealth management group that provides innovative aviation financing solutions globally for airlines, investors and lessors. Singapore partner Richard Williams led the firm’s team in the transaction, which was completed on October 9, 2023.
WongPartnership has acted for Jungle Ventures, as lead investor, on the US$5 million series seed funding round of Climate Alpha, a Singapore-based artificial intelligence-driven analytics platform for the real estate, asset management and insurance industries. Partner Kyle Lee led the firm’s team in the transaction.
WongPartnership is also acting for Openspace Ventures, as co-lead investor, on the US$36 million Pre-Series C funding round of Singapore-based insurtech firm Igloo. The funding will be used for merger and acquisition opportunities to expand Igloo’s reach and product portfolio across the region. Partner Kyle Lee is also leading the firm’s team in the transaction.