AZB & Partners has advised Warburg Pincus on the approximately Rs13.08 billion (US$157m) acquisition of stake by Genius Bidco Holdings in Good Host Spaces from Warburg Pincus affiliate Baskin Lake Investment and Goldman Sachs Group affiliates Board Street Investments Holdings (Singapore) and Stonebridge 2017 (Singapore). Partners Anil Kasturi and Niladri Maulik led the firm’s team in the transaction, which was signed on October 14, 2023 and was completed on November 21, 2023.
AZB & Partners is also advising TA Associates on the acquisition of majority stake by BPEA EQT entity Zonnebaars Netherlands in Indira IVF Hospital from TA Associates entity TA Asia Pacific Acquisitions. The first tranche of the acquisition closed on November 8, 2023. Partners Darshika Kothari and Vasudha Asher are leading the firm’s team in the transaction, which was signed on July 28, 2023 and is yet to be completed.
Moreover, AZB & Partners has advised GBA Gesellschaft für Bioanalytik on its acquisition of equity stake in Eureka Analytical Services. Partners Divya Mundra and Gautam Rego led the firm’s team in the transaction, which was completed on November 8, 2023.
Baker McKenzie is advising Victory Securities, a wholly-owned subsidiary of Hong Kong-listed Victory Securities (Holdings), on securing approval from the Hong Kong Securities and Futures Commission (SFC) to provide virtual asset (VA) services to retail clients. Victory Securities is the first licensed corporation in Hong Kong to be permitted to provide VA dealing services to retail clients via establishing an omnibus account with SFC-licensed VA trading platforms (Omnibus VA Dealing Services). Victory Securities is also the first licensed corporation to offer VA advisory services for retail clients. The groundbreaking approvals came just one month after the SFC and the Hong Kong Monetary Authority jointly released on October 20, 2023 the updated joint circular on intermediaries’ virtual asset-related activities, which supersedes the same-name joint circular released in 2022, announcing that intermediaries may provide VA dealing and advisory services to retail clients under certain terms and conditions. Last year, the firm also advised Victory Securities to become the first licensed corporation in Hong Kong to provide the full spectrum of virtual assets dealing and advisory services to professional investors under the 2022 Joint Circular. Financial services regulatory partner Karen Man led the firm’s team in the transaction.
Baker McKenzie Wong & Leow (Singapore member firm of Baker McKenzie), Baker McKenzie Switzerland and Baker McKenzie Japan have advised DBS Bank, UBS and SBI Digital Asset Holdings on the world’s first cross-border repo and natively-issued digital bond fully executed and settled on a public blockchain. This transaction was part of Project Guardian by the Monetary Authority of Singapore, a collaborative initiative with the financial industry that seeks to test the feasibility of applications in asset tokenization and DeFi, while managing risks to financial stability and integrity. DBS, UBS and SBI successfully executed the live pilot for the issuance, repurchase and redemption of digitally native Swiss-law securities using stablecoins issued under Japanese regulations and tokenized certificates of deposits under Swiss law. The transactions were recorded on a public blockchain and featured atomic (instantaneous) settlements. The pilot trade was presented at the Singapore Fintech Festival. The Project Guardian initiative currently involves 15 international financial institutions, including DBS, UBS and SBI, as well as policymakers Financial Services Agency of Japan, the Swiss Financial Market Supervisory Authority and the Financial Conduct Authority in the UK. Singapore financial services regulatory principal Stephanie Magnus and Zurich corporate finance partner Dr Yves Mauchle, supported by local principal Liew Ying Yi (Singapore) and local partners Masato Honma and Akiko Hosokawa (Japan), led the cross-border Baker McKenzie team in the transaction.
Clifford Chance has advised battery technology company Gelion Technologies on a joint development agreement with next-generation energy company Ionblox. Gelion and Ionblox plan to jointly develop high performance next-generation lithium silicon sulfur (LiSiS) cells for the global electric vehicle (EV), electrical vertical-takeoff-and-landing (eVTOL) and drone markets, before progressing to the stationary energy storage market. Based in the UK and Australia, London-listed Gelion is a global renewable-energy storage company focused on designing and manufacturing zinc hybrid and lithium sulfur based batteries. California-based battery technology company Ionblox develops high performance lithium-ion batteries with pre-lithiated silicon dominant anodes for ground and aerial electric vehicles. Partner Nadia Kalic, supported by Houston partner Devika Kornbacher on the US and IP aspects, led the firm’s team in the transaction.
Clifford Chance has also advised telecommunications infrastructure company OMS Group on the strategic investment of US$400 million by leading global investment firm KKR to accelerate the growth of OMS’ digital infrastructure through expanding its ship fleet size and capabilities, and growing its cable landing stations and subsea cable routes in Southeast Asia. OMS provides integrated solutions for subsea cable installation and maintenance projects, and is one of the largest independent operators in this sector. Singapore partner Melissa Ng led the firm’s team in the transaction.
Moreover, Clifford Chance has advised a syndicate of international banks, led by Bank of China and ING, as initial mandated lead arrangers, on the international aspects of its approximately US$3.9 billion financing for the development of a nationwide 4G and 5G telecommunications network in the Philippines by Dito Telecommunity, the third and newest telecommunications operator in the Philippines. Dito aims to improve the Philippines’ nationwide connectivity with faster and secure high value 4G and 5G technology to meet the ever-rising demand for internet connectivity availability and quality. China Export & Credit Insurance (Sinosure) provided commercial and political risk insurance cover to the financing. The project signifies the largest commercial loan in terms of loan size that has ever been insured by Sinosure, and is also the largest export credit agency (ECA)-backed financing globally in recent years. Partner Vicky Ma, supported by partner Matthew Buchanan, led the firm’s cross-border team in Hong Kong, Beijing, Singapore and Dubai in the transaction. Romulo Mabanta Buenaventura Sayoc & de los Angeles acted as Philippines counsel.
Cyril Amarchand Mangaldas has advised Honasa Consumer and the promoters, Varun Alagh and Ghazal Alagh, on its Rs17.01 billion (US$204m) IPO. Honasa Consumer is India’s largest digital-first BPC company, in terms of revenue from operations for Financial Year 2023. It houses a portfolio of six brands: Mamaearth, The Derma, Aqualogica, Ayuga, BBlunt and Dr Sheth’s. The IPO included equity shares with face value of Rs10 (US$0.12) each, comprising of a fresh issue and offer for sale aggregating to Rs17.01 billion (US$204m). Honasa’s equity shares commenced trading on November 7, 2023, three working days from the date of closure of the offer. Partners Yash Ashar (capital markets head), Vijay Parthasarathi (southern region regional markets co-head), Aashima Johur and Rohit Tiwari, supported by partners Bharath Reddy, Sharada Ramachandra and Ritika Rathi, led the firm’s team in the transaction, which was signed on June 15, 2023 and was completed on November 7, 2023. Sidley Austin acted as international counsel to Kotak Mahindra Capital, Citigroup Global Markets India, JM Financial and JP Morgan India, the book-running lead managers.
Cyril Amarchand Mangaldas has also advised GMR Vishakhapatnam International Airport on the selection of the engineering, procurement and construction contractor for the construction of the greenfield airport situated at Bhogapuram, Vizianagaram District, Andhra Pradesh. Partners Ajay Sawhney and Bhupendra Verma led the firm’s team in the transaction, which was signed on November 1, 2023.
Moreover, Cyril Amarchand Mangaldas has advised the Murugappa family members on their family arrangement with the family branch of the late Mr M V Murugappan, including Mrs Valli Arunachalam and Mrs Vellachi Murugappan, to resolve the disputes and differences which had arisen after the demise of Mr M V Murugappan. The said family arrangement was recorded in a memorandum dated August 20, 2023, and the Murugappa family members undertook the necessary actions to effect the family arrangement on November 1, 2023. Partners L Viswanathan (finance, projects and insolvency chair) and Shaishavi Kadakia (private client and general corporate practice), supported by private client co-head partner Radhika Gaggar, led the firm’s team in the transaction.
HHP Law Firm has acted for Vale Canada on Vale Canada’s and Sumitomo Metal Mining’s (SMM) proposed divestment of an approximately 14 percent equity interest in Vale Indonesia to Indonesia’s state-owned mining company Mineral Industri Indonesia (MIND ID). A balanced governance structure will support both the stability and growth of Vale Indonesia’s continued operations in Indonesia. Vale Canada signed a Heads of Agreement with MIND ID and SMM regarding the divestment on the sidelines of the Asia-Pacific Economic Cooperation Leaders’ Meeting 2023 on November 17, 2023 in front of Indonesian President Joko Widodo and Vice Minister of State-Owned Enterprises Kartika Wirjoatmodjo. Norman Bissett led the firm’s team in the transaction, which is expected to complete in 2024, subject to customary closing conditions.
Indochine Counsel has advised Truong Hai Group (Thaco Group) on a groundbreaking US$350 million convertible bond issuance to Jardine Cycle & Carriage (JC&C), marking Vietnam’s largest offering this year. The issuance consisted of 8,680 bonds, each with a face value of Vnd1 billion (US$41,213) and a fixed annual interest rate of six percent, successfully completed on November 14, 2023. The bonds, with a five-year term, will mature on November 14, 2028. A pivotal regional investment holding entity within the Jardine Matheson Group, JC&C is publicly listed in Singapore. Since 2008, JC&C has forged a strategic partnership with Thaco Group through an equity investment, a transaction in which the firm also advised Thaco Group. Managing partner Dang The Duc led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised RateGain Travel Technologies on its qualified institutions placement of approximately 9.33 million equity shares with face value of Rs1 (US$0.012) each, priced at Rs643 (US$7.72) per equity share, including a premium of Rs642 (US$7.70) per equity share, aggregating to Rs6 billion (US$72m). The placement document was filed with the Indian stock exchanges on November 20, 2023. RateGain is a leading global provider of Software as a Service (SaaS) solutions in the hospitality and travel industry. Capital markets national head partner Prashant Gupta is leading the firm’s team in the transaction. J Sagar Associates (Mumbai) and Hogan Lovells Lee & Lee advised IIFL Securities and Axis Capital, as the lead managers, on the Indian aspects and international selling and transfer restrictions, respectively.
S&R Associates is representing Global Health, India’s leading private multi-specialty tertiary care provider and the listed operator of “Medanta” hospitals, on its venture with DLF, a leading listed real estate developer in India, to launch a multi-super specialty hospital in Delhi. Global Health and DLF will hold 50-50 each in the new company which will own and operate the hospital. Partners Sanjeev Adlakha and Juhi Singh, supported by partners Pranshu Gupta on corporate matters and Sumit Bansal on tax matters, led the firm’s team in the transaction.
WongPartnership has acted for DBS Bank, the sole lead manager and book-runner of the offering of Series 006 notes, on Keppel REIT’s issuance of S$200 million (US$150m) notes with a fixed coupon rate of 3.72 percent per annum due 2026. Partner Trevor Chuan led the firm’s team in the transaction.
WongPartnership is also acting for Keppel Capital, the asset management arm of Keppel Corporation, on the financing of the acquisition of Wilkie Edge. The price is close to S$350 million (US$262m), which reflects S$2,200-plus (US$1,647) per square foot, based on a net lettable area of about 154,500 sq ft comprising mostly offices. Partners Alvin Chia, Jerry Tan and Clarence Kang are leading the firm’s team in the transaction.