Allen & Gledhill has advised Cromwell EREIT Management, as manager of Cromwell European Real Estate Investment Trust, on its IPO in Singapore. It is the first Pan-European Reit and first euro-denominated listing in Singapore and, with a market capitalisation of €865.69 million (US$1b), is the largest S-Reit listing since 2013.

AZB & Partners has advised Thomas Cook (India) on its Rs7.23 billion (US$112m) sale of 5.42 percent of the total paid-up equity share capital of Quess. Senior partner Ashwin Ramanathan and partners Bhavi Sanghvi and Lionel D’Almeida led the transaction, which was completed on November 23, 2017.

AZB & Partners has also advised Future Retail on its Rs6.5 billion (US$101m) acquisition of 100 percent of the total equity shares of Hypercity Retail India. Partner Rahul Rai led the transaction, which was completed on November 16, 2017.

Clifford Chance has advised Hong Kong-based investment holding company O Luxe Holdings on a US$60 million investor round in Divergent 3D, a Los Angeles-based company providing 3D printing technology to the automotive manufacturing sector. The Series B financing round also contains an additional investor option of US$40 million. Head of Asia Pacific partner Andrew Whan led the transaction.

Clifford Chance has also advised leading global airport operator VINCI Airports on the project agreement with Kobe City for the 42-year concession of Kobe Airport. VINCI teamed up with ORIX and Kansai Airports to participate in the bid. Partners Ross Howard and Yusuke Abe led the transaction.

Cyril Amarchand Mangaldas has advised ICICI Prudential Asset Management on the creation, launch and management of the BHARAT 22 ETF by the Department of Investment and Public Asset Management (Dipam), and Kotak Mahindra Capital, as adviser to Dipam on a Chinese wall basis. With an initial issue of Rs80 billion (US$1.24b), Bharat 22 ETF opened for subscription on November 14, 2017. The issue was over-subscribed four times and was later raised to Rs145 billion (US$2.25b). The issue closed on November 17, 2017 and listed in India on November 28, 2017. With the launch of the Bharat 22 ETF, Dipam has successfully divested shares of 22 public sector enterprises across sectors, including shares of Oil & Natural Gas Corporation, Coal India and Indian Oil Corporation, State Bank of India and Bank of Baroda. This ETF was announced by the Finance Minister in the budget speech for 2017-2018, after the successful launch of the CPSE ETF and its follow-on offers. Partner Shagoofa Rashid Khan (Mumbai) and Gokul Rajan (New Delhi) led the transaction.

Cyril Amarchand Mangaldas has also advised Indian Energy Exchange (IEE) and Tata Power, one of the selling shareholders, on IEE’s approximately Rs10 billion (US$155.3m) IPO, through an offer for sale by certain shareholders, of approximately six million equity shares. The offer constitutes 20 percent of IEE’s post-offer paid-up equity share capital. Axis Capital, Kotak Mahindra Capital and IIFL Holdings acted as book-running lead managers. The prospectus was filed on October 12, 2017, the allotment was on October 18, 2017 and the listing took place on October 23, 2017. Capital markets partners Yash Ashar (Mumbai), Gokul Rajan (New Delhi) and Gaurav Gupte (Mumbai) led the transaction, which was the first IPO by a power exchange in India. Shardul Amarchand Mangaldas & Co and Sidley Austin acted as the Indian counsel and international counsel, respectively, to the book-running lead managers. Nishith Desai & Associates acted as Indian counsel to certain selling shareholders, namely Lightspeed Venture Partners VIII Mauritius, Madison India Opportunities III, AFHoldings, Multiples Private Equity Fund, Multiples Private Equity Fund I, Aditya Birla Private Equity Trust A/c Aditya Birla Private Equity-Fund I and Aditya Birla Private Equity Trust A/c Aditya Birla Private Equity-Sunrise Fund.

Dhir & Dhir Associates has advised India Infrastructure Finance (IIF) and Indian Renewable Energy Development Agency (IREDA) on the ‘credit enhanced’ secured, rated, listed, redeemable non-convertible debentures aggregating up to Rs7.6 billion (US$118m) issued by Renew Akshay Urja. The debentures were partially guaranteed by IIF and IREDA under their respective credit enhancement schemes. The proceeds are to be utilised, inter-alia, to refinance the existing loans of its 124 MW solar power projects in State of Telangana. Partner Girish Rawat led the transaction.

Dhir & Dhir Associates has also advised the promoters of Dixon Technologies (India) on Dixon’s initial Rs6 billion (US$93m) public issue. The issue was oversubscribed 117.83 times in September 6-8, 2017. Partner Girish Rawat also led the transaction.

DLA Piper has advised CMH Growth Fund as the lead investor on the Series C financing of Ymatou, a leading e-commerce platform in China. Founded in 2009, Ymatou is a shopping platform which offers a one-stop shopping experience to domestic consumers making overseas purchases in over 400 types of goods. Its ymatou.com platform has live broadcasts and other features selling well-known foreign brands from around the world to Chinese consumers. VC investors from prior rounds, including SAIF and Sailing Capital, continued to support Ymatou and co-invested in this round of financing. CMH Growth Fund is a private equity fund co-sponsored by China Merchants Capital and Mizuho Securities. The fund focuses on China’s industrial transformation and the upgrade of growth of investment opportunities. Corporate partner Gloria Liu led the transaction.

Duane Morris & Selvam has acted as sole international counsel to Citigroup Global Markets India, Emkay Global Financial Services, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets as the book-running lead managers on Edelweiss Financial Services’ sale of approximately Rs15.3 billion (US$237.7m) of its shares in a qualified institutions placement, including a concurrent private placement in the US. Edelweiss is one of India’s leading diversified financial services conglomerates, providing a broad range of financial products and services. Its shares are listed in India and its market capitalisation was approximately US$4.03 billion as of November 27, 2017. Director Jamie Benson, head of US securities law and India practices, led the transaction, supported by partners Gerard Hekker (Singapore) and Hope Krebs (Philadelphia), while Luthra & Luthra acted as Indian counsel. Khaitan & Co acted as Indian counsel to Edelweiss.

J Sagar Associates has acted for ChemChina on securing Competition Commission of India’s (CCI) approval for its global acquisition of Syngenta and on the Indian leg of the transaction. Valued at US$44 billion, the deal was notified for merger clearance in a number of jurisdictions worldwide. Approved by the CCI, subject to modifications, the deal is one of the largest transactions in the agro-chemicals sector in India. Competition law merger partners Farhad Sorabjee, Amitabh Kumar and Reeti Choudhary, corporate and M&A partners Sandeep Mehta and Srabonee Roy, and disputes partners Dheeraj Nair and Vibha Dhawan led the transaction, while Simpson Thacher & Bartlett acted as global foreign counsel.

Khaitan & Co has advised DCB Bank on the private placement of non-convertible, redeemable, unsecured, Basel III compliant Tier 2 bonds, for inclusion in Tier 2 capital of the bank, aggregating to Rs3 billion (US$46.6m). A private sector scheduled commercial bank in India, DCB Bank offers a wide range of banking and financial products and services to retail, corporate, small and medium enterprises, micro small and medium enterprises and agriculture and inclusive banking. Partner Nikhilesh Panchal led the transaction.

Khaitan & Co has also advised Larsen & Toubro Infotech (LTI) on the offshore acquisition, through its wholly-owned subsidiary, Larsen & Toubro Infotech (Germany), of 100 percent of Syncordis (Luxembourg) from its shareholders, and on the onshore direct acquisition of 100 percent of Syncordis Software Services India from Syncordis. The total deal value for both acquisitions is €28.5 million (US$33.8m), subject to working capital adjustments and achievement of performance targets. LTI is a global technology consulting and digital solutions company, with more than 250 clients worldwide and operations in 27 countries. LTI provides a wide range of IT and ITES services across sectors, such as automation, enterprise management, cyber security and applications managements. Partner Niren Patel led the transaction.

Kirkland & Ellis is representing Hong Kong-listed MicroPort Scientific Corporation on its proposed US$190 million acquisition of the cardiac rhythm management (CRM) business of Nasdaq-listed LivaNova. The CRM business develops, manufactures and markets products for the diagnosis, treatment and management of heart rhythm disorders and heart failures. Hong Kong corporate partners Gary Li, Pierre Arsenault and Joey Chau are leading the transaction, which was announced on November 20, 2017, and is expected to close in the second quarter of 2018.

Mayer Brown JSM has advised a consortium of firms led by Gaw Capital Partners on a bid to acquire a portfolio of 17 shopping malls in Hong Kong sold by Link Real Estate Investment Trust. The consortium agreed to purchase the properties for HK$23 billion (US$3b). Totalling approximately 2.2 million sq ft of commercial space and 8,000 car parking spaces, the shopping malls are located in all corners of Kowloon and the New Territories, with excellent links to MTR stations. Lions Rise Mall, Kwai Fong Plaza, Kai Yip Commercial Centre, Cheung Hang Shopping Centre and Lee On Shopping Centre were some of properties included in the deal. The sale of the properties attracted overwhelming interest from bidders in a competitive sale.

Rajah & Tann Singapore has acted for Moya Holdings Asia (MHA) on the acquisition by its wholly-owned subsidiary, Moya Indonesia Holdings, of the entire issued and paid up share capital of Indonesian water company Acuatico for approximately US$92.87 million in cash. The transaction also involved debt refinancing of the Acuatico group’s existing loans of approximately US$152.31 million via an assignment to the purchaser. Partners Cheng Yoke Ping and Cynthia Goh led the transaction, which makes MHA the largest water company in Indonesia.

Rajah & Tann Singapore has also acted for the Singapore Residential Income Fund on the acquisition, and acted for Sing Holdings on the sale, of the entire issued and paid-up share capital in Robin Residences, the developer of the freehold condominium development known as Robin Residences located at Robin Drive, Singapore. This was one of the final few transactions entered into prior to the Stamp Duties (Amendment) Act 2017 coming into force on March 11, 2017. Following completion, the target company successfully obtained a Clearance Certificate under the Residential Property Act, and ceased to be liable to pay charges for any extension of time to sell all the units in the development. The agreed property value of the 29 strata units, which were unsold when the sale and purchase agreement was entered into, is S$72.7 million (US$54m). Partners Norman Ho, Gazalle Mok, Cindy Seah, Terence Quek, Tan Shijie and Cindy Quek led the transaction.

Shook Lin & Bok is acting for AFP Land, a wholly-owned subsidiary of Sinarmas Land, on its disposal to Hiap Hoe of the entire issued and paid-up share capital of Golden Bay Realty, an investment holding company which owns retail and office units in Orchard Towers. Partners Johnny Lim, Wong Gang and Chew Mei Choo are advising on the transaction.

Sullivan & Cromwell is representing The TCW Group (US) on Nippon Life Insurance’s (Japan) purchase of a 24.7 percent minority stake in TCW from The Carlyle Group (US). New York corporate partner Mark Menting, supported by New York partners Robert DeLaMater (corporate), John Estes (financing), Heather Coleman (executive compensation and benefits), Frederick Wertheim (regulatory), William Farrar (regulatory) and Ronald Creamer (tax), is leading the transaction, which was announced on December 1, 2017.

WongPartnership has acted for ESR-Reit on its issuance of S$150 million (US$111m) 4.6 percent perpetual securities under its S$750 million (US$556m) debt issuance programme. Partners Colin Ong and Trevor Chuan led the transaction.

WongPartnership is also acting as Singapore counsel for SATS on its proposed joint ventures with AirAsia. Under the terms of the partnership, SATS and AirAsia will hold 50:50 stakes in a joint investment vehicle, Ground Team Red Holdings, which will in turn hold stakes in both Malaysia and Singapore subsidiaries responsible for growing the ground handling business in their respective jurisdictions, eventually exploring expansion options into Indonesia, the Philippines and Thailand in the near future. The joint ventures will be effected mainly by way of a share swap agreement and a share sale agreement. Partner Dawn Law is leading the transaction.

ZICO Law network’s Malaysia and Singapore practices, Zain Ibrahim & Co and ZICO Insights Law, are jointly advising AirAsia on its ground handling partnership with SATS in ASEAN. Under the terms of the partnership, SATS will acquire a 50 percent interest in AirAsia’s subsidiary, Ground Team Red Holdings (GTRH), in exchange for SATS’ 80 percent stake in SATS Ground Services Singapore (SGSS), SATS’ ground handling entity serving airlines at Changi Airport’s new Terminal 4 and cash consideration of S$119.3 million (US$87.6m). GTRH will be renamed SATS Ground Team Red Holdings, and will be the 50.50 joint investment vehicle of AirAsia and SATS that will hold stakes in both its Malaysia and Singapore ground-handling subsidiaries, Ground Team Red and SGSS, respectively. Both companies will also be responsible for growing the ground handling business in their respective markets and will explore expansion into Indonesia, the Philippines and Thailand in the near future. ZICO Law regional managing partner Hanim Hamzah, Zaid Ibrahim & Co partner Tan Wooi Hong and ZICO Insights Law director Gregory Chan are leading the ZICO Law team.

ZICO Insights Law and Zaid Ibrahim & Co also advised Catalist-listed Mercurius Capital Investment in the concurrent S$2 million (US$1.5m) disposal of its previous China-based manufacturing business and diversification into a new business of real estate development in Malaysia via joint venture entities with real estate owners, completed in middle of 2017. The total valuation of the properties over which development rights were granted to the JVs is estimated at M$27 million (US$6.6m). ZICO also advised Mercurius on a S$1 million fund-raising via a redeemable convertible loan from new investors and the capitalisation of an existing S$450,000 interest-free loan from its director into 10 million new shares in settlement of the loan, completed earlier this year. Director Gregory Chan of ZICO Insights Law and Partner Lily Lee of Zaid Ibrahim & Co led the team.

Allen & Gledhill has advised DBS Bank, Malayan Banking Singapore Branch, Oversea-Chinese Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ on the S$1.99 billion (US$1.5b) term loan facility to YTL PowerSeraya, a subsidiary of YTL Power International. The facility was used to refinance existing indebtedness of YTL Power International. Partners Kok Chee Wai and Goh Ping Ying led the transaction.

Allen & Gledhill has also advised Mapletree Logistics Trust Management, as manager of Mapletree Logistics Trust, on the S$847.6 million (US$630.3m) acquisition of Mapletree Logistics Hub Tsing Yi, through the acquisition of all the ordinary shares in the capital of Mapletree Titanium, and on the S$640 million (US$476m) equity fund raising. Gross proceeds will be used to partially finance the acquisition. Partners Jerry Koh, Foong Yuen Ping, Chua Bor Jern and Teh Hoe Yue led the transaction.

Ashurst has acted as lead counsel to APG Asset Management, the Netherlands’ largest pension fund manager, on its US$175 million additional capital commitment to Virtuous Retail South Asia (VRSA), India’s only institutionally-backed retail platform. The equity raise was preceded by the establishment of APG’s US$450 million joint venture with market investment firm The Xander Group in November 2016, on which the firm acted as lead international counsel. The transaction included the establishment of the VRSA platform and concurrent US$300 million acquisition by VRSA of three shopping malls in India. The JV and the initial acquisition of Indian retail assets in November 2016 was the largest single retail real estate deal in India. The additional commitment of APG, as a founding and majority shareholder, to VRSA in November 2017 will augment VRSA’s existing investment capacity and position it to achieve future growth. Dean Moroz, Asia head of private investment funds, led the transaction.

AZB & Partners is advising Ascendas Property Fund Trustee on its Rs4.34 billion (US$67.4m) acquisition from existing shareholders of 100 percent interest in Arshiya Rail Siding and Infrastructure. Partners Sai Krishna Bharathan and Ananya Sharma are leading the transaction, which was signed on November 23, 2017 and is yet to be completed.

AZB and Partners has also advised Reco Diamond on its Rs89.8 billion (US$1.4b) acquisition of 33.34 percent of DLF Cyber City Developers. Partner Rahul Rai led the transaction, which was signed on August 27, 2017 and was cleared by the Competition Commission of India on November 3, 2017.

Clifford Chance has advised WTT Investment on the refinancing of existing acquisition facilities by issuing a 144A/Reg S high yield bond. WTT Investment operates through its wholly-owned subsidiary, WTT HK (previously Wharf T&T, WTT), a fixed-line telecom services operator in Hong Kong. WTT was acquired in 2016 by private equity funds MBK Partners and TPG Capital, which currently jointly own WTT group. The US$670 million senior notes offering due November 21, 2022 will pay a fixed coupon of 5.5 percent per annum. This is WTT Investment’s debut international capital markets offering and is the first rated high-yield bond offering in more than a decade by a Hong Kong telecom company. The notes were oversubscribed approximately five times. WTT Investment also arranged a secured revolving credit facility alongside the bond offering. Partner Alex Lloyd, supported by partners Angela Chan and Anthony Wang, led the transaction.

Clifford Chance has also advised Credit Suisse and Standard Chartered Bank as dealer managers on the S$60 million (US$44.6m) switch tender offer for Pacific International Lines (PIL). Standard Chartered Bank intermediated the settlement of the switch as billing and delivery bank. The transaction is the first time that switch tender technology has been used in the Singapore dollar bond market and for notes cleared through Singapore’s Central Depository. This approach is more commonly used by sovereign issuers in the US dollar space. The switch involved an offer to holders of PIL’s existing S$130 million (US$96.7m) notes due 2018 to switch into new S$60 million (US$44.6m) notes due 2020, thereby lengthening the tenor of a proportion of the outstanding debt. Holders could otherwise maintain their position in the existing notes due 2018. Partners Raymond Tong and Matt Fairclough led the transaction.

Howse Williams Bowers has acted as Hong Kong counsel to Halcyon Capital, as the sole sponsor, and Halcyon Securities, VMS Securities, Great Roc Capital Securities and KGI Capital Asia, as joint book-runners and joint lead managers, on the HK$155 million (US$20m) listing of the shares of Trio Industrial Electronics Group in Hong Kong. The shares commenced trading on November 23, 2017. Founded in 1983, Trio is an EMS provider specialising in the manufacturing and sales of customised industrial electronic components and products, with headquarters in Hong Kong and production facilities in Nansha District, Guangzhou. Partner Brian Ho led the transaction.

J Sagar Associates has advised Japan-listed Topy Industries on its joint venture with Wheels India, a TVS Group company listed in India, by acquiring a 26 percent stake in Wheels India Car Wheels (WCWL), a wholly-owned subsidiary of Wheels India. Topy Industries is a manufacturer of steel wheels for cars, trucks, construction and mining equipment, etc, with manufacturing facilities in Japan, the US, China and Mexico. Wheels India manufactures steel wheels for cars, trucks, tractors and construction and mining equipment, forged aluminium wheels for trucks, air suspension systems for buses and trucks, and components for energy equipment. The transaction involves Wheels India’s transfer of its entire passenger car steel wheel business to WCWL, propelling WCWL to a leadership position in the passenger car steel wheels segment, catering to all major automobile manufacturers in India and to the export segment. Partners Upendra Nath Sharma, Pallavi Puri and Varun Sriram, supported by partners Amitabh Kumar and Vaibhav Choukse, led the transaction. Mori Hamada & Matsumoto acted as international counsel for Topy Industries.

K Law has advised Deriv IT Solutions on the 100 percent acquisition, by way of a staggered sale, of the company by Luxoft Financial Services. Partner Shwetambari Rao and associate partner Anisha Jayaram led the transaction, which closed on August 18, 2017. Khaitan & Co, led by partner Nikhil Narayanan, also advised on the deal.

Khaitan & Co has advised Reliance Industries on its issuance of Rs50 billion (US$776m) listed, unsecured, rated redeemable non-convertible debentures on a private placement basis, with 7.17 percent coupon and a tenor of five years. The debentures have been subscribed to by Yes Bank and listed in India. Executive director Sudhir Bassi and associate partner Manisha Shroff led the transaction.

Khaitan & Co has also advised Camlin Fine Sciences (CFS) on its approximately US$23 million qualified institutions placement. A vertically integrated company, CFS is engaged in research, development, manufacturing, commercialising and marketing of specialty chemicals and blends which are used in a wide array of products. CFS markets its products globally. Associate partner Aditya Cheriyan led the transaction.

Kirkland & Ellis is advising a consortium comprised of funds affiliated with Baring Private Equity Asia and CITIC Capital Holdings on its US$300 million proposed acquisition of Wall Street English (WSE), a global private English language school business, from Pearson, a global learning company. In 2016, WSE served 180,000 learners and operated 70 corporate-owned centres in China, nine corporate-owned centres in Italy and 321 franchised centres across 27 territories. Hong Kong corporate partners Daniel Dusek and Xiaoxi Lin led the transaction.

Luthra & Luthra has advised Citi Global Markets India, Emkay Global Financial Services, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets as the book-running lead managers on the US$235 million QIP by Edelweiss Financial Services. Along with its subsidiaries, Edelweiss is a diversified financial conglomerate providing credit, franchise and advisory and insurance businesses. Partner Manan Lahoty led the transaction, while Duane Morris & Selvam acted as international counsel. Khaitan & Co advised Edelweiss Financial Services as to Indian Law.

Maples and Calder (Hong Kong) has acted as BVI counsel to Yunnan Energy Investment Overseas Finance, a wholly-owned subsidiary of Yunnan Energy Investment (HK), on its issue of US$300 million 3.75 percent guaranteed bonds due 2020 and US$300 million 4.25 percent guaranteed bonds due 2022. The bonds will be unconditionally and irrevocably guaranteed by Yunnan Energy Investment (HK), a wholly-owned subsidiary of Yunnan Provincial Energy Investment Group. BOC International, CCB International, CITIC CLSA Securities, Citigroup, CNCB HK Capital, Guotai Junan International and HSBC acted as the joint book-runners. Partner Derrick Kan led the transaction, while Dentons acted as English and Hong Kong counsel and Beijing Dentons Law Office (Kunming) acted as China counsel.

Rajah & Tann Singapore has acted for United Overseas Bank (UOB) on its merger with its wholly-owned subsidiary, Far Eastern Bank (FEB), pursuant to Sections 14A to 14C of the Banking Act, with UOB as the surviving merged entity. FEB was valued at S$351 million (US$261m) when UOB made a voluntary offer to privatise FEB in 2015. Partners Lawrence Tan, Cynthia Goh, Regina Liew and Margaret Chin led the transaction.

Rajah & Tann Singapore has also acted for Sigurd Microelectronics on the conditional voluntary general offer by SAC Capital, for and on behalf of Sigurd, to acquire all the issued and paid-up ordinary shares in the capital of Bloomeria, other than those already held by the Sigurd. The offer valued Bloomeria at approximately S$73.8 million (US$55m). Partners Sandy Foo and Favian Tan led the transaction.

Shardul Amarchand Mangaldas has advised JP Morgan India, as one of the Indian brokers, together with UBS Securities India and Goldman Sachs (India) Securities, on the approximately US$510 million sale by Nettle Infrastructure Investment, a wholly-owned subsidiary of Bharti Airtel, of a 4.49 percent stake in Bharti Infratel. The deal was signed on November 13, 2017 and the trade was undertaken on November 14, 2017. Capital markets national practice head Prashant Gupta led the transaction, while Sidley Austin acted as international counsel. Ashurst and Freshfields Bruckhaus Deringer acted as international counsel to UBS and Goldman Sachs, respectively.

Shook Lin & Bok is acting for Singapore and Hong Kong-listed Beijing Gas Blue Sky Holdings, a Hong Kong-based company engaged in the natural gas business, on its proposed voluntary delisting in Singapore, while retaining its listing in Hong Kong. Partner Gwendolyn Gn is leading the transaction.

WongPartnership has acted for KKR Asia on its approximately US$74 million acquisition of an approximately 12.64 percent stake in Nippon Indosari Corpindo, Indonesia’s leading mass market bread company. Partners Mark Choy and James Choo led the transaction.

WongPartnership is also acting for Vard Holdings on its proposed voluntary delisting in Singapore, following the delisting proposal presented by Fincantieri Oil & Gas, its majority shareholder. Partners Mark Choy and Jason Chua are leading the transaction.

Allen & Gledhill has advised CapitaLand Commercial Trust Management (CCTM), as manager of CapitaLand Commercial Trust (CCT), on the S$2.1 billion (US$1.55b) acquisition of Asia Square Tower 21 from BlackRock Asia Property Fund III. The property is part of a 46-storey integrated commercial development in the Singapore Central Business District. It will be CCT’s first premium Grade A property in the Marina Bay area, a major business and financial precinct in Singapore. This is the largest single office real estate acquisition in 2017 and the second largest ever in Singapore. In line with the acquisition, the firm also advised CCTM on CCT’s approximately S$700 million (US$516.4m) underwritten and renounceable rights issue and the S$1.425 billion (US$1b) bank loans borrowed by CCT, the total proceeds of which were utilised to finance the acquisition. CCT was the first and the largest Singapore-listed commercial real estate investment trust, with a market capitalisation of S$6.6 billion (US$4.87b) as of November 13, 2017. Partners Prawiro Widjaja (M&A), Eudora Tan (corporate real estate), Lim Pek Bur (tax), Jerry Koh and Teh Hoe Yue (REITs/capital market), Kok Chee Wai (bank loans) and Tay Yong Seng (disputes) led the transaction.

Allen & Gledhill has also advised Keppel-KBS US REIT Management, as manager of Keppel-KBS US REIT, on the US$553.1 million IPO and listing of Keppel-KBS US REIT in Singapore. The offering, valued at US$829.4 million, consisted of 11 office assets in seven key growth markets of the US. Partners Jerry Koh, Teh Hoe Yue and Lim Pek Bur led the transaction.

AZB & Partners is advising UFO Moviez India on its merger with Qube Cinema Technology, Qube Digital Cinema and Moviebuff. The merger ratio, based on relative valuation of the two entities, stands at 63.6 percent for UFO and 36.4 percent for Qube. UFO’s closing market cap was approximately Rs12 billion (US$184.35m), while the acquisition value of Qube Digital is Rs6.86 billion (US$105.4m). Partners Bhavi Sanghvi and Harsh Maggon are leading the transaction, which was signed on November 1, 2017 and is yet to be completed.

AZB & Partners is also advising Equis on the Rs324 billion (US$5b) sale of 100 percent of Equis Energy shares to Global Infrastructure Partners and other co‐investors. The sale includes Equis Energy subsidiaries located in various jurisdictions, including India. Partners Sai Krishna Bharathan and Vivek Bajaj are leading the transaction, which was signed on October 25, 2017 and is yet to be completed.

Clifford Chance has advised Royal Dutch Shell on the sale of 111.8 million shares in Australian oil and gas company Woodside. The approximately A$3.5 billion (US$2.6b) sale represents 100 percent of Shell’s interest and 13.28 percent of the issued capital in Woodside. Rothschild was the financial adviser to Shell, while UBS and Morgan Stanley were appointed as sale banks. Partner Lance Sacks, supported by partner Johannes Juette, led the transaction.

Clifford Chance has also advised a consortium led by Shanghai Ground Food Tech (Ground Food) on its purchase of Western Australia-based diary group Brownes. Shanghai-listed Ground Food is one of the biggest cheese manufacturers in China. Brownes will now form part of its network of four existing dairy manufacturing plants in China (Jilin, Changchun, Tianjin and Shanghai). Sydney partner Lance Sacks led the transaction.

Conyers Dill & Pearman has acted as BVI counsel to FMC on its acquisition of a portion of DuPont’s crop protection business, the divestiture of which was required to comply with the European Commission ruling related to DuPont’s merger with The Dow Chemical Company that completed on August 31, 2017 and formed DowDuPontTM. The firm also acted for FMC on its sale of FMC Health and Nutrition to DuPont. FMC has served the global agricultural, industrial and consumer markets with innovative solutions, applications and products for more than a century. Worldwide, FMC employs 7,000 people and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. BVI partner Anton Goldstein led the transaction.

HSA Advocates is advising Karm Chand Thapar Group (KCT) on the divestment of 100 percent stake of KCT Renewable Energy (KCTRE) to Goldman Sachs-backed ReNew Power Ventures for more than Rs10 billion (US$153.6m). KCTRE owns three fully operational wind power projects with a total capacity of 103 megawatts in the State of Andhra Pradesh. The KCT Group, the Vikram Thapar-led arm of the business house, was founded by Karam Chand Thapar in 1929 as a coal mining company. Today, it has a highly diversified portfolio of businesses, with interests in sectors ranging from coal and real estate to manufacturing and aquaculture. In 2013, the group entered the wind energy sector, a division which is led by Varun Aditya Thapar, son of Vikram Thapar. Managing partner Amitabh Sharma, supported by partners Harvinder Singh and Mazag Andrabi and associate partner Akshay Malhotra, is leading the transaction.

J Sagar Associates has acted as sole Indian counsel to Zeva Capsol (1Crowd) on an equity investment in NuvePro Technologies. 1Crowd is an equity crowd funding platform that connects individual investors with Indian start-up companies and early stage ventures. NuvePro is a Bangalore-based technology company providing solutions to enable multi-cloud management on private and public clouds. Partner Probir Roy Chowdhury led the transaction.

J Sagar Associates has also advised State Bank of India on the update of its US$10 billion medium term note programme. Joint managing partner Dina Wadia and partner Uttara Kolhatkar led the transaction.

Khaitan & Co has advised Mahindra Logistics on its approximately US$126.6 million IPO. Mahindra Logistics is one of the largest third party logistics solution providers in India. It operates through two segments, namely supply chain management and people transport solutions. Partner Abhimanyu Bhattacharya and associate partner Subhayu Sen led the transaction.

Kirkland & Ellis is representing Midea International, a wholly-owned subsidiary of Midea Group, on its proposed US$237 million privatisation, by way of a scheme of arrangement, of Hong Kong-listed Welling Holding. Hong Kong corporate partners Nicholas Norris and Joey Chau led the transaction.

Luthra & Luthra has advised Reliance Nippon Life Asset Management (RNAM), one of its promoters Reliance Capital and a selling shareholder on RNAM’s proposed IPO. The offering was a combination of a fresh issue by RNAM and an offer for sale by Reliance Capital and Nippon Life Insurance aggregating to approximately Rs15.4 billion (US$236.6m). The equity shares of RNAM were listed in India on November 6, 2017. Partners Manan Lahoty, Geeta Dhania and Vishal Yaduvanshi led the transaction, which is the first IPO listing by an asset management company in India.

Luthra & Luthra has also advised Goldman Sachs, together with UBS and JP Morgan as placement agents, on the sell down of Bharti Infratel shares by Nettle Infrastructure Investments, a wholly-owned subsidiary of Bharti Airtel, aggregating to around US$510 million. Partners Manan Lahoty and Manshoor Nazki led the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Razer, a global lifestyle brand for gamers that offers an integrated portfolio of gaming hardware, software and services, on its IPO of shares in Hong Kong. The shares were offered at HK$3.88 (US$0.50) each, and the offering raised approximately HK$4.1 billion (US$525m). Razer’s principal register of members will be maintained by Maples Fund Services (Cayman) in the Cayman Islands. Partner Richard Spooner led the transaction, while Davis Polk & Wardwell acted as Hong Kong and US counsel. Freshfields Bruckhaus Deringer acted as Hong Kong and US counsel to Credit Suisse (Hong Kong) and UBS AG Hong Kong Branch, as the underwriters and joint book-runners.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Bytedance on its acquisition of musical.ly. Cayman Islands company musical.ly is a Chinese video social network app for video creation, messaging and live broadcasting. The transaction, which will be completed by way of a Cayman statutory merger, is valued at approximately US$800 million. Partners Greg Knowles and Derrick Kan led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Simpson Thacher and Bartlett acted as US counsel to musical.ly.

Rajah & Tann Asia has advised Sea on its US$884 million IPO in New York, with an over-allotment option for the underwriters to purchase an additional 8.84 million American depository shares. A leading internet company in Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore, Sea also provides digital entertainment services, such as FIFA and League of Legends, digital financial services Airpay and e-commerce platform Shopee. Partners Evelyn Wee, Terence Quek, Celeste Lee, Steve Tan and Vikna Rajah from Rajah & Tann Singapore; co-managing partner Ahmad Assegaf and partner Zacky Husein from Assegaf Hamzah & Partners (Indonesia); and partner Nha Nguyen from Rajah & Tann LCT Lawyers (Vietnam) led the transaction.

Rajah & Tann Asia has also acted for Carl Hansen & Søn Holding on its US$10 million acquisition of the entire issued and paid up share capital of Tropicdane Holdings. Founded in 1908, Carl Hansen & Søn is one of the oldest manufacturers of furniture in Denmark today. Partners Brian Ng from Rajah & Tann Singapore and Nha Nguyen from Rajah & Tann LCT Lawyers (Vietnam) led the transaction.

Shardul Amarchand Mangaldas has advised Axis Bank on its Rs116.26 billion (US$1.8b) fundraising from multiple global and Indian marque investors, including funds affiliated with Bain Capital, Life Insurance Corporation of India and other investors. The proposed investment would be one of the largest private equity investments in the Indian banking sector. Axis Bank proposes to carry out the fund raising through a combination of equity shares and warrants, by way of a preferential issue, under Chapter VII of the SEBI Regulations 2009. Executive chairman Shardul Shroff, supported by Mumbai M&A and PE regional practice head Raghubir Menon and partners Abhishek Guha and Yogesh Chande, led the transaction, which was signed on November 10, 2017 and is subject to completion of conditions precedent, including approval of Axis Bank shareholders. AZB & Partners, led by partners Anil Kasturi, Nandita Govind and Samir Gandhi, acted as domestic counsel to Bain Capital, while Kirkland & Ellis acted as international counsel.

Simpson Thacher has represented KKR on its additional investment in Avendus Capital. In 2015, the firm also represented KKR on its acquisition of a majority stake in Avendus Capital, a leading provider of financial services in India, with businesses spanning from investment banking services to wealth management, credit solutions and alternative asset management. It has offices in five cities in India, as well as in London and New York. Partners Ian Ho (M&A) and Rajib Chanda (registered funds) led the transaction. Khaitan & Co, led by partner Niren Patel, advised Avendus Capital.

Skadden has represented JP Morgan, Barclays, Daiwa Capital Markets Europe and Goldman Sachs International as underwriters on a US$4.5 billion offering by the Japan Bank for International Cooperation of government-guaranteed bonds in three tranches: US$1.5 billion 2.125 percent guaranteed bonds due 2020, US$1.5 billion 2.375 percent guaranteed bonds due 2022 and US$1.5 billion 2.75 percent guaranteed bonds due 2027. Tokyo partner Kenji Taneda, supported by Palo Alto partner Sean Shimamoto, led the transaction.

Skadden is also advising Yixin Group, a leading online automobile retail transaction platform in China and a subsidiary of Bitauto Holdings, on its HK$6.77 billion (US$866.5m) listing in Hong Kong. Trading in the shares commenced on November 16, 2017. Yixin’s principal register of members will be maintained by Maples Fund Services (Cayman) in the Cayman Islands. Partners Julie Gao, Christopher Betts, Haiping Li and Will Cai are leading the transaction, while Maples and Calder (Hong Kong), led by partner Richard Spooner, acted as Cayman Islands counsel and Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel. Freshfields Bruckhaus Deringer acted as Hong Kong and US counsel to joint sponsors Citigroup Global Markets Asia and Credit Suisse (Hong Kong) and to the underwriters.

S&R Associates has advised Vodafone Group and Vodafone India on the proposed sale of Vodafone India’s standalone tower business to ATC Telecom Infrastructure, a majority-owned subsidiary of American Tower Corporation, for an enterprise value of Rs38.5 billion (US$591.4m). Partners Rajat Sethi (Mumbai) and Radhika Iyer (New Delhi) led the transaction, which is subject to customary closing conditions and receipt of necessary regulatory approvals. AZB & Partners, led by partners Gautam Saha, Amrita Patnaik, Heena Singh and Ravi Prakash, advised American Tower Corporation.

Weil is advising Shanghai Pharmaceuticals on its US$1.2 billion acquisition of Cardinal Health’s pharmaceutical and medical products distribution business in China. Corporate partner Charles Ching is leading the transaction.

Weerawong, Chinnavat & Partners has represented Macquarie Bank on the subscription of up to 50 million newly-issued ordinary shares of Thailand-listed Vintage Engineering, pursuant to the offering of the shares on a private placement basis, in whole or in part, on one or multiple occasions. Senior partner Veeranuch Thammavaranucupt and partner Patcharaporn Pootranon led the transaction.

Weerawong, Chinnavat & Partners has also represented Macquarie Bank on the purchase of up to 30 million ordinary shares of Thailand-listed Fortune Parts Industry, on the basis of big lot transactions, in whole or in part, on one multiple occasions. Senior partner Veeranuch Thammavaranucupt and partner Patcharaporn Pootranon also led the transaction.

WongPartnership has acted as Singapore counsel for Thai Beverage on its acquisition of Myanmar Supply Chain and Marketing Services and Myanmar Distillery for approximately US$742 million. Partners Annabelle Yip, Tan Sue-Lynn and Kevin Ho led the transaction.

WongPartnership is also acting as Singapore counsel for Shiseido on the sale of its wholly-owned subsidiary, Zotos International, to Henkel AG & Co KGaA for approximately US$485 million. Partner Lydia Ong is leading the transaction.

Ali Budiardjo, Nugroho, Reksodiputro is acting as Indonesian counsel for Kartanegara Energi on the new development and expansion of capacity, from 82 MW to 117 MW, of the Senipah steam and gas power plant. Kartanegara Energi has finished its financial close for the expansion and signed a power purchase agreement. The company obtained US$66 million financing for the expansion from a syndicate of banks led by Bank BNI, as the mandated lead arranger. The project is targeted to be finished in 2019. Total investment of the company towards the Senipah and Senipah expansion reached US$211 million. Partner Freddy Karyadi led the transaction.

AZB & Partners is advising Tata Chemicals on its Rs3.7 billion (US$56.6b) sale of its fertilizer business at its plant in Haldia, West Bengal to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings. Partners Darshika Kothari and Anand Shah are leading the transaction, which was signed on November 6, 2017 and is yet to be completed.

AZB & Partners has also advised the Bharti Group on the transfer of 4.62 percent shares held by Indian Continent Investment in Bharti Airtel to Bharti Telecom. Partners Gautam Saha and Dushyant Bagga led the transaction, which was valued at Rs1 billion (US$15.3m) and was completed on November 3, 2017.

Clifford Chance has advised Fujitsu on the formation of a joint venture with Lenovo Group and the Development Bank of Japan (DBJ). The JV will focus on the research, development, design, manufacturing and sales of client computing devices for the global PC market. Fujitsu will sell a 51 percent stake in its wholly-owned subsidiary Fujitsu Client Computing (FCC) to Lenovo and a five percent stake to DBJ. After the transaction, FCC will become a JV company owned by Fujitsu, Lenovo and DBJ, and will continue to be known as Fujitsu Client Computing. Partner Natsuko Sugihara, supported by partner Ling Ho, led the transaction.

Conyers Dill & Pearman has acted as BVI and Cayman Islands counsel to Furniweb Holdings on its HK$63 million (US$8m) IPO of 126 million offer shares in Hong Kong. Furniweb Holdings manufactures and sells elastic textile and webbing products internationally. The company was founded in 1987 and is headquartered in Seri Kembangan, Selangor, Malaysia. Hong Kong partner Paul Lim, working alongside Chiu & Partners (Hong Kong), led the transaction.

Conyers Dill & Pearman has also acted as BVI and Cayman Islands counsel to Jiayuan International Group on its issue of US$160 million eight percent senior secured notes due 2018. Jiayuan is a property developer of large-scale residential complex projects and integrated commercial complex projects in Jiangsu Province, China. Counsel Wynne Lau of the Hong Kong office, working alongside Mayer Brown JSM, led the transaction.

Gibson, Dunn & Crutcher is acting as solicitors to the IPO and adviser on Singapore law to No Signboard Holdings on its proposed listing in Singapore. A popular chain of seafood restaurants in Singapore, No Signboard is seeking to raise up to S$35 million (US$25.m), with a potential market capitalisation of S$130 million (US$95.5m) at the time of its listing. Singapore partner Robson Lee is leading the transaction.

Khaitan & Co has acted as Indian counsel for Genstar Capital on the acquisition of Tekni-Plex US from affiliates of American Securities. Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for more than 25 years. Genstar manages funds with total capital commitments of approximately US$9 billion, and targets investments focused on targeted segments of the industrial technology, healthcare, financial services and software industries. Partner Rabindra Jhunjhunwala, assisted by associate partner Yigal Gabriel, led the transaction.

Khaitan & Co has also advised Motilal Oswal Financial Services (MOFS) and Motilal Oswal Securities (MOS) on the merger of MOS with its 100 percent parent entity, MOFS, and the slump sale of the lending business of MOFS to its wholly-owned subsidiary, pursuant to a business transfer agreement. MOFS is a diversified financial services firm offering a range of financial products and services. Partners Siddharth Shah and Mehul Shah, supported by associate director Vinita Krishnan, led the transaction.

Luthra & Luthra has advised Indiabulls Real Estate on its acquisition of Indiabulls Properties Investment Trust (IPIT), through a voluntary unconditional cash offer announcement of IPIT units made by Brenformexa, an indirect wholly-owned subsidiary of Indiabulls Real Estate. The Farallon Group entities, which hold 42.67 percent of the units in IPIT, entered into definitive agreements to tender all of the existing stake in IPIT as part of the offer. The total consideration payable to the Farallon Group was approximately S$290 million (US$213m). Pursuant to such offer and the acquisition of units held by the Farallon Group, the offeror would become the full 100 percent owner of IPIT, after which IPIT would be delisted in Singapore. Partners Sundeep Dudeja and Vaibhav Kakkar, supported by partner Karan Mitroo led the transaction, while Allen & Gledhill acted as Singapore counsel. Wong Partnership and Trilegal acted as Singapore counsel and Indian counsel, respectively, for the Farallon Group.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Tencent-owned China Literature, the mainland’s leading online publishing and e-book website, on its HK$8.3 billion (US$1b) IPO in Hong Kong. Investors submitted bids to buy 625 times more than what the company had on offer. The IPO has locked in investor capital of more than HK$520 billion (US$66.6b), the second largest in Hong Kong IPO history. Trade in the shares commenced on November 8, 2017. Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse, JP Morgan and CICC acted as joint global coordinators. Partners Mark Western and Lorraine Pao led the transaction, while Skadden, Arps, Slate, Meagher & Flom, led by partners Julie Gao, Christopher Betts and Haiping Li, acted as Hong Kong and US counsel. Clifford Chance, led by partners Amy Lo, Tim Wang and Fang Liu, acted as Hong Kong and US counsel to the underwriters.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Four Seasons Education (Cayman), a Cayman Islands company, on its IPO of 10.1 million American depositary shares, representing its ordinary shares, and the listing of such ADSs in New York. The offering, which closed on November 10, 2017, raised approximately US$101 million. The company is one of the largest after-school math education service providers for elementary school students in Shanghai, in terms of gross billings and number of students. Morgan Stanley & Co International, Citigroup Global Markets and China Renaissance Securities (Hong Kong) acted as representatives of the underwriters. Partner Richard Spooner led the transaction, while Kirkland & Ellis acted as US counsel. Skadden, Arps, Slate, Meagher & Flom represented the underwriters.

Shardul Amarchand Mangaldas has advised Agrium and Potash Corporation of Saskatchewan (PotashCorp) on obtaining approval from the Competition Commission of India (CCI) on the US$36 billion merger of Agrium and PotashCorp. PotashCorp is the world’s largest fertilizer company by capacity, while Agrium is a major global producer and distributor of agricultural products, services and solutions. The global merger would create a new company, Nutrien, which would be the largest global provider of crop inputs and services. As a part of the approval process, an appeal was filed before the National Company Law Appellate Tribunal, which was the first ever appeal to a modification proposal of the CCI. Managing partner and dispute resolution national practice head Pallavi Shroff, supported by partners Harman Singh Sandhu, Anuj Berry and Binsy Susan, led the transaction, which is in the process of getting all regulatory approvals.

Simpson Thacher has represented the underwriters, led by Citigroup, Merrill Lynch and HSBC, on the offering of US$500 million currency-linked zero coupon convertible bonds by Hon Hai Precision Industry, also known as FoxConn. Headquartered in Taiwan, Hon Hai is the world’s largest contract electronics manufacturer. Its common shares are traded in Taiwan. The bonds are listed in Singapore. Hong Kong corporate partner Chris Lin led the transaction.

Skadden is representing Bytedance, China’s leading AI-powered content platform, on its agreement to acquire Musical.ly, one of the world’s most popular mobile lip-sync platforms, and on its acquisition from Cheetah Mobile of News Republic, a global mobile news aggregating service operator. Partners Julie Gao and Will Cai are leading the transactions, which were announced on November 10, 2017.

Skadden has also advised PPDAI Group, a Chinese peer-to-peer lending platform, on its US$221 million IPO of American Depositary Shares and listing in New York, and a concurrent private placement of US$50 million. Trading of the ADS in New York commenced on November 10, 2017. Partners Julie Gao and Haiping Li led the transaction.

S&R Associates has advised Qatar Foundation Endowment, through its Asia-Pacific regional holding company Three Pillars, on the Rs96 billion (US$1.47b) bulk deal sale of five percent of the paid-up equity share capital of Bharti Airtel. Mumbai partners Rajat Sethi and Rachael Israel led the transaction.

S&R Associates has also advised DSP Merrill Lynch, ICICI Securities, IIFL Holdings, CLSA, Edelweiss and JM Financial as the book-running lead managers on the Rs57 billion (US$871.6m) IPO of ICICI Lombard General Insurance, a private sector non-life insurer. This was the first IPO by a non-life insurance company in India. Mumbai partners Sandip Bhagat and Jabarati Chandra led the transaction.

WongPartnership is acting as Singapore counsel for The Kraft Heinz Company on its acquisition of the Cerebos food and instant coffee business of Suntory Beverage & Food, through the purchase of the shares in Cerebos (Australia), Cerebos Gregg’s and Asian Home Gourmet from Cerebos Pacific, at a total consideration of A$290 million (US$221.4m). Partners Andrew Ang, Jeffrey Lim and Tan Sue-Lynn are leading the transaction.

WongPartnership is also acting for the Farallon Group on the voluntary unconditional cash offer by Brenformexa for all of the issued units in Indiabulls Properties Investment Trust, other than those already owned, controlled or agreed to be acquired by Brenformexa. Partners Andrew Ang, Christy Lim, Felix Lee and Kyle Lee are leading the transaction.

ZICO Law network’s Malaysia and Singapore practices, Zain Ibrahim & Co and ZICO Insights Law are jointly advising AirAsia on its ground handling partnership with SATS in ASEAN. Under the terms of the partnership, SATS will acquire a 50 percent interest in AirAsia’s subsidiary, Ground Team Red Holdings (GTRH), in exchange for SATS’ 80 percent stake in SATS Ground Services Singapore (SGSS), SATS’ ground handling entity serving airlines at Changi Airport’s new Terminal 4 and cash consideration of S$119.3 million (US$87.6m). GTRH will be renamed SATS Ground Team Red Holdings, and will be the 50.50 joint investment vehicle of AirAsia and SATS that will hold stakes in both its Malaysia and Singapore ground-handling subsidiaries, Ground Team Red and SGSS, respectively. Both companies will also be responsible for growing the ground handling business in their respective markets and will explore expansion into Indonesia, the Philippines and Thailand in the near future. ZICO Law regional managing partner Hanim Hamzah, Zaid Ibrahim & Co partner Tan Wooi Hong and ZICO Insights Law director Gregory Chan are leading the ZICO Law team.

Allen & Gledhill has advised the Housing and Development Board on its issue of S$640 million (US$469m) fixed rate notes due 2029 under its S$32 billion (US$23.5b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised TPG Capital, Alliance Asia Holdings, Myanmar Winery & Distillery and Total Supply Chain on the US$742 million sale of 75 percent interest in the shares of Myanmar Supply Chain & Services and Myanmar Distillery and its related supply chain business. The group is Myanmar’s leading manufacturer, marketer and distributor of distilled beverages, including Grand Royal, the country’s leading whisky. The shares were sold to International Beverage Holdings (Singapore), a wholly-owned subsidiary of Thai Beverage. Partners Oh Hsiu Hau, Minn Naing Oo, Lim Chong Ying and Alexander Yap led the transaction, which is one of the largest M&A transactions in Myanmar to date. Weerawong, Chinnavat & Partners represented Thai Bev. Senior partner Weerawong Chittmittrapap and partner Sunyaluck Chaikajornwat led the transaction.

AZB & Partners has advised John Distilleries and its promoter Paul John on the acquisition by Sazerac Investment Holdings of over 20 percent equity stake of John Distilleries held by Gaja Trustee and GPE (India). Partner Anind Thomas led the transaction, which first closed on October 19, 2017.

AZB & Partners has also advised Kotak Investment Advisors, as investment manager of Kotak India Real Estate Fund VIII, on the issue of Rs2.4 billion (US$37m) secured, non-convertible, redeemable debentures by Allied Investments and Housing entity OMR Mall Developers, and the issue of Rs800 million (US$12.3m) listed, secured, non-convertible, redeemable debentures by National India Bullion Refinery entity C&J Corporate Park, to Kotak Investment Advisors. Partner Ashwath Rau led both transactions, which were completed on September 27, 2017.

Gibson, Dunn & Crutcher has represented Hutchison China MediTech (Chi-Med), a China-based health care group and one of the largest biotech companies in Asia, on its approximately US$301.3 million SEC-registered follow-on offering of American depositary shares. BofA Merrill Lynch and Deutsche Bank Securities acted as joint global coordinators and joint book-runners for the offering. Stifel, Canaccord Genuity, Panmure Gordon (UK) and CITIC CLSA acted as co-managers for the offering. Hong Kong partner Paul Boltz led the transaction.

Gibson, Dunn & Crutcher has also represented Singapore-listed Artivision Technologies on the proposed acquisition of the entire issued and paid-up share capital of Mobile Credit Payment (MC Payment) for a base consideration of S$80 million (US$58.6m). MC Payment is an integrated high-technology electronic payment total solutions provider and one of Singapore’s first home-grown Fintech companies that started 12 years ago. The proposed acquisition will result in a reverse take-over of Artivision, subject inter alia to regulatory approvals of the Singapore Securities Industry Council and the Singapore Exchange, and the approval of Artivision in general meeting. Singapore partner Robson Lee led the transaction.

Khaitan & Co has advised First Rand Bank on the sale of its microcredit business to Centrum Microcredit. FirstRand group is one of largest financial services providers in Africa and operates in 17 countries and three continents. FirstRand Bank India engages in corporate banking, investment banking, fixed income, currency and commodity products and structured products. Partner Niren Patel, supported by partner Kumar Saurabh Singh and associate partner Moin Ladha, led the transaction.

Khaitan & Co has also advised Torrent Pharmaceuticals on its Rs36 billion (US$554m) acquisition, through a business transfer arrangement, of the domestic formulations business of Unichem Laboratories. Torrent Pharma, the flagship company of Torrent Group, is ranked among the top pharma companies of India. It is a dominant player in the therapeutic areas of cardiovascular and central nervous system and has achieved significant presence in gastro-intestinal, diabetology, anti-infective and pain management segments. Partner Bhavik Narsana led the transaction.

Luthra & Luthra has advised Edelweiss Financial Services, as the book-running lead manager, on the filing of the draft red herring prospectus for the proposed IPO of Seven Islands Shipping (SIS) with the Securities and Exchange Board of India. Operating primarily along the Indian coast, Arabian Gulf and Southeast Asia, SIS is one of the largest liquid seaborne logistics companies in India, by deadweight tonnage. The offering consists of SIS equity shares, including a fresh issuance of up to Rs2 billion (US$30.7m) equity shares, and an offer for sale of up to Rs2.5 billion (US$38.4m) equity shares by SIS promoters and Wayzata III Indian Ocean, a fund managed by US-based private equity firm Wayzata Investment Partners. Partners Manan Lahoty and Manshoor Nazki led the transaction.

Luthra & Luthra is also advising Kotak, CLSA and JP Morgan, as the global coordinators and book-running lead managers, and YES Securities, as the book-running lead manager, on the proposed IPO of equity shares of Lemon Tree Hotels. The draft red herring prospectus has been filed with the Securities and Exchange Board of India. Lemon Tree is India’s largest mid-priced hotel chain, and the third largest hotel chain overall, as of June 2017. Partner Vishal Yaduvanshi led the transaction.

Majmudar & Partners has represented New York-listed Halyard Health, a leading global provider of medical supplies and solutions, on the sale of its Indian subsidiary’s surgical and infection prevention business to the Indian subsidiary of New York-listed Owens & Minor, a leading healthcare logistics company. The transaction is part of Halyard Health’s global sale of its surgical and infection prevention business, valued at US$710 million, to Owens & Minor. Managing partner Akil Hirani led the transaction, while Alston & Bird acted as US counsel.

Majmudar & Partners has acted as Indian counsel to Pelliconi, one of the world’s leading manufacturers of crown corks, metal and plastic caps for the bottling industry, on its proposed acquisition of 51 percent in Oriental Containers subsidiary Oricon Packaging. Oriental Containers is owned by Oricon Enterprises, the listed flagship company of Parijat Enterprises, engaged in real estate, marine logistics, packaging, petrochemicals and automobile dealership. The proposed acquisition gives Oriental Containers an enterprise value of Rs4.2 billion (US$64.6m), and is subject to necessary approvals and fulfilment of conditions precedent. Incorporated in 1939 in Italy, Pelliconi has production plants in Italy, Egypt, the USA and China. Oriental Containers is a leading closure manufacturing company in India, and has plants at Murbad and Goa. Managing partner Akil Hirani and associate partner Amrit Mehta led the transaction, while Pedersoli Studio Legale acted as Italian counsel. Phoenix Legal represented Oriental Containers and Oricon Enterprises.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Crystal International Group, a global leader in the apparel manufacturing industry with a diversified product portfolio, on its listing of 509.3 million shares in Hong Kong. The shares were offered at HK$7.50 (US$0.96) each, raising approximately HK$3.8 billion (US$487m). Morgan Stanley Asia and HSBC Corporate Finance (Hong Kong) acted as joint sponsors. The issuer’s principal register of members will be maintained by Maples Fund Services (Cayman) in the Cayman Islands. Partner Richard Spooner led the transaction, while Simpson Thacher & Bartlett acted as Hong Kong and US counsel and Jingtian & Gongcheng acted as China counsel.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Cayman Islands company Hexindai on its IPO of American depositary shares representing its ordinary shares, and the listing of such ADSs on the Nasdaq. The offering, which closed on November 3, 2017, raised approximately US$50 million. Hexindai operates a consumer lending marketplace in China, both through its online platform and the nationwide physical network of its offline cooperation partner Hexin Group. Partner Richard Spooner led the transaction, while Shearman & Sterling acted as US counsel. Mei & Mark advised the underwriters.

Rajah & Tann Singapore has acted for M17 Entertainment on its Series A US$40 million equity fundraising. The round was led by Japan’s Infinity Venture Partners, and participated by Vertex Asia Fund, Yahoo Japan, Majuven, Golden Summit Capital and Korean venture firm KTB Ventures. This new funding will be used to increase M17’s roster of streaming talent and expand into new genres. Partner Brian Ng led the transaction.

Rajah & Tann Singapore has also acted for STMicroelectronics on the acquisition and leaseback of the wafer fabrication facility along Ang Mo Kio Avenue 12 from US-based global semiconductor company Micron Semiconductor Asia for US$30 million. STMicroelectronics had also purchased tools located in the property from Micron, in connection with the acquisition and leaseback transaction. Partners Norman Ho and Tan Shijie led the transaction.

Shearman & Sterling has advised Hexindai on its approximately US$50 million IPO of American Depositary Shares on the Nasdaq. The transaction marks the first consumer lending marketplace in China to list on the Nasdaq and the fourth Chinese company of such type to list on the US to date. Hexindai’s ADS, priced at US$10 each in the IPO, rose 26.6 percent to US$12.66 on its debut on November 3, 2017. Network 1 Financial Securities acted as the underwriter. Founded in March 2014, Hexindai is a fast-growing consumer lending marketplace based in Beijing with a focus on facilitating loans to meet the increasing consumption demand of the emerging middle class in China. Hexindai provides borrowers with convenient and ready access to credit through its online marketplace. Hong Kong partners Matthew Bersani and Stephanie Tang led the transaction.

Simpson Thacher has represented the underwriters, led by Citigroup, Merrill Lynch and HSBC, on the offering of US$500 million principal amount of currency-linked zero coupon convertible bonds by Hon Hai Precision Industry, also known as FoxConn. Taiwan-headquartered Hon Hai is the world’s largest contract electronics manufacturer. Its common shares are traded in Taiwan and listed in Singapore. Hong Kong partner Chris Lin led the transaction.

Vaish Associates Advocates has advised DigiCert on the completion of its acquisition of Symantec’s website security and related PKI solutions business globally. Symantec, the world’s leading cyber security company, and DigiCert, a leading provider of scalable identity and encryption solutions, signed the transaction documents on August 3, 2017, while the deal was completed on October 31, 2017. Symantec received approximately US$950 million in upfront cash proceeds and will retain approximately a 30 percent stake in DigiCert’s common stock equity. The transaction also involved restructuring and re-organisation in India. The Indian entities involved were Symantec Software India (SSI), Symantec Software Solutions (SSS) and Elastica Data Sciences India (E-India). DigiCert entered into a share purchase agreement with Elastica, a Symantec group entity situated in the USA and the beneficial owner, and acquired 100 percent of the equity capital of E-India. Post-acquisition, E-India executed a business transfer agreement with SSS and asset transfer agreement with SSI to acquire the website security and related PKI solutions business / assets and liabilities. Partner Bomi Daruwala led the transaction. J Sagar Associates represented Symantec Software Solutions and Symantec Software India.

WongPartnership has acted for Pacific International Lines, PSA International, YCH Holdings and Kerry Logistics on the formation of a Singapore consortium vehicle Connectivity Solutions for a joint project between Singapore and China known as “Sino-Singapore Chongqing Connectivity Solutions”. Partner Ong Sin Wei led the transaction.

WongPartnership has also acted for Pacific International Lines and PSA International on the formation of a Singapore consortium vehicle DC Multimodal Logistics for a joint project between Singapore and China known as Chongqing Connectivity Initiative. Partner Ong Sin Wei also led the transaction.

Allen & Gledhill has advised CapitaLand and CapitaLand Treasury on the issue of S$500 million (US$367m) 3.08 percent notes due 2027 under the S$5 billion (US$3.67b) euro medium term note programme. The notes are unconditionally and irrevocably guaranteed by CapitaLand. Partners Tan Tze Gay, Jeanne Ong, Wu Zhaoqi and Sunit Chhabra led the transaction.

AZB & Partners has advised Michael & Susan Dell Foundation on its acquisition, with other companies, of shares in Visage Holdings and Finance, increasing its shares in Visage to more than ten percent. Senior partner Hardeep Sachdeva and partner Priyamvada Shenoy led the transaction, which was completed on October 12, 2017.

AZB & Partners has also advised Gokul Refoils and Solvent on the acquisition, on a going concern basis, of its edible oil refinery business division to Adani Wilmar. Partners Rajendra Barot and Arvind Ramesh led the transaction, which was valued at Rs2.9 billion (US$44.7m) and was completed on October 13, 2017.

Clifford Chance has advised Goodbaby China Holdings on its US$360 million disposal of baby-care products retailer Oasis Dragon to Goodbaby International Holdings. Oasis Dragon operates an online sales channel with more than 400,000 daily users, providing customers with maternity and baby-care products, apparel and durable juvenile products. Goodbaby International is primarily involved in designing and manufacturing baby strollers and children’s safety seats for cars, as well as other durable juvenile products. Partner Andrew Whan led the transaction, while Mourant Ozannes, led by partner Paul Christopher, acted as Cayman Islands counsel.

Colin Ng & Partners is advising Singapore-listed banking software solutions provider Silverlake Axis on its proposed acquisition of three Malaysian-incorporated Silverlake private entities, as part of its continuing efforts to position itself as a fintech innovation accelerator and to enhance its current standing as the region’s leading and most successful core-banking solution provider. The three companies — Silverlake Digital Economy, Silverlake Digitale and Silverlake One Paradigm — are each 70 percent owned by the group’s executive chairman and controlling shareholder, Goh Peng Ooi. The deal comprises a fixed base consideration totaling M$154.9 million (US$36.6m), to be satisfied via the issue of new shares at a premium to the current market price, together with a variable performance-based earn-out consideration, wherein the aggregate consideration shall be capped at 25 percent of Silverlake Axis’ market capitalisation, based on the agreed issue price. Partner Stephen Soh is leading the transaction.

Conyers Dill & Pearman has provided Cayman Islands advice to Ocean One Holding on its HK$85.4 million (US$11m) IPO of 70 million shares in Hong Kong. Ocean One engages in the import and wholesale business of frozen seafood. The company specialises in offering a diverse and wide range of frozen seafood products, sourced from suppliers located overseas, to frozen seafood reseller and frozen seafood catering service providers in Hong Kong and Macau. Hong Kong partner Bernadette Chen, working alongside MinterEllison (Hong Kong), led the transaction.

Conyers Dill & Pearman has also acted as special counsel in the Cayman Islands to Qudian and certain Cayman Islands selling shareholders on its US$900 million IPO of 37.5 million American depositary shares in New York. Qudian’s offering represents the biggest-ever US listing by a Chinese financial technology firm. It is also the most high-profile company to take part in a resurgence of US listings by Asian firms this year. Together with its subsidiaries, Qudian operates online consumer finance platforms in China. Founded in 2014 and headquartered in Beijing, China, it offers small cash and merchandise credit products. Hong Kong partner Anna Chong, working alongside Simpson Thacher & Bartlett (US) and Fangda Partners (China), led the transaction.

J Sagar Associates has advised Sion Investment Holdings on the proposed IPO by its wholly-owned subsidiary, CMS Info Systems. CMS has filed a draft red herring prospectus in India for the sale of up to 44.4 million CMS equity shares. Kotak Mahindra Capital, Axis Capital and UBS Securities are the book-running lead managers to the transaction. CMS is a cash management company providing services, including ATM services, cash delivery and pick-up services. Sion is an affiliate of Baring Private Equity Asia, a private equity firm that has over US$10 billion in total committed capital and investments in over 40 portfolio companies across Asia as of March 31, 2017. Partners Vikram Raghani and Arka Mookerjee led the transaction. Luthra & Luthra, led by partners Manan Lahoty, Ravi Dubey, Sundeep Dudeja and Vaibhav Kakkar, advised the book-running lead managers, while Ashurst acted as international counsel. Khaitan & Co acted as Indian counsel to CMS.

J Sagar Associates has also advised PepsiCo India Holdings on the sale of its franchise rights for the State of Odisha and parts of Madhya Pradesh to Varun Beverages, PepsiCo’s largest bottler in India and the flagship company of the R K Jaipuria Group. Varun is now a franchisee for PepsiCo’s products across 18 states and two union territories in the country. As part of the overall transaction, PepsiCo also divested its entire equity and preference shareholding in SMV Beverages, a company of S K Jaipuria Group, another bottler of PepsiCo. SMV Beverages and SMV Agencies also transferred their bottling business in the said territories to Varun. Partners Upendra Nath Sharma, Nitesh Bhasin and Kartik Jain led the transaction.

Khaitan & Co has advised Hindustan Media Ventures (HMV) on the scheme of arrangement on the proposed demerger of the business-to-consumers segment (higher education courses to retail consumers) of India Education Services (IES) into HMV, and the reduction of share capital of IES. HMV is one of the leading print media companies in India, in terms of readership. Doing business as BRIDGE School of Management, IES owns and operates business schools in Delhi, Noida and Gurgaon. Partners Mehul Shah, Aniket Agarwal and Sanjay Sanghvi led the transaction.

Khaitan & Co has also advised Temasek International on its approximately US$79.1 million Series E round of investment in Etechaces Marketing and Consulting. Temasek is an investment company owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of S$223 billion (US$164m), mainly in Singapore and Asia. Partner Aakash Choubey led the transaction.

K&L Gates has advised Port of Brisbane on its market-led proposal to develop the Brisbane International Cruise Terminal at Luggage Point. The development is valued at approximately A$157 million (US$120.3m). The proposed facility will allow for cruise vessels of all sizes and also enable the next generation of mega ships, which can be over 300m long, to utilise Brisbane as a base port, transforming the city into a major cruise destination. Brisbane corporate and transactional partner Jeremy Prentice, supported by Brisbane real estate partner Warren Denny, led the transaction.

Luthra & Luthra has advised Matrimony on its approximately Rs5 billion (US$77m) IPO of equity shares, which were listed in India on September 21, 2017. The IPO was made through a primary issuance of shares and an offer for sale by certain existing shareholders, including investors such as Bessemer, Mayfield and CMDB II. Axis Capital and ICICI Securities were the book-running lead managers to the IPO. Matrimony is India’s leading online matchmaking platform, providing matrimonial and related services through over 300 websites, mobile websites and apps. Partners Manan Lahoty and Vishal Yaduvanshi led the transaction, which is the first listing by an online matchmaking and marriage services company in recent years. Khaitan & Co acted as Indian counsel to certain selling shareholders. Shearman & Sterling and S&R Associates acted as international counsel and Indian counsel, respectively, to the book-running lead managers.

Luthra & Luthra has also advised CSS, as one of the placement agents, on the approximately US$46.36 million QIP of Granules equity shares. Motilal Oswal Investment Advisers was the other placement agent to the transaction. India-listed Granules is a pharmaceutical company headquartered in Hyderabad, with its products being sold in more than 60 countries. Partners Manan Lahoty and Geeta Dhania led the transaction, while Khaitan & Co acted as Indian counsel. Squire Patton Boggs Singapore acted as international counsel to the placement agents.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Sea, a leading digital entertainment, e-commerce and digital financial services provider in Greater Southeast Asia, on its IPO of 58.96 million American depositary shares, representing its Class A ordinary shares, and the listing of such ADSs in New York. The offering closed on October 24, 2017, raising US$884 million. Goldman Sachs (Asia), Morgan Stanley and Credit Suisse Securities (USA) acted as joint book-runners of the offering and as representatives of the underwriters. Partners Greg Knowles and Richard Spooner led the transaction, while Kirkland & Ellis International acted as US counsel. Davis Polk & Wardwell acted for the underwriters.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to RISE Education Cayman, a Cayman Islands company, on its IPO of American depositary shares representing its ordinary shares, and the listing of such ADSs on the Nasdaq. The offering could raise up to US$159 million. RISE is a leader in China’s junior English language training market, which refers to after-school English teaching and tutoring services provided by training institutions to students aged three to 18. Morgan Stanley, Credit Suisse Securities (USA) and UBS Securities acted as representatives of the underwriters. Partner Richard Spooner led the transaction, while Kirkland & Ellis acted as US counsel. Davis Polk & Wardwell represented the underwriters.

Rajah & Tann Singapore has acted for Maxim’s Caterers on the acquisition of all the issued ordinary shares in the capital of Starbucks Coffee Singapore. Following the acquisition, Maxim’s has exclusive rights to operate and develop Starbucks stores in Singapore. Partner Brian Ng led the transaction.

Rajah & Tann Singapore is also advising HG Metal Manufacturing on its capital reduction to write off S$68.18 million (US$50m) accumulated losses and distribution of S$13.38 million (US$9.8m) surplus cash. Partners Danny Lim and Chia Lee Fong are leading the transaction, which is conditional on shareholders’ approval.

Shardul Amarchand Mangaldas & Co has acted as Indian counsel to Axis Capital, Kotak Mahindra Capital and IIFL Holdings as the book-running lead managers on the Rs10 billion (US$154m) IPO of Indian Energy Exchange (IEX), India’s first and largest energy exchange, which commands a 94.8 percent share in the power exchange market as of FY 2017. As a part of the transaction, approximately six million IEX equity shares were sold by way of an offer for sale by the selling shareholders. The allotment of equity shares was undertaken on October 17, 2017, and the shares were listed in India on October 23, 2017. Capital markets national practice head partner Prashant Gupta, supported by partner Monal Mukherjee, led the transaction, while Sidley Austin acted as international counsel. Cyril Amarchand Mangaldas acted as Indian counsel to IEX.

Shearman & Sterling is advising Shiseido, a leading global cosmetics company, on the approximately US$485 million sale of its wholly-owned subsidiary Zotos International and certain related assets to German-headquartered Henkel. Founded in 1872 as the first Western-style pharmacy in Japan, Shiseido’s business has evolved into a worldwide premier cosmetics company, which offers products for professional beauty salons and hairdressers, as well as body care, suncare and a skincare line for men, that are now sold in over 120 countries and regions. Acquired by Shiseido in 1988, Zotos is a fully integrated, global haircare company that manufactures and markets a full range of hair care, texture service and hair color products. Henkel is a wholly-owned subsidiary of Germany-listed Henkel KGaA, which operates globally in the adhesive technologies, beauty care and laundry and home care business. Partner Kenneth Lebrun (Tokyo-M&A), supported by partners Laurence Crouch (Menlo Park-tax), John Cannon (New York-compensation, governance & ERISA), Jordan Altman (New York-IP) and Jessica Delbaum (New York-antitrust), led the transaction, which is subject to customary conditions, including the receipt of necessary regulatory approvals.

Shook Lin & Bok is acting as joint-legal adviser for Enviro-Hub Holdings on the proposed disposal for approximately S$350 million (US$257m) of PoMo, a retail and office development in Singapore, to Hong Kong-based private equity real estate group, Gaw Capital Partners. Partner Tan Wei Shyan led the transaction.

Skadden is representing Singapore-based Equis Funds Group on the signing of a sale and purchase agreement for the sale of Equis Energy to Global Infrastructure Partners and co-investors for US$5 billion, including assumed liabilities of US$1.3 billion. Equis Funds Group is the largest renewable energy independent power producer in Asia Pacific, operating across Australia, India, Indonesia, Japan, the Philippines and Thailand, with over 180 assets comprising over 11,000 MW in operation, construction and development. Partners Jonathan Stone and Rajeev Duggal led the transaction, which was announced on October 25, 2017 and is the largest renewable energy generation acquisition in history.

Weerawong, Chinnavat & Partners has represented BTS Group Holdings on the financing for Northern Bangkok Monorail and Eastern Bangkok Monorail, of the new mass transit Pink Line and Yellow Line monorail systems, respectively. The two monorail companies are jointly invested in by BTS Group Holdings, Sino-Thai Engineering & Construction and Ratchaburi Electricity Generating Holding. The financing for each project is β31.68 billion (US$952.6m), with facilities of β63.36 billion (US$1.9b) in total. The financiers are Bangkok Bank, Krung Thai Bank and The Siam Commercial Bank. Partner Passawan Navanithikul led the transaction, which closed on October 12, 2017.

Allen & Gledhill has advised Arran Investment on its investment into a consortium to effect a tender offer(s) for outstanding common shares in the capital of Energy Development worth approximately US$1.28 billion. The consortium comprises Arran and funds managed by Macquarie Infrastructure (Asia) Singapore Branch. Arran is an affiliate of GIC, Singapore’s sovereign wealth fund. This is the largest ever voluntary tender offer in the power sector in Asia. Partners Chiam Tao Koon, Christopher Ong, Richard Young and Jonathan Choo led the transaction.

Allen & Gledhill has also advised Oversea-Chinese Banking Corporation on its issue of €500 million (US$587m) 0.25 percent covered bonds due 2022 under its US$10 billion global covered bond programme. The bonds are unconditionally and irrevocably guaranteed as to payments of interest and principal by Red Sail, as covered bond guarantor. OCBC, Barclays Bank Singapore Branch, BNP Paribas, Credit Agricole Corporate and Investment Bank Singapore Branch, DZ Bank Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and JP Morgan Securities were appointed managers of the programme. Partners Magdalene Leong, Andrew Chan, Hoo Sheau Farn, Evan Lam and Sunit Chhabra led the transaction.

AZB & Partners has advised Old Mutual on the sale of its entire 26 percent equity stake in Kotak Old Mutual Life Insurance, a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual, to Kotak Mahindra Bank. Partners Rajendra Barot, Arvind Ramesh and Aditya Singh Chandel led the transaction, which was valued at Rs13 billion (US$200m) and was completed on October 13, 2017.

AZB & Partners is also advising Bharat Financial Inclusion on its amalgamation into IndusInd Bank and its consequent acquisition by IndusInd Bank. Partners Gautam Saha and Heena Singh are leading the transaction, which was valued at Rs155 billion (US$2.4b) and is yet to be completed.

Fangda has represented New York-listed Qudian, a leading provider of online small consumer credit products in China, on its IPO of approximately 43.12 million American depositary shares at US$24 per ADS, for a total offering size of over US$1 billion, considering the underwriters have exercised their over-allotment option in full amount. The underwriters of the offering are Morgan Stanley & Co International, Credit Suisse Securities (USA), Citigroup Global Markets, China International Capital Corporation Hong Kong Securities and UBS Securities. The transaction is the biggest Chinese IPO in New York so far this year, surpassing the IPO of Best in New York on September 20, 2017, raising US$450 million at 45 million ADSs.

Shook Lin & Bok has acted for Tsingshan Holding Group in the joint venture investment involving a subscription of 57 percent equity stake in Strand Minerals (Indonesia), a wholly-owned subsidiary of Eramet, to develop the Weda Bay Nickel deposit in Indonesia. Eramet contributes to the partnership with the nickel deposit in Halmahera Island, where geological exploration studies have been performed over several years. Tsingshan will expand its industrial set up in Indonesia, refining nickel ore through pyrometallurgical processes. Partners Wong Gang, Johnny Lim and Guo Xiaofei led the transaction.

Sullivan & Cromwell has represented The Priceline Group (US) on its agreement to invest US$450 million in Meituan-Dianping (China) through the purchase of preferred shares. In addition, agoda.com, one of Priceline’s primary brands, has agreed to enter into a new commercial relationship with Meituan-Dianping. The transactions were announced on October 18, 2017, in connection with Meituan-Dianping’s announcement that it had closed a US$4 billion funding round. Corporate partners Brian Hamilton (New York) and Garth Bray (Hong Kong) led the transaction.

Weerawong, Chinnavat & Partners has represented TOA Paint, the largest retail decorative paint and coating manufacturer in Thailand, and the selling shareholder, Wybrant Holding, on TOA Paint’s Bt12.18 billion (US$367m) IPO. The offering comprised of a domestic offering under Thai SEC regulations and international offering under Regulation S of the US Securities Act. Bualuang Securities and Kasikorn Securities are the financial advisers and joint lead underwriters, while UBS Singapore Branch is the international purchaser. The shares commenced trading in Thailand on October 10, 2017. Senior partner Veeranuch Thammavaranucupt led the transaction.

Weerawong, Chinnavat & Partners has also represented Origin Property on the β4 billion (US$120.5m) acquisition of all shares in Proud Residence, the developer of The Park 24, a luxury condominium project in the central business district of Bangkok. At the same time, Origin offered newly-issued shares valued at Bt1 billion (US$30m) under private placement to the existing shareholders of Proud Residence. With this deal, Origin will be able to improve its business capabilities and competitiveness through expansion into the high-end condominium industry. Partner Sunyaluck Chaikajornwat led the transaction, which closed on October 2, 2017.

WongPartnership is acting for Orchem on the proposed voluntary delisting of and cash exit offer for Singapore-listed Rotary Engineering. Partners Andrew Ang, Christy Lim and Kyle Lee are leading the transaction.

WongPartnership is also acting for DBS Bank as sole issue manager, book-runner and underwriter on an offering by APAC Realty and Asia Pacific Realty of APAC Realty shares. Partners Gail Ong and Long Chee Shan are leading the transaction.

AZB & Partners is advising Future Retail on its Rs6.5 billion (US$100m) acquisition of Hypercity Retail (India). Senior partner Ashwath Rau is leading the transaction, which was signed on October 8, 2017 and is yet to be completed.

AZB & Partners has also acted as Indian law counsel to MTS Health Investors and Altaris Capital Partners on their acquisition of AGS Health (US), the wholly-owned subsidiary of AGS Health India in the US, from AGS Health India, and on the acquisition of a majority stake in AGS Health India. Partners Ashwath Rau, Anu Tiwari and Anand Shah led the transaction, which was completed on August 18, 2017.

Corrs Chambers Westgarth has acted for St George Community Housing (SGCH) on its bid to manage around 1,400 properties as part of the NSW Department of Family and Community Services Social Housing Management Transfer (SHMT) program. SGCH has been awarded the management of ‘Service Package 9’, which encompasses around 1,400 social housing properties in the North Sydney, Hunters Hill, Lane Cove and Willoughby local government areas. The service agreement will see SGCH responsible for all tenancy and property management services required for the properties included as part of the package. The SHMT program will see approximately 18,000 more properties added to those managed locally by community housing providers out of the approximately 144,000 social housing properties across NSW. Prior to the latest phase of the SHMT program, 19 percent of the 144,000 properties were managed by community housing providers. Partner Andrew Chew, supported by partners Stephen Price and Rommel Harding-Farrenberg, led the transaction.

DLA Piper has advised SMG Group on an agreement to manage the Shenzhen World Exhibition & Convention Centre, one of the world’s largest convention and exhibition centres. SMG is a worldwide entertainment, convention and venue management company based in Pennsylvania, USA. SMG has extensive experience managing public facilities around the world, such as convention and exhibition centres, stadiums, performing arts theaters, recreational and equestrian centres. In its first footprint in China since consulting during the Beijing Olympics, SMG has secured the management contract for the Shenzhen World Exhibition & Convention Centre, the first phase of which is slated to open in 2019. Corporate partner Gloria Liu led the transaction.

DLA Piper has also advised China Eastern Airlines (CEA), one of the largest Chinese airlines operating domestic, regional and international routes, on its investment in Euronext Paris-listed Air France-KLM (AFK). Through this deal, CEA and SkyTeam alliance member Delta Air Lines each acquired a 10 percent stake in AFK’s share capital within the framework of reserved capital increases. The new partnership will help AFK secure more access to the booming Chinese air travel market, especially to Shanghai, where CEA is headquartered and which is China’s biggest business market. It will also help strengthen AFK’s control over trans-Atlantic flights. Corporate partners Qiang Li (Shanghai), Stewart Wang (Shanghai) and Jeremy Scemama (Paris), supported by partners Paul Lee (finance and projects-Hong Kong), Nathan Bush (antitrust and competition-Singapore), Casper Hamersma (corporate-Amsterdam), and Alexandra Kamerling (Brussels), led the transaction, which closed on October 3, 2017.

J Sagar Associates has advised Amicus Capital Partners Fund on its investment in D2C Consulting Services, a New Delhi-based company registered as an insurance broker with IRDA. D2C owns and operates the ‘Renewbuy’ online platform, through which customers can buy motor insurance. This is the first deal for Amicus Fund, which has been founded by Sunil Vasudevan, former partner at India Value Fund Advisors, and Mahesh Parasuraman, former managing director at Carlyle India. Partners Vikram Raghani and Anand Lakra led the transaction.

Khaitan & Co has acted as domestic counsel to the book-running lead managers, composed of Citi Global Markets India, Axis Capital, Deutsche Equities India, HSBC Securities and Capital Markets (India) and Kotak Mahindra Capital, on the approximately US$1.6 billion IPO of General Insurance Corporation of India (GIC). GIC offers reinsurance solutions to general insurance and life insurance companies in 162 countries. It is India’s only reinsurance company and the first government owned non-life insurance company in India to file for an IPO. Partner Abhimanyu Bhattacharya and associate partner Madhur Kohli led the transaction, which is one of the largest proposed IPOs of this financial year.

Khaitan & Co has also advised IDFC Alternatives, India’s leading multi-asset class investment manager, on its approximately US$11 million investment, through a mix of primary and secondary investment, for a minority stake in ASG Hospitals. IDFC Fund is a SEBI-registered category II alternative investment fund focused on long-term equity investments in a diversified portfolio of projects. IDFC Fund is managed by IDFC Alternatives. Partner Vineet Shingal, assisted by associate director Vinita Krishna and partner Anshul Prakash, led the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to 21Vianet Group on its issuance of US$100 million 7 percent notes due 2020, which will be consolidated and form a single class with the US$200 million 7 percent notes due 2020 it issued in August this year. The notes will be listed in Singapore. 21Vianet is a leading carrier-neutral internet data centre services provider in China. Partner Richard Spooner led the transaction, while Skadden Arps acted as US counsel.

Rajah & Tann Singapore is acting for Rotary Engineering on its proposed voluntary delisting from Singapore and the exit offer by DBS Bank, for and on behalf of Orochem, for the shares in Rotary. Based on the exit offer price of S$0.46 (US$0.34) per share, the transaction values Rotary at approximately S$261 million (US$192m). Partners Sandy Foo and Favian Tan led the transaction.

Rajah & Tann Singapore is also acting as Singapore counsel to Golden Screen, a wholly-owned subsidiary of Hong Kong-listed Orange Sky Golden Harvest Entertainment, on its acquisition of the remaining 50 percent equity interest in Dartina Development from Village Cinemas Australia, a subsidiary of Australia-listed Village Roadshow, for over S$170 million (US$125m) in cash. Golden Screen is an existing 50 percent shareholder of Dartina. Partner Cynthia Goh, with partners Elsa Chai, Lee Weilin, Rajesh Sreenivasan, Nigel Pereira and Vikna Rajah, led the transaction.

Shardul Amarchand Mangaldas has acted as Indian law counsel to Apollo Tyres on its Rs15 billion (US$230.7m) qualified institutions placement. Apollo Tyres is one of the top 17 tyre manufacturing companies in the world, with manufacturing and distributing operations in Europe and distribution networks covering majority of the Middle East, the ASEAN countries, North America and Africa. Capital markets national practice head partner Prashant Gupta led the transaction. JM Financial Institutional Securities, Kotak Mahindra Capital and UBS Securities India, the global coordinators and book-running lead managers, were advised by Luthra and Luthra Law as to Indian Law and Allen & Overy as to international law.

Shook Lin & Bok has advised on the acquisition of P-Parking International by Tokyo-listed Nissei Build Kogyo for S$48 million (US$35.4m). Partner Gwendolyn Gn led the transaction, which is the first successful acquisition of a Singapore-based car park business by a Tokyo-listed company.

Shook Lin & Bok is also acting as lead counsel on Singapore-listed ASTI Holdings’ proposed divestment of its wholly-owned subsidiaries, STI Group, for approximately S$105 million (US$77.4m) to S$115 million (US$84.7m). Partner Dayne Ho is leading the transaction, which involves the sale of entities in Singapore, South Korea, Philippines, Malaysia and Taiwan.

S&R Associates has advised Credit Suisse as financial adviser to Bharat Financial Inclusion on its proposed combination transaction with IndusInd Bank. Partners Sandip Bhagat, Rajat Sethi and Sudip Mahapatra led the transaction.

S&R Associates has also advised Wall Street Finance on the sale of its subsidiary Goldman Securities to Ebix Software India and in the subsequent Rs422.2 million (US$6.5m) sale of its money transfer service scheme business to Goldman Securities. Sanjeev Adlakha led the transaction.

Vaish Associates has advised Hindustan Unilever (HU) on a share purchase agreement with Kimberly-Clark USA for the divestment of HU’s 50 percent shareholding in Kimberly-Clark Lever in favour of Kimberly-Clark USA. Associate partner Krishna Kishore, supported by partners Bomi Daruwala and Martand Singh, led the transaction, which was completed on September 29, 2017. Gibson, Dunn & Crutcher Singapore, led by partner Jai Pathak, also advised on the deal.

Wong & Partners Kuala Lumpur has advised Bank of Tokyo Mitsubishi UFJ, the banking entity of Mitsubishi UFJ Financial Group (MUFG), on the disposal of a 4.6 percent stake in CIMB Group Holdings, via an accelerated book-building by joint book-runners Morgan Stanley, Credit Suisse and CIMB Investment Bank. The deal, which is valued at approximately US$620 million, is part of MUFG’s strategic global master plan, which included a review of its portfolio of existing investment in affiliates. Partners Munir Abdul Aziz and Sue Wan Wong led the transaction, while Herbert Smith Freehills acted as international counsel. White & Case and Zaid Ibrahim & Co acted as international counsel and local counsel, respectively, for the joint bookrunners.

Allen & Gledhill has advised APAC Realty on its S$58.2 million (US$42.9m) IPO and listing in Singapore, making it the first real estate brokerage to list in Singapore. Partners Tan Tze-Gay, Wu Zhaoqi and Sunit Chhabra led the transaction.

AZB & Partners is advising Axis Capital as the lead manager in the Rs20 billion (US$306.5m) issue of equity shares by Indiabulls Ventures. Partners Varoon Chandra and Lionel D’Almeida are leading the transaction, which is yet to be completed.

AZB & Partners has also advised TPG Asia SF on its acquisition, together with Caladium Investment and other existing shareholders, of compulsorily convertible preference shares in Janalakshmi Financial Services. Partners Bhavi Sanghvi, Anand Shah and Divya Mundra led the transaction, which was valued at Rs10.3 billion (US$157.9m) and was completed on September 28, 2017.

Bird & Bird ATMD has acted as Singapore counsel to New York-listed Sealed Air on its approximately US$100 million acquisition of Fagerdala Singapore, a manufacturer and fabricator of polyethylene foam. Established in 1983 with headquarters in Singapore, Fagerdala has 14 manufacturing facilities and employs more than 1,300 people in China, Thailand, Singapore, Malaysia, Mexico and the US. Through the acquisition, Sealed Air plans to leverage Fagerdala’s manufacturing footprint in Asia, expertise in foam manufacturing and fabrication, and commercial organisation to grow sales in the consumer electronics, medical equipment and devices, automotive, temperature assurance, and e-commerce fulfilment sectors. Singapore partner Sandra Seah, Shanghai partners Sven-Michael Werner and Christine Yiu, and Sydney partner Kathryn Edghill led the transaction.

Conyers Dill & Pearman has acted as special counsel in the Cayman Islands to Sunshine 100 China Holdings and its BVI and Mauritius subsidiary guarantors, Sunmode, Keyasia Investments and Riverside Investment, on Sunshine 100’s issue of US$235 million 8.5 percent senior notes due 2020. Sunshine 100 develops and sells mixed-use business complexes, residential properties and land development, leases offices and commercial premises, and provides property management and hotel accommodation services. Partners Anna Chong (Hong Kong) and Ashvan Luckraz (Mauritius) led the transaction, while Linklaters acted as Hong Kong counsel.

Conyers Dill & Pearman has also acted as special Bermuda counsel to New York-listed OneBeacon Insurance Group and its majority parent, New York-listed White Mountains Insurance Group, on the acquisition of OneBeacon by Toronto-listed Intact Financial. Through one of its subsidiaries, Intact Financial acquired all of the issued OneBeacon shares for a cash consideration of approximately US$1.7 billion. White Mountains entered into a definitive agreement to vote its shares of OneBeacon in favour of the acquisition. Director Chris Garrod led the transaction.

Gibson, Dunn & Crutcher has represented Kimberly-Clark on the acquisition of Hindustan Unilever’s 50 percent shareholding in Kimberly-Clark Lever, a joint venture between Hindustan Unilever and Kimberly-Clark formed in 1995. Singapore partner-in-charge Jai Pathak led the transaction.

Khaitan & Co has advised Itelligence India Software Solutions on its acquisition of 100 percent stake in Vcentric Technologies. Itelligence India is a leading full-service SAP software solutions provider of midmarket-focused SAP solutions and is an NTT group company. Partner Zakir Merchant led the transaction.

Khaitan & Co has also advised Fosun International, Shanghai Fosun Pharmaceutical (Group) and various subsidiaries on the US$1.09 billion acquisition, through a mix of primary and secondary acquisitions, of a 74 percent stake in Gland Pharma from Gland Pharma’s various existing shareholders, including KKR and promoter family. The transaction is the largest acquisition of an Indian company by a Chinese firm. Fosun International is a Chinese international conglomerate and investment company. Founded in 1992 by Guo Guangchang, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2007. Shanghai Fosun Pharmaceutical was established in 1994 to have a leading position in China’s medical and health industry groups. Partner Niren Patel, assisted by partner Avaantika Kakkar and associate partner Atul Pandey, led the transaction.

K&L Gates has advised Tokyo Century on its agreement to acquire a 20 percent stake in US-based aircraft-leasing company Aviation Capital Group, a wholly-owned affiliate of US-based Pacific Life Insurance. The deal is expected to close by year-end. Tokyo corporate/M&A partner Ryan Dwyer and Tokyo finance partner Robert Melson, supported by Tokyo partner Sebastian Smith, Pittsburgh tax partner Stephen Barge, and Wilmington corporate and transactional partners Lisa Stark and Eric Feldman, led the transaction.

Luthra & Luthra has advised Suez Groupe on the Indian-leg of its US$3.4 billion multi-jurisdictional acquisition of General Electric’s water and process technologies business (GE Water). Suez is a France-headquartered global water and treatment solutions group, while GE Water is a global manufacturing, services and solutions business, with operations primarily in water and waste management. This acquisition establishes Suez’s global presence into the industrial water market, diversifying from the municipal water market. Through this acquisition, Suez will gain access to most major industries globally, and will make it a supplier to blue-chip companies. Further, the integration of GE’s water business will give Suez the opportunity to widen its systems and service offerings, leveraging Suez’s expertise in O&M and GE Water’s best‐in‐class digital platform InSight. The cross-selling opportunity is also increased by Suez and GE Water’s complementary customer base, industry verticals and value chain and geographies. Partner Vikrant Kumar led the transaction, while Baker & McKenzie and Davis Polk acted as international counsel and US counsel, respectively. GE Water was advised by Weil, Gotshal & Manges and Trilegal as India counsel.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to RYB Education on its IPO of 8.97 million American depositary shares, representing its Class A ordinary shares, and the listing of such ADSs in New York. The offering completed on September 29, 2017. Cayman Islands company RYB is a leading early childhood education service provider in China. The offering, which comprised of 5.5 million ADSs offered by RYB and 3.47 million offered by selling shareholders, raised approximately US$165.9 million. Credit Suisse Securities (USA) and Morgan Stanley acted as lead book-runners for the offering, while China International Capital Hong Kong Securities and BNP Paribas Securities acted as joint book-runners. Partner Richard Spooner led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Kirkland & Ellis represented the underwriters.

Orrick has advised a new materials industry fund co-managed by QFAT Investment and ICP Integrity Capital Partners on the acquisition of a controlling shareholding of COTESA. Beijing-headquartered AT&M Advanced Technology & Materials is anchor investor of the fund and will assist COTESA in expanding its production and sales operations to the Chinese market. The transaction is part of a bidding process, subject to approval from, among others, the competition authorities. COTESA is a leading German producer of fiber composite parts for the aviation and the automotive industry. AT&M is a Chinese tech company focusing on innovative metal-based products, with sales of more than US$600 million in the past fiscal year. Düsseldorf M&A and private equity partner Wilhelm Nolting-Hauff, supported by Düsseldorf partners Stefan Schultes-Schnitzlein (tax), Andre Zimmermann (employment), Till Steinvorth (antitrust) and Christian Schroeder (IP/IT data privacy), led the transaction.

Shardul Amarchand Mangaldas & Co is advising Zee Entertainment Enterprises on its Rs1.6 billion (US$24.5m) acquisition of 100 percent stake in 9X Media and its subsidiaries from New Silk Route Partners and other 9x Media shareholders. Partner Jay Gandhi is leading the transaction, which was signed on October 6, 2017 and is yet to be completed. Economic Law Practice advised 9x Media and the sellers.

S&R Associates has advised Satin Creditcare Network, a listed microfinance institution, on a Rs350 million (US$5.4m) preferential allotment of securities to Capital First. Mumbai partner Viral Mehta led the transaction.

S&R Associates has also advised Bertelsmann India Investments on a follow-on investment in Lendingkart, an Indian fintech company providing a digital lending platform for small and medium enterprises, as part of a US$10.5 million financing round.  S&R lawyers: Mumbai partner Rachael Israel led the transaction.

Allen & Gledhill has advised United Overseas Bank on a S$1.1 billion (US$806.8m) acquisition facility to Yanlord Perennial Investment (Singapore) to finance, inter alia, the general offers for United Engineers and WBL. Partners Lim Wei Ting and Aloysius Ng led the transaction.

Allen & Gledhill has also advised Oversea-Chinese Banking Corporation and United Overseas Bank on a S$350 million (US$256.74m) term and revolving loan facilities to UVD (Projects) to finance the acquisition of Raintree Gardens and the construction of the proposed development thereon. Partners Lim Wei Ting and Ernest Teo led the transaction.

AZB & Partners has represented Reliance Industries on its approximately Rs4.13 billion (US$63m) acquisition of 24.92 percent of equity share of Balaji Telefilms. Partners Ashwath Rau, Nilanjana Singh and Ami Parikh led the transaction, which was completed on August 22, 2017.

AZB & Partners is also acting as Indian law counsel to Warburg Pincus India / Maplewood, the investing company of the Warburg Pincus group, on Lemon Tree Hotels’ IPO, through an offer for sale by certain existing shareholders, including Maplewood Investment, which holds approximately 24.53 percent in Lemon Tree. Partner Madhurima Mukherjee is leading the transaction, which is yet to be completed.

Clifford Chance has advised CICC, Goldman Sachs, JP Morgan, UBS, Morgan Stanley, Bank of America Merrill Lynch, ICBC (Asia), Haitong International, HSBC and DBS as the underwriters and joint global coordinators on Postal Savings Bank of China’s US$7.25 billion offering of Basel III-compliant additional tier 1 preference shares. This is the largest ever additional tier 1 capital issue out of Asia and also the largest of its kind globally since 2010. Partners Fang Liu and Angela Chan led the transaction.

Clifford Chance has also advised Bank of Qingdao on its US$1.2 billion additional tier 1 preference shares. Partners Fang Liu and Angela Chan, supported by partner Virginia Lee, led the transaction.

Conyers Dill & Pearman has advised Despegar.com on its IPO in New York. The listing, which was oversubscribed and raised US$382 million, results in Despegar becoming one of the most valuable publicly-listed BVI companies, with a market capitalisation of approximately US$2.1 billion, as of close of trading on September 25, 2017. Headquartered in Buenos Aires, Despegar is the leading online travel company in Latin America and is known by its two brands, namely its global brand Despegar and its Brazilian brand Decolar. BVI partner Anton Goldstein led the transaction, working alongside a team from Simpson Thacher & Bartlett.

Conyers Dill & Pearman has also provided BVI and Cayman Islands advice to KWG Property Holding on its US$250 million 5.2 percent senior notes due 2022. Hong Kong-listed KWG Property Holdings engages in property development in Guangzhou, Guangdong, China. It develops residential, commercial and hotel properties in Guangzhou, Suzhou, Kunshan, Chengdu and Beijing. Hong Kong partner Paul Lim, working alongside Sidley Austin (Hong Kong), Davis Polk & Wardwell (Hong Kong) and Mayer Brown JSM (Hong Kong), led the transaction.

Fangda has represented Alibaba Chengdu and Hangzhou Hanyun Xinling Fund on their acquisition of 10 percent shares of Xinhuadu from Xinhuadu’s controlling shareholder for approximately Rmb548 million (US$82.4m). Simultaneously, the firm also represented Alibaba Zetai on its joint venture cooperation with Xinhuadu. Each shareholder will contribute Rmb100 million (US$15m) into the newly-established JV company. The deals were signed and announced on September 26, 2017.

Fangda has also represented JP Morgan, Citigroup and Leerink Partners as underwriters on Zai Lab’s IPO in the US of approximately 9.6 million American Depositary Shares, representing the same number of ordinary shares, including 1.25 million additional ADSs purchased pursuant to the overallotment option. The offering raised approximately US$172.5 million in gross proceeds. The IPO closed on September 22, 2017. Shanghai-based Zai Lab is an innovative biopharmaceutical company focusing on discovering or licensing, developing and commercialising proprietary therapeutics that address areas of large unmet medical need in the China market. The market valuation of Zai Lab has reached US$800 million, which is only after BeiGene and Hutchison MediPharma in the domestic biopharmaceutical industry.

K&L Gates has advised Blend & Pack on the sale of a 75 percent interest in the company to Hong Kong-listed Mason Financial Holdings, with an additional 5 percent interest acquired by Australia-listed Wattle Health. The acquisition is valued at a total of A$80 million (US$62.5m). Established in 2007, Blend & Pack provides blending, packaging and distribution services to customers in the infant formula and nutritional products market. It is one of only eight infant formula manufacturers in Australia to be accredited by the Certification and Accreditation Administration of China to produce infant formula to export to the Chinese market. Corporate/M&A partner John Mann, supported by partners Betsy-Ann Howe and Nick Ruskin, led the transaction.

Khaitan & Co has advised the Flipkart group on the strategic acquisition of F1 Info Solutions & Services by Quickroutes International and Instakart Services, both constituents of the Flipkart group. Flipkart is a popular e-commerce marketplace operating in India. Associate partner Vinay Joy led the transaction.

Khaitan & Co has also advised InterGlobe Aviation (IndiGo Airlines) on its institutional placement programme of approximately 33.6 million equity shares, aggregating to approximately Rs38 trillion (US$580m), consisting of a fresh issue of approximately 22.4 million equity shares aggregating to Rs25.3 trillion (US$386m) and an offer for sale of approximately 11.2 million equity shares, approximately 4.44 million equity shares by the promoters Rakesh Gangwal, Shobha Gangwal, Asha Mukherjee and by The Chinkerpoo Family Trust aggregating to approximately Rs12.65 trillion (US$193m). Executive director Sudhir Bassi, partners Abhimanyu Bhattacharya, Haigreve Khaitan, Anuj Sah and Moin Ladha, associate partner Aditya George Cheriyan and associate director Vinita Krishnan led the transaction, which is the largest institutional placement programme in India to date, in terms of issue size.

Luthra & Luthra has advised RBL on its Rs10.68 billion (US$160m) private placement of equity shares to augment the bank’s tier-1 capital and support future organic growth. Some of the key investors who participated in the capital raise were CDC Group, Multiples Alternate Asset Management, HDFC Standard Life Insurance, Global IVY Ventures, ICICI Lombard General Insurance and Steadview Capital. Partners Sundeep Dudeja, Manan Lahoty and Amit Shetye led the transaction, which was completed on August 14, 2017.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to CK Property Finance (MTN) on the update of its US$3 billion euro medium term note programme with an upsize of the programme limit to US$5 billion, unconditionally and irrevocably guaranteed by CK Assets Holdings. The programme is listed in Hong Kong. Partner Lorraine Pao led the transaction. Linklaters represented the dealers as to English law.

Paul, Weiss has represented KKR on the Series C financing of Shenzhen Suishou Technology, a leading personal finance management platform in China. KKR has signed definitive agreements, under which it will invest in Suishou to support Suishou’s expansion within China, joining Suishou’s existing group of world-class investors, including Sequoia Capital, Fosun Group and Source Code Capital. KKR will make this round of financing from its Asian Fund III. Corporate partners Judie Ng Shortell, Jack Lange and Tong Yu led the transaction.

Rajah & Tann Singapore has acted for Sunseap Group, Singapore’s leading integrated clean energy solutions provider, on its issuance of preference shares for an aggregate subscription price of approximately S$75 million (US$55m) to BPIN Investment, a leading energy company listed in Thailand. Partner Lee Xin Mei led the transaction.

Rajah & Tann Singapore is also acting as Singapore counsel to Hong Kong-listed Sound Global on its possible delisting and privatisation, by way of selective capital reduction. Partners Danny Lim and Penelope Loh are leading the transaction.

Simpson Thacher is representing Ant Financial in a joint venture with CK Hutchison to offer e-wallet services in Hong Kong under the brand AlipayHK. In Hong Kong, CK Hutchison operates the telecom operator Hutchison Telecommunications, which offers 3HK mobile telecom services and major retail chains, including Watsons (health and beauty), ParknShop (grocery) and Fortress (appliances), serving over 6.6 million Hong Kong telecom and retail customers. Partners Katie Sudol (Hong Kong-M&A), Jeff Ostrow (Palo Alto-intellectual property), and David Vann (London-antitrust) led the transaction.

Skadden has advised ZhongAn Online P&C Insurance (ZhongAn Insurance) on its US$1.52 billion IPO of H shares in Hong Kong. Backed by Alibaba-affiliated Ant Financial, Tencent Holdings and Ping An Insurance, and with SoftBank Group as its cornerstone investor, ZhongAn Insurance is the first internet-only and largest online insurer in China. The listing marks the world’s first “insuretech” public offering and is the largest technology IPO in Hong Kong this year. The shares commenced trading on September 28, 2017. Hong Kong partners Julie Gao, Christopher Betts and Will Cai led the transaction. Paul Hastings advised SoftBank as the cornerstone investor, led by partners David Wang, Jia Yan, Nan Li and Bonnie Yung.

Skadden has also advised RYB Education, a leading provider of early childhood education services in China, on its US$144.30 million IPO of American Depositary Shares and listing in New York. The shares commenced trading on September 27, 2017. Hong Kong, Shanghai and Beijing partner Julie Gao led the transaction.

S&R Associates has represented InterGlobe Technology Quotient and its promoters on a sale of shares to Capital Group. Sanjeev Adlakha and Kanika Khanna led the transaction.

WongPartnership has acted for Singapore GP on its agreements with Formula One World Championship and the Singapore Tourism Board to host, stage and promote the Formula One Singapore Grand Prix for an additional four years from 2018 to 2021. Partners Mark Choy and Milton Toon led the transaction.