Allen & Gledhill has advised Allianz Real Estate on its joint venture with ESR to establish an investment programme targeting the logistics market in India. ESR is a leading Asia-Pacific logistics real estate and fund management platform. The initial equity commitment into the joint venture is €200 million (US$224.3m), funded on a 50:50 basis by Allianz and ESR. The joint venture is targeted to be an approximately US$1 billion assets under management platform. Partners Richard Young, Lim Chong Ying, Mark Quek, Sathiaseelan Jagateesan, Scott Clements and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised DBS Group Holdings on the issue of its US$750 million 2.85 percent notes due 2022 under its US$30 billion global medium term note programme. Partner Glenn Foo led the firm’s team in the transaction.

AZB & Partners is advising KKR & Co, through Esoteric II and Electron IM, and India Grid Trust (IGT) and its investment manager, Sterlite Investment Managers (SIM), on KKR’s investment in IGT and SIM. The transaction comprised of the KKR’s acquisition of approximately 40percent of the units of the Sterlite-sponsored IGT and of an approximately 74 percent controlling stake of the share capital in SIM, and IGT’s acquisitions of 100percent of the shares of two power transmission companies, NRSS XXIX Transmission and Odisha Generation Phase-II Transmission, from Sterlite Grid 2 and Sterlite Grid 3. Partners Ashwath Rau, Atreya Bhattacharya and Aditi Gopalakrishnan are leading the firm’s team in the transaction, which was valued at Rs61.2 billion (US$871.3m), signed on April 30, 2019 and is yet to be completed.

AZB & Partners is also advising Bharti Airtel and Bharti Airtel Services on the acquisition by Hughes Communications India of the VSAT business of Bharti Airtel and the acquisition by HCIL Comtel of the VSAT business of Bharti Airtel Services. Post the scheme of arrangement becoming effective, Hughes and HCIL Comtel, or their affiliates, will have majority ownership and Bharti Airtel will have a significant shareholding in the resulting combined entity. Partners Vinati Kastia, Abhishek Shinde and Bharat Apte are leading the transaction, which was signed on May 6, 2019 and is yet to be completed.

Baker McKenzie has advised Chinese tech giant Tencent Holdings on the establishment of the joint venture, Infinium, and also the application for a virtual banking licence, which was approved by the Hong Kong Monetary Authority on May 9, 2019. Infinium is a joint venture among Tencent, Industrial and Commercial Bank of China (Asia), Hong Kong Exchanges and Clearing, Hillhouse Capital and renowned Hong Kong entrepreneur Adrian Cheng, who invested via investment entity Perfect Ridge. Headquartered in Hong Kong, Infinium aims to leverage its advanced technology and the new applications of FINTech to promote financial inclusion in Hong Kong and to bring customers and enterprises a brand-new, efficient and secure virtual banking experience, enabling users to enjoy better and more convenient financial services in the future. Hong Kong partners Karen Man, global head of financial services regulatory practice, and Andrew Lockhart, supported by Hong Kong M&A partners Grace Tso and Tracy Wut, led the firm’s team in the transaction.

Clifford Chance has advised international energy services group Serba Dinamik Holdings on the international aspects of its US$300 million high yield sukuk offering, due 2022. The offering was issued by SD International Sukuk, with trust obligations guaranteed by Serba Dinamik, and is listed in Singapore and the Labuan Financial Exchange. The transaction combines a high yield covenant package and credit structure with a wakalah-bil-istithmar sukuk, and represents the first US dollar high yield sukuk offering in Asia Pacific. Partner Gareth Deiner, supported by global head of islamic finance Qudeer Latif and partner Johannes Juette, led the firm’s team in the transaction, while Zaid Ibrahim & Co acted as Malaysian counsel.

Davis Polk has advised Zai Lab on its follow-on offering of US$230 million of American depositary shares representing approximately nine million ordinary shares of the company. The ADSs are listed on the Nasdaq. Zai Lab is a China and US-based innovative commercial stage biopharmaceutical company, focused on bringing transformative medicines for cancer, infectious and autoimmune diseases to patients in China and around the world. Partner Li He led the firm’s team in the transaction. Simpson Thacher, with a team led by partners Art Robinson and Hui Lin (capital markets), Robert Holo (tax) and Lori Lesser (IP), represented JP Morgan Securities, Citigroup Global Markets, Jefferies and SVB Leerink, as the underwriters.

Gide has advised Air Liquide, a world leader in gases, technologies and services for industry and health, on the creation of a joint venture with Chengdu Huaqi Houpu Holding to develop hydrogen refilling stations for fuel cell electric vehicles. The joint venture, Air Liquide Houpu Hydrogen Equipment, will enable the companies to develop projects together, with a view to promote the development of a network of hydrogen stations in China. The collaboration will combine Air Liquide’s global technological expertise in clean hydrogen mobility solutions with Houpu’s leadership in the production and construction of natural gas refilling stations in the Chinese market. It is also aligned with the Chinese government’s 13th Five-Year Plan, which aims to support clean transportation, including through the development and sale of fuel cell electric vehicles. Partner David Boitout led the firm’s team in the transaction.

J Sagar Associates has advised State Bank of India on its listing of US$1.25 billion bonds on the global securities market platform of Bombay’s India International Exchange at the Gujarat International Finance-Tec City. Partners Dina Wadia and Uttara Kolhatkar led the firm’s team in the transaction.

J Sagar Associates has also advised Bharat Petroleum on the issue of US$500 million bonds under its US$2 billion medium term note programme. Partners Dina Wadia and Uttara Kolhatkar led the firm’s team in the transaction.

Khaitan & Co has advised Nature’s Essence and Samara Alternate Investment Fund on a senior secured borrowing of a rupee term loan facility of Rs1.6 billion (US$22.8m) from The Hongkong and Shanghai Banking Corporation for acquisition of the business from Nature’s Organics by Nature’s Essence, and restructuring of the group structure based on the abovementioned and other acquisitions. Partner Kumar Saurabh Singh, supported by partner Mayank Singh, led the firm’s team in the transaction.

Khaitan & Co, along with Slaughter and May, has also advised Reliance Brands on the acquisition of 100 percent of the share capital of Hamleys Global Holdings from C Banner International Holdings for an enterprise value of about £67 million (US$86.5m). A toy-retailer with over 250 years history, Hamleys has more than 160 stores across 18 countries. Reliance Brands is a subsidiary of Reliance Industries and operates over 400 stores in India, with over 30 international brand partnerships. Completion of the purchase is expected to occur later this year. Partners Rahul Dutt and Akshay Bhargav, supported by partners Moin Ladha, Anisha Chand, Ritu Shaktawat, Adheesh Nargolkar and Shailendra Bhandare and executive director Dinesh Agarwal, led the firm’s team in the transaction.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has acted for Carmel Development, a joint venture between Hong Leong Holdings, Hong Realty and Guocoland, on the S$980 million (US$716m) acquisition of all the strata lots and common property comprised in the 290-unit freehold residential development known as Pacific Mansions in River Valley, Singapore. This acquisition of Pacific Mansions is the highest transacted collective sale in more than a decade and is the second-highest transacted collective sale in Singapore. Partners Norman Ho and Gazalle Mok led the firm’s team in the transaction.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has also acted for 8M Real Estate on four asset and share acquisitions for the related companies of 8M, with an aggregate deal value of about S$160 million (US$117m). Partners Norman Ho, Chou Ching, Terence Quek and Celeste Lee led the firm’s team in the transaction.

Simpson Thacher has represented the representatives of the underwriters, Morgan Stanley, Credit Suisse, JP Morgan and CICC, on the IPO and listing on the Nasdaq of Yunji. The offering was comprised of 11 million American depositary shares, representing 110 million Class A ordinary shares, before exercise of the underwriters’ overallotment option. The base offering size was US$121 million. A leading e-commerce platform in China, Yunji has pioneered a unique, membership-based model that leverages the power of social interaction. Partners Chris Lin (capital markets) and Robert Holo (tax) led the firm’s team in the transaction.

Simpson Thacher has also represented the underwriters on the IPO and listing on the Nasdaq of So-Young International. The offering was comprised of 13 million American depositary shares, representing 10 million Class A ordinary shares, before exercise of the underwriters’ overallotment option. The base offering size was US$179.4 million. So-Young is the most popular online destination for discovering, evaluating and reserving medical aesthetic services in China. So-Young aims to become the most trusted technology company in the broader consumption healthcare service industry. Capital markets partner Chris Lin led the firm’s team in the transaction.

S&R Associates has represented Morgan Stanley, Kotak Mahindra, JP Morgan, DSP Merrill Lynch, Axis Capital, Credit Suisse, Deutsche Equities, Goldman Sachs, HSBC, IIFL Holdings, JM Financial and Nomura, as the book-running lead managers, on the Rs.47.49 billion (US$676m) IPO by Embassy Office Parks Reit, a real estate investment trust owning office properties and co-sponsored by the Embassy and Blackstone groups. This is India’s first real estate investment trust listing. Partners Sandip Bhagat and Jabarati Chandra led the firm’s team in the transaction.

S&R Associates has also represented Sidwal Refrigeration Industries, a manufacturer of air conditioning and refrigeration products, and its promoters on the acquisition of 80 percent of its share capital by Amber Enterprises India, a listed manufacturer of air conditioners. Partner Viral Mehta led the firm’s team in the transaction.

Wadhwa Law Chambers has advised Vikram Bakshi and Bakshi Holding, former joint venture partner of McDonald’s India, on the settlement, wherein McDonald’s India and its affiliate McDonald’s Global Markets gained full ownership of Connaught Plaza Restaurants, and the acquisition by McDonald’s Global Markets of fifty percent voting equity shares in Connaught Plaza Restaurants, held since inception by Bakshi and his affiliated entity. Bakshi signed the JV as an equal equity (50/50) partner with McDonalds in 1995, established the first McDonald’s restaurant in India in 1996 and brought the McDonald’s experience to millions of customers in the market. Satvik Varma, Anirudh Wadhwa, Abhishek Iyer, Keshav Gulati and Akhil Sibal led the firm’s team in the transaction. S&R Associates, with a team led by partners Rajat Sethi, Niti Dixit and Mohit Gogia, advised McDonald’s India and other McDonald’s Group companies.

Wong & Partners, a member firm of Baker McKenzie International, has advised Horizon Education Asia, a private equity investment company advised by Regulus ​Advisors, on its acquisition of a 31.86 percent stake in Regent International Schools from RIS Learning. Regent operates five successful international school campuses in Malaysia. Partner Munir Abdul Aziz led the firm’s team in the transaction, which was valued at M$24 million (US$5.7m) and was completed on May 7, 2019. Kadir Andri & Partners advised the seller.

WongPartnership has acted for Samsung Ventures on its investment in the Series A funding round for Swingvy which raised US$7 million. The funding round is Samsung Ventures’ first investment in South East Asia and included other investors, namely Aviva Ventures, Bass Investments, Walden International, and Big Basin Capital. Partners Kylie Peh, Chan Jia Hui and Kyle Lee led the firm’s team in the transaction.

Allen & Gledhill has advised CapitaLand and CapitaLand Treasury on the establishment of its S$5 billion (US$3.67b) euro medium term note programme. CapitaLand Treasury may issue notes and perpetual notes under the programme. The notes will be unconditionally and irrevocably guaranteed by CapitaLand. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as Singapore counsel to Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust (KIT), on the S$500.8 million (US$367.7m) equity fund raising, comprising of a placement of approximately 680.3 million new units to institutional and other investors, and a non-renounceable underwritten preferential offering of approximately 455.3 million new units to entitled KIT unitholders, fractional entitlements to be disregarded, on a pro-rata basis, at an offering price of S$0.441 (US$0.324) per new unit. Partners Bernie Lee and Prawiro Widjaja led the firm’s team in the transaction.

AZB & Partners is advising First Carlyle Ventures Mauritius on the up to Rs3.98 billion (US$57.4m) acquisition by Conneqt Business Solutions of 61.35 percent of the equity shares of Allsec Technologies from First Carlyle Ventures Mauritius and the promoters of Allsec Technologies, and on the open offer to acquire up to 26 percent of the total share capital of Allsec Technologies. Partners Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on April 17, 2019 and is yet to be completed.

AZB & Partners has also advised Actis Capital on the up to Rs2.1 billion (US$30.3m) acquisition by its affiliate, Actis Pine Labs Investments Holdings, of Pine Labs’ certain equity shares, which now aggregates to more than five percent. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was signed on April 10, 2019 and was completed on April 17, 2019.

Clifford Chance has advised Shenwan Hongyuan Group on its US$1.16 billion IPO and listing in Hong Kong. This is expected to be the largest Hong Kong IPO this year. Shenwan Hongyuan is a leading investment holding group focused on securities businesses in China. Based in China and founded in the 1980s, Shenwan Hongyuan Group provides comprehensive financial services to clients, including enterprise finance, personal finance, institutional services and trading, as well as investment management. It is the seventh largest securities firm by net assets at the end of 2018, and its revenue and net profits in 2018 ranked fifth and seventh, respectively, in China. Hong Kong partners Tim Wang and Fang Liu led the firm’s team in the transaction.

Clifford Chance has also advised Kai Tak Sports Park, a consortium consisting of New World Development and its subsidiary NWS Holdings, on the successful award of a 25-year contract to design, build and operate the Kai Tak Sports Park at a construction contract sum of HK$29.99 billion (US$3.8b). The award by the Hong Kong government followed a tendering process that started more than 18 months ago, and culminated recently with a groundbreaking ceremony officiated by HKSAR chief executive Carrie Lam. Occupying a 28-hectare site in the north apron area of the former Kai Tak International Airport, the Kai Tak Sports Park is the largest and most important sports infrastructure project in Hong Kong in decades. In addition to sports and leisure facilities, such as a 50,000-seat stadium with retractable roof and an indoor sports centre, the project also includes commercial facilities and extensive public open space. Hong Kong partners Frank Yuen and Dauwood Malik, and Singapore partner Matthew Buchanan, supported by partners Virginia Lee (Hong Kong), Luke Grubb (Singapore) and Clara Tang (Hong Kong), led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised Adani Logistics on the acquisition of stake held by True North and its affiliates in Innovative B2B Logistics Solutions (InLog). Gurgaon-based InLog provides integrated logistics services for domestic cargo movement. As part of the transaction, Adani Logistics acquired 97.03 percent shareholding of True North and its affiliates in InLog at an enterprise value of Rs3.31 billion (US$47.7m), including the approximately Rs432 million (US$6.2m) acquisition cost of True North’s equity shares. The balance shareholding of 2.97 percent held by the other minority shareholders will be acquired within 60 days from the date of closing of the transaction. With this acquisition, Adani Logistics will become the largest private rail and logistics operator in India. Paridhi Adani, supported by partners Shagoofa Rashid Khan and Gauri Rasgotra, led the firm’s team in the transaction.

Gibson, Dunn & Crutcher has represented Crestview Partners, JR Automation and the selling shareholders on the definitive agreement for Hitachi to acquire JR Automation Technologies for approximately US$1.4 billion. Headquartered in Holland, Michigan, JR is a leading provider of intelligent automated manufacturing and distribution technology solutions. JR serves customers all over the world in a variety of industries, helping to transform how the world’s leading aerospace, automotive, e-commerce and life sciences companies make and distribute products. Partners Alex Fine (corporate-Washington DC), George Stamas (corporate-Washington DC), Michael Collins (employee benefits -Washington DC), Benjamin Rippeon (tax-Washington DC), Meghan Hungate (IP-New York), Michael Murphy (environmental-Washington DC), Sebastien Evrard (antitrust-Hong Kong), Judith Lee (international trade-Washington DC) and Jean-Philippe Robe (French law-Paris) led the firm’s team in the transaction, which is expected to close in the second half of 2019, subject to customary closing conditions and regulatory approvals. Allen & Overy advised Hitachi.

J Sagar Associates has advised Oman India Joint Investment Fund on the proposed acquisition of shares of PNB Metlife India Insurance Company from J&K Bank. Kotak is the investment banker for the deal. Private equity firm Oman India Joint Investment Fund is a joint venture between Oman’s State General Reserve Fund and State Bank of India. PNB MetLife is one of the leading life insurance companies in India, and is a joint venture between MetLife International Holdings, Punjab National Bank, J&K Bank, M Pallonji and other private investors. Partner Sidharrth Shankar led the firm’s team in the transaction, which was valued at Rs18.5 billion (US$266.5m). J&K Bank was advised by Dua Associates, while Metlife was represented by Tatva Legal.

J Sagar Associates has also advised Mastercard International on the Indian leg of the 100 percent share acquisition of Trans-Fast Remittance for a base purchase price of US$450 million. Mastercard is a leading global payments and technology company that connects consumers, businesses, merchants, issuers and governments around the world. Transfast provides cross-border payment products for consumers and businesses and has a global presence, including two subsidiaries in India. Partner Sidharrth Shankar led the firm’s team in the transaction, while Sidley Austin advised on the US leg of the acquisition.

Khaitan & Co has acted as sole Indian counsel to Muthoot Homefin (India) on the public issue of secured redeemable non-convertible debentures (NCDs) with face value of Rs1,000 (US$14.40) each, for up to Rs1.5 billion (US$21.6m), with an option to retain over-subscription up to Rs1.5 billion (US$21.6m) for issuance of additional NCDs, aggregating up to Rs3 billion (US$43.2m). Muthoot Homefin (India) is a non-deposit taking housing finance company registered with the National Housing Bank. The company focuses on providing affordable housing loans to lower middle income groups and economically weaker sections of society. Partner Thomas George, supported by partner Manisha Shroff, led the firm’s team in the transaction.

Khaitan & Co has also advised McLeod Russel India and Luxmi Tea on the sale of McLeod Russel India’s Addabarie, Dirai and Mahakali tea estates, along with specified assets of the tea estates, to Luxmi Tea for approximately Rs1.5 billion (US$21.6m). A part of the Williamson Magor Group, McLeod Russel India is an Indian tea company, which is currently the world’s largest tea growing company. Luxmi Tea engages in tea cultivation and manufacturing, home furnishing, and realty development. Partners Padam Khaitan and Devidas Banerji led the firm’s team in the transaction.

Majmudar & Partners has represented London-listed Elementis, a global specialty chemicals company, on an acquisition, through its Indian affiliate Elementis Specialties (India) under an asset purchase transaction, of a production facility near Mumbai. Managing partner Akil Hirani led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has acted as BVI counsel to Yunnan Energy Investment Overseas Finance on its issuance of US$400 million 6.25 percent guaranteed notes due 2021, to be consolidated and form a single series with the existing US$200 million 6.25 percent guaranteed bonds due 2021 issued on November 29, 2018. The notes are listed in Hong Kong and guaranteed by Yunnan Provincial Energy Investment Group. The guarantor, through its 185 subsidiaries and 64 investment companies, has invested in a diversified portfolio of hydropower, fossil fuel, wind power, natural gas, solar and other new energy projects that are of strategic importance to the economic and urban development of Yunnan Province. The group was listed as one of the key state-owned enterprises in Yunnan and designated by the Yunnan Provincial Government as its sole strategic platform to engage in the investment, development and integration of the energy sector in Yunnan. Juno Huang led the firm’s team in the transaction, while Herbert Smith Freehills acted as English and Hong Kong counsel and Beijing Dentons (Kunming) acted as China counsel. Linklaters acted as English and Hong Kong counsel and Jingtian & Gongcheng acted as China counsel to the joint lead managers, including Citigroup Global Markets, The Hongkong and Shanghai Banking Corporation, BOCI Asia, Silk Road International Capital, Guotai Junan Securities (Hong Kong), Haitong International Securities Company, China Minsheng Banking Corporation Hong Kong Branch and China Everbright Bank Hong Kong Branch.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Million Hope Industries Holdings on its listing, by way of introduction, in Hong Kong. The listing of the issuer’s shares was a spin-off from its parent company, Hong Kong-listed Hanison Construction Holdings. Hanison effected the spin-off by means of a distribution in specie of approximately 431.1 million shares to qualifying Hanison shareholders. The group is a subcontractor principally engaged in the design, supply and installation of facade and curtain walls, aluminium windows and doors. The listing closed on March 19, 2019. Partner Richard Spooner led the firm’s team in the transaction, while Reed Smith Richards Butler acted as Hong Kong counsel and Guantao Law Firm acted as China counsel. Sidley Austin acted as Hong Kong counsel and Jingtian & Gongcheng acted as China counsel to VMS Securities, as the sole sponsor.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has advised Excel First Investments on its S$433.5 million (US$318.3m) takeover and privatisation bid for shares in Kingboard Copper Foil Holdings, by way of a voluntary unconditional cash offer. Kingboard Copper Foil Holdings manufactures and trades polyvinyl butyral and related products. Partners Danny Lim and Penelope Loh led the firm’s team in the transaction.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, is also acting for Indofood Sukses Makmur (ISM) on the S$390.9 million (US$287m) voluntary conditional cash offer to acquire all the issued ordinary shares in the capital of Indofood Agri Resources. ISM is a total food solutions company with operations in all stages of food manufacturing, from the production of raw materials and their processing to consumer products in the market. Partners Lawrence Tan and Favian Tan led the firm’s team in the transaction.

Shearman & Sterling has advised JP Morgan Securities and Morgan Stanley & Co International, as the initial purchasers and dealer managers, on Mongolia Mining Corporation’s (MMC) and Energy Resources’ (ER) new notes offering of US$440 million 9.25 percent guaranteed senior notes due 2024, and concurrent tender offer for up to US$50 million of MMC’s outstanding perpetual securities, and concurrent tender offer and consent solicitation for any and all of ER’s outstanding senior notes due 2022. A high-quality coking coal producer and exporter in Mongolia, MMC owns and operates two open-pit coking coal mines in Mongolia. ER is MMC’s indirect wholly-owned subsidiary. Partner Alan Yeung led the firm’s team in the transaction.

Shook Lin & Bok is acting for Singapore-listed Vashion Group on its renounceable non-underwritten rights cum warrants issue of up to approximately 3.5 billion new ordinary shares at an issue price of S$0.0056 (US$0.0041) for each rights share, and up to approximately 3.5 billion free detachable warrants at an exercise price of S$0.012 (US$0.0088) for each new share, to raise up to approximately S$61 million (US$44.8m). Partner Gwendolyn Gn led the firm’s team in the transaction.

Simpson Thacher has represented JP Morgan, Daiwa Securities and Mitsubishi UFJ Morgan Stanley, as the joint global coordinators, on a ¥311 billion (US$2.8b) offering of shares of Japan Post Insurance (JP Insurance) by the selling shareholder, Japan Post Holdings. The global offering included an international offering to institutional investors outside Japan, in reliance on Rule 144A and Regulation S. JP Insurance is the largest life insurance company in Japan, and offers a range of products, with a focus on individual life insurance. Partner Alan Cannon led the firm’s team in the transaction.

Skadden has advised So-Young International, a leading online medical aesthetics marketplace in China, on its US$179 million IPO on Nasdaq. Trading in the shares commenced on May 2, 2019. The listing will provide funds for So-Young to expand in the medical aesthetic industry and into the fast-growing consumption healthcare service market. Hong Kong partner Julie Gao led the firm’s team in the transaction.

Skadden has also advised Yunji, a leading social e-commerce platform in China, on its US$121 million IPO of American depositary shares on Nasdaq. Trading in the shares commenced on May 3, 2019. Hong Kong partner Julie Gao also led the firm’s team in the transaction.

SSEK Legal Consultants has assisted Kohler and its Indonesian subsidiary on the acquisition of approximately 20 hectares of land for the development of a new manufacturing plant in Deltamas-Cikarang, just outside of the Indonesian capital, Jakarta. Managing partner and a supervising partner of land and property practice Denny Rahmansyah led the firm’s team in the transaction.

SSEK Legal Consultants has also acted for British multinational Rentokil Initial, through its Indonesian subsidiary, Rentokil Initial Indonesia, on the acquisition of two Indonesian companies, namely Aardwolf Pestkare Indonesia, a pest control service provider, and Pink Service Indonesia (Habitat), an enterprise that provides hygiene services in Indonesia. Partner Rusmaini Lenggogeni, supported by partner Fahrul Yusuf, led the firm’s teams in both acquisitions.

S&R Associates has advised Firmenich, the world’s largest privately-owned company in the perfume and taste business, on its proposed acquisition of a majority stake in VKL Seasoning, a seasonings and flavors company in India, from True North. Partners Rajat Sethi and Tanya Aggarwal led the firm’s team in the transaction.

Wong & Partners, a member firm of Baker McKenzie International, has advised YTY Industry Holdings on its acquisition of the entire issued and paid up share capital of Grand Ten Holdings from individual sellers. YTY is a leading supplier of disposable synthetic gloves, and the strategic acquisition of Grand Ten, a gamma sterilisation company, vertically integrates its manufacturing process to provide for increased efficiency. Partner Munir Abdul Aziz led the firm’s team in the transaction, which was valued at M$68 million (US$16.4m) and was completed on March 20, 2019.

WongPartnership is acting for State Alpha, as the offeror, and DBS Bank, as financial adviser to State Alpha, on State Alpha’s approximately S$147 million (US$107.9m) mandatory unconditional cash offer for Ying Li International Real Estate. State Alpha is an indirect wholly-owned subsidiary of China Everbright. Partners Andrew Ang, Christy Lim, Quak Fi Ling, Dawn Law and Kevin Ho led the firm’s team in the transaction.

Allen & Gledhill has advised DBS Bank and United Overseas Bank on a S$461.5 million (US$340m) term loan facility to 77R Investments, in connection with Gaw Capital’s acquisition of 77R Investments’ holding company. United Overseas Bank acted as facility agent. The facility was secured, among others, by a mortgage over the property known as “Robinson 77” at 77 Robinson Road, Singapore. Partner Kok Chee Wai led the firm’s team in the transaction.

AZB & Partners is advising GRUH Finance and its promoter HDFC on the merger, through a scheme of amalgamation, of GRUH with Bandhan Bank. Partners Samir Gandhi and Hemangini Dadwal are leading the firm’s team in the transaction, which was valued at Rs208 billion (US$3b) and is yet to be completed.

Bird & Bird ATMD has acted for South Korean steel manufacturer Daehan Steel on its S$26.65 million (US$19.6m) acquisition from Malaysia-listed Lion Industries of a 50 percent stake in Singapore-based Angkasa Amsteel, a company involved in steel trading and fabrication and the trading of other building materials. Partner Marcus Chow led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has also acted as BVI counsel to Joy Treasure Assets Holdings on its issue of US$400 million 3.875 percent bonds due 2024 and US$300 million 4.5 percent bonds due 2029, guaranteed by China Orient Asset Management (International) Holding. The bonds are listed in Hong Kong. Partner Lorraine Pao led the firm’s team in the transaction, which closed on March 20, 2019. Linklaters acted as Hong Kong counsel to the issuer and the guarantor. Davis Polk & Wardwell acted as Hong Kong counsel to the joint lead managers.

Allen & Gledhill has advised Singapore Airlines on the establishment of a S$2 billion (US$1.48b) medium term bond programme and its issue of S$750 million (US$554m) 3.03 percent bonds due 2024 under the programme. DBS Bank was appointed arranger and dealer of the programme and global coordinator for the bonds. Oversea-Chinese Banking Corporation and United Overseas Bank were appointed dealers of the programme. DBS, OCBC and UOB were appointed joint lead managers and book-runners for the bonds. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised The New Yangon Development Company, established by the Yangon Regional Government, on the US$1.5 billion phase 1 development of the New Yangon City in the western Yangon region of Myanmar. The Yangon Regional Government is seeking to develop the New Yangon City in two phases. Scheduled for completion by 2020, the first phase will include the development of roads, bridges, utilities and telecommunication infrastructure, public transport, as well as residential, industrial and commercial zones. Singapore partners Kelvin Wong, Tan Wee Meng, Sathiaseelan Jagateesan and Jonathan Lin and Myanmar managing partner Minn Naing Oo and partner Oh Hsiu-Hau led the firm’s team in the transaction.

AZB & Partners has acted as India law counsel to GIC on its Rs12.98 billion (US$186.7m) sale of approximately 68 million equity shares of DFL. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on April 9, 2019.

AZB & Partners has advised the Asia Development Bank on its acquisition, together with other entities, of certain compulsorily convertible debentures and certain equity shares of Avaada Energy. Partners Gautam Saha and Heena Singh led the firm’s team in the transaction, which was valued at Rs3.5 billion (US$50.3m) and was completed on April 8, 2019.

Clifford Chance has advised multinational commodity trading and mining company Glencore on the key refinancing and extension of its revolving credit facilities effective May 24, 2019, with an aggregate value of approximately US$14.43 billion. The firm acted for a syndicate of lenders, with Citi leading as coordinating bank, on a new revolving credit facility totalling US$9.8 billion. The transaction comprised a total of 53 banks and 31 mandated lead arrangers and book-runners. The firm also advised on amending and restating Glencore’s existing revolving credit facility to reduce to US$4.65 billion, from US$5.1 billion, and extending the term to May 2024, with two 12-month extension options. Australia managing partner Richard Gordon, London partner and global head of energy Russell Wells and New York partners David Brinton (corporate) and Jay Gavigan (banking) led the firm’s team in the transaction.

Conyers Dill & Pearman has acted as Cayman Islands counsel to Golden Wheel Tiandi Holdings on its tender offer to purchase its outstanding US$300 million principal amount of 8.25 percent senior notes due 2019. China-based Golden Wheel Tiandi Holdings is an investment holding company engaged primarily with property related businesses. It undertakes property development and property leasing, and is also involved in property operation management, through its subsidiaries. Hong Kong partner Richard Hall, working alongside Norton Rose Fulbright, led the firm’s team in the transaction, which closed on March 8, 2019.

Conyers Dill & Pearman has also acted as BVI and Cayman Islands counsel to Binjiang Service Group on its HK$464 million (US$59m) IPO of 66.67 million shares in Hong Kong. Founded in 1995 and headquartered in Hangzhou, China, Binjiang Service Group provides property management services, focusing on high-end residential properties in China. Hong Kong partner Richard Hall, working alongside Simpson Thacher & Bartlett, led the firm’s team in the transaction, which closed on March 15, 2019.

J Sagar Associates has advised B Capital on its Series D investment in Zinka Logistics Solutions, a logistics solutions provider to other businesses through www.blackbuck.com, a technology-enabled platform for line-haul transport in India and other allied services. The investment also saw participation from its existing investors, Goldman Sachs and Accel. The total amount raised by the company is US$80 million. B Capital is a logistics unicorn (US$1+ billion valuation) and is currently present in over 1,000 locations across India, has more than 200,000 trucks and over 8,500 shippers on its network. Partner Manvinder Singh led the firm’s team in the transaction.

J Sagar Associates has also advised B Capital on its Series E investment in Mswipe Technologies, a hardware and software solutions provider for financial transaction processing. The investment was part of an internal fund raise by the company from its existing investors, which also saw participation from Falcon Edge, Epiq Capital and DSG Group. The total amount raised by the company is US$32 million. B Capital intends to use the proceeds of the round to enlarge its footprint and products portfolio, among other purposes. Partner Manvinder Singh also led the firm’s team in the transaction.

Khaitan & Co has acted as Indian counsel to GMR Hyderabad International Airport on its US$300 million Regulation S offering of five year 5.375 percent high yield senior secured bonds. Citigroup and HSBC were the joint global coordinators and joint book-runners, while Axis Bank, BofA Merrill Lynch, JP Morgan and YES Bank were the joint book-runners for the bonds. The proceeds will be used for capital expenditure, particularly the expansion of the Rajiv Gandhi International Airport at Hyderabad, increasing its capacity to 34 million passengers per annum. This the first foreign high yield bond under the revamped currency external commercial borrowings framework. This is GMR’s second high yield bond issuance, with the first issuance used to refinance its entire rupee debt. Partners Manisha Shroff, and Gautham Srinivas, supported by partner Ritu Shaktawat, led the firm’s team in the transaction.

Khaitan & Co has also advised Reliance Industrial Investments and Holdings, a wholly-owned subsidiary of Reliance Industries, on the acquisition of equity shares of C-Square Info Solutions from existing shareholders for not more than Rs220.4 million (US$3.2m) in cash and acquisition of shares amounting to not more than Rs600 million (US$8.6m) for the primary investment in C-Square Info Solutions. Partner Supratim Chakraborty led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has acted as BVI and Cayman Islands counsel to Link 2019 CB on its issue of HK$4 billion (US$510m) 1.6 percent guaranteed green convertible bonds due 2024, guaranteed by Link Real Estate Investment Trust and subsidiaries. The deal closed on April 3, 2019. Partner Derrick Kan led the firm’s team in the transaction, while Baker & McKenzie acted as Hong Kong counsel to the issuer and the guarantors. Linklaters acted as English counsel to the joint lead managers and the trustee.

Maples and Calder (Hong Kong) has also acted as BVI counsel to Vertex Capital Investment on its issuance of US$500 million 4.75 percent guaranteed notes due 2024. The notes are listed in Hong Kong and guaranteed by Guangzhou Industrial Investment Fund Management. The guarantor is a state-owned company wholly-owned by Guangzhou City Construction Investment Group, which in turn is wholly-owned by the Guangzhou Municipal Government. The group is a leading investment and financing company, through which the Guangzhou Municipal Government promotes the transformation and upgrading of local industries and urban development in Guangzhou. The deal closed on April 3, 2019. Juno Huang led the firm’s team in the transaction, while Deacons acted as English counsel and Global Law Office acted as China counsel. Latham & Watkins acted as English and Hong Kong counsel and Zhong Lun Law Firm acted as China counsel to the joint lead managers, including Guotai Junan International, DBS Bank, BOC International and ABC International.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has acted for data centre start-up AirTrunk on the Singapore real estate aspects of its S$450 million (US$399m) debt and equity financing and acquisition of land to build its first state-of-the-art facility, which will be the largest carrier neutral 60+ megawatt hyperscale data centre in Singapore. Partners Benjamin Tay, Jared Kok, Regina Liew and Tanya Tang led the firm’s team in the transaction.

Allen & Gledhill has advised EQT Fund Management and Widex Holding and their respective subsidiaries Sivantos (Singapore) and Widex, on their merger clearance application to the Competition & Consumer Commission of Singapore. The transaction values the combined entity at an enterprise value of more than €7 billion US$7.9b). Partners Daren Shiau and Scott Clements led the firm’s team in the transaction.

AZB & Partners has advised BNP Paribas Cardif on its Rs29.3 billion (US$423m) sale of approximately five percent of the paid up equity share capital of SBI Life Insurance. Partners Rajendra Barot, Varoon Chandra, Lionel D’Almeida and Arvind Ramesh led the firm’s team in the transaction, which was completed on March 29, 2019.

AZB & Partners has also advised Rubicon Research, its promoters Parag Sancheti and his family, and existing minority investor Kedar Mankekar and his family on the acquisition by General Atlantic Singapore, a vehicle affiliated with General Atlantic, of approximately 55 percent stake in Rubicon. Partner Anand Shah led the firm’s team in the transaction, which was completed on April 4, 2019.

Clifford Chance has advised BOC Hong Kong (Holdings) on the establishment of a joint venture, Livi VB, backed by BOC, Jingdong Digits Technology Holding (JD Digits) and the Jardine Matheson Group. Livi has been granted a banking licence by the Hong Kong Monetary Authority (HKMA) to conduct virtual banking business in Hong Kong. The licence granted to Livi is one of the first three licences granted by the HKMA for conducting virtual banking business in Hong Kong. BOC, JD Digits (through its subsidiary JD New Orbit Technology (Hong Kong)) and Jardines (through its subsidiary JSH Virtual Ventures Holdings) have a total joint initial investment of HK$2.5 billion (US$318.8m) and a shareholding of 44 percent, 36 percent and 20 percent, respectively. Partner Virginia Lee, supported by partners Yong Bai and Ling Ho, led the firm’s team in the transaction.

Clifford Chance has also advised global private markets investment manager Partners Group on its acquisition, via a joint venture with a consortium consisting of Sino Sunrise Holdings, Ascent Real Estate Investors and SDP Investment, of Dinghao Electronics Plaza, a large mixed-use office and retail complex in Beijing’s technology hub Zhongguancun, from Taiwanese developer Sino Horizon Holdings. The deal values the 176,976 square metre property complex at Rmb9.02 billion (US$1.34b). Partner Andrew Whan led the firm’s team in the transaction.

Conyers Dill & Pearman has provided BVI and Cayman Islands advice to Golden Wheel Tiandi Holdings on its international offering of US$160 million principal amount of seven percent senior notes due 2021, to be consolidated and form a single class with the US$200 million principal amount of seven percent senior notes due 2021, issued on January 18, 2018. Golden Wheel Tiandi Holdings is a China-based investment holding company engaged primarily with property related businesses. It operates through property development and property leasing, and is also involved in property operation management through its subsidiaries. Hong Kong partner Richard Hall, working alongside Norton Rose Fulbright, led the firm’s team in the transaction.

Conyers Dill & Pearman has also provided BVI advice to NWD Finance (BVI), a wholly-owned subsidiary of New World Development, on its US$500 million 6.25 percent guaranteed senior perpetual capital securities, guaranteed by New World Development. The company’s core business areas include property development, infrastructure and services, retail, and hotels and serviced apartments, boasting operations in Hong Kong, Mainland China, Macau and numerous major cities. Hong Kong partner Richard Hall, working alongside Linklaters, also led the firm’s team in the transaction.

Davis Polk has advised the underwriters on the SEC-registered IPO by UP Fintech Holding (Tiger Brokers) of 13 million American Depositary Shares, each representing 15 Class A ordinary shares, for total proceeds of US$104 million. Tiger Brokers has granted the underwriters an option to purchase up to an additional 1.95 million ADSs. The ADSs are listed on the Nasdaq. Tiger Brokers is a leading online brokerage firm focusing on global Chinese investors. Its proprietary trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. Corporate partners Li He and James Lin led the firm’s team in the transaction.

Davis Polk has also advised the initial purchaser on a US$350 million Regulation S high-yield offering by KWG Group Holding of its 7.875 percent senior notes due 2023, to be consolidated and form a single class with the US$350 million 7.875 percent senior notes due 2023 issued on March 1, 2019. Hong Kong-listed KWG Group Holding is a large-scale Chinese property developer which focuses on mid- to high-end residential property developments with distinctive characteristics. Partner Gerhard Radtke led the firm’s team in the transaction. Conyers Dill & Pearman, with a team led Hong Kong partner Paul Lim, provided BVI and Cayman Islands advice.

J Sagar Associates has advised IIFL Special Opportunities Fund and its series managed by IIFL Asset Management on its US$100 million investment into Northern Arc Capital, a non-banking financial company. IIFL was the lead investor, with Standard Chartered Bank (Singapore Branch) and Affirma Capital also participating in the round with an investment of US$30 million. The fresh round of investment will help Northern Arc address the debt needs of client base across sectors, including new-age financial institutions in sectors such as consumer finance and fintech. To date, Northern Arc has enabled debt financing of around Rs700 billion (US$10.1b), with about 20 percent from its own balance sheet for its clients. Partners Manav Raheja and Vaibhav Choukse led the firm’s team in the transaction.

J Sagar Associates has also advised Suryoday Small Finance Bank on the execution of definitive agreements for an equity investment of approximately Rs2.48 billion (US$35.8m). The investment was led by new investors Kotak Mahindra Life Insurance and DEG-Deutsche Investitions-und Entwicklungsgesellschaft. Existing investors Gaja Capital, TVS Shriram, DWM, HDFC Life Insurance, HDFC Holdings, Responsability Participations, Lok Capital, Kiran Vyapar and Evolvence India Fund also participated in the fund raise. A registered small finance bank, Suryoday is among ten companies and the only one from Maharashtra to obtain a ‘small finance bank’ licence from the Reserve Bank of India. They commenced banking operations on January 23, 2017. Partners Aarthi Sivanandh, Ongmu Tshering and Bhavana Alexander led the firm’s team in the transaction.

King & Wood Mallesons has advised ZhongAn Virtual Finance (ZAVF) on its successful application for a virtual banking licence from the Hong Kong Monetary Authority (HKMA). ZAVF is one of the first three companies acquiring virtual banking licences in Hong Kong issued by the HKMA, the government authority in Hong Kong responsible for maintaining monetary and banking stability. ZAVF’s licence took effect on March 27, 2019. Hong Kong partners Minny Siu, Richard Mazzochi, Hayden Flinn and Peter Bullock, and China partners Stanley Zhou and Chai Zhifeng led the firm’s team in the transaction.

Rajah & Tann Singapore and Rajah & Tann NK Legal, member firms of Rajah & Tann Asia, acted as transaction counsel to Sol Partners on the sale to ENGIE Group of a minority stake in Mandalay Yoma Energy, a Myanmar-focused off-grid energy specialist and market leader in Myanmar’s PV mini-grid industry. This is part of Myanmar’s national programme for total electrification by 2030. Under this new partnership and the country’s mini-grid programme, Mandalay Yoma Energy plans to implement solar mini-grids in remote villages without access to Myanmar’s national grid. Partner Alroy Chan led the firm’s team in the transaction.

Skadden has advised Bilibili, a leading online entertainment platform for young Chinese, on its offering of US$500 million convertible senior notes due 2026, and a concurrent US$373 million follow-on primary and secondary offering of American Depositary Shares in the Nasdaq. Bilibili will use the proceeds of the offerings to enrich content offerings, invest in research and development, and for other general corporate purposes. Hong Kong partners Julie Gao and Jonathan Stone and Shanghai partner Haiping Li led the firm’s team in the transaction.

S&R Associates has advised Livguard Energy Technologies, a SAR Group company, on a Rs1.7 billion (US$24.5m) investment round led by ChrysCapital. Partner Mohit Gogia led the firm’s team in the transaction.

S&R Associates has also advised Livguard Batteries, a SAR Group company, on a Rs499.9 million (US$7.2m) investment round led by ChrysCapital. Partner Mohit Gogia also led the firm’s team in the transaction.

TT&A is acting as Indian counsel to Redefine Capital Fund and Ganesh Ventures Capital on their approximately Rs711.5 million (US$10.3m) acquisition, through a combination of subscription to Series C preference shares and purchase of equity shares from certain existing shareholders, of up to 10 percent stake, on a fully diluted basis, in Poncho Hospitality, a company engaged in food preparation and delivery through online and offline modes. Partner Feroz Dubash is leading the firm’s team in the transaction, which was signed on March 6, 2019 and is yet to be completed. Haiwen and Partners (Shanghai) acted as international law advisers to the investors. Vertices Partners (Mumbai) acted as Indian counsel to Poncho Hospitality, while Jerome Merchant and Partners (Mumbai) acted as Indian counsel to Mayfield India II, one of the existing shareholders in Poncho Hospitality.

White & Case has advised RRJ Capital on the buyout acquisition of gategroup Holding from HNA Group. Based in Singapore and Hong Kong, RRJ Capital is an investment firm which focuses on long term private equity investments. It manages approximately US$11 billion of funds, with portfolio companies in Asia, Australia, Europe and the US. Headquartered in Zurich, Switzerland, gategroup Holding is the world’s largest provider of airline catering, retail-on-board and hospitality products and services, serving more than 700 million passengers annually from over 200 operating units in 60 countries / territories across all continents. Beijing partner David Li, supported by partners Anthony Vasey and Eugene Man (both Hong Kong), Rebecca Farrington and Farhad Jalinous (both Washington DC), Mark Powell and Katarzyna Czapracka (both Brussels) and Nicholas Greenacre (London), led the firm’s team in the transaction.

WongPartnership has acted for the Singapore Exchange on the US$25 million cash acquisition of a 20 percent stake in BidFX, a nascent specialised foreign exchange trading platform, to boost its FX growth trajectory. Partner Chan Sing Yee led the firm’s team in the transaction.

Zul Rafique & Partners has advised the syndicate lenders, comprising of HSBC Bank Malaysia, Standard Chartered Bank Malaysia, Sumitomo Mitsui Banking Corporation Malaysia and Malayan Banking, on a secured loan facility of up to M$2.15 billion (US$524.7m), granted to LQ Retail for a period of five years, for the development of the Lifestyle Quarter at the Tun Razak Exchange (TRX) in Kuala Lumpur. The Lifestyle Quarter is a mixed 17-acre integrated development, with residential, entertainment, leisure, public park, hotel and retail components, and is the central part of the overall TRX financial district master plan. It is developed as a 60.40 joint venture between Lendlease and TRX City. TRX is Lendlease’s largest integrated development in Asia. Partners Ashela Ramaya and Chan Kwan Hoe led the firm’s team in the transaction.

Allen & Gledhill has advised Frasers Property North Gem Trustee, an indirect wholly-owned subsidiary of Frasers Property, on the S$785 million (US$578.6m) green term loan facility, arranged by Oversea-Chinese Banking Corporation, DBS Bank, Bank of China and Sumitomo Mitsui Banking Corporation, to refinance existing loans relating to Northpoint City South Wing, which is part of the largest integrated development in the north of Singapore. In recognition of the development’s environmentally-friendly design, the Singapore Building and Construction Authority has conferred it a Green Mark Gold Plus rating. The loan was issued under Frasers Property’s green loan framework, established under the LMA/APLMA green loan principles. The framework details clear guidelines on how Frasers Property will evaluate and select eligible green projects, based on the group’s sustainability objectives, as well as manage the net proceeds from green loans, including reporting on the manner in which the net loans are allocated. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill has also advised the Housing and Development Board on the issue of S$500 million (US$368.6m) principal amount of fixed rate notes due 2026, as Series 085 under its S$32 billion (US$23.6b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised SoftBank Vision Fund on the Rs24.5 billion (US$355.5m) acquisition by its subsidiary, SVF Doorbell (Cayman), of compulsorily convertible preference shares amounting to approximately 22 percent of the total share capital of Delhivery, an e-commerce logistics firm that facilitates the delivery of goods for online retailers, such as Flipkart, Amazon and Paytm. L&L Partners advised Carlyle Asia Partners, which is also took part in the US$413 million funding round. The transaction, which requires approval by the Competition Commission, was the sixth round of funding for Delhivery, with Tiger Global, Times Internet, Nexus Venture Partners, Fosun, Multiples Fund and Carlyle as existing investors. AZB partners Vinati Kastia and Daksh Trivedi led the firm’s team in the transaction, which was signed on December 21, 2018 and was completed on March 8, 2019. For L&L, partner Samir Dudhoria, supported by partners Abdullah Hussain and Kanika Chaudhary, led the firm’s team in the transaction.

AZB & Partners has also advised Twenty-First Century Fox on its acquisition by The Walt Disney Company for approximately US$71.3 billion in stock and cash. The Walt Disney Company will also acquire Twenty-First Century Fox’s interest in Sky. Partners Ashwath Rau and Roxanne Anderson led the firm’s team in the transaction, which was signed on June 20, 2018 and was completed on March 20, 2019.

Conyers Dill & Pearman has advised Jefferies Financial Group on the sale of its stake in Epic Gas to BW Group. The sale was immediately followed by a tender offer by BW Group for all the remaining issued shares of Epic Gas. Oslo-listed Epic Gas owns and operates a fleet of vessels for the transportation of liquefied petroleum gas and petrochemicals. With a fleet of over 165 vessels, BW Group is a global maritime group involved in shipping, floating gas infrastructure and deepwater oil and gas production. BVI corporate partner Anton Goldstein, working alongside Morgan Lewis, led the firm’s team in the transaction, which was completed on March 19, 2019.

Conyers Dill & Pearman has also provided BVI and Cayman Islands advice to International Alliance Financial Leasing on its HK$420 million (US$53.5m) IPO of 495 million shares in Hong Kong. Founded in 2014 and headquartered in Beijing, the company provides finance leasing and advisory services in China. Hong Kong corporate partner Richard Hall, working alongside Stevenson, Wong & Co and ONC Lawyers, led the firm’s team in the transaction, which was completed on March 19, 2019.

Davis Polk has advised the initial purchaser on a US$255 million Regulation S offering by CIFI Holdings (Group) of its 6.55 percent senior notes due 2024. Established in 2000 and headquartered in Shanghai, CIFI Holdings is engaged in the property development, property investment and property management business in China. Partner Gerhard Radtke led the firm’s team in the transaction.

Davis Polk has also advised the initial purchasers on a US$200 million Regulation S only offering by Hong Kong-listed China South City Holdings of its 11.875 percent senior notes due 2021. The company develops and operates large-scale, integrated logistics and trade centres in China. It currently has eight projects in different stages of development located in regional economic hubs in China. Partner Gerhard Radtke also led the firm’s team in the transaction.

J Sagar Associates has advised the Government of India (GoI), through the Department of Investment and Public Asset Management and the Ministry of Power, on its approximately Rs145 billion (US$2.1b) sale of its entire 52.63 percent shareholding in REC to Power Finance. The Cabinet Committee on Economic Affairs had given its in-principle approval for the transaction on December 6, 2018. The transaction helped the GoI to meet and exceed its disinvestment target of R800 billion (US$11.6b) for Financial Year 2018-19. Partners Rohitashwa Prasad and Sujoy Bhatia led the firm’s team in the transaction. The firm, with a team led by partners Dina Wadia, Rohitashwa Prasad and Uttara Kolhatkar, also advised REC on procurement of consents from its bondholders and other lenders, in connection with the transaction.

J Sagar Associates has also advised Mirae Asset-Naver Asia Fund on its US$60 million investment in Supermarket Grocery Supplies (BigBasket). Mirae was the lead investor in this round, along with Alibaba (an existing investor) and CDC Group. BigBasket entered the unicorn US$1 billion club in the last round of investment, which will increase BigBasket’s valuation to approximately US$2-2.3 billion. After this round, BigBasket can aggressively venture into new cities and categories, like micro delivery, and maintain market leadership against Amazon, Flipkart, and Grofers, which are trying to establish their presence in the grocery business, owing to the high repeat and habit-forming nature of the business. Partners Vikram Raghani and Manav Raheja led the firm’s team in the transaction.

Khaitan & Co has advised Reliance Jio Infocomm on the proposed restructuring / reorganisation of its business, through a composite scheme of arrangement, among Reliance Jio Infocomm, Jio Digital Fibre and Reliance Jio Infratel, and their respective shareholders and creditors. Partners Haigreve Khaitan and Mehul Shah, assisted by partner Sharad Abhyankar, led the firm’s team in the transaction.

Khaitan & Co has also advised Northern Arc Capital on the Rs9.1 billion (US$132m) investments by IIFL Special Opportunities Fund and its series managed by IIFL Asset Management, Standard Chartered Bank (Singapore Branch) and Affirma Capital, comprising both primary and secondary rounds. The transaction also includes partial exits by Dvara Trust, Leapfrog Financial Inclusion India (II) and Accion Africa-Asia Investment. Northern Arc Capital is a non-banking financial company registered with the Reserve Bank of India. Partner Akshay Bhargav led the firm’s team in the transaction.

L&L Partners has also advised Ribbon Communications on its global acquisition of the business and technology of AnovaData (Anova). The transaction, which valued Anova at US$17 million, was structured as a stock and cash deal. Ribbon is a Nasdaq-listed global software leader in secure and intelligent cloud communications. Anova provides a cloud narrative, streaming analytics platform for network and subscriber optimisation and monetisation. The acquisition will help Ribbon expand into network optimisation, security and data monetisation, via big data analytics and machine learning. Anova’s solutions will help Ribbon in providing end-to-end solution for real time communications and IP data service assurance, security, optimisation and monetisation. Partner Shinoj Koshy led the firm’s team in the transaction.

Mayer Brown has represented the joint lead managers on the issuance of a dual tranche bond offering totaling US$2.4 billion by the Democratic Socialist Republic of Sri Lanka. The dual-tranche issuance, which comprised US$1 billion 6.85 percent bonds due in 2024 and US$1.4 billion 7.85 percent bonds due in 2029, was priced on March 7, 2019 and closed on March 14, 2019. The offering generated robust demand from international investors, marking another successful return of the government of Sri Lanka to the US dollar bond market. Partner Thomas Kollar led the firm’s team in the transaction, which was announced on March 27, 2019.

Proskauer is representing Barcelona-based, Nasdaq-listed Grifols on its entry into a strategic alliance with China’s leading blood plasma company, Shanghai RAAS Blood Products. Pursuant to the transaction, Grifols will exchange a minority interest (45 percent economic rights and 40 percent voting rights) in its US subsidiary Grifols Diagnostic Solutions (GDS) for a 26.2 percent interest in Shanghai RAAS. Upon consummation of the transaction, Grifols will become the second-largest shareholder in Shanghai RAAS and will obtain additional rights. Shanghai RAAS will become Grifols’ exclusive distributor of plasma-derived products and transfusional diagnostic solutions in China. Shanghai RAAS will use Grifols’ NAT technology to screen plasma donations throughout its network of plasma collection centres across China. Grifols will maintain control of GDS. Partners Daniel Ganitsky (M&A), Peter Samuels, (M&A), Yuval Tal (corporate-Hong Kong), Stuart Rosow (tax) and Martin Hamilton (tax) led the firm’s team in the transaction, which is subject to approval by US and Chinese regulatory authorities and is expected to close in the second half of 2019.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has advised Dukang Distillers Holdings on its proposed acquisition of a kiwifruit business, and its proposed disposal of its existing Chinese liquor business, each for Rmb1.11 billion (US$165m). Partners Howard Cheam and Cynthia Wu led the firm’s team in the transaction.

Skadden has advised Koolearn Technology Holding, a leading online education service provider in China and a subsidiary of New York-listed New Oriental Education & Technology Group, on its HK$1.6 billion (US$203.8m) IPO in Hong Kong. Trading in the shares commenced on March 28, 2019. The listing will provide funds for Koolearn’s long-term development and expand its opportunities in the industry. Hong Kong partners Julie Gao and Christopher Betts led the firm’s team in the transaction.

S&R Associates has advised the promoter selling shareholder on the Rs12.05 billion (US$174.8m) offer for sale, through the stock exchanges in India, of 10.55 million shares of Endurance Technologies. New Delhi partner Juhi Singh led the firm’s team in the transaction.

WongPartnership is acting for Digileap Capital, as the offeror, and DBS Bank, as the financial adviser, on the proposed voluntary delisting of Challenger Technologies in Singapore. Partners Andrew Ang, Dawn Law and Anna Tan led the firm’s team in the transaction.

Allen & Gledhill has also advised Mapletree Treasury Services on the issue of S$250 million (US$184.6m) 3.58 percent notes due 2029, under its US$5 billion euro medium term note programme. The notes are guaranteed by Mapletree Investments. Partner Glenn Foo led the firm’s team in the transaction.

AZB & Partners is advising Warburg Pincus on the acquisition by its affiliate, Olive Vine Investment, of 80 percent of the equity stake in Avanse Financial Services from its current promoters, and the acquisition of further equity shares of Avanse Financial. Partner Vaidhyanadhan Iyer is leading the firm in the transaction, which was signed on March 16, 2019 and is yet to be completed.

AZB & Partners has also advised DLF Home Developers on its approximately Rs19.34 billion (US$280.6m) acquisition of 67 percent stake in Aadarshini Real Estate Developers. Partner Vinati Kastia led the firm’s team in the transaction, which was completed on March 19, 2019.

Conyers Dill & Pearman has acted for Uulala and tribeOS, Bermuda’s first two companies to be approved to conduct offerings by the Island’s Minister of Finance under its new initial coin offering regulations. Uulala is a mission-driven organisation, which aims to facilitate the financial inclusion of the underbanked and unbanked population by providing access to financial tools. tribeOS is the world’s first digital advertising marketplace designed to offer advertisers and publishers a platform where they can run secure and fraud-free campaigns using a truly transparent platform. Director and head of fintech practice Chris Garrod, assisted by partner Richard Hall, led the firm’s team in the transaction, working alongside Robertsons.

Conyers Dill & Pearman has also provided BVI and Cayman Islands advice to Wecon Holdings on its HK$125 million (US$16m) IPO of 200 million shares in Hong Kong. Wecon operates as a main construction contractor in Hong Kong. The company was founded in 1974 and is headquartered in Central, Hong Kong. Hong Kong partner Lilian Woo, working alongside ONC Lawyers, led the firm’s team in the transaction.

Davis Polk has advised the joint lead managers on the Regulation S offering of US$150 million principal amount of 11.875 percent senior notes due 2020 by Yango (Cayman) Investment. The notes are guaranteed by Fujian Yango Group, a large private corporate group primarily engaging in property development, trading, education service and environmental protection businesses. Partner Gerhard Radtke led the firm’s team in the transaction.

Davis Polk has also advised the joint lead managers on the Regulation S only offering by Joy Treasure Assets Holdings, a wholly-owned subsidiary of China Orient Asset Management (International) Holding, of its US$400 million 3.875 percent bonds due 2024 and US$300 million 4.5 percent bonds due 2029. China Orient offers a broad range of financial services and products, including its core business of non-performing asset management. It is a wholly-owned subsidiary of China Orient Asset Management, whose ultimate parent is the Ministry of Finance of the Chinese government. Partner Paul Chow led the firm’s team in the transaction.

Gibson, Dunn & Crutcher is advising Murphy Oil on its US$2.127 billion sale of Malaysian assets. One of Murphy Oil’s subsidiaries signed a sale and purchase agreement to divest the fully issued share capital of its two primary Malaysian subsidiaries, Murphy Sabah Oil and Murphy Sarawak Oil, to a subsidiary of Exploration and Production Public Company (PTTEP). PTTEP will pay Murphy US$2.127 billion in an all-cash transaction, payable upon closing and subject to customary closing adjustments, plus up to a US$100 million bonus payment, contingent upon certain future exploratory drilling results prior to October 2020. Under the terms of the transaction, Murphy Oil will exit the country of Malaysia. The closing of the transaction is expected to occur by the end of the second quarter 2019, subject to customary and regulatory conditions. Singapore partner Brad Roach, supported by London partners James Howe and Sandy Bhogal and Washington DC partner Michael Collins, led the firm’s team in the transaction.

J Sagar Associates has advised Amazon Asia-Pacific Resources and Sistema Asia Fund, two existing investors in Qwikcilver Solutions, on the proposed sale of their shares to Pine Labs. The total deal value is over Rs6.5 billion (US$94.4m). Qwikcilver Solutions is a provider of gift card solutions and other payment solutions. Joint managing partner Vivek Chandy and partners Archana Tewary and Rohitashwa Prasad led the firm’s team in the transaction.

J Sagar Associates has also advised Unitus Seed Fund India II on its Series A investment into New Street Technologies, which provides technology-based solutions, including block-chain components, to various financial institutions and other customers. Unitus acquired a stake of around 16 percent in the company. Partner Probir Roy Chowdhury led the firm’s team in the transaction.

Khaitan & Co has advised ANI Technologies (Ola) and its founders Bhavish Aggarwal and Ankit Bhati on the approximately US$300 million primary investment by Hyundai Motor and Kia Motors for a collective stake of about 4.5 percent, as part of its Series J financing round, which is estimated at US$ 1 billion. Ola has already raised approximately US$100 million from other investors, including Sachin Bansal and Steadview Capital Mauritius, as part of this round. Ola operates a mobile technology platform that integrates city transportation for customers and driver partners in India. Its mobile application allows its customers to book a range of cabs, auto-rickshaws, bikes, and shuttle buses. Partner Sharad Moudgal, assisted by partner Rahul Singh, led the firm’s team in the transaction. J Sagar Associates, with a team led by joint managing partner Vivek Chandy and partner Archana Tewary, also advised ANI Technologies.

Khaitan & Co has also advised JM Financial, as the lead manager, on the initial offer, through a private placement to eligible investors, of units representing an undivided beneficial interest in India Infrastructure Trust at Rs100 (US$1.45) each, in accordance with SEBI Regulations 2014, as amended. The issue comprised of allotment of 95.2 million units aggregating to Rs9.52 billion (US$138.2m). In addition to the issue, 568.8 million units were also allotted to the sponsor for Rs56.88 billion (US$825.5m) in cash. Further, the trust has also issued up to 63,700 secured, listed, redeemable, non-convertible debentures, with face value of Rs1 million (US$14,513.20) each, for an aggregate of Rs63.7 billion 924.5m). Accordingly, the aggregate amount raised by the trust is Rs130.1 billion (US$1.9b), making it the largest fund raise by an InvIT in India. Executive director Sudhir Bassi, assisted by partner Abhimanyu Bhattacharya, led the firm’s team in the transaction.

L&L Partners has advised Power Finance Corporation on its Rs145 billion (US$2.1b) acquisition of the Centre’s 52.63 percent paid-up share capital in Rural Electrification Corporation. Partner Damini Bhalla, supported by partners Abdullah Hussain and Karan Mitroo, led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has advised Burning Rock Biotech on a US$126 million series C round funding, led by GIC, followed by LYFE Capital, CMB International Capital, Lilly Asia Ventures, Sequoia Capital China and T&Brothers Capital. Founded in 2014, Burning Rock focuses on next-generation sequencing diagnostics solutions for precision medicine in oncology. Partner Everton Robertson led the firm’s team in the transaction.

Simpson Thacher has represented GDS Holdings on its follow-on offering of approximately 13.73 million American Depositary Shares, each representing eight Class A ordinary shares. The offering raised a total of US$460 million in gross proceeds, including full exercise of the underwriters’ overallotment option. GDS will use the net proceeds for the development and acquisition of new data centres and for other general corporate purposes. JP Morgan Securities, Morgan Stanley and RBC Capital Markets acted as joint book-runners. GDS is a leading developer and operator of high-performance data centres in China. Its ADSs are traded on the Nasdaq. Partners Daniel Fertig (capital markets) Robert Holo (tax) led the firm’s team in the transaction.

Simpson Thacher has also represented the underwriters, for which Morgan Stanley & Co and MUFG Securities Americas acted as representatives, on the offering by Mitsubishi UFJ Financial Group of US$500 million floating rate senior notes due 2022, US$1.5 billion 3.218 percent senior notes due 2022, US$1.5 billion 3.407 percent senior notes due 2024, US$1.5 billion 3.741 percent senior notes due 2029 and US$500 million 4.153 percent senior notes due 2039. The offering was made pursuant to MUFG’s shelf registration statement on Form F-3 under the Securities Act. MUFG is the holding company for one of the world’s largest and most diversified financial groups, providing a broad range of financial services in Japan and around the world. Tokyo capital markets partner Alan Cannon led the firm’s team in the transaction.

Shook Lin & Bok is acting for Fortress Minerals on its IPO and listing in Singapore to raise gross proceeds of approximately S$15 million (US$11m). Partner Tan Wei Shyan led the firm’s team in the transaction.

SSEK Legal Consultants has acted as Indonesian counsel to General Electric (GE) on the acquisition by Wabtec of GE’s transportation business. The global value of the acquisition was reportedly US$11 billion. Partner Dewi Savitri Reni led the firm’s team in the transaction. The firm, with DLA Piper (Singapore), assisted GE in structuring and handling the formation of the Indonesian entity to be acquired as part of the global transaction. This Indonesian entity imports and provides repair services for locomotives. GE’s transportation business is best known as the manufacturer of equipment for the railroad, marine, mining, drilling and energy generation industries.

S&R Associates has advised Reliance Infrastructure on the proposed sale of its wholly-owned subsidiary DA Toll Road to Cube Highways and Infrastructure III at an enterprise value of Rs36.09 billion (US$523.6m). Partners Sandip Bhagat and Rachael Israel led the firm’s team in the transaction, which is subject to approvals.

S&R Associates has also advised the broker on the Rs33.88 billion (US$491.4m) offer for sale of 92.18 million shares of HDFC Life Insurance by a promoter, Standard Life (Mauritius Holdings) 2006, through the stock exchange in India. Partners Sandip Bhagat and Juhi Singh led the firm’s team in the transaction.

Weerawong C&P has represented Global Power Synergy, the power flagship company of PTT Group, on the acquisition of a majority stake in Glow Energy from Engie Global Developments, and the subsequent tender offer. The transaction was valued up to Bt139 billion (US$ 4.4b). Senior partner Veeranuch Thammavaranucupt and partner Samata Masagee led the firm’s team in the transaction.

Allen & Gledhill has advised Vanguard International Semiconductor on its US$236 million acquisition of a semiconductor fabrication facility owned by Globalfoundries Singapore. Partners Richard Young, Ko Xiaozheng, Mark Quek, Yeo Boon Kiat, Shalene Jin and Aloysius Ng led the firm’s team in the transaction.

AZB & Partners is advising Mahindra CIE Automotive on its Rs8.76 billion (US$127m) acquisition of 100 percent of the share capital of Aurangabad Electricals. Partner Srinath Dasari is leading the firm’s team in the transaction, which was signed on March 12, 2019 and is yet to be completed.

AZB & Partners is also advising Gaussian Software, a wholly-owned subsidiary of Delta, on its acquisition of equity shares of Jalesh Cruises Mauritius. Post the acquisition, Gaussian Software is expected to hold over 25 percent stake in Jalesh Cruises Mauritius. Partners Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on March 8, 2019 and is yet to be completed.

Bird & Bird has acted for Titan Financial Services, as the sole sponsor, on the listing of Guan Chao Holdings in Hong Kong. Guan Chao is a Singapore-based parallel-import motor vehicle group, whose sales volume of new motor vehicles in Singapore in both 2016 and 2017 ranked 12th among all motor vehicle dealers and ranked first among parallel-import motor vehicle dealers in Singapore. Hong Kong corporate partner Wingon Chui led the firm’s team in the transaction.

Chandler MHM advised B.Grimm Power (BGRIM), one of Thailand’s top private power producers, and its subsidiary, B.Grimm Power Service (Laem Chabang) on the acquisition of a 100% interest in Glow SPP1 from Glow, a wholly-owned subsidiary of Glow Energy. Glow SPP1 is a co-generation facility supporting businesses in WHA Eastern Industrial Estate (Ma Ta Phut), a premier location for petrochemical, chemical, steel and utility-intensive operations in Thailand since 1989. The transaction was valued at Bt3.3 billion (US$104.1 million). Joseph Tisuthiwongse led the firm’s project team.

Clove Legal has advised Mswipe Technologies, a mobile point-of-sale service provider, on a Rs2.2 billion (US$32m) funding round. US hedge fund Falcon Edge Capital, B Capital (fund promoted by Facebook co-founder Eduardo Saverin), DSG Consumer Partners and Epiq Capital participated in the round. Partner Amit Sirsikar led the firm’s team in the transaction. Falcon Edge Capital was advised by Goodwin Proctor (Hong Kong), with a team led by partner Yash Rana. B Capital was advised by J Sagar Associates, with a team led by partner Manvinder Singh. Epiq Capital was advised by Veritas Legal, with a team led by partner Tushar Raut.

Conyers Dill & Pearman has acted for MAPS 2019-1, as the issuer, on Merx Aviation’s latest aviation asset-backed securitisation (ABS) comprising US$429 million in three tranches of notes secured on a portfolio of 19 aircraft. This will be the second ABS transaction for Merx in the past 12 months. The aircraft portfolio, which consists of seven Airbus A320s, one A321neo, one A330-200, one Boeing 737-900ER and nine 737-800s, has an initial value of US$516.9 million. A portion of the note proceeds will be used to refinance the RISE aircraft ABS transaction that closed in February 2014. The RISE transaction was initially issued and serviced by GE Capital Aviation Services (GECAS), with Merx as an equity investor. Over the past year, Merx replaced GECAS as servicer of RISE. Of the 19 aircraft in the MAPS 2019-1 portfolio, 18 are currently owned by subsidiaries of the issuer as part of the RISE securitisation. The other asset is currently owned and serviced by Merx, and will be acquired by the issuer. Pursuant to the refinancing, RISE was renamed to MAPS 2019-1. Bermuda director Neil Henderson led the firm’s team in the transaction, which closed on February 14, 2019.

Conyers Dill & Pearman has also acted as BVI and Cayman Islands counsel to Sun Kong Holdings on its HK$60 million (US$7.6m) IPO of 100 million shares in Hong Kong. The company sells and transports diesel oil and diesel exhaust fluid in Hong Kong, serving logistics companies that require diesel oil to operate their vehicle fleets. It was founded in 2002 and is headquartered in Yuen Long, Hong Kong. Hong Kong partner Richard Hall, working alongside Robertsons, led the firm’s team in the transaction, which closed on January 8, 2019.

Davis Polk has advised the initial purchasers on a Rmb1 billion (US$149m) Regulation S offering by Fantasia Holdings Group of its 11.875 percent senior notes due 2020. Fantasia Holdings is a property developer and property-related service provider in China. Hong Kong corporate partner Gerhard Radtke led the firm’s team in the transaction.

Davis Polk has also advised the underwriters on the offering of 69 million American Depositary Shares by Sea for total proceeds of over US$1.5 billion, including the offering of nine million ADSs, upon exercise of the option to purchase additional shares by the underwriters. Sea operates three platforms across digital entertainment, ecommerce and digital financial services. Its mission is to better the lives of the consumers and small businesses of Greater Southeast Asia with technology. Partner James Lin led the firm’s team in the transaction.

J Sagar Associates has advised Creation Investments India III on the Rs1.1 billion (US$16m) proposed second round of investment in Vivriti Capital. Vivriti is in the business of 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 Rs2 billion (US$29m) first round of investment in Vivriti in 2018. Partner Lalit Kumar led the firm’s team in the transaction, which is subject to certain closing conditions.

J Sagar Associates has also advised Airports Authority of India (AAI) on the successful privatisation of operations, management and development of six airports, namely Guwahati, Thiruvananthapuram, Lucknow, Mangaluru, Ahmedabad and Jaipur. AAI selected the concessionaire through an international competitive bidding process. In a departure from the framework used in the first round of airport privatisation undertaken more than a decade ago, AAI offered a concession period of 50 years, as opposed to 30 years. The winning bid was decided on the basis of the highest monthly per-passenger fee to AAI. This was again a departure from the much-contested revenue-sharing model that AAI had adopted in the previously privatised airports. Partners Vishnu Sudarsan and Ashish Suman led the firm’s team in the transaction.

Khaitan & Co has advised True North on its acquisition of 51 percent of Max Bupa’s total share capital from Max India and of approximately 5.2 percent of Max Bupa’s total share capital from Bupa. Pursuant to this transaction, Max India will completely exit Max Bupa, while Bupa will continue as True North’s joint venture partner in Max Bupa. True North’s acquisition of Max Bupa’s shares is the second private equity control transaction in India’s health insurance sector, but the first control deal in India’s health insurance sector by a sole private equity firm. After completion of this acquisition, True North will act as Indian promoter of Max Bupa. Formerly known as India Value Fund Advisors, True North was established in 1999 with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders. True North has successfully launched six separate investment funds, with a combined corpus of over US$ 2.8 billion. Partner Niren Patel led the firm’s team in the transaction. AZB & Partners, led by partners Anil Kasturi, Niladri Maulik and Anisha Shridhar, advised Max India and Max Bupa.

Khaitan & Co has also advised Temasek Capital Management on the India leg of the acquisition of 30 percent shareholding in Haldor Topsoe, including its Indian subsidiary Haldor Topsoe India. Temasek Capital Management is Temasek Holdings’ private equity arm specialising in traditional private equity opportunities, as well as mid-stage technology and life sciences-related investments. Partner Rabindra Jhunjhunwala, assisted by partner Anshul Prakash, led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands and BVI counsel to E-House (China) Enterprise Holdings, a leading real estate transaction service provider in China, on its issue of US$200 million notes due 2021. The notes are listed in Hong Kong. Partner Derrick Tan led the firm’s team in the transaction, which closed on February 28, 2019. Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel to the issuer. Sidley Austin acted as US counsel to the joint lead managers.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to China Resources Land on its issue of US$300 million notes due 2024 and US$500 million notes due 2029. The notes are issued under the issuer’s US$3.9 billion medium term note programme and are listed in Hong Kong. Partner Derrick Tan led the firm’s team in the transaction, which closed on February 26, 2019. Clifford Chance acted as English counsel for the issuer. Linklaters acted as English counsel to the arrangers.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has advised SC Capital Partners on the approximately S$230 million (US$170.3m) acquisition of 100 percent interest in the SPV holding the property known as Rivervale Mall from AEW Capital Management. Partners Norman Ho, Hoon Chi Tern, Benjamin Tay and Cindy Quek led the firm’s team in the transaction.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has also advised RHT Health Trust Manager on the Rs46.8 billion (US$678.8m) disposal of its entire asset portfolio of clinical establishments and hospitals in India, which includes its interests in 12 clinical establishments, four greenfield clinical establishments and two operating hospitals in India, to Fortis Healthcare. Partners Evelyn Wee, Lee Xin Mei, Terence Choo and Hoon Chi Tern led the firm’s team in the transaction.

Shook Lin & Bok has acted for KPMG Corporate Finance, the financial adviser to Exeo Global, on the voluntary conditional cash offer for all of the issued and paid-up ordinary shares in the capital of Catalist-listed technology firm DeClout. At the close of the offer on March 4, 2019, Exeo Global has acquired approximately 633 million shares, representing approximately 95 percent of the total shares (excluding treasury shares), and about 94.64 percent of the maximum potential issued shares in DeClout for approximately S$82.3 million (US$61m). Partners Dayne Ho and Chua Shi Ying led the firm’s team in the transaction.

Simpson Thacher has represented GDS Holdings on its US$150 million equity investment by China Ping An Insurance Overseas (Holdings). The investment will be in the form of convertible preferred shares. GDS will use the proceeds to fund expansion of its data centre capacity and for general corporate purposes. GDS is a leading developer and operator of high-performance data centres in China. Its facilities are strategically located in China’s primary economic hubs, where demand for high-performance data centre services is concentrated. Ping An Overseas Holdings is a direct wholly-owned subsidiary of Ping An Insurance (Group) Company of China, and is the main overseas platform for direct investments and asset management of Ping An. Partners Ian Ho (M&A) and Daniel Fertig (capital markets) led the firm’s team in the transaction.

Simpson Thacher has also represented Binjiang Service Group (BSG) on its IPO in Hong Kong and Regulation S offering of 66.7 million shares, before the exercise of the underwriters’ overallotment option. The total offering size was HK$464.2 million (US$59m). The shares of Binjiang Service Group are listed in Hong Kong. CLSA Capital Markets acted as the sole sponsor, CSLA acted as the sole global coordinator, and Haitong, Huatai Financial Holdings (Hong Kong) and Shenwan Hongyuan acted as the joint book-runners and joint lead managers. BSG is a reputable property management service provider in China, with a focus on high-end residential properties. Founded in 1995, BSG has grown from a local residential property management service provider in Hangzhou, Zhejiang province to one of the leading premium property management services providers in the Yangtze River Delta. Capital markets partner Christopher Wong led the firm’s team in the transaction.

Skadden has advised Toyota Industries on its US$600 million Rule 144A/Regulation S offering of senior notes, which closed on March 12, 2019. Tokyo partner Kenji Taneda led the firm’s team in the transaction.

TT&A has advised Rampart Trust on the sale of its shareholding in Marsh India Insurance Brokers to its existing joint venture partner, Marsh International Holdings (MIH). The transaction involves an acquisition by MIH, which already holds 26 percent stake in Marsh India, of 23 percent of the paid-up equity share capital of the company from the existing joint venture partners, Rampart and certain employee shareholders. Pursuant to this acquisition, MIH’s stake in Marsh India increased to 49 percent, the maximum extent allowed by the FDI policy in this sector. Partner Feroz Dubash led the firm’s team in the transaction.

Allen & Gledhill has advised SP Group Treasury on the issue of S$600 million (US$442.6m) 3.375 percent notes due 2029, under its S$10 billion (US$7.4b) global medium term note programme. The notes are unconditionally and irrevocably guaranteed by Singapore Power. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Yeo Boon Kiat and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised CDC Group and Ayana Renewable Power on the Rs23.4 billion (US$335.8m) acquisition by GGEF and NIIF of a more than 25 percent stake in Ayana India. Partners Darshika Kothari, Roxanne Anderson and Kunal Kumbhat led the firm’s team in the transaction, which was signed on February 27, 2019.

AZB & Partners has also advised BNP Paribas Cardif on the acquisition by CA Emerald Investments, an affiliate of The Carlyle Group, of nine percent of the paid-up equity share capital of SBI Life Insurance from BNP Paribas Cardif. Partners Rajendra Barot, Arvind Ramesh and Harsh Maggon led the firm’s team in the transaction, which was completed on March 1, 2019.

Baker McKenzie is advising Wolverine World Wide on a joint venture with Xtep International Holdings to develop, market and distribute Merrell and Saucony products in China, Hong Kong and Macau. The joint venture plans to open new stores under the Merrell and Saucony banners, with the majority slated for shopping malls in China’s larger cities, coupled with an increasing presence for these brands in Hong Kong and Macau. The joint venture is expected to begin operating in the second half of 2019. Wolverine is one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. Xtep is a powerful vertical player in the fast-growing sportswear market, with over 6,200 stores in 31 provinces and municipalities across China. M&A partner Tracy Wut and M&A principal Sze Shing Tan, supported by IP partner Isabella Liu, led the firm’s team in the transaction.

Baker McKenzie has also advised West Knighton on the delisting and privatisation of Cityneon Holdings in Singapore. West Knighton is an SPV owned by Cityneon executive chairman and group CEO Ron Tan and Hong Kong entrepreneur and investor Johnson Ko Chun Shun. Cityneon is a full-service ideas agency, specialising in transforming customer and brand experiences, encompassing four independent yet integrated business divisions — interior architecture, experiential environments, events and exhibitions. The company creates licensed interactive exhibitions based on blockbuster entertainment franchises, such as Marvel’s Avengers superheroes, Jurassic Park and Transformers. West Knighton acquired a 68.95 percent stake in Cityneon in an off-market transaction, and subsequently launched a mandatory unconditional cash offer for the company’s remaining shares to take the company private. Cityneon’s shares were delisted in Singapore on February 1, 2019, and the privatisation was completed on February 20, 2019. Hong Kong partner Christina Lee and Min-tze Lean, a principal in the corporate and securities practice group at Baker McKenzie’s Singapore member firm Baker McKenzie Wong & Leow, supported by principal Kah Chin Chu, led the firm’s team in the transaction.

Colin Ng & Partners has advised global event organiser Comexposium Holding on the acquisition of the Indonesia Motorcycle Show, the biggest international motorcycle show in Indonesia, by its subsidiary, Amara Tujuh Perjuangan, from Amara Pameran Internasional (API). This acquisition will strengthen the already successful joint venture partnership between Comexposium and API. Partner Ken Chia led the firm’s team in the transaction.

Conyers Dill & Pearman has provided BVI and Cayman Islands advice to China Gingko Education Group on its HK$180 million (US$23m) IPO of 125 million shares in Hong Kong. The company operates Yinxing Hospitality Management College of CUIT, which offers a range of courses in the management, literature, engineering, education and arts disciplines, providing higher education services on hospitality management in China. Hong Kong partner Richard Hall, working alongside Sidley Austin, led the firm’s team in the transaction.

Conyers Dill & Pearman has also acted as special counsel in the Cayman Islands to Fantasia Holdings Group and to its BVI subsidiary guarantors, Fantastic Victory, Wisdom Regal and Fantasia Financial Community Group on the company’s issue of US$100 million 15 percent senior notes due 2021, to be consolidated and forming a single series with the US$130 million 15 percent senior notes due 2021, issued on December 18, 2018, and the US$70 million 15 percent senior notes due 2021, issued on December 28, 2018. The December 2018 notes are listed in Singapore. The company is a leading property developer and property-related service provider in China. Hong Kong partner Anna Chong, working alongside Sidley Austin (Hong Kong), led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has acted as Indian law counsel to Hindustan Construction (HC) and ICICI Securities, as the lead manager, on HC’s rights issue. The issue is one of the few instances in the recent past of capital raising by a company operating in the infrastructure sector. As part of the transaction, up to 497.6 million HC equity shares were offered for cash at Rs10 (US$0.143) each, for an aggregate amount not exceeding Rs4.97 billion (US$71.3m), on a rights basis to eligible HC equity shareholders, in the ratio of 49 equity shares for every 100 fully paid-up equity shares. The issue opened for subscription on December 3, 2018, and closed on December 17, 2018. The shares were allotted on December 27, 2018, and were listed on December 31, 2018. Capital markets head partner Yash Ashar and partner Abhinav Kumar 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 9.15 percent senior notes due 2022. Hong Kong-listed Zhenro Properties Group 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.

Davis Polk has also advised the initial purchaser on China Evergrande Group’s offering of US$100 million principal amount of eight percent senior notes due 2020, which is to be consolidated and form a single class with the US$100 million principal amount of eight percent senior notes due 2020 issued by China Evergrande Group on December 27, 2018. Hong Kong-listed China Evergrande Group is one of the largest developers of residential property projects in different cities across China. Hong Kong partner Gerhard Radtke also led the firm’s team in the transaction.

HSA Advocates has represented a consortium of four ports, namely Vishakapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Deendayal Port Trust, on the strategic sale of Dredging Corporation of India concluded by the Government of India. The four ports have acquired 100 percent of the government’s 73.47 percent shareholding in the company. Senior partner Anjan Dasgupta, supported by partner Aninda Pal, led the firm’s team in the transaction. Linklegal advised the Government of India.

Khaitan & Co has advised Zuari Agro Chemicals as the issuer and JM Financial as the lead manager on the filing of the draft letter of offer with the SEBI for the proposed rights issue of compulsorily convertible debentures for an amount up to Rs5 billion (US$71.8m) to the eligible equity shareholders of Zuari Agro Chemicals. It is first rights issue filed in accordance with the Schedule VI Part A of the SEBI Regulations 2018, with disclosures in the draft letter of offer akin to that of an IPO, and sets a precedent on various changes brought about by the SEBI Regulations. It is also the first rights issue filed after the notification of the new Guidance Note on Reports in Company Prospectuses (Revised 2019) by the Institute of Chartered Accountants of India, pursuant to which the certificates, comfort letters, examination reports and other auditor deliverables were negotiated with a prominent auditor. Zuari Agro Chemicals is the flagship company of Adventz Group and leading the agriculture vertical of the group. It manufactures, trades in, and markets chemical fertilizers in India. It also produces organic manure, micronutrients, seeds, pesticides and specialty fertilizers. Executive director Sudhir Bassi led the firm’s team in the transaction.

Khaitan & Co has also advised Future Retail on the execution of master franchise agreement by its subsidiary SHME Food Brands with 7-Eleven to develop and operate 7-Eleven stores within India. The expansion marks 7-Eleven’s first entry into India. Future Group offers more than 80 brands in fashion, footwear, FMCG, food and homeware segments that contribute almost half of its sales through the retail chains forming part of its network. 7-Eleven is the premier name and largest chain in the convenience-retailing industry. Partners Haigreve Khaitan, Mehul Shah and Vivek Sriram, supported by partner Vinita Krishnan, led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has acted as BVI counsel to Zhaojin Mining International Finance on its issue of US$300 million 5.5 percent guaranteed notes due 2022. The notes are guaranteed by Zhaojin Mining Industry and listed in Hong Kong. The Zhaojin group is a leading gold producer in China. The issue closed on March 1, 2019. Partner Lorraine Pao led the firm’s team in the transaction, while Freshfields Bruckhaus Deringer acted as English counsel. Clifford Chance acted as English counsel to the joint lead managers.

Maples and Calder (Hong Kong) has also acted as Cayman Islands and BVI counsel to CIFI Holdings (Group) on its issue of US$300 million 7.625 percent guaranteed senior notes due 2023. The notes are listed in Hong Kong, and the issue closed on February 28, 2019. CIFI Holdings is engaged in property development and property investment in China. Partner Lorraine Pao led the firm’s team in the transaction, while Sidley Austin acted as Hong Kong and US counsel. Davis Polk & Wardwell acted as US counsel to the initial purchasers.

Proskauer has advised Accor on its recent acquisition of Tribe, Australia’s first integrated modular hotel brand. Partner Yuval Tal, co-head of lodging and gaming group and manager of Hong Kong and Beijing offices, supported by New York partner Jeff Horwitz, co-head of PERE and lodging and gaming groups, led the firm’s team in the transaction.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has advised Alpha Investment Partners on the S$160 million (US$118m) acquisition of shares in SPVs holding six strata-titled office floors with a total strata area of about 70,000 square feet in Suntec City Development. Partners Norman Ho, Benjamin Tay, Hoon Chi Tern, Lee Weilin and Ho Mei Shi led the firm’s team in the transaction.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has also advised DeClout on the S$86.58 million (US$63.9m) voluntary cash offer by Exeo Global, a wholly-owned subsidiary of Kyowa Exeo, for the shares of DeClout. DeClout is a global builder of next-generation information and communications technologies companies which invests in, incubates and scales companies to become global or regional market leaders. Partner Danny Lim led the firm’s team in the transaction.

Skadden has represented Mitsui Sumitomo Insurance on its US$910 million Rule 144A/Regulation S offering of step-up callable perpetual notes. The offering closed on March 6, 2019. Partner Kenji Taneda led the firm’s team in the transaction.

Allen & Gledhill is advising Temasek Holdings and Ascendas-Singbridge on the S$11 billion (US$8.1b) sale of the real estate-related business of Ascendas-Singbridge to CapitaLand, through the sale of all of the shares of its subsidiaries, Ascendas and Singbridge. Headquartered in Singapore, Ascendas-Singbridge is Asia’s leading provider of business space solutions. Its business presence spans 11 countries, including Singapore, China, India, Australia, the UK and the US. Partners Lim Mei, Richard Young, Lee Kee Yeng, Lauren Chung, Jerry Koh, Teh Hoe Yue, Tan Boon Wah and Lim Pek Bur led the firm’s team in the transaction.

AZB & Partners has advised G9 Asia, a real estate fund of Morgan Stanley Real Estate Fund, on its acquisition of approximately 95 percent equity shares from the existing shareholders in KSH Infra. Partner Sai Krishna Bharathan led the firm’s team in the transaction, which was completed on February 4, 2019.

AZB & Partners has also advised Aimia, through AIMIA Proprietary Loyalty Singapore, on the Rs14.1 billion (US$200m) acquisition by Quinag Bidco, an Apax Partners entity, of over 40 percent stake of Fractal Analytics from AIMIA Proprietary Loyalty Singapore, along with other sellers. Partner Gautam Saha led the firm’s team in the transaction, which was completed on February 15, 2019.

Baker McKenzie is acting as exclusive counsel to Yildiz Holding and Godiva Chocolatier on the sale of the retail and distribution operations in Japan, South Korea, Australia and New Zealand. The transaction also includes the sale of the Godiva production facility in Brussels. The transaction is anticipated to close in mid-2019, subject to the customary closing conditions of completion of standard Belgium employee works council consultations and expiry of the relevant competition authority waiting period. Godiva Chocolatier is the global leader in premium, artisanal chocolate, while Yildiz Holding is the largest food manufacturer in Turkey and the Middle East. Tokyo corporate/M&A partner Jeremy White, supported by partners Kensaku Takase (Tokyo); Dominique Maes, Francois Gabriel and Jean-Francois Vandenberghe (Brussels); David Scott (London), Jannan Crozier (principal-London); Jur Strobos (Washington DC); and Tracy Wut (Hong Kong), led the firm’s team in the transaction.

Conyers Dill & Pearman has provided Cayman and BVI advice to Sunac China Holdings on its issue of 7.875 percent senior notes due 2022 with an aggregate principal amount of US$800 million, secured by, among others, share charges given by the company and its BVI subsidiaries. The company sells properties in China. Hong Kong partner Anna Chong, working alongside Sidley Austin, led the firm’s team in the transaction.

Conyers Dill & Pearman has also provided BVI and Cayman Islands advice to eBroker Group on its HK$64.4 million (US$8.2m) IPO of 230 million shares in Hong Kong. The company provides financial software solution services to financial institutions in Hong Kong. It was founded in 2000 and is headquartered in Central, Hong Kong. Hong Kong partner Richard Hall, working alongside Robertsons, led the firm’s team in the transaction.

Davis Polk has advised the joint lead managers on a Rule 144A/Regulation S offering by SP Group Treasury of US$600 million 3.375 percent notes due 2029 under its S$10 billion (US$7.4b) global medium-term notes program. The notes are guaranteed by Singapore Power, a leading energy utility company in Asia Pacific, which is wholly-owned by Temasek Holdings. SP Group Treasury is a wholly-owned subsidiary of Singapore Power. Partner James Lin led the firm’s team in the transaction.

Davis Polk has also advised the joint lead managers on the US$500 million Regulation S offering by Shui On Development (Holding) of its 6.25 percent senior notes due 2021. The securities are guaranteed by Shui On Land, one of the leading property developers in China and the flagship property company of the Shui On Group in mainland China. Shui On Land currently has projects in Shanghai, Wuhan, Chongqing, Foshan and Dalian. Partner Gerhard Radtke led the firm’s team in the transaction.

J Sagar Associates has advised Avalara on the Indian leg of a global asset acquisition of the Indix Corporation. Avalara is a business leader in indirect tax automation. It provides its customers with comprehensive, automated and cloud-based platforms for indirect tax compliance. Partners Probir Roy Chowdhury and Vishnu Nair led the firm’s team in the transaction, while Perkins Coie advised on the US leg of the deal. Wilson Sonsini Goodrich & Rosati advised Indix.

J Sagar Associates has also advised the Shriram Group on the private placement of up to Rs400 million (US$5.7m) unlisted, unrated, senior secured redeemable, non-convertible debentures issued by SPL Estates to Kotak India Affordable Housing Fund (KIAHF). KIAHF is an affordable housing fund managed by Kotak Investment Advisors, and has the CDC Group, a development finance institution owned by the UK Government, as an anchor investor. The proceeds of the issue will be utilised by SPL Estates for construction and development of an affordable housing project at Uttarpara, West Bengal. Partner Malini Raju led the firm’s team in the transaction.

Khaitan & Co has advised Alkan on its collaboration / joint venture with promoters of Nucon Group for the establishment and operation of Nucon Alkan Aerospace. Alkan designs, manufactures, exports and sells carriage, release and ejection systems for military aeronautics. Partner Ganesh Prasad, assisted by Director Vinita Krishnan, led the firm’s team in the transaction.

Khaitan & Co has also advised KPR Industries (India) and its shareholders on its Rs2.53 billion (US$35.9m) slump sale of the chlor-alkali business to Grasim Industries. Grasim would take over the assets and identified liabilities associated with the chlor-alkali business. KPR utilised the proceeds towards a one-time, full and final settlement of its lenders’ dues. KPR Industries manufactures, supplies and trades caustic soda, hydrochloric acid and other chlor-alkali chemicals. Partner Nikhilesh Panchal led the firm’s team in the transaction.

King & Wood Mallesons has acted as US and Chinese law counsel to ENN Ecological Holdings, as the parent guarantor, on its issuance of US$250 million 7.5 percent guaranteed senior notes due 2021. This is ENN’s debut offshore bond issuance and marks the first debut high-yield bond issued by a Chinese industrial company since January 2018. ENN is an A-share listed company and a leading clean energy products and services provider in China. Hong Kong partners Hao Zhou and Michael Lu, supported by Beijing partners Yongliang Zhang and Yanyan Song, led the firm’s team in the transaction.

King & Wood Mallesons has also acted as US and Hong Kong law counsel to Ronshine China Holdings on its issuance of US$300 million 10.5 percent senior notes due 2022, US$600 million 11.25 percent senior notes due 2021 (consisting of US$392 million issued pursuant to an exchange offer and US$208 million issued pursuant to a concurrent new money offering), and US$200 million 11.5 percent senior notes due 2020. Ronshine China is a property developer in China that focuses on the development of mid to high-end residential properties across eight regions. Hong Kong partners Hao Zhou and Michael Lu, supported by Hong Kong partner Richard Mazzochi, also led the firm’s team in the transaction.

Maples and Calder (Hong Kong) LLP) has acted as Cayman Islands counsel to AC Energy Finance on its establishment of US$1 billion medium term note programme and initial issuance of US$225 million 4.75 percent notes under the programme. The bonds are guaranteed by AC Energy and listed in Singapore. AC Energy manages a diversified portfolio of renewable and conventional power generation projects, and engages primarily in power project development operations. The issuance is the first publicly syndicated climate bonds initiative-certified US dollar green bond in Southeast Asia. HSBC acted as sole global coordinator, while Bank of America Merrill Lynch, CLSA and HSBC acted as joint bookrunners. Partner Lorraine Pao led the firm’s team in the transaction, while Latham & Watkins acted as English counsel. Milbank, Tweed, Hadley & McCloy acted as English counsel to the dealers.

Maples and Calder (Hong Kong) has also acted as BVI counsel to New Metro Global on its issuance of US$300 million 6.75 percent guaranteed senior notes due 2020. The notes are guaranteed by Seazen Holdings and listed in Singapore. The guarantor is a leading property developer in the Yangtze River Delta in China. Partner Lorraine Pao also led the firm’s team in the transaction, while Shearman & Sterling acted as US counsel. Paul Hastings acted as US counsel to the initial purchasers, including Haitong International Securities, China CITIC Bank and Bank of China.

Orrick has represented Shanghai Sansi Electronic Engineering (Sansi), CreateLED Electronics and Yaham Optoelectronics in securing complete victory in a patent infringement action at the US International Trade Commission on February 21, 2019. Ultravision Technologies filed a complaint against Sansi, Yaham, CreateLED, and a number of other respondents in March 2018, for alleged infringement of patents relating to certain modular LED display panels and components. The companies presented strong non-infringement and invalidity positions. The complainant was forced to withdraw the complaint during the expert discovery period to terminate the investigation unconditionally. The decision enables the three companies to stay in the US market, marking a crucial milestone for their overseas expansions. Partners Yufeng (Ethan) Ma (Shanghai), Vann Pearce (Washington DC), Jordan Coyle (Washington DC) and Bas de Blank (Silicon Valley) represented the clients.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has advised on Singapore’s first insurance-linked securities transaction, a catastrophe bond sponsored by Insurance Australia Group. A A$75 million (US$52.7m) Series 2019-1 Class A principal at-risk variable rate notes due January 17, 2022, the bond is the first A$-denominated catastrophe bond in the global market. The issuer is Orchard ILS, the first special purpose reinsurance vehicle licensed by the Monetary Authority of Singapore. This pioneer catastrophe bond will help broaden Singapore’s capital markets by adding a new asset class and generating a new set of service providers locally. Partners Simon Goh and Lee Xin Mei led the firm’s team in the transaction.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has also advised RHT Health Trust Manager on the Rs46.8 billion (US$663.4m) disposal of its entire asset portfolio of clinical establishments and hospitals in India, which includes its interests in 12 clinical establishments, four greenfield clinical establishments and two operating hospitals in India, to Fortis Healthcare. Partners Evelyn Wee, Lee Xin Mei, Terence Choo and Hoon Chi Tern led the firm’s team in the transaction.

Shook Lin & Bok has acted as Singapore counsel to HBIS Group on its proposed acquisition of Tata Steel Group’s Southeast Asia production assets, including its stake in NatSteel Holdings and Tata Steel (Thailand). The proposed acquisition would reportedly lift HBIS Group to become the world’s third-largest steelmaker. Partners Ho Ying Ming, Chew Mei Choo and Guo Xiaofei led the firm’s team in the transaction.

TT&A is advising GlaxoSmithKline Asia (GSK) on the sale of its entire shareholding in Chiron Behring Vaccines to Bharat Biotech. The firm also advised GlaxoSmithKline Biologicals and GSK Vaccines on the ancillary agreements relating to technology transfer and transition services. The transaction involves a divestment by GSK of 100 percent of the paid up equity share capital of Chiron Behring Vaccines. GSK acquired the company as part of the global Novartis and GSK deal in 2015-2016. Partner Feroz Dubash is leading the firm’s team in the transaction, which was signed on February15, 2019. LVV Iyer & Associates is advising Bharat Biotech.

WongPartnership has acted for Openspace Ventures on its investment in the Series B funding round for peer-to-peer lending platform Validus Capital. Partners Kyle Lee and Chan Jia Hui led the firm’s team in the transaction.