Allen & Gledhill has acted as transaction counsel to the Monetary Authority of Singapore on the re-opening issuance of US$2.8 billion fixed rate bonds due 2072, under the Government of Singapore’s medium term note programme for issuance of Singapore Government Securities (Infrastructure) via syndication. The bonds are Singapore’s sovereign green bonds, and a re-opening issuance of the 50-Year Green SGS (Infrastructure) issued in August 2022. The 50Y Green SGS (Infrastructure) forms part of the pipeline of up to S$35 billion (US$25.7m) of sovereign and public sector green bonds that the government and its statutory boards will issue by 2030. Proceeds from the reopening issuance of 50Y Green SGS (Infrastructure) will also be used to finance expenditures in support of the Singapore Green Plan 2030. Partners Yeo Wico, Jeanne Ong, Sunit Chhabra and Jo Tay led the firm’s team in the transaction.
AZB & Partners is advising Schaeffler AG and Schaeffler India on the Rs1.42 billion (US$17m) acquisition by Schaeffler India of KRSV Innovative Auto Solutions (Koovers) from Koovers founders Mr Begur Sheshadri Sandeep, Mr Vinayak Basavaraju Yadathore and Mr Sathianarayanan Premkumar and other Koovers resident and non-resident individual and corporate shareholders. Partners Ashwath Rau, John Raghav and Ramya Suresh are leading the firm’s team in the transaction, which was signed on August 28, 2023 and is yet to be completed.
AZB & Partners has also advised TPG Asia VII SF on its Rs6.62 billion (US$80m) sale of equity stake in Five-Star Business Finance. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on September 4, 2023.
Moreover, AZB & Partners is advising Naspers Ventures on its Rs1.65 billion (US$20m) investment in Infifresh Foods. Partners Srinath Dasari and Bhuvana Veeraragavan are leading the firm’s team in the transaction, which was signed on July 21, 2023 and is yet to be completed.
Baker McKenzie has advised EQT Private Equity and other selling shareholders on the sale of their interests in the DataFlow Group, a leading international provider of credential verification services, to Arcapita Group Holdings, the global alternative investment firm. The firm had assisted EQT Private Equity on the original acquisition of its majority stake in DataFlow in 2014 from the founders. Under EQT Private Equity’s tenure, Dataflow has transformed into a digitally enabled, leading credential service provider of regulation-mandated pre-employment primary source verification (PSV) services, with a global network of more than 160,000 issuing authorities across 190 countries. Private equity/M&A partners Derek Poon and Tracy Wut, supported by partners Xinxing Chen (Hong Kong), David Monnier (Riyadh) and Mini vandePol, led the firm’s team in the transaction.
Clifford Chance has advised the Elanora Offshore consortium, which comprises of KIMAenergy, EnergyAustralia, Boskalis, Respect Energy and Polpo Investments, on a major 5GW offshore wind farm project in the Bass Strait, off the coast of Gippsland, Victoria. The consortium brings together experts in offshore wind with a proven track record in delivering and financing offshore wind and energy infrastructure in Europe, Asia and Australia. Subject to receiving feasibility licences, the first phase of the Elanora project is anticipated to be operational by 2032, with the second phase completing by end 2034. Once fully operational, the project is expected to generate more than 20TWh of clean energy to Victoria annually, which is 40 percent of the state’s current energy needs. Sydney corporate partner Reuben van Werkum, supported by partners Chad Bochan (finance) and Elizabeth Richmond (antitrust) led the firm’s team in the transaction.
Khaitan & Co has advised Aditya Birla Finance on the term loan facilities aggregating up to Rs5 billion (US$60m) extended to the ‘My Home’ group companies. Partner Rahul Chakraborti led the firm’s team in the transaction.
Khaitan & Co has also advised Gokaldas Exports on its acquisition of the Atraco Group, through its wholly-owned subsidiaries. Founded in 1986 and headquartered in Dubai, Atraco Group is a leading manufacturer of apparel with a strong market position and customer relationships across the US and Europe. Its product range includes shorts, pants, shirts, t-shirts, blouses and dresses catering across age groups. The transaction, which has an equity value of US$55 million, will comprise of acquisition of shares and assets, and will be subject to customary regulatory approvals. Partner Anuj Shah, supported by partners Arindam Ghosh and Sharad Abhyankar, led the firm’s team in the transaction, which involved multiple jurisdictions.
Shardul Amarchand Mangaldas has advised Morgan Stanley on the acquisition of a significant majority stake in Clearmedi Healthcare via purchase of shareholding of the company from the existing investors, namely KOS SPA and Clearview Healthcare. The deal also included issuance and allotment of equity shares of the company to both Morgan Stanley and the company founder Mr Shashi Kant Baliyan. The proposed transaction marks a complete exit for KOS, an early-stage investor in the company. Partner Nivedita Tiwari, supported by partners Nivedita Tiwari, Devesh Pandey, Manika Brar, Nawneet Vibhaw, led the firm’s team in the transaction, which closed on June 28, 2023. Khaitan & Co advised KOS, while Phoenix Legal advised Mr Shashi Kant Baliyan.
Skadden has advised SHEIN on its recently announced strategic partnership with SPARC Group Holdings II. SHEIN is a global integrated online marketplace for fashion, beauty and lifestyle products. The partnership will focus on meeting the needs of customers in the US and around the world who enjoy affordable, high-quality fashion. Under the agreement, SHEIN acquires an approximately one-third interest in SPARC Group, a joint venture that includes Authentic Brands Group and Simon Property Group, and SPARC Group becomes a minority shareholder in SHEIN. Partners Dohyun Kim and Shu Du (M&A-Hong Kong), Victor Hollender (tax) and Page Griffin (executive compensation and benefits-Palo Alto and New York) led the firm’s team in the transaction.
Trilegal has represented the petitioners/non-applicants on successfully obtaining an order from NCLT Allahabad, upholding the maintainability of a composite oppression and mismanagement petition against both holding and subsidiary companies. NCLT permits lifting of corporate veil in an oppression and mismanagement petition filed by minority shareholders/promoters of Dainik Jagran Group. NCLT held a composite petition filed under Section 241-242 of the Companies Act, 2013 to be maintainable against both holding and subsidiary companies, despite the Petitioners not holding the requisite 10 percent shareholding in the latter, as holding company has direct control over the affairs of subsidiary. Partner Rajat Jariwal led the firm’s team in the matter.
Trilegal has also advised Zeco Aircon on its 100 percent acquisition by Munters AB Sweden, through its wholly-owned Indian subsidiary Munters India Humidity Control, on an enterprise value of Rs6 billion (US$72.3m). Corporate partner Abhishek Dubey led the firm’s team in the transaction, which is among the largest deals in the air handling unit segment.