Allen & Gledhill has acted as transaction counsel to APAC Realty, a Singapore-listed controlled investee company of Morgan Stanley Private Equity Asia, on the acquisition of an additional 22 percent of the shares in each of ERA Viet Nam Real Estate and Eurocapital, to increase its total stake in each of ERA Vietnam and Eurocapital to 60 percent. ERA Vietnam and Eurocapital both operate real estate brokerage businesses in Vietnam. The maximum consideration payable by APAC is S$15.4 million (US$11.7m), subject to earn-outs. Managing partner Oh Hsiu Hau and partner Tran Thi Phuong Thao led the firm’s team in the transaction.
Allen & Gledhill has also advised Vard Vung Tau, a Vietnamese subsidiary of Vard, on the purchase of land use rights over a parcel of land with an estimated area of around two hectares and facilities attached to such land located in Dong Xuyen Industrial Park, Vung Tau City, Vietnam from Southern Petroleum Construction. Vietnam partner Tran Thi Phuong Thao led the firm’s team in the transaction.
Allen & Overy has advised the Abu Dhabi Investment Office (ADIO) and the Department of Municipalities and Transport (DMT) in Abu Dhabi on Phase 2 of its Road Lighting public-private partnership project in Abu Dhabi, UAE, which reached commercial close in December 2022. The project will be delivered by Nojoom, a joint venture between Eléctricité de France and ENGIE, and involves the finance, supply, installation, operation and maintenance of 133,473 LED energy-efficient road lights. The project forms part of the wider Abu Dhabi Road Lighting Programme, and will reduce power consumption by 74 percent over a 12-year concession period. The firm also supported ADIO and DMT on earlier phases of this programme. This demonstrates a robust PPP framework established by ADIO in the Emirate, and marks an important milestone in the UAE’s sustainability development agenda. UAE partner Elliott Sawford led the firm’s team in the transaction.
AZB & Partners has advised Welspun on its acquisition, via its wholly-owned subsidiary Big Shot Infra Facilities, of Sintex Prefab & Infrastructure. The resolution plan was submitted on April 15, 2022, and approved by the National Company Law Tribunal on December 21, 2022. The deal was valued at Rs7 billion (US$85.8m), which represents the total debt of Sintex Prefab & Infrastructure resolved by virtue of the resolution plan. Partners Darshika Kothari, Suharsh Sinha and Avinash Subramanian led the firm’s team in the transaction.
AZB & Partners has also advised EQT AB on its acquisition of 100 percent equity stake in Baring Private Equity Asia Group and the ultimate general partner entities that control the Baring funds. Partners Ashwath Rau, Rushabh Maniar and John Adwet Raghav led the firm’s team in the transaction, which was valued at Rs570 billion (US$7b) and was completed on December 20, 2022.
Clifford Chance has advised leading global private markets firm Partners Group, acting on behalf of its clients, on its acquisition of a majority stake in Sunsure Energy, a leading renewable energy and decarbonisation solutions platform in India. Partners Group will invest up to US$400 million in Sunsure Energy. Under Partners Group’s ownership, Sunsure Energy will be transformed into a next-generation independent power producer that will build and own utility-scale solar, wind, solar-wind hybrid and battery storage renewable energy projects. Targeting over 3 GW of operational capacity, the platform will sell power directly to its customers, as well as help them meet decarbonisation and energy cost reduction targets by providing additional value-added services, such as energy-as-a-service and carbon credit management. Partner Tom Lin led the firm’s team in the transaction.
Cyril Amarchand Mangaldas advised Larsen and Toubro (L&T) on the sale of its ‘Smart World and Communications Business’ (SW&C Business) to its listed subsidiary L&T Technology Services (LTTS) for Rs8 billion (US$98m). The transaction seeks to leverage LTTS’s global footprint and achieve a global market reach for the SW&C Business. Partners Shishir Vayttaden and Aditi Singhvi, supported by partners Aditi Singhvi, Bishen Jeswant and Anirban Mohapatra, led the firm’s team in the transaction, which was signed on January 12, 2023.
JSA has advised Export-Import Bank of India (EXIM), India’s premier specialised export credit agency, on the issue of US$1 billion 5.5 percent notes under EXIM’s US$10 billion global medium term note program. The firm also advised and assisted EXIM on the listing of the US$ notes on the India International Exchange. EXIM opened the new year of 2023 for the debt markets for Indian issuers with its maiden benchmark-sized sustainability 10-year US$ bonds under its Environmental, Social and Governance Framework. The transaction is a debut / maiden sustainability notes offering by EXIM, which has the same rating as that of the Government of India. This issuance makes EXIM the largest ever single tranche IG ESG issuer out of India. Partner Dina Wadia, supported by partner Uttara Kolhatkar, led the firm’s team in the transaction.
Maples has acted as Cayman Islands counsel on the special purpose acquisition company (SPAC) listing of TechStar Acquisition in Hong Kong. TechStar Acquisition completed its offering on December 23, 2022, and raised approximately US$128.5 million in proceeds. This is the fifth Hong Kong SPAC listing since the Hong Kong Stock Exchange updated its listing rules to permit SPAC listings on January 1, 2022. The promoters of TechStar Acquisition are CNCB (Hong Kong) Capital, an SFC licensed corporation and an indirect subsidiary of Shanghai and Hong Kong-listed China CITIC Bank; Zero2IPO Consulting Group, an investment management company; Zero2IPO Capital, an SFC licensed corporation; and individuals Mr NI Zhengdong, Mr LI Zhu and Mr LAU Wai Kit. TechStar Acquisition intends to focus on identifying high-growth de-SPAC targets in the “new economy” sector in China. Asia corporate head partner Matt Roberts led the firm’s team in the transaction, while Wilson Sonsini Goodrich & Rosati acted as Hong Kong and US counsel. Sidley Austin represented the joint sponsors and the underwriters.
Maples has also acted as Cayman Islands counsel to KANZHUN (BOSS Zhipin), a Nasdaq-listed company since June 2021, on its dual primary listing, via introduction of its Class A Ordinary Shares in Hong Kong. BOSS Zhipin is the largest online recruitment platform in China, in terms of average MAU and online recruitment revenue in 2021 and the six months ended June 30, 2022. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and affiliates advised as to Hong Kong and US laws, and Tian Yuan Law Firm advised as to Chinese law. The joint sponsors, Morgan Stanley Asia and Goldman Sachs (Asia), were advised by Clifford Chance as to Hong Kong and US laws, and by Han Kun Law Offices as to Chinese law.
Nishith Desai Associates has acted as India counsel to Exor Co-invest Fund I on its Series D investment round in Ultraviolette Automotive. The Series D investment round also saw participation from Qualcomm Ventures. Ultraviolette manufactures futuristic and high-end electric motorbikes, which seek to redefine the sustainable automotive space. Exor has diverse investment portfolio, which includes Ferrari, Juventus Football Club and Christian Louboutin, among others.
Paul Hastings has advised Morgan Stanley Asia, as the sole sponsor, on the HK$442 million (US$56.4m) global offering of Shenzhen Pagoda Industrial (Group), the largest fruit retail operator in China, and its listing in Hong Kong. Morgan Stanley Asia acted as the overall coordinator and the sole global coordinator; Morgan Stanley Asia and CMB International Capital acted as the joint book-runners; and Morgan Stanley Asia, CMB International Capital, Fosun Hani Securities, First Shanghai Securities, Futu Securities International (Hong Kong) and Tiger Brokers (HK) Global acted as the joint lead managers. Founding partner and Greater China chair Raymond Li and corporate partner Chaobo Fan led the firm’s team in the transaction.
Paul Hastings has also advised GenScript Biotech and its subsidiary Probio Technology on Probio’s Series C financing with investments from Legend Capital, Highlight Capital, Hillhouse (Probio’s Series A investor) and other prominent institutional investors. The share subscription agreement was signed on January 17, 2023. The Series C financing will raise approximately US$224 million at the closing of the transaction. The firm previously advised GenScript and Probio in 2021 and 2022 on Probio’s Series A and Series B financings, respectively. GenScript is an industry-leading biotechnology company renowned for its proprietary gene synthesis technology and advanced know-hows in life science research and application. Probio provides comprehensive contract development and manufacturing organization services to biotech and biopharma companies in antibody drug discovery, as well as pre-clinical development, clinical and commercial manufacturing for biologics, and plasmid & virus for therapeutics. China co-chair Jia Yan led the firm’s team in the transaction.
Rajah & Tann Singapore is acting for Link Real Estate Investment Trust (Link REIT) on its first acquisition in Singapore, the approximately S$2.161 billion (US$1.64b) acquisition of suburban retail assets Jurong Point and Swing By @ Thomson Plaza from Mercatus Co-operative, a subsidiary of NTUC Enterprise Co-operative. The firm is also advising Link REIT on its 10-year asset and property management of AMK Hub, which will remain under the ownership of Mercatus, and the retention of employees for the management of Jurong Point, Swing By @ Thomson Plaza and AMK Hub. Partners Evelyn Wee (deputy head-corporate and transactional practice), Benjamin ST Tay (deputy head-corporate real estate) and Loh Chun Kiat (M&A), supported by partners Chen Xi (capital markets / M&A), Elsa Chai (co-head – corporate real estate), Lina Chua (corporate real estate), Kala Anandarajah (head-competition & antitrust and trade), Benjamin Cheong (deputy head-TMT), Anne Yeo (head-funds and investment management) and Vikna Rajah (head-tax & trust, co-head – private client), are leading the firm’s team in the transaction.
TT&A is advising Aseem Infrastructure Finance on its rupee-denominated term loan facility of up to Rs2.16 billion (US$26.5m) to ReNew Sun Bright, a leading market player of the renewable energy space, for set-up and operation of a 300MW solar plant in the state of Rajasthan, India. Senior partner Gautam Saha and partners Pallavi Meena and Pragya Sood are leading the firm’s team in the transaction.
TT&A is advising DFC on its loan facility, via an external commercial borrowing, of up to US$5.17 million to ManiBhavnam Home Finance India, a housing finance company. The loan will be supported by a personal guarantee from Mrs Meghha Gupta, a shareholder of ManiBhavnam Home Finance India. Senior partner Gautam Saha and partner Pallavi Meena are leading the firm’s team in the transaction.