Allen & Gledhill has acted as transaction counsel for Wong Ghan and Mdm Chin Lee, founders of the Speedy group, on the S$65 million (US$46m) sale of their shares in Speedy Industrial Supplies (Speedy Singapore) to BizLink Holding. The sale was made subsequent to the transfer of all the shares of Wong in S I S Speedy Industrial Supplies (Speedy Malaysia) to Speedy Singapore, to consolidate sole ownership of Speedy Malaysia in Speedy Singapore. Speedy Malaysia is the Malaysian subsidiary of Speedy Singapore. Partners Tan Su May and Michelle Fum led the firm’s team in the transaction, while partners Chen Lee Won and Lum Sher Vin of Rahmat Lim & Partners advised on the Malaysia law aspects.

Allen & Gledhill has acted as transaction counsel for IHH Healthcare, through a subsidiary, on the minority investment in Singapore-based telehealth company Doctor Anywhere (DA), which has raised US$27 million in a Series B funding round to expand its platform and enter new geographies in Southeast Asia. The funding round was co-led by Square Peg and EDBI. The firm also advised Square Peg on the due diligence of the Series B funding round. Partners Tan Su May, Mak Wei Munn and Alexander Yap led the firm’s team in the transaction.

Ashurst has advised New York-listed IHS Markit, a world leader in critical information, analytics and solutions, on its acquisition of Catena Technologies, a Singapore-based global regulatory trade reporting firm. The integration of Catena Technologies into IHS Markit’s MarkitServ and other compliance platforms will enable IHS Markit to provide customers with comprehensive and efficient trade reporting services, and will enable customers to reduce costs, fulfil regulatory compliance needs and focus on strategic initiatives. Partner Simon Brown led the firm’s team in the transaction.

AZB & Partners is advising Reliance Industries and Jio Platforms on Silver Lake’s Rs56.56 billion (US$745m) acquisition of approximately 1.5 percent equity stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are leading the firm’s team in the transaction, which was signed on May 3, 2020 and is yet to be completed.

AZB & Partners has also advised Uttam Galva Metallics on the Rs15.67 billion (US$206m) acquisition by Carval Investors (USA) and Nithia Capital Resources Advisers (UK) of a 95 percent equity stake of Uttam Galva Metallics. Partners Rajendra Barot, Nilanjana Singh, Nilang Desai, Hemangini Dadwal, Suharsh Sinha and Dhirajkumar Totala led the firm’s team in the transaction, which was approved by the National Company Law Tribunal on April 30, 2020.

Baker McKenzie has advised Edelweiss Securities (Hong Kong), a subsidiary of the Edelweiss Group, on obtaining a securities and futures dealing and advisory licence from the Securities and Futures Commission in April 2020. This successful application makes Edelweiss Securities among the few Indian brokerage houses which can offer full Indian securities and futures brokerage and research services to professional investors in Hong Kong. The Edelweiss Group is one of India’s leading diversified financial services conglomerate, providing a broad range of financial products and services to a substantial and diversified client base. Partner Karen Man, global head of the financial services regulatory practice, led the firm’s team in the transaction.

Baker McKenzie Wong & Leow has advised Shareable Assets, a Singapore-based fintech company with experience from the Blue Whale Global group, on obtaining its capital markets services licence from the Monetary Authority of Singapore on April 16, 2020. This allows them to launch their new asset tokenisation platform, Shareable Asset, where asset owners issue asset-backed security tokens, allowing investors to participate in fractional ownership in assets, including real estate assets. Shareable Asset is a secure mobile and desktop application that gives retail investors access to high quality investments, with the added transparency through the use of blockchain technology. Asset owners are able to raise capital faster and more efficiently. Principal Stephanie Magnus, Asia Pacific head of financial institutions, led the firm’s team in the transaction.

Davis Polk has advised the dealer manager on a cash tender offer by Envision Energy International for its outstanding 7.5 percent senior notes due 2021. Established in 2007 and headquartered in China, Envision Energy is a world-leading smart energy technology company that designs, develops, manufactures and sells smart wind turbines and provides customised smart wind farm solutions. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.

Han Kun Law Offices has acted as China counsel to the underwriters on the US IPO and listing of Kingsoft Cloud Holdings in the Nasdaq. Kingsoft Cloud is a leading cloud service provider in China, providing cloud infrastructure, cloud products and industry-specific solutions across cloud services, and other related services.

Han Kun Law Offices has also acted as China counsel to Aesthetic Medical International Holdings Group, a leading provider of aesthetic medical services in China, on its US IPO and listing in the Nasdaq.

J Sagar Associates has advised Krishak Bharati Cooperative (Kribhco) on the sale of 76 percent shares of its wholly-owned subsidiary, Kribhco Infrastructure, to Continental Warehousing (Nhava Seva). The transaction also involved infusion of funds by Kribhco and Continental Warehousing in Kribhco Infrastructure, by way of subscription to OCDs and CCPS. Kribhco Infrastructure is an integrated multi-modal logistics operator in India. Continental Warehousing is a subsidiary of Hindustan Infralog, a joint venture between Dubai Ports World and National Investment and Infrastructure Fund. With the transaction, Hindustan Infralog is now one of the leading integrated rail terminal and container train operators in India, with an enhanced network to provide end-to-end connectivity to cargo owners. Partners Sidharrth Shankar and Divyanshu Pandey led the firm’s team in the transaction.

Khaitan & Co has advised Insight Venture Management on the investment, via subscription to Series C1 compulsorily convertible preference shares, by Coatue Management, Ribbit Capital and existing investors Insight Venture Partners (IVP) and Steadview Capital in Resilient Innovations (BharatPe). The total deal value is approximately US$75 million, with IVP investing US$8 million. IVP is a leading global private equity and venture capital firm, which invests in growth-stage technology, software and internet businesses. It has over US$20 billion worth of assets under management, invested in more than 300 companies. Partner Mayank Singh led the firm’s team in the transaction, which was completed on February 28, 2020.

Khaitan & Co has also advised Mahindra and Mahindra Financial Services, Mahindra Asset Management and Mahindra Trustee on the 51.49 joint venture of Mahindra Financial Services with Manulife Investment Management Singapore in Mahindra Asset Management. Partners Siddharth Shah and Divaspati Singh, supported by partners Anisha Chand and Arindam Ghosh led the firm’s team in the transaction, which was valued at US$35 million and was completed on April 29, 2020.

Maples and Calder has acted as Cayman Islands counsel to Xiaomi on the issuance of US$600 million 3.375 percent senior notes due 2030 by its wholly-owned subsidiary Xiaomi Best Time International. The notes are listed in Hong Kong and are unconditionally and irrevocably guaranteed by Xiaomi, an internet company with smartphones and smart hardware connected by an IoT platform at its core. Partner Everton Robertson led the firm’s team in the transaction, which closed on April 29, 2020. Skadden, Arps, Slate, Meagher & Flom acted as US and Hong Kong counsel to Xiaomi Best Time International. Allen & Overy acted as US counsel to the initial purchasers, which included Goldman Sachs (Asia), JP Morgan Securities, Morgan Stanley & Co International, Bank of China, China International Capital Corporation Hong Kong Securities, ICBC International Securities, CCB International Capital, AMTD Global Markets, Barclays Bank and The Hongkong and Shanghai Banking Corporation.

Rajah & Tann Singapore and Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law), member firms of Rajah & Tann Asia, have acted for Pageant Media Holdings on its acquisition of Eurekahedge from Mizuho Bank and the founders of Eurekahedge. Partners Lim Wee Hann, Benjamin Cheong, Kala Anandarajah, Dominique Lombardi and Loh Chun Kiat led the firm’s team in the transaction.

Skadden has advised Baidu, a leading search engine, knowledge and information-centred internet platform and AI company, on its issuance of US$1 billion aggregate principal amount of notes. The public offering consisted of US$600 million 3.075 percent notes due 2025 and US$400 million 3.425 percent notes due 2030. The notes have been registered under the US Securities Act of 1933, as amended, and are listed in Singapore. The offering was priced on April 1, 2020. Hong Kong partners Julie Gao, Jonathan Stone and Shu Du led the firm’s team in the transaction. Maples and Calder acted as Cayman Islands and BVI counsel to Baidu, led by partner Derrick Kan. Davis Polk & Wardwell and Jingtian & Gongcheng acted as US counsel to Goldman Sachs and Bank of America Securities, respectively, as the underwriters.

Skadden has also advised Pinduoduo, an innovative and fast growing technology platform and one of the leading Chinese e-commerce players, on its US$1.1 billion private placement of Class A common shares to certain long-term investors. The placement was announced on March 31, 2020. Hong Kong partner Julie Gao led the firm’s team in the transaction.

WongPartnership is acting for Asian Infrastructure Investment Bank as a partner on Clifford Capital’s launch of a platform for infrastructure debt in Asia. Partners Andrew Ang and Anna Tan led the firm’s team in the transaction.

WongPartnership has also acted for the lenders, comprising of DBS, UOB and BNPP on financing ARA Asset Management’s acquisition of Robinson Centre. Partners Christy Lim, Serene Soh and Bernadette Tan led the firm’s team in the transaction.

Allen & Gledhill has advised a private real estate fund managed by ARA Asset Management on the S$340 million (US$240m) acquisition, via a share purchase transaction, of Robinson Centre, an office building located at 61 Robinson Road, Singapore. The firm also advised the property holding company on the S$225 million (US$159m) loan facilities to refinance its existing borrowings, finance project costs and for corporate purposes, in connection with the acquisition. Partners Tan Boon Wah, Lim Chong Ying and Jafe Ng led the firm’s team in the transaction.

Allen & Gledhill has also advised ASI Global Real Estate Fund on its approximately S$55 million (US$39m) acquisition of three conservation shop houses at Tanjong Pagar, Singapore. Each of the shop house is held by a property holding company, and the acquisition was made through the concurrent purchase of all the shares in each property holding company. The shop houses feature a total of approximately 2,382.43 square metres, with each shop house consisting of two floors and an attic. Partners Tan Boon Wah and Lauren Chung led the firm’s team in the transaction, which is the first acquisition in Singapore by ASI for its global real estate portfolio.

AZB & Partners has advised Clearview Investment on the acquisition by Alok Jalan of a 14.4 percent equity shareholding in Laqshya Media held by Clearview. Partners Anil Kasturi and Niladri Maulik led the firm’s team in the transaction, which was completed on March 5, 2020.

AZB & Partners has also advised Maiden Marketing, Maiden Marketing (India) and Maiden Marketing promoters Rohit Sharma and Vaibhav Odhekar, on the acquisition by Anymind Group of 100 percent stake in Maiden Marketing, which operates the mobile platform Pokkt. Partners Daksh Trivedi and Siddharth Sawhney led the firm’s team in the transaction, which was completed on March 3, 2020.

Baker McKenzie has acted as counsel to Kingsoft on its issuance of HK$3.1 billion (US$400m) 0.625 percent convertible bonds due 2025. A company continued into the Cayman Islands with limited liability, Hong Kong-listed Kingsoft is a leading software application and internet services provider in China. The approximately HK$3.034 billion (US$391m) net proceeds from the issuance are proposed to be used for general corporate purposes, for strategic investments and acquisitions, and, if appropriate, to supplement working capital. The initial conversion price was HK$35.7637 (US$4.61), representing a premium of approximately 27.5 percent over the closing price of Kingsoft’s shares on the trading day on which the subscription agreement was signed. Morgan Stanley and JP Morgan are the managers in the issuance. Beijing partner Hang Wang, supported by local principal Xavier Amadei of Baker McKenzie Wong & Leow in Singapore, led the firm’s team in the transaction, which was completed on April 29, 2020.

Baker McKenzie has also advised APG and the Canada Pension Plan Investment Board (CPP Investments) on the establishment with ESR Cayman of a US$1 billion joint venture, ESR-KS II, that will invest in and develop a portfolio of institutional-grade industrial and warehouse logistics assets in the Seoul and Busan metropolitan areas in South Korea. APG, CPP Investments and ESR have agreed to initial investments in the JV in the amounts of US$350 million, US$450 million and US$200 million, and will hold 35 percent, 45 percent and 20 percent, respectively, of the total issued shares of the JV. The three companies have allocation expansion options that could bring the total equity investment capacity to as much as US$2 billion over time. The transaction is expected to be completed before July 2020, subject to relevant regulatory approvals. Edwin Wong, supported by partner Stephen Crosswell and Guoquan Wen of Fenxun Partners, led the firm’s team in the transaction, which is one of the largest global logistics real estate capital raisings this year.

CNPLaw has advised Axcelasia, a Singapore-listed company which provides tax advisory and business consultancy services, on its divestment of principal subsidiaries to the Hong Kong Tricor group for M$69.7 million (US$16.2m). In connection with the proposed divestment, the majority shareholders of the company also gave irrevocable undertakings to vote in favour of the transaction at the extraordinary general meeting. Partners Tan Min-Li and Jimmy Yap led the firm’s team in the transaction, which was completed on April 15, 2020.

J Sagar Associates has advised Pentland Brands on the India leg of a global transaction involving the acquisition of the Speedo North America business of PVH. Pentland owns and primarily invests in retail and wholesale businesses in the sports, outdoor and sports fashion sectors. The Pentland group owns and manages brands, such as Berghaus, Cantebury, Lacoste and Ted Baker. The global transaction value was US$170 million. Partner Probir Roy Chowdhury led the firm’s team in the transaction.

Khaitan & Co has also advised Reliance Industries on the scheme of arrangement for the transfer of O2C (oil to chemicals) undertaking to Reliance O2C, as a going concern on slump sale basis. The O2C undertaking of the company comprises of entire oil-to-chemicals business of Reliance Industries, consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only), and bulk wholesale marketing businesses, together with its assets and liabilities. The scheme is subject to necessary statutory / regulatory approvals under applicable laws, including approval of the National Company Law Tribunal. Partners Haigreve Khaitan and Mehul Shah, supported by executive director Sudhir Bassi and partners Bijal Ajinkya and Anisha Chand, led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as Singapore counsel for AirTrunk Singapore on the S$1.4 billion (US$989m) refinancing of its existing banking facilities, in connection with the acquisition of an 88 percent stake in AirTrunk by a consortium led by Macquarie Asia Infrastructure Fund 2. The investment values AirTrunk at over A$3 billion (US$1.9b). Partner Benjamin Tay led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted as Singapore counsel for Hannover Ruck SE on the US$100 million issuance of Series 2020-1 Class A principal at-risk variable rate notes by Integrity Re II. This is the first catastrophe bond to be issued out of Singapore by American Integrity Insurance. Partners Simon Goh, Lee Xin Mei, Cheryl Tan and Benjamin Teo led the firm’s team in the transaction.

Simpson Thatcher represented KKR on the signing of definitive agreements with Shapoorji Pallonji Infrastructure Capital (SP Infra), under which KKR will acquire five solar energy assets with a total capacity of 317MW from SP Infra for Rs15.54 billion (US$205m). AZB & Partners advised on Indian law, while Khaitan & Co advised Shapoorji Pallonji Group (Shapoorji Pallonji Infrastructure Capital and Shapoorji Pallonji Solar Holdings) on the sale. Mumbai-based Shapoorji Pallonji Group operates in over 70 countries with a global turnover of over US$5 billion. SP Infra is the infrastructure development arm, with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas. Simpson Thacher Hong Kong partner Ian Ho, supported by partners Shahpur Kabraji (London) and Katharine Moir (Palo Alto), led the firm’s team in the transaction. At Khaitan & Co, partner Akhil Bhatnagar, supported by partner Kumar Saurabh Singh, is leading the firm’s team in the transaction, which was valued at approximately US$204 million. 

Skadden has advised Xiaomi, an internet company with smartphones and smart hardware connected by an IoT platform, on its US$600 million offering of 3.375 percent senior notes due 2030. The notes were listed in Hong Kong. Hong Kong partners Julie Gao, Edward Lam and Christopher Betts led the firm’s team in the transaction, which was announced on April 23, 2020.

Skadden has also advised Bilibili, a leading online entertainment platform for young generations in China, on its equity transaction and business cooperation with Sony Corporation of America (SCA), pursuant to which SCA will subscribe for 4.98 percent of the total outstanding shares of Bilibili, through the purchase of newly issued Class Z ordinary shares for approximately US$400 million. The signing of the agreements was announced on April 9, 2020. Hong Kong partner Julie Gao and Shanghai partner Haiping Li led the firm’s team in the transaction.

WongPartnership is acting for Temasek as lead investor on the US$8 million funding round of Growthwell Group. Partners Mark Choy and Kyle Lee led the firm’s team in the transaction.

WongPartnership has also acted for Japan’s Saison Capital as lead investor on the US$10 million Series A funding round of Helicap, a Singapore-based fintech startup. Partner Ong Sin Wei led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to Sembcorp Financial Services and Sembcorp Industries on the establishment of a S$3 billion (US$2b) multicurrency debt issuance programme. Sembcorp Industries is appointed guarantor of the programme. Partners Bernie Lee, Prawiro Widjaja and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Ascendas Funds Management, as manager of Ascendas Reit, on the S$102.91 million (US$72.7m) sale and purchase agreement between MBK Real Estate Asia (MREA) and HSBC Institutional Trust Services (Singapore), as trustee of Ascendas Reit, to acquire a 25 percent stake in Ascendas Fusion 5 (AF5) from MREA. AF5 is the registered proprietor of Galaxis, a premium business park property located at 1 and 3 Fusionopolis Place, Singapore. Galaxis is located in the one-north precinct of Singapore, and is the hub for infocommunications technologies, media, physical sciences and engineering R&D industries. Partners Jerry Koh, Eudora Tan, Foong Yuen Ping and Shalene Jin led the firm’s team in the transaction.

AZB & Partners has advised Brookfield Asset Management on the acquisition by BCP V Multiple Holdings of up to 40 percent of Indostar Capital Finance. Partners Ashwath Rau, Anu Tiwari, Medha Marathe and Vipul Jain led the firm’s team in the transaction, which was valued at Rs14.5 billion (US$191m).

AZB & Partners has also advised Anshul Specialty Molecules on its acquisition, on a slump sale basis, of the bulk drugs and intermediate manufacturing unit of Anmol Antioxidants, comprising of the property, assets, process information, licences and approvals and employees relating to the business undertaking. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on February 26, 2020.

Clifford Chance has advised a consortium of banks, including Citigroup, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered Bank, as joint lead managers, on the Republic of Indonesia’s US$4.3 billion three-tranche bond issuance, under its US SEC-registered bond programme. The proceeds from the bonds will be used to help fund Indonesia’s COVID-19 relief and recovery efforts. The offering marks the largest-ever issuance of dollar-denominated bonds by Indonesia, and includes a 50-year tranche, which represents the longest-ever tenor for a public US-dollar deal from Asia. The bond was sold in three tranches of 10.5 years and 30.5 years, worth US$1.65 billion each, and 50 years, worth US$1 billion. The bonds, due in 2030, 2050 and 2070, carried coupon rates of 3.85 percent, 4.2 percent and 4.45 percent, respectively. Partner Johannes Juette, supported by partner Gareth Deiner, led the firm’s team in the transaction.

Davis Polk has advised the underwriters and joint representatives on Akeso’s IPO and listing in Hong Kong, and the Regulation S international offering. The net proceeds from the offering amounted to approximately HK$2.44 billion (US$315m), prior to the exercise of the over-allotment option. Akeso is a clinical-stage biopharmaceutical company committed to in-house discovery, development and commercialisation of first-in-class and best-in-class therapies. It is dedicated to addressing global unmet medical needs in oncology, immunology and other therapeutic areas. Partners Li He and Yang Chu led the firm’s team in the transaction.

Khaitan & Co has advised Reliance Jio Infocomm on the transfer of its identified liabilities, pursuant to a scheme of arrangement it entered into with a certain class of its creditors. Partners Haigreve Khaitan and Mehul Shah led the firm’s team in the transaction, which was completed on March 13, 2020.

Khaitan & Co has also advised Bank of Baroda on the financial assistance availed by JSW Steel, in the form of term loan of not more than Rs13 billion (US$171m) and bank guarantee facility of not more than Rs10 billion (US$132m), to finance the upfront payment obligations of JSW under the tender documents, as a preferred bidder for the acquisition of mining leases. Partner Manisha Shroff, supported by partner Shivanshu Thaplyal, led the firm’s team in the transaction, which was valued at US$304 million and was completed on March 31, 2020.

S&R Associates has represented Smart Health City, the Singapore-based Smart Group company, on the sale of the share capital of Saket City Hospital, which manages and operates the Delhi-based Max Smart Super Speciality Hospital, to Max Healthcare Institute and Kayak Investments Holdings. Partner Sanjeev Adlakha led the firm’s team in the transaction.

Allen & Gledhill has advised Singapore Airlines (SIA), DBS Bank and Morgan Stanley Asia (Singapore) on SIA’s S$5.3 billion (US$3.7b) renounceable rights issue of new ordinary shares and the S$3.5 billion (US$2.4b) renounceable rights issue of mandatory convertible bonds, to raise S$8.8 billion (US$6.1b). Proceeds will be used to fund capital and operational expenditure requirements. DBS Bank was appointed as sole financial adviser and, together with Morgan Stanley Asia (Singapore), as joint lead managers for the rights issue. The firm also advised the airline on the S$4 billion (US$2.8b) loan facilities arranged by DBS Bank and United Overseas Bank to support SIA’s near-term liquidity requirements. Partners Lim Mei, Leonard Ching, Hilary Low, Magdalene Leong, Lim Wei Ting, Tan Tze Gay and Wu Zhaoqi led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Singapore Technologies Engineering (ST Engg) and its wholly-owned subsidiaries, ST Engineering RHQ (STEnggRHQ) and ST Engineering Treasury (STEnggT), on the establishment of a S$5 billion (US$3.5b) multicurrency medium term note programme by STEnggRHQ and STEnggT. ST Engg is the guarantor for the programme. Partners Tan Tze Gay, Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Hitachi on its acquisition of 80.01 percent shares of, and control over, ABB Management Holding. Approval of the transaction by the Competition Commission of India was received on April 7, 2020. Partners Samir Gandhi and Hemangini Dadwal led the firm’s team in the transaction.

AZB & Partners is also advising Warburg Pincus-affiliate Emerald Sage Investment on its acquisition of compulsorily convertible preference shares, constituting 9.93 percent of the share capital, of Apollo Tyres. Partner Bharat Budholia is leading the firm’s team in the transaction, which is valued at Rs10.8 billion (US$140.3m) and is yet to be completed.

Clifford Chance has advised AMTD International on its secondary listing in Singapore, making it the first company to be dual-listed in New York and Singapore, and the first company with dual class shares to be listed in Singapore. The company is the investment banking and asset management subsidiary of Hong Kong-based financial services firm AMTD Group. The listing was also the first to debut via an online listing ceremony in Singapore. Partner Raymond Tong led the firm’s team in the transaction.

Clifford Chance has also advised members of the investor consortium on their sale of a controlling stake in leading Cambodian microfinance business PRASAC Microfinance Institution to Kookmin Bank (KB). PRASAC has around 180 networks, with over 40 percent market share, and reported a 29 percent return on equity in 2018. KB, one of South Korea’s largest banking groups, is expected to leverage PRASAC’s leading position as a foothold to accelerate expansion into the Southeast Asian retail networks, with announced intentions to turn PRASAC into a full commercial bank. Hong Kong partner Neeraj Budhwani, supported by Singapore partner Thomas England, led the firm’s team in the transaction, which was signed in January 2020 and was completed in early April 2020.

CNPLaw has acted as Singapore counsel for AirGSM, a Singapore-based telecom start-up, on its restructuring through a share swap with its US-based holding company, AirGSM Holdings. AirGSM is the creator of the mobile application Airalo, the world’s first eSIM store for travellers. The restructuring strategically positions AirGSM for fund raising activities and future expansion. Partner Ken Chia led the firm’s team in the transaction, which was completed on April 17, 2020.

Gibson, Dunn & Crutcher is advising global Indian entertainment company Eros International on its merger with global, next generation media company STX Entertainment, to be named Eros STX Global Corporation and which will be listed in New York. The merger combines leading Indian film studio and OTT platform with one of Hollywood’s fastest-growing independent media companies, and creates a pre-eminent global media company with unique resources and capability to develop, produce and distribute Bollywood and Hollywood premium content. The definitive stock-for-stock merger agreement will create the first publicly-traded, independent content and distribution company, with global reach and unique positions in the US, India and China. Los Angeles partners Kevin Masuda and Peter Wardle, supported by partners Andrew Cheng (Los Angeles), Gregory Campbell (London), Lorna Wilson (Los Angeles), Dora Arash (Los Angeles) and Sean Feller (Century City), are leading the firm’s team in the transaction. Kirkland & Ellis is representing STX Entertainment. S&R Associates, led by partners Rajat Sethi and Sudip Mahapatra, is also representing Eros International. Khaitan &Co, led by partner Mayank Singh and supported by partners Arindam Ghosh, Sagardeep Rathi, Tomu Francis, Raj Panchmatia, Aadheesh Nargolkar, Smriti Yadav and Harsh Walia and executive director Dinesh Agarwal, is also advising STX Filmworks.

Gide has advised Gant, the famous American-Swedish fashion brand which is part of MF Brands, on the acquisition of the distribution network from its distributor and long-standing partner, Longgoal, to secure further control of its brand growth in China. The acquisition will be effective on January 1, 2021. Partner David Boitout led the firm’s team in the transaction.

Gide has also advised Sterimed, one of the world’s leading suppliers of sterile devices packaging, on the acquisition of Fuzhou Green Sail Packaging Material, the Chinese leader in medical packaging film manufacturing, thus broadening Sterimed’s range of high-performance medical packaging materials for medical device manufacturers. Partner David Boitout also led the firm’s team in the transaction.

J Sagar Associates has advised Microsoft on the approximately US$10 million investment by its venture capital division M12 in Robotic Wares (popularly known as FarEye), via subscription to compulsorily convertible preference shares issued by Fareye in the Series D round. M12 was the lead investor in this round. The other investors who participated were Eight Roads Ventures India III and Honeywell Venture Capital for approximately US$5 million each, and SAIF Partners India V for approximately US$3 million. FarEye is engaged in machine learning predictive platform for businesses to execute, track, collaborate, predict and optimise movement of goods. Partner Lalit Kumar, supported by partner Kumarmanglam Vijay, led the firm’s team in the transaction.

Khaitan & Co has advised TVS Motor on the acquisition of one of Britain’s most iconic sporting motorcycle brands, Norton, to acquire certain assets from Norton, including the brand Norton and other associated brands from Norton Motorcycles (UK) in administration, through one of TVS Motor’s overseas subsidiaries. Partners Haigreve Khaitan and Sameer Sah, supported by partners Sanjay Sanghvi, Adheesh Nargolkar and Shailendra Bhandare, led the firm’s team in the transaction, which was valued at £16 million (US$19.6m) and was completed on April 17, 2020. Slaughter and May, led by partners Nilufer von Bismarck and Cathy Connolly, also advised on the deal.

Kudun & Partners is representing Phelps Dodge International (Thailand), a subsidiary of Thailand-listed Stark Corporation, on the acquisition financing extended by United Overseas Bank (Thai) and Kasikornbank for approximately Bt7.5 billion (US$231m). The financing is for the indirect acquisition of all equity interests in Dong Viet Non-Ferrous Metal and Plastic (Dovina) and Thinh Phat Cables (Thipha) in Vietnam. The firm is also representing Dovina and Thipha, post-acquisition subsidiaries of Phelps Dodge, on the financing arrangements for revolving working capital extended by United Overseas Bank in Singapore and United Overseas Bank (Vietnam) for approximately US$55 million, for operations, expansion and further development in Dovina and Thipha. Partner Troy Shooneman led the firm’s team in the transaction, which was valued at β9.2 billion (US$283m) and was completed on March 31, 2020.

S&R Associates has represented Manta Ray Ventures on an investment in Cue Learn, the operator of CueMath, an after-school math learning program. The investment was part of a financing round also involving existing investors CapitalG and Sequoia Capital. Partner Venkatesh Vijayaraghavan led the firm’s team in the transaction.

S&R Associates has also represented a broker on the Rs7.58 billion (US$98.5m) sale of 6.55 million equity shares of Metropolis Healthcare by a shareholder on the Indian stock exchange. Partner Sudip Mahapatra led the firm’s team in the transaction.

Yulchon is advising Prudential Financial on its sale of The Prudential Life Insurance of Korea to Korea’s KB Financial Group for W2.3 trillion (US$1.9b). A financial wellness leader and premier active global investment manager with more than US$1.5 trillion in assets under management, as of December 31, 2019, Prudential Financial has operations in the US, Asia, Europe, and Latin America. Prudential of Korea is a leading provider of life insurance and other protection products. KB Financial Group is Korea’s leading financial services provider. M&A partners Nina Kim and Hyeon Hwa Shin, supported by M&A partner Hyung Ki Lee, tax partners Jeremy Everett and Sang Woo Song, and labor and employment partners Jae Woo Park and Christopher Mandel, led the firm’s team in the transaction.

AZB & Partners has advised Accenture on the 100 percent acquisition by Avanade UK Holdings of Farah TopCo, including its Indian arm, Altius Data Solutions. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on March 6, 2020.

AZB & Partners is also advising Cricket Bidco, a company owned and controlled by Exponent Private Equity, on its purchase of 100 percent of the share capital of Narottam Holdings, including the indirect acquisition of its Indian subsidiary, Eat Real Snacks. Partner Vaidhyanadhan Iyer is also leading the firm’s team in the transaction, which was signed on March 13, 2020 and is yet to be completed.

Clifford Chance has advised United Overseas Bank, UOB Kay Hian, UBS Singapore Branch, Credit Suisse (Singapore) and The Hongkong and Shanghai Banking Corporation Singapore Branch on the IPO of units in United Hampshire US Real Estate Investment Trust (Reit) to raise approximately US$394.6 million. United Hampshire US Reit is Asia’s first Reit with grocery-anchored and necessity-based retail properties and self-storage assets located in the US. Partner Raymond Tong led the firm’s team in the transaction.

Davis Polk has advised the underwriters on an SEC-registered offering by Baidu of its US$600 million 3.075 percent notes due 2025 and US$400 million 3.425 percent notes due 2030. Nasdaq-listed Baidu is a leading search engine, knowledge and information-centreed internet platform and AI company. Partners James Lin and Gerhard Radtke led the firm’s team in the transaction.

Khaitan & Co has advised Bertelsmann Nederland on the series D round of investment in Rupeek Fintech. The Series D round, comprising the issue of 4,016 compulsory convertible preference shares (CCPS), was led by GGV VII Investments, with BTB Ventures and KB Global Platform Fund also participating in the fund raise. An existing investor in the target, Bertelsmann Nederland subscribed to 1,0Series 74 D CCPS. Partner Mayank Singh led the firm’s team in the transaction, which was valued at approximately Rs2.14 billion (US$28m) and was completed on March 18, 2020. Rajaram Legal represented Rupeek Fintech, while Cooley represented GGV VII Investments.

Khaitan & Co has also advised Vedanta (formerly Sesa Sterlite) on the US$38.3 million distressed acquisition, through the corporate insolvency resolution process, of Ferro Alloys. Vedanta is a globally diversified natural resources company, with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas. Ferro Alloys is a producer of ferro alloys, and owns a ferro chrome plant with a capacity of 72,000 TPA. Its subsidiary FACOR Power owns and operates a 100 MW of captive power plant. The acquisition will complement Vedanta’s existing steel business, as the vertical integration of ferro manufacturing capabilities has the potential to generate significant efficiencies and synergies. Partners Mehul Shah and Shruti Singh, supported by executive director Sudhir Bassi and partner Shivanshu Thaplyal, led the firm’s team in the transaction.

L&L Partners has advised PA Media Group on its acquisition of Alamy UK, together with its subsidiaries in India, the US and Australia. Alamy is the world’s most diverse stock photo library, with close to 200 million creative and editorial stock photos, vectors, 360-degree images and videos. PA Media Group has a diverse portfolio of specialist media companies spanning news and information, data, technology, marketing and communications. The flagship brand, PA Media, is the national news agency for the UK and Ireland. The acquisition sees the PA Media Group enter the stock imagery market for the first time. It also supports its long-term strategy to diversify its business and consolidate its position, as the UK’s leading provider of cross-platform news, sports and entertainment data, content and services. Partner Damini Bhalla, supported by partner Lokesh Shah, led the firm’s team in the transaction. Taylor Wessing acted as global counsel for PA Media.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is advising Leader Environmental Technologies on its S$1.8 million (US$1.3m) placement of new shares. Partners Danny Lim and Cynthia Wu led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is also advising circuit board manufacturer Elec & Eltek International Holdings on the US$435.6 million privatisation of Elec & Eltek International Company, via voluntary conditional cash offer for the shares of the company, based on the offer price of US$2.33 per share. Partners Danny Lim and Penelope Loh led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Marubeni on the acquisition of 100 percent of the debenture capital of Atmosphere Realty, a part of the Wadhwa Group. Partner Roopal Kulsrestha, supported by partners Veena Sivaramakrishnan and Ashoo Gupta, led the firm’s team in the transaction. Atmosphere Realty and its promoters were advised by Wadia Ghandy and Co.

Shardul Amarchand Mangaldas & Co has also advised Pepperfry and its founders on the US$40 million Series F fund raise, led by Pidilite Industries, the makers of popular homegrown adhesive brand Fevicol. Existing investors, including Goldman Sachs, Norwest Venture Partners, Bertelsmann and General Electric Pension, also participated in the fund raise. The firm also advised Norwest Venture Partners on its follow-on Series F investment in Pepperfry. Partners Nikhil Sachdeva and Aayush Kapoor led the firm’s team in the transaction. Khaitan and Co advised Pidilite Industries, while S&R Associates advised Bertelsmann. Schulte Roth & Zabel advised General Electric Pension, while Nishith Desai Associates advised Goldman Sachs. Walkers Global also advised on the transaction.

Allen & Gledhill has advised DBS Bank and United Overseas Bank, as the joint lead managers and joint book-runners, on the issue by SATS of S$200 million (US$140.6m) principal amount of 2.88 percent notes due 2025, under its S$500 million (US$351.4m) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised PSA International and PSA Treasury on PSA Treasury’s issue of S$500 million (US$351.5m) 1.63 percent notes due 2030, under its US$3.5 billion global medium term note programme. The notes are guaranteed by PSA International. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Max Estates and Northern Propmart Solutions on the approximately Rs1.75 billion (US$23m) acquisition by Max Estates of 51 percent of Northern Propmart Solutions. Partners Niladri Maulik and Anisha Shridhar led the firm’s team in the transaction, which was completed on March 18, 2020.

AZB & Partners has also advised FSN E-Commerce Ventures (Nykaa) on the approximately Rs1 billion (US$13m) acquisition by Steadview Capital Mauritius of a minority stake of equity shares of Nykaa. Partner Roxanne Anderson led the firm’s team in the transaction, which was completed on March 31, 2020.

J Sagar Associates has advised Creation Investments India III, a majority shareholder in Vivriti Capital, on a Rs3.5 billion (US$46.3m) investment from Lightstone Fund, via subscription to securities issued by Vivriti in the Series B round. Vivriti is engaged in lending, private and public placement of debt securities/ loans/ preference shares/ asset sales and a technology-based marketplace for debt securities/ loans/ preference shares/ asset sales connecting institutional issuers and investors. The firm also advised Creation in the Series A and Series A2 round in Vivriti in 2018 and 2019, respectively, after which Creation held 75.45 percent shareholding in Vivrtiti. Partners Lalit Kumar and Bharati Joshi led the firm’s team in the transaction.

Khaitan & Co has advised CESC on CESC Ventures’ Series D investment in Peel-Works, a supplier of food, grocery and consumer products to retailers and wholesalers, via a B2B e-commerce platform named ‘Taikee’. It also owns proprietary software to evaluate and provide brand insights to FMCG products. CESC Ventures engages in various businesses, such as FMCG, entertainment, power and energy. Partner Anuj Shah led the firm’s team in the transaction, which was valued at US$2.8 million and was completed on March 12, 2020.

Khaitan & Co has also acted as sole Indian counsel to Bajaj Electricals on its rights issue of equity shares at Rs310 (US$4.10) each, aggregating to approximately Rs3.5 billion (US$46.3m). Edelweiss Financial Services acted as the lead manager to the rights issue. Executive director Sudhir Bassi and partner Madhur Kohli led the firm’s team in the transaction, which was completed on March 13, 2020.

Paul Hastings has advised Binance on its agreement to acquire CoinMarketCap. Binance is the global blockchain company behind the world’s largest digital asset exchange by trading volume and users. CoinMarketCap operates the world’s most-referenced price-tracking website for crypto assets. Corporate partners Meagan Olsen (Los Angeles) and David Wang (Shanghai), supported by partners Jia Yan (corporate), Robert Miller (corporate), Douglas Schaaf (tax), Stephen Harris (employment and benefits), Todd Schneider (IP and technology), Scott Flicker (regulatory) and Katherine Bell (finance), led the firm’s team in the transaction.

Paul Hastings has also represented Proprium Capital Partners and its co-investor, a Middle Eastern sovereign wealth fund, on the formation of a US$500 million joint venture with Hong Kong-listed China SCE Group Holdings and FUNLIVE Holdings to invest in high quality rental apartment projects in gateway cities in China. The JV has committed to an initial equity of US$230 million. Proprium Capital Partners is a privately-held real estate-focused principal investing firm, advising funds which have a combined net asset value of approximately US$2 billion. China SCE Group is an integrated urban services provider focusing on real estate development and related industries in China. FUNLIVE is the term rental apartment platform of China SCE Group. Hong Kong real estate partner Paul Guan led the firm’s team in the transaction, which is expected to close in the second quarter of 2020, subject to customary conditions.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Credit Suisse (Singapore) and Maybank Kim Eng Securities, as the arrangers and dealers, on the update of Banyan Tree Holdings’ S$700 million (US$492m) multicurrency debt issuance programme. Partners Lee Xin Mei and Eugene Lee led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for DBS Trustee, as trustee of OUE Commercial Real Estate Investment Trust, and OUE CT Treasury on the establishment of a S$2 billion (US$1.4b) multicurrency debt issuance programme. Partners Lee Xin Mei and Eugene Lee led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Kubota on an approximately Rs10.42 billion (US$137.8m) acquisition of 9.09 percent of the equity stake in Escorts, and the subsequent sale of 40 percent of the equity stake in KAI to Escorts. Partner Rudra Kumar Pandey, supported by executive chairman Shardul Shroff and partners Aparna Mehra, Rohan Arora, Amit Singhania, Mrinal Kumar, Pooja Ramchandani, Aashish Gupta, Divi Dutta and Yogesh Chande, led the firm’s team in the transaction, which was signed on March 20, 2020, and is Kubota’s first investment in a listed company in India. Mori Hamada Matsumoto also advised Kubota. Cyril Amarchand Mangaldas advised Escorts and the promoters.

Shardul Amarchand Mangaldas & Co has also advised Norwest Venture Partners on its Series E investment in Veritas Finance. Norwest is a leading multi-stage investment firm, managing approximately US$9.5 billion in capital. It invests in early-to-late stage companies across a wide range of sectors, with a focus on consumer, enterprise and healthcare. Chennai-based Veritas Finance is an NBFC which lends to micro, small and medium enterprises across eight states and one union territory. The firm has previously acted for Norwest on its earlier investment into Veritas Finance. Partners Puja Sondhi and Sumeet Singh led the firm’s team in the transaction, which is valued at approximately US$48.7 million. Cyril Amarchand Mangaldas advised Veritas Finance, while Veritas Legal advised Kedaara Capital Fund II.

Simpson Thacher is advising CVC Capital Partners on the formation and raising of CVC Capital Partners Asia V. The fund exceeded its target size of US$4 billion, reaching its hard cap of US$4.5 billion. Partners Gareth Earl, Adam Furber and Daniel Lloyd led the firm’s team in the transaction.

Skadden is advising VCREDIT Holdings, a leading independent online consumer finance service provider in China, on its approximately HK$4 billion (US$516m) issuance of new shares. The additional capital will be used to further expand VCREDIT’s market-leading position in the consumer finance industry. The transaction is subject to a number of conditions, including the granting of a “whitewash waiver” by the executive of the Securities and Futures Commission of Hong Kong. Hong Kong partner Christopher Betts led the firm’s team in the transaction.

S&R Associates has represented the broker on the Rs22.06 billion (US$292m) secondary market sale of 50 million equity shares, representing 2.48 percent of the equity share capital, of HDFC Life Insurance by its promoter Standard Life (Mauritius Holdings) 2006 on the stock exchange in India. Partners Sandip Bhagat and Juhi Singh led the firm’s team in the transaction.

Vaish Associates has advised Dhanuka Laboratories on its resolution plan with the resolution professional, committee of creditors and their respective advisers before the judicial forum for the revival of Chennai-based debt-ridden Orchid Pharma. The plan potentially fetches secured lenders around 32.3 percent recovery, and they will also receive approximately four million equity shares, at an issue price of Rs10 (US$0.13) each, for part of their debt. Partner Satwinder Singh led the firm’s team in the transaction, which was valued at Rs12.5 billion (US$165.3m) and was completed on March 31, 2020. The resolution professional was represented by India Law, led by partners Vipin Warrier and Pradeep Joy. The Committee of Creditors was represented by L&L Partners, led by partner Bikash Jhawar.

Vaish Associates has also advised Hindustan Unilever on its agreement with global pharmaceutical company Glenmark Pharmaceuticals for Hindustan Unilever’s acquisition of Glenmark’s intimate hygiene brand VWash, including the trademarks, design and know-how related to the VWash brand. Glenmark will receive an upfront payment and royalty on sales for three years, and will continue to manufacture for Hindustan Unilever for a certain agreed period. Partner Bomi Daruwala led the firm’s team in the transaction, which was signed on March 23, 2020 and is subject to customary approvals. Cyril Amarchand Mangaldas represented Glenmark Pharmaceuticals.

Walkers has acted as Bermuda, BVI and Cayman Islands counsel to Ever Harmonic Global, as the offeror, and the lenders on a voluntary cash offer to acquire the entire issued share capital of Clear Media, including Clear Channel Outdoor Holding’s stake in Clear Media. Hong Kong-listed Clear Media is the largest operator of bus shelter advertising panels in China. The offer was announced on March 30, 2020, with a deal value exceeding HK$3.8 billion (US$490m). Ever Harmonic is wholly-owned by a consortium of investors, which comprises of Antfin (Hong Kong) Holding (backed by Alibaba affiliate Ant Financial), JCDecaux Innovate, China Wealth Growth Fund III, and Han Zi Jing, the current CEO and executive director of Clear Media. Partners Rupen Shah, Jonathan Betts, Jo Lit, Natalie Neto and Kristen Kwok led the firm’s team in the transaction.

WongPartnership is acting for Doctor Anywhere on its US$27 million Series B fundraising round led by Square Peg, the largest venture capital fund in Australia; EDBI, the Singapore government’s investment arm; and IHH Healthcare, a leading international healthcare provider. Partner Kyle Lee is leading the firm’s team in the transaction.

WongPartnership is also acting for CapitaLand and Ascendas Fusion 5, the holding entity for Galaxis, on the acquisition by Ascendas Reit of a 25 percent stake in Galaxis. Partners Kyle Lee and Tan Teck Howe are leading the firm’s team in the transaction.

Allen & Gledhill has advised Oversea-Chinese Banking Corporation and Standard Chartered Bank (Singapore), as the arrangers and dealers, on the establishment of a S$2 billion (US$1.4b) multicurrency debt issuance programme by DBS Trustee, the trustee of OUE Commercial Real Estate Investment Trust (OUE C-Reit) and OUE CT Treasury, a wholly-owned subsidiary of OUE C-Reit. The Bank of New York Mellon (BNYM) Singapore Branch was appointed as trustee, CDP issuing and paying agent, CDP calculation agent, CDP transfer agent and CDP registrar. The BNYM London Branch was appointed as non-CDP issuing and paying agent and non-CDP calculation agent, while the BNYM Luxembourg Branch was appointed as non-CDP registrar and non-CDP transfer agent. Partners Margaret Chin, Daselin Ang and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to BTG Holding on its S$434 million (US$305m) voluntary conditional cash offer, made on behalf of BTG Holding by United Overseas Bank, to acquire all the shares in BreadTalk Group. BTG Holding is a consortium comprised of George Quek, Katherine Lee and Minor International, a Thai-listed hospitality and leisure company. The firm also acted as transaction counsel to United Overseas Bank on the S$200 million (US$140.6m) term and revolving loan facilities to Piece Investment and S$55 million (US$38.7m) term loan facility to Minor BT Holding (Singapore). Partners Christopher Koh, Mark Quek and Lim Wei Ting led the firm’s team in the transaction.

Ashurst has acted as English, Singapore and New York law counsel to ANZ and ING, as the mandated lead arrangers and book-runners, on a US$400 million reserve-based lending facility to finance Udenna’s acquisition of Chevron’s 45 percent operating interest in the Malampaya gas field in offshore Palawan, Philippines. The Malampaya gas field is developed and operated by Shell Philippines Exploration, which also has a 45 percent interest. The acquisition fits strategically with Udenna’s long-term ambitions of developing a sustainable energy business in the Philippines. Partner Alfred Ng, supported by partners Jean Woo, Mike Neary and Christopher Whiteley, led the firm’s team in the transaction.

AZB & Partners has advised Ummeed Housing Finance on the Rs1.64 billion (US$21.7m) acquisition by NHPEA Kabru Holding and Lightstone Fund Raif of a more than 30 percent stake in Umeed. Partners Gautam Saha, Dushyant Bagga and Swati Chauhan led the firm’s team in the transaction, which was completed on February 25, 2020.

AZB & Partners has also advised Warburg Pincus portfolio companies Sagent Lending Technologies and Indecomm Global Services (India) on Indecomm’s Rs113 million (US$1.5m) acquisition of certain identified assets in India of ISG Novasoft Technologies, a subsidiary of Chambal Fertilizers and Chemicals. Partners Anil Kasturi, Nandita Govind and Ashish Pareek led the firm’s team in the transaction, which was completed on January 30, 2020.

Clifford Chance has advised Berjaya and its subsidiary Kyoto Higashiyama Hospitality Assets Tokutei Mokuteki Kaisha on the sale of the hotel component of the Four Seasons Hotel & Hotel Residences Kyoto, Japan to Godo Kaisha Tigre. The five-star hotel commenced operations in 2016 under the Four Seasons brand. The transaction was Berjaya’s first hotel development project in Japan. Tokyo partners Leng-Fong Lai and Eiichi Kanda led the firm’s team in the transaction, which was completed in March 2020.

CNPLaw has advised a US-headquartered Singapore graphic design company on securing additional financing, via a share subscription by a foreign investor. Completed in January 2020, the transaction is a significant capital injection for such company with a value of over S$70 million (US$49.2m). Partner Ken Chia led the firm’s team in the transaction.

Davis Polk has advised InnoCare Pharma on its IPO and listing in Hong Kong, and an international offering via Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$2.24 billion (US$289m), prior to any exercise of the over-allotment option. InnoCare Pharma is a clinical stage biopharmaceutical company. Partners Li He and Yang Chu led the firm’s team in the transaction.

Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law), member firm of Rajah & Tann Asia, has acted for Pepsi-Cola Products Philippines Inc (PCPPI) on its notification to the Philippine Competition Commission (PCC), and obtaining PCC clearance for Lotte Chilsung Beverage’s acquisition of up to 57.78 percent of PCPPI’s outstanding shares, through a tender offer to PCPPI’s shareholders. Partner Norge Patacsil led the firm’s team in the transaction.

Khaitan & Co has advised Cochin Shipyards on its acquisition, through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016, of Tebma Shipyard, a company which designs and constructs ships and vessels. The resolution plan submitted by Cochin Shipyard was approved by the National Company Law Tribunal on March 4, 2020. A Miniratna company under India’s Ministry of Shipping, Cochin Shipyards builds, designs, constructs, upgrades and repairs ships and vessels. The transaction was valued at Rs6.06 billion (US$80.4m), based on the amount of outstanding debts resolved under the resolution plan. The outstanding debts of the lenders aggregating to Rs6.06 billion (US$80.4m) is being settled by Cochin Shipyards for Rs650 million (US$8.6m). Partners Nikhilesh Panchal and Aashutosh Sampat, supported by executive director Dinesh Agrawal and partner Anisha Chand, led the firm’s team in the transaction.

Khaitan & Co has also advised the consortium of Jhunjhunwala and Kalpraj Dharamshi on the acquisition, via the resolution plan submitted in accordance with the Insolvency and Bankruptcy Code 2016, of Ricoh India, a subsidiary of Ricoh Japan. Ricoh India has been present in India for over 37 years, and operates through a pan-India network of seven offices and over 1,000 business partners. It is engaged in printing and ITS. Partner Kalpana Unadkat, supported by executive director Sudhir Bassi, led the firm’s team in the transaction, which was completed on January 23, 2020. J Sagar Associates advised Ricoh India’s committee of creditors.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Singapore Press Holdings on the issuance of S$300 million (US$211m) four percent subordinated perpetual securities, under its S$1 billion (US$703m) multicurrency debt issuance programme. Partners Lee Xin Mei and Eugene Lee led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for United Overseas Insurance on its first real estate investment, the S$52 million (US$36.5m) acquisition of the property situated at 146 Robinson Road, Singapore from United Overseas Bank. Partners Norman Ho, Chou Ching and Tan Mui Hui led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised LGT Lightstone Aspada on its Series B round investment in Vivriti Capital, an online enterprise debt platform and lender. LGT Lightstone Aspada acquired less than 26 percent of the shareholding of Vivriti Capital. Partners Amit Khansaheb, Shilpa Mankar Ahluwalia and Promode Murugavelu, supported by partners Aparna Mehra and Gouri Puri, led the firm’s team in the transaction, which was valued at approximately Rs3.5 billion (US$46.4m) and closed on March 17, 2020. Cyril Amarchand Mangaldas advised Vivriti Capital, while J Sagar Associates advised Creation Investments India III, Vivriti Capital’s existing investor.

Shardul Amarchand Mangaldas & Co has also advised SBI General Insurance on the sale of 26 percent of its share capital by its shareholder IAG International, part of the Insurance Australia Group, to Napean Opportunities, a part of the Premji Invest Group, and Honey Wheat Investment, a part of the Warburg Pincus Group. Partners Nikhil Naredi and Roopal Kulsrestha, supported by partner Gauri Chhabra, led the firm’s team in the transaction. IAG was advised by AZB & Partners, while the purchasers were represented by Cyril Amarchand Mangaldas.

Skadden has advised Morgan Stanley and Goldman Sachs, as the joint sponsors, and UBS, China Merchants Securities, CMBI and SPDBI, as the underwriters, on InnoCare Pharma’s HK$2.2 billion (US$288m) IPO in Hong Kong. InnoCare is a Beijing-based clinical stage biopharmaceutical company, which is committed to developing innovative therapies for the treatment of cancer and autoimmune diseases for patients worldwide. The IPO’s retail tranche was over-subscribed by almost 300 times. Trading commenced March 23, 2020, after the first virtual listing ceremony in Hong Kong in the morning. Hong Kong partners Julie Gao, Paloma Wang and Christopher Betts led the firm’s team in the transaction.

WongPartnership is acting for Temasek Holdings as lead investor on the US$75 million extended funding round by Shopback. Partners Mark Choy, Kylie Peh and Kyle Lee led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel and Singapore law adviser to United Hampshire US Reit Management, as manager of United Hampshire US Reit, on the US$323.5 million IPO and listing of United Hampshire US Reit in Singapore. The IPO portfolio comprises 22 grocery-anchored and necessity-based retail properties and modern, climate-controlled self-storage facilities across the USA worth US$599.2 million. Joint managing partner Jerry Koh and partners Teh Hoe Yue and Jonathan Lee led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel and Singapore law adviser to Elite Commercial Reit Management, as manager of Elite Commercial Reit, on the £130.9 million (US$154.25m) IPO and listing of Elite Commercial Reit in Singapore. The IPO portfolio comprises 97 office assets across the UK worth £319 million (US$376m). Joint managing partner Jerry Koh and partners Long Pee Hua and Teh Hoe Yue led the firm’s team in the transaction, which is the first pound-denominated Reit listing in Singapore, and the first UK-focused Reit listed in Singapore.

Allen & Overy has acted as co-counsel to Tesco on the proposed sale of its entire interest in its business, which includes a portfolio of nearly 2,000 stores nationwide in Thailand, to the CP Group entities, namely CP Retail Development, Charoen Pokphand Holding, CP All and CP Merchandising. Completion is expected in the second half of 2020, subject to Tesco shareholder and regulatory approvals. Partner Suparerk Auychai led the firm’s team in the transaction, which is the biggest corporate acquisition in Thailand and the largest in Asia this year.

Allen & Overy has also advised State Grid International Development (SGID), the sole platform for overseas investments and operations of the State Grid Corporation of China, on its approximately US$1 billion landmark acquisition of a 49 percent stake in Oman Electricity Transmission Company (OETC) from electricity holding company SAOC (also known as Nama Holding). The transaction forms part of the on-going privatisation of the Omani electricity sector. SGID’s acquisition makes it the largest single Chinese investor in Oman to date. The deal marks an important milestone in China’s Belt and Road Initiative and also demonstrates the Omani Government’s openness to foreign direct investment in the energy sector. Beijing corporate partner Ling Li, supported by London corporate partner Andrew Schoorlemmer and Sydney partner Jason Gray, led the firm’s team in the transaction.

AZB & Partners has advised Brookfield Asset Management on the approximately Rs14.5 billion (US$190m) acquisition by its affiliate, BCP V Multiple Holdings, of up to 40 percent of IndoStar Capital Finance. Partner Bharat Budholia led the firm’s team in the transaction.

AZB & Partners has also advised US International Development Finance Corporation, an agency of the US of America, on the provision of a US$30 million loan, via an external commercial borrowing, to SEWA Grih Rin for funding loans given by SEWA to low-income women-borrowers in India to finance home purchases and/or improvements for “affordable housing”, as defined by the RBI. The first disbursement was undertaken on February 4, 2020.Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction.

Davis Polk has advised the dealers on the establishment of a US$2 billion medium-term note program by China Cinda (2020) I Management, a wholly-owned subsidiary of China Cinda (HK) Holdings, and the US$2 billion Regulation S notes offering under the program, consisting of US$700 million principal amount of its two percent guaranteed senior notes due 2023, US$500 million principal amount of its 2.5 percent guaranteed senior notes due 2025, US$300 million principal amount of its three percent guaranteed senior notes due 2027, and US$500 million principal amount of its 3.125 percent guaranteed senior notes due 2030. Cinda HK is the sole strategic offshore investing and financing platform of the Cinda Group. Corporate partners Yang Chu and Gerhard Radtke led the firm’s team in the transaction.

Davis Polk has also advised the joint lead managers on a Regulation S offering of US$100 million 6.5 percent bonds due 2023 by Xi’an Aerospace High-Tech Industry Development, a China- incorporated limited liability company. It is a state-owned enterprise controlled by the Xi’an National Civil Aerospace Industrial Base Administrative Committee, and ultimately controlled and owned by the Xi’an Municipal Government. It engages primarily in land development, infrastructure construction and property development in Xi’an National Civil Aerospace Industrial Base. Partners Gerhard Radtke and Yang Chu also led the firm’s team in the transaction.

Maples and Calder has acted as BVI counsel to BVI company AnPac Bio-Medical Science on its IPO of approximately 1.33 million American Depositary Shares, representing its Class A ordinary shares, and the listing of such ADSs on the Nasdaq. AnPac Bio-Medical Science is a biotechnology company focusing on early cancer screening and detection. The offering, which closed on February 3, 2020, raised approximately US$16 million. Partners Greg Knowles and Richard Spooner led the firm’s team in the transaction, while Cleary Gottlieb Steen and Hamilton acted as US counsel. Sheppard Mullin Richter & Hampton acted as US counsel to Westpark Capital and Univest Securities, as representatives of the underwriters.

Shardul Amarchand Mangaldas & Co has advised SBI Cards and Payment Services and State Bank of India on the IPO of equity shares of the company with face value of Rs10 (US$0.13) each for cash, at Rs755 (US$9.88) per share. It comprised of a fresh issue of such number of equity shares aggregating to approximately Rs5 billion (US$65.4m) and offered a sale of approximately 130.5 million equity shares aggregating to approximately Rs98.4 billion (US$1.3b). The deal is valued at approximately US$1.39 billion. This is India’s third largest IPO and the largest since 2017. It is also the single largest exit by a private equity, Carlyle, in an IPO. Further, it is also India’s first IPO by a pure-play credit card company. National practice head partner Prashant Gupta, supported by partners Sayantan Dutta and Nikhil Naredi, led the firm’s team in the transaction, while Latham & Watkins acted as international counsel. Cyril Amarchand Mangaldas advised the book-running lead managers. Allen & Overy (Asia) acted as international counsel to DSP Merrill Lynch, HSBC Securities and Capital Markets (India) and Nomura Financial Advisory and Securities (India).

Allen & Overy has advised the joint lead managers and joint bookrunners on a dual-currency senior small and medium enterprises-themed (Covid-19 Impact Alleviation) social bonds issuance, the first from a Chinese issuer in the international capital markets. This landmark transaction comprises of a HK$4 billion (US$515.2m) 1.95 percent bonds due 2022 and a MOP1 billion (US$125m) 1.9 percent bonds due 2022. Both notes are issued under Bank of China’s US$40 billion MTN programme, and are aligned with the Social Bond Principles 2018 published by the International Capital Market Association. Proceeds of the bonds will be used to support SMES in Macau to aid access to financial resources and reduce financing costs, in response to the recent outbreak of Covid-19. Partner Agnes Tsang led the firm’s team in the transaction.

AZB & Partners is advising Emerald Sage Investment, an affiliate of Warburg Pincus, on its Rs10.8 billion (US$145.8m) subscription of 108 million compulsorily convertible preference shares, constituting 9.93 percent of the share capital, of Apollo Tyres. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was signed on February 27, 2020 and is yet to be completed.

AZB & Partners has also acted as Indian law counsel to Muthoot Finance on its drawdown of US$550 million senior secured notes due 2023, under its US$2 billion global medium term note programme. Partners Srinath Dasari and Richa Choudhary led the firm’s team in the transaction, which was completed on March 2, 2020.

Baker McKenzie is acting for AVIC International Holding on its proposed privatisation of AVIC International Holdings. The privatisation comprises of a voluntary H share general offer and a subsequent merger by absorption of the target company. AVIC International is the offeror, while China International Capital Hong Kong Securities is its exclusive financial adviser. The offer became unconditional in all respects on March 6, 2020, and the delisting of the H shares of AVIC Internatonal Holdings will take place in due course. AVIC International Holdings is a joint stock company incorporated in China with limited liability, whose H shares are listed in Hong Kong. AVIC International is a state-owned enterprise in China, and the controlling shareholder of AVIC International Holdings. Partners Christina Lee (Hong Kong) and Wang Hang (Beijing) led the firm’s team in the transaction.

Baker McKenzie has also advised Daiwa Securities Group (DSG) on its investment in Global X Management, the New York-based provider of exchange-traded funds. The investment is structured as a US$120 million convertible bond, which DSG can choose to convert to a minority equity stake in Global X in five years. This investment comes as a further alignment of the two companies, who announced in September 2019 the formation of a joint venture, Global X Japan, to deliver intelligent investment solutions to Japanese investors. DSG has been developing products and service platforms that meet the needs of a wide range of investors. New York partners Steven Canner and Andrew Sagor, and Tokyo partners Toshio Ibaraki and Kana Itabashi, led the firm’s team in the transaction.

Davis Polk has advised the dealer manager on an exchange and tender offer by Shui On Development (Holding) on two series of its existing senior notes due 2021, guaranteed by Shui On Land. In addition, the firm advised the initial purchasers on a concurrent US$400 million Regulation S offering by Shui On Development of its 5.5 percent senior notes due 2025, guaranteed by Shui On Land. As one of the leading property developers in China, Hong Kong-listed Shui On Land develops and redevelops, sells, leases, manages and owns high-quality residential and mixed-use properties in China. Corporate partner Gerhard Radtke led the firm’s team in the transaction.

Davis Polk has also advised the initial purchasers on a debut Regulation S offering by Hong Kong-listed Zensun Enterprises of US$200 million 12.5 percent senior notes due 2022. The notes are unconditionally and irrevocably guaranteed by Zensun Group, a property developer that focuses on developing a range of residential properties that cater to the various demands and preferences of middle to upper-middle class customers in Zhengzhou and selected cities. Corporate partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.

ELP is advising Precious Trading & Investments, as the transferor, and Sheth Developers, as the transferee, on the scheme of merger between them, and their respective shareholders and creditors, as per the provisions of the Companies Act 2013. Under the scheme, the whole undertakings, properties and liabilities of the transferor will be transferred to the transferee, and effect the dissolution of the transferor. The transferor is a listed company, and will be merged with the transferee, which is an unlisted company. Mumbai corporate and M&A partners Darshan Upadhyay and Bhavin Gada are leading the firm’s team in the transaction.

ELP is also representing Mayfield FVCI, an existing shareholder in Amagi Media Labs, to protect its rights under the shareholders’ agreement, under which EM Holdco I PTE, PI Opportunities Fund I and PI Opportunities Fund II invested approximately Rs132.3 million (US$1.8m) in the share capital of Amagi Media Labs. Mumbai private equity partner Darshan Upadhyay, supported by Mumbai corporate and M&A partner Amit Manubarwala, is leading the firm’s team in the transaction. J Sagar Associates is advising EM Holdco I PTE, while Tatva Legal is advising the promoters.

J Sagar Associates has advised Amicus Capital on its investment in Berar Finance. Nagpur-based Berar runs a two-wheeler-focused financing unit. The company will use the funds to expand its branch network, diversify its product offerings, achieve its growth targets and lower the cost of borrowings. Apart from two-wheeler loans, Berar also provides financing for used cars and commercial vehicles, as well as personal loans. Partners Vikram Raghani and Bir Bahadur Singh Sachar led the firm’s team in the transaction, which marks the first institutional capital infusion into Berar.

J Sagar Associates has also advised Motilal Oswal Private Equity (MOPE) on its up to Rs2.4 billion (US$32.4m) investment in Molbio Diagnostics. Along with its subsidiary Bigtec labs, Molbio has developed and commercialised Truenat, a point-of-care molecular diagnostics platform using polymerase chain reaction technology. Truenat can diagnose 22 infectious diseases and has a pipeline for an additional 43 diseases, including Coronavirus and Middle East Respiratory Syndrome. MOPE cumulatively manages close to US$900 million, and has raised four growth capital funds and four real estate funds. Partners Vikram Raghani and Manav Raheja, supported by partner Soumitra Majumdar, led the firm’s team in the transaction.

Khaitan & Co has advised RattanIndia Power on the binding one-time settlement proposal of the company and its promoters for an aggregate debt of Rs65.85 billion (US$888.6m), towards the full and final settlement of the company’s dues towards its fund-based facility lenders led by Power Finance Corporation. The settlement, acquisition and restructuring was implemented through Aditya Birla ARC, backed by global investors, including Goldman Sachs, Varde Partners and others. This is the first resolution of debt under RBI’s June 7, 2019 circular on stressed assets without change of control. RattanIndia group is a conglomerate with business interests in power generation and finance. RattanIndia Power is developing coal-based thermal power projects Amravati and Nasik in Maharashtra. Partners Kumar Saurabh Singh, Shruti Singh, Abhimanyu Bhattacharya and Aditya Cheriyan led the firm’s team in the transaction. Trilegal and Kirkland & Ellis acted as domestic counsel and international counsel, respectively, to Goldman Sachs and Varde Partners, as the investors. Cyril Amarchand Mangaldas advised Aditya Birla ARC, while Shardul Amarchand Mangaldas advised Power Finance Corporation.

Khaitan & Co has also advised SMC Power Generation on its approximately Rs2.9 billion (US$39m) acquisition of the Jharsuguda manufacturing unit of Concast Steel and Power (in liquidation), represented by its liquidator Kshitiz Chhawchharia, collectively as a non-operational unit, in accordance with the Insolvency and Bankruptcy Code (IBC) 2016. This is one of the first deals in India, where business assets have been acquired under liquidation under the IBC. Partner Ashwin Bishnoi and Tanvi Kumar, supported by partners Avnish Sharma, Indruj Rai and Kabir Bogra, led the firm’s team in the transaction, which was completed on February 15, 2020.

Maples and Calder has acted as Cayman Islands counsel to Hong Kong-listed Viva Biotech Holdings on the issuance of US$180 million 2.5 percent guaranteed convertible bonds due 2025 by Viva Incubator Investment Management, guaranteed by Viva Biotech and convertible into the ordinary shares with par value of US$0.000025 each in the capital of the guarantor. The issuance closed on February 11, 2020. Viva Biotech operates a leading structure-based, integrated drug discovery platform, and provides structure-based drug discovery services to its biotechnology and pharmaceutical customers worldwide for their pre-clinical stage innovative drug development. Partner Matt Roberts led the firm’s team in the transaction. Sidley Austin acted as the English and Hong Kong counsel, and JunHe as the China counsel of Viva Incubator Investment Management. Linklaters and Commerce & Finance Law Offices acted as English and Chinese counsel to JP Morgan Securities, China International Capital Corporation Hong Kong Securities and The Hongkong and Shanghai Banking Corporation as the joint lead managers.

Maples and Calder has also acted as BVI counsel to RongXingDa Development (BVI) on its issuance of US$300 million 8.75 percent senior notes due 2021. The notes are listed in Singapore. Juno Huang led the firm’s team in the transaction, while Sidley Austin acted as US counsel and Deheng Law Offices acted as China counsel. Davis Polk & Wardwell acted as US counsel, while Commerce and Finance Law Offices acted as China counsel to the initial purchasers, including Guotai Junan Securities (Hong Kong), UBS Hong Kong Branch, Haitong International Securities, Morgan Stanley & Co International, China Investment Securities International Brokerage, BOCOM International Securities and Central Wealth Securities Investment.

Paul Hastings has represented Jaguar Growth Partners’ first Asia-focused fund and JHJ Logistics on the formation of a joint venture to acquire Brilliant (Shanghai) Enterprise Management Consulting. The firm also represented the fund in the formation of a new private equity fund dedicated to real estate opportunities in Asia. New York-headquartered Jaguar Growth Partners is a privately held investment management firm focused on real estate companies and operating platforms. JHJ Logistics is led by Jason Lee, Han Chen and Jason Hsu, former executives of The Carlyle Group’s Asia real estate platform. A leading provider of management services to the burgeoning logistics industry in China, Brilliant will acquire, develop and manage logistics projects in China. Corporate partners Michael Fitzgerald (New York), Mike Huang (New York) and Lawrence Hass, and Hong Kong real estate partner Paul Guan and Shanghai corporate partner Sophie Han led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Eu Realty (Singapore), a wholly-owned subsidiary of Eu Yan Sang International, on the carving out and S$54 million (US$37.8m) sale of a 199-years’ leasehold estate on a row of conservation shophouses with a 999-years’ leasehold tenure in Chinatown, Singapore. Partner Norman Ho led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for Asian Healthcare Specialists (AHS) on its acquisition of a 51 percent shareholding interest in Cornerstone Asia Health for approximately S$32 million (US$22.4m), comprising of S$5 million (US$3.5m) in cash and approximately S$27 million (US$18.9m) in consideration shares in the capital of AHS. Partner Hoon Chi Tern led the firm’s team in the transaction.

Simpson Thacher has represented Japan’s Mizuho Financial Group (MHFG) on its offering of US$750 million 2.226 percent senior fixed-to-floating rate notes due 2026, US$500 million 2.591 percent senior fixed-to-floating rate notes due 2031 and US$1.1 billion senior floating rate notes due 2024. The offering was made pursuant to MHFG’s shelf registration statement on Form F-3, under the Securities Act. Mizuho Securities USA and BofA Securities were representatives of the underwriters for the offering. MHFG is a Japanese bank holding company that is the ultimate parent company of the Mizuho Group, one of the largest financial institution groups in the world. Capital markets partner Taki Saito led the firm’s team in the transaction.

S&R Associates has represented NYLIM Jacob Ballas Fund III Mauritius on the sale of its equity shares in Religare Finvest, a leading SME financing-focused NBFC, to Religare Enterprises. Following the acquisition of shares, Religare Finvest has become a wholly-owned subsidiary of Religare Enterprises. Partner Mohit Gogia, supported by partner Niti Dixit, led the firm’s team in the transaction.

Allen & Gledhill has advised DBS Group Holdings on the issue of its S$1 billion (US$719.6m) 3.3 percent perpetual capital securities, first callable in 2023, under its US$30 billion global medium term note programme. Partner Glenn Foo led the firm’s team in the transaction.

Allen & Gledhill has also advised the Housing and Development Board on the issue of S$700 million (US$503.7m) in principal amount of fixed rated notes due 2027, as Series 090 under its S$32 billion (US$23b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

AAS Regina Legal has advised Anicut Angel Fund on the raising by Neeman’s of approximately US$1 million in an early stage round led by Anicut Angel Fund, which made its maiden investment. Tushar Singh and Rohit Anand led this round of investment, on behalf of Anicut, with Tushar joining the company board. Through Anicut, Ashvin Chadha, Arjun Seth, Abhishek Goyal, Ambarish Raghuvanshi, and Sanjay Kapoor are among the investors who participated in this round. Hyderabad-based Neeman’s is an eco-conscious footwear brand making comfortable shoes using Merino Wool. Started in late 2019, Anicut Angel Fund provides early stage capital to start-ups. Partner Ankita Singh led the firm’s team in the transaction, which was announced on March 2, 2020. Neeman’s was represented by Lex Start Partners.

AZB & Partners is advising Navi Technologies, the indirect parent of Chaitanya India Fin Credit, on the acquisition by Chaitanya of 100 percent stake of Essel Finance AMC. Partners Anu Tiwari, Vipul Jain, Samir Gandhi and Aditi Gopalakrishnan are leading the firm’s team in the transaction, which was signed on January 24, 2020 and is yet to be completed.

AZB & Partners has also advised Reliance India and JM Financial Asset Reconstruction on their Rs62.5 billion (US$844m) acquisition of Alok Industries. Partners Ashwath Rau, Suharsh Sinha and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on February 28, 2020.

Baker McKenzie has represented Japanese conglomerate Marubeni on its acquisition of Chenya Energy, marking Marubeni’s first investment in a Taiwan solar project. Marubeni will acquire 100 percent stake in Chenya, as well as its power generation facilities. With the acquisition, Marubeni will have a portfolio of solar power generation assets throughout the island, with a total capacity of approximately 270MW. The assets include one of the world’s largest floating solar power plants. Through the acquisition of Chenya and Chenya’s solar power generation assets, Marubeni will gain expertise in the floating solar power business, and continue to enhance its renewable energy development capabilities. With the addition of Chenya’s solar power generation assets, Marubeni will hold a stake in more than 950MW of power generation assets within Taiwan. Principal Tiffany Huang and partners Gwyneth Gu and Su-Fen Chen led the firm’s team in the transaction.

Baker McKenzie has advised Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds as sponsors, on the US$3 billion project financing of the 589 MW Changfang Xidao Offshore Wind Farm Project in Changhua County, Taiwan. The project financing was provided by 21 international and Taiwan local banks and life insurance companies, and supported by seven export credit agencies and development banks, and is the largest offshore wind project financing in Taiwan to date. The firm acted as Taiwan local counsel, with its Singapore member firm Baker McKenzie Wong & Leow as Singapore counsel and White & Case acting as international counsel. The lenders and export credit agencies were advised by Watson Farley Williams, Linklaters and Lee & Li. The firm also advised CIP on its original acquisition of the project in 2017, the continued development of the project and investments in the project made by two local Taiwanese life insurance companies, Taiwan Life Insurance and TransGlobe Life Insurance. Taipei partner Murray Bowler, supported by partners Tiffany Huang, Su-Fen Chen and Melanie Ho, and Kim Hock Ang of Baker McKenzie Wong & Leow in Singapore, led their firm’s respective teams in the transaction.

Baker & McKenzie has advised Hokkaido Airports on the execution of a contract and utilization of project finance for a bundled concession deal of seven airports in Hokkaido. Hokkaido Airports was established on August 23, 2019 as a consortium of 17 companies based in and outside of Hokkaido. Its goal is to revitalize regional Hokkaido through integrated and flexible management of seven Hokkaido airports: New Chitose Airport, Wakkanai Airport, Kushiro Airport, Hakodate Airport, Asahikawa Airport, Obihiro Airport and Memanbetsu Airport. The Hokkaido Bundled Seven Airports Concession deal improves Hokkaido’s core transportation infrastructure, and is the first domestic deal to feature comprehensive bundling, in which multiple airports will be operated under a unified structure. Naoaki Eguchi, supported by partner Tetsuo Tsujimoto, led the firm’s team in the transaction, which is one of the largest privatized concession deals in Japan.

Clifford Chance has advised ABN AMRO Bank, Clifford Capital, ING Bank and Natixis, as mandated lead arrangers, on the US$700 million financing for the conversion of the LNG carrier Gimi into an FLNG vessel. Following completion of the conversion works at Keppel Shipyard, Singapore, the vessel will be leased to BP for operations on the Greater Tortue Ahmeyim field, located offshore Mauritania and Senegal in West Africa. Golar LNG and Keppel Capital’s US$1.3 billion Gimi FLNG scheme is the first commercially syndicated project financing of an FLNG vessel in the international bank market. The project’s bankability and lender appetite ensured there was no need for support from an export credit agency. Singapore partner Kate Sherrard, supported by partners Paul Landless, Matthew Buchanan, Hein Tonnaer and Jurgen van der Meer, led the firm’s team in the transaction.

Clifford Chance has also advised renewable energy company Vena Energy on the establishment of its US$1 billion euro medium term note programme and debut offering of US$325 million senior unsecured fixed rate green notes due 2025. The deal marks the first US-dollar corporate green bond benchmark offering from a Singapore-headquartered company. Vena Energy, a portfolio company of Global Infrastructure Partners, is a leading independent power producer of renewable energy in Asia Pacific, and invests, develops, constructs and operates exclusively solar, wind and energy storage projects. It currently has assets and operations in Australia, India, Indonesia, Japan, Philippines, South Korea, Taiwan and Thailand. Crédit Agricole CIB, DBS Bank, ING and MUFG were the joint global coordinators and, together with ABN AMRO, Banca IMI, BNP Paribas and SMBC Nikko, were also the joint lead managers. Partner Gareth Deiner, supported by partner Johannes Juette, led the firm’s team in the transaction.

Davis Polk has advised the initial purchasers on a Regulation S offering by Zhenro Properties Group of US$200 million 5.6 percent senior notes due 2021. Hong Kong-listed Zhenro Properties Group is a property developer that focuses on the development of residential properties, and the development, operation and management of commercial and mixed-use properties in China. Partner Gerhard Radtke led the firm’s team in the transaction.

ELP is advising Azafran Innovacion and Azafran Ventures on the scheme of merger between Azafran Innovacion and Azafran Ventures, and their respective shareholders and creditors, under Sections 230-232 of the Companies Act 2013. Mumbai corporate & M&A partners Darshan Upadhyay and Bhavin Gada are leading the firm’s team in the transaction.

ELP is also advising Capital India Asset Management on the formation of a category II alternative investment fund, under SEBI Regulations 2012. The application for registration has been filed with SEBI, and is pending approval. Mumbai corporate & M&A partners Darshan Upadhyay and Bhavin Gada are also leading the firm’s team in the transaction.

J Sagar Associates has advised Export-Import Bank of India on the issue of US$1 billion notes under the US$10 billion global medium term note program. Partners Dina Wadia and Uttara Kolhatkar led the firm’s team in the transaction, which marks the lowest 10-year pricing from any Indian Issuer in the US$ markets, especially in the backdrop of geopolitical tensions.

J Sagar Associates has also advised Indian Railway Finance Corporation (IRFC) on the issue of US$1 billion bonds, in dual tranches of US$700 million (10 years) and US$300 million (30 years) bonds, under its US$2 billion global medium term note programme. IRFC’s US$1 billion bond transaction is the first US-dollar 30-year tranche bond from an Indian state-owned issuer. This transaction also witnessed a record investor interest, with demand of US$8 billion worth for US$1 billion bonds, in the backdrop of the crisis created by the outbreak of COVID-19 in the global markets. Partners Dina Wadia and Uttara Kolhatkar also led the firm’s team in the transaction.

Khaitan & Co has advised Pidilite Industries on the series F round of investment, through Madhumala Ventures, in Trendsutra Platform Services, operator of e-commerce marketplace “Pepperfry”. Pidilite Group invested US$10 million directly in the operating company in India. Partner Anuj Shah led the firm’s team in the transaction, which was completed on February 15, 2020. Shardul Amarchand Mangaldas represented Pepperfry.

Khaitan & Co has also acted as global lead counsel to Tech Mahindra on its US$64 million acquisition, together with Tech Mahindra (Americas), of the entire shareholding of the Zen3 group, comprising of Zen3 Infosolutions (America), Oslo Solutions, Zen3 Infosolutions, Zen3 Information Technologies and Zen3 Infosolutions. Tech Mahindra is an Indian multinational subsidiary of the Mahindra Group, providing IT services and business process outsourcing to companies. The Zen3 Group is a US-based group of companies which possesses strong capabilities in AI enablement and tagging, software product engineering and DevOps. Partner Aravind Venugopal led the firm’s team in the transaction, which was announced on February 25, 2020. Perkins Coie also advised the acquirers on US law, while Dorsey & Whitney and Shardul Amarchand Mangaldas & Co advised the sellers.

L&L has advised ArcelorMittal and Nippon Steel on the acquisition of the secured assets of Bhander Power, including a 500MW thermal power plant, in a sale under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. The power plant is an essential part of the production ecosystem for the steel plant of ArcelorMittal Nippon Steel India, previously known as Essar Steel India. Senior partner Mohit Saraf and partners Bikash Jhawar and Nipun Vaid, supported by partners Abhishek Swaroop and Akhil Anand, led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to Abbisko Cayman on a US$60 million Series C round funding, led by Temasek, along with Qiming Venture Capital, LAV Biosciences, CICC, Golden Valley and others. Abbisko is founded by a group of seasoned drug hunters with rich research and managerial experience from top global and Chinese pharmaceutical companies. The founders have successful track records of advancing a number of innovative medicines to market, through US FDA approval, and have pioneered China’s novel drug discovery and development in recent years. Partner Everton Robertson led the firm’s team in the transaction, which closed on February 21, 2020. Hankun Shanghai acted as onshore counsel to Abbisko.

Maples and Calder has also acted as Cayman Islands counsel to Kuaishou Technology on a US$3 billion Series F round funding, led by Tencent, along with Singaporean State-backed Temasek Group, Boyu Capital, YF Capital and Sequoia Capital. Kuaishou Technology’s platform allows users to share snippets of their everyday lives through short videos and live-streaming. Partner Everton Robertson also led the firm’s team in the transaction, which closed on February 11, 2020. Latham & Watkins acted as Hong Kong law counsel to Kuaishou Technology.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as Singapore counsel to Edvance International Holdings on its transfer of listing from the Growth Enterprise Market to the Main Board in Hong Kong. Partner Hoon Chi Tern led the firm’s team in the transaction.

SSEK Legal Consultants has acted for The Gesit Companies, a diversified Indonesian conglomerate that operates in the property, trading and services, manufacturing and natural resources sectors, on a transaction with MEA Commercial Holdings (MEACH), a leading Singapore holding company that focuses on real estate investments. The Gesit Companies sold to MEACH a substantial stake in Gesit Sarana Perkasa, a limited liability company that owns JS Luwansa Hotel and Convention Center, a property in the Jakarta business district of Kuningan. Senior partners Dyah Soewito and Ira Eddymurthy led the firm’s team in the transaction.

S&R Associates has represented IRB Infrastructure Developments, one of India’s largest private roads and highways infrastructure developers, on approximately Rs37.53 billion (US$506m) investments in its roads platform by affiliates of GIC, Singapore’s sovereign wealth fund. The investment was through a private placement of units by India’s first unlisted infrastructure investment trust, IRB Infrastructure Trust, sponsored by IRB. Partners Sandip Bhagat and Sudip Mahapatra led the firm’s team in the transaction, which is the largest transaction in the roads and highways sector in India.

S&R Associates has also represented Citigroup, as financial advisor to the board of directors of Network18 Media & Investments, on the proposed merger of TV18 Broadcast, DEN Networks and Hathway Cable and Datacom with Network18. Partners Sandip Bhagat and Sudip Mahapatra led the firm’s team in the transaction.