Ashurst has acted as international counsel to CITIC Securities International, as the guarantor, on the successful issuance by its wholly-owned subsidiary, CSI MTN, of Rmb2.5 billion (US$348.3m) 3.1 percent guaranteed notes due 2026. This issuance was a drawdown under CSI MTN’s US$3 billion medium-term note programme, for which CITIC Securities International acted as guarantor. The notes were listed in Hong Kong. This transaction sets the record for the lowest interest rate for dim sum bond public offerings by Chinese non-bank financial institutions in 2023. This issuance follows the firm’s representation of CITIC Securities International, as guarantor, on the establishment of CSI MTN’s US$3 billion medium-term note programme and the first US dollar-denominated drawdown thereunder in 2022. Global finance, funds and restructuring co-head partner Jini Lee, supported by partner Jessica Li, led the firm’s team in the transaction.
AZB & Partners is advising Jayem Automotives on the approximately Rs2.06 billion (US$25m) acquisition of Jayem Automotives’ 50 percent equity stake by TI Clean Mobility from Mr Anand Jayachandran, Mr B Jayachandran, Mr K Ganesh and K&S Consulting Group. Partners Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on July 03, 2023 and is yet to be completed.
AZB & Partners is also advising TA Associates on the acquisition of a majority stake by BPEA EQT entity Zonnebaars Netherlands in Indira IVF Hospital from TA Asia Pacific Acquisitions, a TA Associates entity. 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 Trintech, a leading global provider of cloud-based financial close solutions, on its acquisition of the Frontier Reconciliation and Accurate Reconciliation business from Fiserv and its Indian affiliate Fiserv India. New York-listed Fiserv is a leading global provider of fintech and payments solutions. Partners Ashwath Rau and John Adwet Raghav led the firm’s team in the transaction, which was completed on July 25, 2023.
Baker McKenzie FenXun (FTZ) Joint Operation has helped to secure a landmark win for International Fruit Genetics (IFG) in a plant variety right infringement case in Yunnan, China. The infringement involved IFG’s proprietary grape variety IFG Six, which is sold under the trademark Sweet Sapphire. The local Ministry of Agriculture and Rural Affairs acknowledged the infringement, and imposed significant administrative fines against the infringer, which had illegally produced and sold propagation and harvested material for IFG Six. IFG is the largest private breeder of table grapes in the world, and breeds some of the most popular grape varieties on the market. The company has obtained plant variety rights protection for 13 of its grape varieties in China, among them IFG Six (sold under the trademark Sweet Sapphire™), IFG Ten (sold under the trademark Sweet Globe™) and IFG Eleven (sold under the trademark Sugar Crisp™). IP partner Andrew Sim of Baker McKenzie led the firm’s team in the transaction.
Baker McKenzie Thailand has advised LINE MAN Wongnai, one of Thailand’s most valuable startups and the leading e-Commerce platform for local businesses and services in Thailand, on the acquisition of all the issued shares in Living Mobile, a prominent Thai software company that has revolutionized the Thai restaurant industry with its point-of-sale (POS) system software, among other industry leading software tailored for the food and beverage industry under the brand “FoodStory”. With over 50,000 restaurant operators in Thailand already utilizing Wongnai POS, the inevitable growth of the market coming out of COVID-19 is expected to generate demand for even more supply and innovation. The acquisition of Living Mobile will help LINE MAN Wongnai better capture the growing food and beverage market. Partners Preeda Meksrisuwan and Purachate Manussiripen led the firm’s team in the transaction.
Baker McKenzie Thailand has also advised Proud Real Estate, a listed Thai real estate developer with an impressive portfolio of residential projects, on its acquisition of Nue District R9 and Nue Cross Khu Khot Station, two condominium projects in the midst of construction, via shares acquisition of the two project companies worth approximately β8.6 billion (US$251m) from Noble Development and TNL Alliance. With a growing portfolio of impressive projects across the country, the inevitable growth of the real estate market coming out of COVID-19 is expected to generate even more demand for prime residential projects. The acquisition of Nue District R9 and Nue Cross Khu Khot Station will strengthen Proud Real Estate’s portfolios, and help it to better capture the rebounding Thai residential real estate market. Partners Wittaya Luengsukcharoen and Nuchaya Timrat, supported by partners Theppachol Kosol and Treetip Parksook, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas advised ICICI Securities and Axis Capital, as the book-running lead managers, on the Qualified Institutions Placement of equity shares by Happiest Minds Technologies. The transaction involved an issuance by Happiest Minds of approximately 5.4 million equity shares with face value of Rs2 (US$0.024) each, at a price of Rs924 (US$11.19) per equity share, including a premium of Rs922 (US$11.16) per equity share, aggregating to approximately Rs5 billion (US$60.5m). The equity shares are listed in India. The transaction was signed on August 30, 2022 and closed on July 14, 2023. Southern region markets practice co-head partner Vijay Parthasarathi led the firm’s team in the transaction, while Hogan Lovells Lee & Lee acted as international counsel.
Cyril Amarchand Mangaldas has also acted as Indian counsel to Wipro on its recent buyback via tender offer of equity shares aggregating to Rs120 billion (US$1.45b). The transaction involved the acquisition of up to approximately 269.7 million fully paid-up equity shares aggregating to Rs120 billion (US$1.45). The buyback was approved by the Wipro board of directors on April 27, 2023, and payment was made on July 5, 2023. Partner Aditya Prasad led the firm’s team in the transaction.
Moreover, Cyril Amarchand Mangaldas has advised Sheela Foam, owner of the ‘Sleepwell’ mattress brand, on its acquisition of 94.66 percent stake in Kurlon Enterprise, owner of the ‘Kurl-On’ mattress brand. Sheela Foam acquired share capital at an equity valuation of Rs21.5 billion (US$260.3m), subject to customary adjustments for net working capital, debt and surplus cash, if any. Established in 1962 as Karnataka Coir Products and part of South India-based Pai family business group currently headed by Ms Jyothi Pradhan, Kurlon manufactures and markets products across the “Sit and Sleep” solution categories, such as mattress, furniture cushions, pillows and coverings. Sheela Foam is a leader in Polyurethane (PU) Foam, and has a nationwide presence in manufacturing, marketing and distribution of PU foam and related products. The acquisition is expected to help Sheela Foam to consolidate the existing fragmented market of mattresses and foam-based products, diversify its customer base, and provide it with a robust distribution network. Partners Anand Jayachandran and Pranjita Barman, supported by partners Pranjita Barman, Kriti Bhatia, Arun Prabhu (TMT head), Anirban Mohapatra, Sudhindra Harsha and Ankita Ray, led the firm’s team in the transaction, which was signed on July 17, 2023 and is expected to be completed on or before November 30, 3023.
JSA has advised Inflexor Technology Fund on its investment in A5G Networks and its Indian subsidiary A5G Networks. Inflexor has acquired a four percent stake in the Indian entity. Inflexor Ventures is a technology-focused venture capital firm investing in next-generation tech-backed founding teams changing the way people live and work. A5G Networks is a leader in Distributed and Autonomous 5G Core Network Software for private and public networks. Partner Siddharth Mody led the firm’s team in the transaction.
Kudun and Partners has advised the founders of Living Mobile, a leading Thailand-based startup renowned for its exceptional point-of-sale (POS) and software solutions tailored for the food and beverage industry under the brand “FoodStory”. The company’s groundbreaking technology and innovative approach has reshaped the dining experience not only within Thailand but also across international borders. The founders of FoodStory, with other corporate venture capital investors participating in a Series B fundraising round, effectively executed their exit strategy by divesting the business to Line Man Line Man Singapore through its Thai subsidiary Wongnai Media. LINE MAN Wongnai is among Thailand’s esteemed trio of unicorn startups. Amounting to approximately β584 million (US$17m), the deal involved a combination of cash payment and share-swap with newly issued Line Man Singapore shares. Partner Ekachai Chotpitayasunon led the firm’s team in the transaction. Baker McKenzie represented the buyers.
Shardul Amarchand Mangaldas & Co has advised Utkarsh Small Finance Bank on the IPO of fresh issue of 200 million equity in India to augment its Tier-1 capital base to meet its future capital requirements. The deal is valued at Rs5 billion (US$60.5m), and the equity shares were listed on July 21, 2023. Partner Nikhil Naredi, supported by partner Manjari Tyagi, led the firm’s team in the transaction, while Hogan Lovells Lee & Lee acted as international counsel to ICICI Securities and Kotak Mahindra Capital, as the book-running lead managers.
Shardul Amarchand Mangaldas has also advised UBS Group and Credit Suisse Group on obtaining antitrust clearance and related advisory in India on their merger, which is valued at approximately CHF3 billion (US$3.4b). Credit Suisse has merged with UBS, and the combined entity will operate as a consolidated banking group. The Competition Commission of India clearance was obtained within 22 calendar days from the date of filing. Partners Naval Satarawala Chopra, Harman Singh Sandhu and Manika Brar led the firm’s team in the transaction. Freshfields Bruckhaus Deringer acted as global transaction counsel for UBS, while Sullivan & Cromwell acted for Credit Suisse.
Trilegal has advised Auxilo Finserve on its Rs4.7 billion (US$57m) equity fundraise from Tata Capital Growth Fund II, Trifecta Leaders Fund-I, Xponentia Opportunities Fund-II and existing shareholder ICICI Bank. Corporate partners Kabeer Mathur and Kunal Chandra and TMT partner Jyotsna Jayaram led the firm’s team in the transaction.
TT&A has advised IFC on its co-investment, along with Quadria III (a wholly-owned subsidiary of the Fund), in a Singapore based SPV, which has further invested into Maxivision Eye Hospitals, an India-based eye-care hospital network. Partners Gautam Saha and Amrita Patnaik led the firm’s team in the transaction.
WongPartnership is acting for Wavemaker Partners, as lead investor, on the US$2.5 million seed funding round of Zuno Carbon, a Singapore-based climate technology startup. Partner Kyle Lee is leading the firm’s team in the transaction.