Allen & Gledhill has acted as transaction counsel to Immuni Software on its US$24 million Series A financing, led by Framework Ventures. Immunefi is a bug bounty and security services platform for Web3, which provides cybersecurity software and services to blockchain and DeFi projects. Partner Nicholas Soh led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to CIMB Bank Singapore Branch and Shanghai Pudong Development Bank Singapore Branch on the US$150 million term and revolving green loan facilities granted to Shining Pearl Investments, as part of an offshore-onshore linked financing. The proceeds were used to, among others, refinance existing borrowings and to finance Shining Pearl Investments’ general and working capital purposes, in relation to real estate located in Shanghai’s central business district. Partner Kok Chee Wai led the firm’s team in the transaction.
AZB & Partners has advised Mayo Clinic on its acquisition of stake in Karkinos Healthcare. Partners Darshika Kothari and Vasudha Asher led the firm’s team in the transaction, which was completed on August 31, 2022.
AZB & Partners has also advised Radici Plastics India on its acquisition, via slump sale as a ‘going concern’ for an aggregate all-cash consideration of approximately Rs2.9 billion (US$35.6m), of the engineering plastics business of Ester Industries. Partners Srinath Dasari, Nohid Nooreyezdan, Nanditha Gopal, Aditya Singh Chandel, Bharat Budholia and Veena Gopalakrishnan led the firm’s team in the transaction, which was completed on September 15, 2022.
Bird & Bird ATMD has acted for East Ventures, a pioneering and leading sector-agnostic and Indonesia-focused venture capital firm, as the lead investor on the US$26 million Series A fundraising round of Gokomodo, an Indonesian agriculture supply chain platform. This transaction represents one of the largest Series A investment amounts in Indonesia to date, and enables Gokomodo to assist agribusiness companies and farmers in parts of Indonesia, where digital infrastructure is lacking, to reach out to their customers through technology. Singapore corporate partner Marcus Chow led the firm’s team in the transaction.
Clifford Chance has advised Chinese EV maker Zhejiang Leapmotor Technology on its US$807 million IPO and listing in Hong Kong. Hangzhou-based Leapmotor designs and produces electric vehicles for the mid to high-end market in China. In 2021, the company was one of the fastest-growing among the leading pure-play EV makers based in China. China co-managing partner Tim Wang and partners Fang Liu and Tianning Xiang led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised worldwide digital engineering firm Srijan Technologies and its founder and CEO Mr Rahul Dewan on the acquisition, via share purchase, of 100 percent shareholding of Srijan by Material Holdings. Srijan is one of the world’s leading Drupal service providers, with over 600 digital and data engineers in India. Dewan also serves on the board of the Drupal Association. Partner Ritika Rathi, supported by partners Gyanendra Kumar and Ritika Rathi, led the firm’s team in the transaction, which marks Material’s first acquisition in India, and was completed on September 14, 2022. Morrison Cohen acted as international counsel to Srijan. Davis Polk & Wardwell acted as US counsel, while Baker & McKenzie acted as international counsel to Material Holdings.
JSA has advised skincare product manufacturer Curatio Healthcare on its 100 percent acquisition by Ahmedabad-based Torrent Pharmaceuticals for Rs20 billion (US$246m). Curatio has a strong presence in the cosmetic dermatology segment, with a portfolio of over 50 brands marketed in India. Curatio’s portfolio consists of leading brands, such as Tedibar, Atogla, Spoo, B4 Nappi and Permite, which are ranked among top five brands in their covered market. With this acquisition, Torrent Pharma will enter the league of top ten players in the dermatology segment, and will be the leader in the cosmetic dermatology space. Partner Aarthi Sivanandh, supported by partner Bhavana Elizabeth Alexander, led the firm’s team in the transaction.
Latham & Watkins has advised SATS on its proposed acquisition of Worldwide Flight Services (WFS), the world’s largest air cargo handling firm, from an affiliate of Cerberus Capital Management. The transaction values WFS at an enterprise value of €2.25 billion (US$2.24b), with an equity purchase price of €1.18 billion (US$1.8b). SATS is Asia’s leading provider of food solutions and gateway services. With operations in over 60 locations and 14 countries across the Asia Pacific, UK and the Middle East, SATS has been listed in Singapore since May 2000. Founded in 1984, WFS is the world’s largest air cargo logistics provider, and one of the leading providers of ground handling and technical services, with annual revenues of €1.8 billion (US$1.8b). Its 32,300 employees serve over 300 customers at 168 major airports in 17 countries on five continents. The combined group is set to become a global leader in the aviation services sector, with more than 200 stations in over 20 countries, covering trade routes responsible for over 50 percent of all global air cargo volume. The proposed transaction is expected to complete in March 2023, subject to receiving the requisite SATS shareholder and regulatory approvals. Following the successful completion of the transaction, WFS will become a wholly-owned subsidiary of SATS. Singapore partner Sharon Lau, supported by partners Michael Sturrock, Timothy Hia (Singapore), Damara Chambers (Washington DC), Joshua Holian (San Francisco), Luca Crocco (Brussels), Max Hauser (Frankfurt), Rob Moulton (London), Sarah Gadd (London), Jane Greyf (New York), Charles-Antoine Guelluy (Paris), Quentin Gwyer (London), Paul Davies (London), Christopher Norton (Orange County) and Karl Mah (London), led the firm’s team in the transaction.
Maples and Calder has acted as BVI counsel to Wuxing Industry Investment Husheng on its issue of US$150 million four percent guaranteed bonds due 2025, backed by an irrevocable standby letter of credit issued by Bank of Shanghai Hangzhou Branch, and unconditionally and irrevocably guaranteed by Huzhou Wuxing Industrial Investment Development Group. The issuer’s group is a state-owned enterprise, which serves as the core operating entity responsible for infrastructure construction, land consolidation and development, as well as sale of resettlement housing, in Huzhou City. Partner Juno Huang led the firm’s team in the transaction, while Chungs Lawyers, in association with DeHeng Law Offices, advised on English law, and DeHeng Law Offices (Hangzhou) advised on Chinese law. The joint lead managers were advised by Jingtian & Gongcheng as to English and Chinese laws.
Maples and Calder has also acted as Cayman Islands counsel to Ahaaha on the US$14.8 million series angel round financing invested by Northern Light Venture Capital and Lightspeed Venture Partners. Ahaaha focuses on cross-border e-commerce platform business for European and American markets. Partner Everton Robertson led the firm’s team in the transaction.
Paul Hastings has advised Onewo on its approximately US$738 million global offering and spin-off listing in Hong Kong. CLSA Capital Markets, Citigroup Global Markets Asia and Goldman Sachs (Asia) acted as the joint sponsors. Onewo is a leading property management service provider in China, and a subsidiary of China Vanke, one of the top Chinese property developers. Onewo has also expanded its business beyond property management, and has become a leading service provider with a growth model built upon the synergy of businesses across community, commercial and urban spaces, with flagship projects such as Phoenix TV’s Beijing headquarters, Shenzhen Bao’an International Airport and Guangdong-Macao In-Depth Cooperation Zone in Hengqin of Zhuhai. Global partner and chair of Greater China Raymond Li and corporate partners Vincent Wang and Chaobo Fan led the firm’s team in the transaction.
Rajah & Tann Singapore is acting as Singapore counsel to Keppel Infrastructure Trust on its S$346.4 million (US$244m) joint venture with Keppel Infrastructure Holdings and Keppel Asia Infrastructure Fund for the S$666.1 million (US$468.5m) acquisition of Eco Management Korea Holdings. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.
Rajah & Tann Singapore is also acting for Mapletree Investments on its sale of Oakwood Worldwide, a premier global serviced apartment provider, to The Ascott, a wholly-owned lodging business unit of CapitaLand Investment. Partners Sandy Foo and Favian Tan led the firm’s team in the transaction, alongside partner Benjamin Cheong, who advised on the intellectual property aspects, and partners Kala Anandarajah, Alvin Tan and Linda Qiao, who advised on the employment aspects.
Simpson Thacher has represented the underwriters on the IPO and Rule 144A and Regulation S offering by Zhejiang Leapmotor Technology. Hong Kong-listed Leapmotor offered approximately 130.8 million H shares in its global offering, prior to the exercise of the underwriters’ overallotment option. The base offering size is HK$6.279 billion (US$800m). JP Morgan, CICC, Citi and CCB International acted as joint sponsors, overall coordinators, joint global coordinators, joint book-runners and joint lead managers. Leapmotor is a smart EV company based in China, primarily focusing on the mid- to high-end segment of China’s NEV market. Founded in 2015, Leapmotor is the only pure-play EV company based in China, and one of the few NEV companies in the China market (including domestic and international automakers that sell NEVs in China) with a full-suite of R&D capabilities. Hong Kong partners Christopher Wong, Yi Gao and Marjory Ding led the firm’s team in the transaction.
WongPartnership has acted for Singapore-based private equity firm Tower Capital Asia on its maiden blind-pool private equity fund at US$379 million, surpassing its original target of US$300 million. The vehicle, Tower Capital PE Fund I, comprises US$324 million in primary commitments and US$55 million in co-investment commitments. Partner Low Kah Keong led the firm’s team in the transaction.
WongPartnership has also acted for Frasers Property on its retail bond issuance of S$500 million (US$352m) five-year green notes due 2027 at 4.49 percent, under its S$5 billion (US$3.5b) multicurrency debt issuance programme. This is Singapore’s first corporate green retail note offering, and the second retail bond offering issued by its subsidiary Frasers Property Treasury and guaranteed by the group. Partner Trevor Chuan led the firm’s team in the transaction.