AZB & Partners has advised Warburg Pincus and e-commerce logistics company Ecom Express on the Rs2 billion (US$30.4m) acquisition by Warburg Pincus of over eight percent of the share capital of Ecom Express. Partner Anil Kasturi led the transaction, which was completed on September 8, 2017.

AZB & Partners has also acted as Indian law counsel to Axis Capital, IIFL Holdings and Vivro Financial Services as the book-running lead managers on the Rs4 billion (US$60.8m) IPO of Capacit’e Infraprojects. Partners Varoon Chandra and Lionel D’Almeida led the transaction, which was completed on September 21, 2017.

Dentons Hong Kong has represented China International Capital Corporation Hong Kong Securities and Jefferies Hong Kong on the IPO listing of Sisram Medical, the first ever Israeli company to list in Hong Kong. The global offering of 110 million shares seeks to raise approximately US$200 million. The company published its Hong Kong prospectus on September 5, 2017, while the shares started trading in Hong Kong on September 19, 2017. Sisram Medical is a leading global provider of energy-based medical aesthetic treatment systems. Incorporated in Israel in 2013 as a non-wholly owned subsidiary of Shanghai Fosun Pharmaceutical to acquire Alma Lasers, Sisram focuses on the design, development and production of energy-based medical aesthetic treatment systems. Hong Kong partner and Asia corporate finance practice head Gordon Ng, supported by Hong Kong corporate finance partners Guangqin Wei and Enoch Wong, led the transaction.

DLA Piper has represented Ping An Global Voyager Fund, a fund sponsored by China Ping An Insurance Group, on its investment in European fintech company 10x Future Technologies. This is the fund’s first investment since its inception in May 2017, which marks a major strategic partnership between Ping An and 10x, with an aim to market its leading offerings in Asia. Founded in 2016 by former Barclays CEO Antony Jenkins, 10x focuses on modernising back-office technology used by banks with holistic solutions that address current challenges. The investment forms part of the £34 million (US$45.5m) Series A round of financing, led by Ping An Global Voyager Fund and joined by US strategy consultancy Oliver Wyman and another institutional investor. The Ping An Global Voyager Fund was launched in May 2017 with an initial capital of US$1 billion to track cutting-edge technologies and developments, find optimal opportunities, make investments, develop markets and establish specialized investment management teams in the fintech and health sectors. This investment will help 10x offer its leading fintech solutions to different types of bank systems across Asia. Hong Kong corporate partner Gloria Liu, assisted by UK corporate partner John Gallon, led the transaction.

DLA Piper has also advised AviaAM Financial Leasing China on the approximately US$500 million acquisition, financing, leasing and delivery of eight Airbus A320 family aircraft. Debt funding for the acquisition was provided by China Development Bank Henan Branch, and the aircraft have each gone on a 12-year lease to Aeroflot, the largest Russian air carrier. The first three aircraft were all delivered on the same day, with two delivering in Toulouse and one in Hamburg. AviaAM was established as a joint venture between Avia AM Leasing, a Warsaw-listed aircraft leasing company, and Henan Civil Aviation Development and Investment. AviaAM has expertise in narrow-body aircraft leasing, trading and management and aviation-related business and infrastructure development. London finance partner Richard Skipper, supported by Asia senior partner Roy Chan and Moscow partner Anna Otkina, led the transaction.

Howse Williams Bowers has advised Vinco Capital as the sole sponsor and, together with Pacific Foundation Securities, as the underwriter on the approximately HK$82.5 million (US$10.6m) share offer and listing of Cool Link. The shares commenced trading in Hong Kong on September 22, 2017. Cool Link is one of the leading Singapore-based importers of food products in the ship supply industry in Singapore. They supply food products to ship chandlers for consumption by ship crews and passengers. Partner Chia Ching Tan led the transaction.

J Sagar Associates has advised the Embassy Group on its joint venture with Taurus Investment in an SPV called Winterfell Realty. The JV will develop an IT/ITES SEZ, encompassing 2.5 million square feet on a 10-acre land parcel, as part of Phase III of the Technopark SEZ in Thiruvananthapuram, Kerala. This is the Embassy Group’s first project in Kerala, and will be known as ‘Embassy Taurus World Technology Centre, Thiruvananthapuram’. Partners Murali Ananthasivan and Malini Raju led the transaction.

Khaitan & Co has acted as sole counsel to Dixon Technologies (India), and IDFC Bank, IIFL Holdings, Motilal Oswal Investment Advisors and Yes Securities (India), as the book-running lead managers on Dixon’s approximately US$9.3 million IPO and an offer for sale of approximately 3.05 million equity shares by certain selling shareholders. Dixon Technologies is the largest design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India. Executive director Sudhir Bassi and partner Gautham Srinivas led the transaction.

Khaitan & Co has also advised Deutsche Bank Singapore and Standard Chartered Bank Singapore as the joint lead managers on the further issue of US$85 million 7 percent senior notes due 2021, as additional notes to be consolidated with the issue of US$300 million 7 percent senior notes due 2021 previously issued on July 24, 2016, by HT Global IT Solutions, a holding company of India-listed Hexaware Technologies. Deutsche Bank is a German global banking and financial services company, while Standard Chartered is a British multinational banking and financial services company headquartered in London. Partner Manisha Shroff and associate partner Thomas George, supported by associate partners Ritu Shaktawat and Rashmi Deshpande, led the transaction.

Luthra & Luthra has represented Hero before the Supreme Court of India on whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi Act) has a retrospective or a retroactive effect, and whether proceedings under the Sarfaesi Act and Arbitration Act can be initiated together. It was argued that since the Act is procedural and not creating substantial rights, it would have a retrospective effect. It was submitted that the debtor was, is and would continue to be liable to satisfy the debt, and the only substantive right available to the debtor is to gain the benefits he would have got under the agreement. When such benefits or rights that the debtor would have under the agreement are not taken away, there is no substantive right of the debtor that is affected. The firm’s team also argued that, upon reading Section 37 of the Sarfaesi Act, it was clear that both the legal actions invoked under Arbitration Act and Sarfaesi Act can go simultaneously. The Court dismissed the special leave petition preferred by the borrower with cost. This is one of the first judgments by the Supreme Court dealing on the aforesaid aspect. Senior advocate C A Sundaram, assisted by partner Venancio D’Costa, senior associate Astha and partner designate Faisal Sherwani, represented the client.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Wynn Macau on its offering of US$600 million 4.875 percent senior notes due 2024 and US$750 million 5.5 percent senior notes due 2027, and concurrent tender offer for repurchase of US$1.35 billion notes due 2021. The new notes are listed in Hong Kong. Partner Lorraine Pao led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Deutsche Bank Singapore Branch acted as representative of the initial purchasers. White & Case acted as US counsel to the initial purchasers.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Foxconn (Far East) on its offering of ¥41.5 billion (US$369m) 0.42 percent notes due 2020, ¥6 billion (US$53.3m) 0.52 percent notes due 2022 and ¥2.5 billion (US$22.2m) 0.70 percent notes due 2024 under its US$5 billion MTN programme guaranteed by Hon Hai Precision Industry. The notes are listed in Singapore. Partner Lorraine Pao also led the transaction.

Shardul Amarchand Mangaldas & Co has acted as Indian law counsel to JP Morgan India and Morgan Stanley India as the book-running lead managers on the approximately Rs37.94 billion (US$577.2m) institutional placement programme by InterGlobe Aviation. InterGlobe Aviation operates IndiGo, India’s largest passenger airline with over 40 percent market share of domestic passengers. Capital markets national practice head Prashant Gupta, supported by partner Manjari Tyagi, led the transaction, while Latham & Watkins acted as international counsel. Khaitan & Co acted as domestic counsel to Indigo.

Shook Lin & Bok is acting for DBS Trustee, the trustee of Manulife US Real Estate Investment Trust, on the approximately US$313.2 million proposed acquisition of 10 Exchange Place, a 30-storey Class A office building in New Jersey, from John Hancock Life Insurance. The proposed acquisition will be partly funded through a rights issue that will raise gross proceeds of approximately US$208 million. Partners Tan Woon Hum and Andrea Ng are leading the transaction.

Simpson Thacher has represented BEST on with its IPO and listing in New York of 45 million American depositary shares, representing 45 million Class A ordinary shares. BEST raised US$450 million in gross proceeds from the IPO, before exercise of the underwriters’ overallotment option. Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Deutsche Bank acted as joint bookrunners. BEST is a leading and fast-growing smart supply chain service provider in China. Its multi-sided platform combines technology, integrated logistics and supply chain services, last-mile services and value-added services. Alibaba and its affiliate Cainiao Smart Logistics are expected to own 28.2 percent of BEST’s total issued and outstanding share capital immediately after the completion of the IPO, which is the largest in the US by a Chinese company this year to date. Maples and Calder (Hong Kong), led by partner Richard Spooner, acted as Cayman Islands counsel to BEST. Latham & Watkins represented the underwriters.

WongPartnership has acted for Keppel Telecommunications & Transportation and Keppel Data Centres Holding (KDCH) on the transfer of KDCH’s entire share capital in Keppel DC Singapore 4 to an entity controlled by Alpha Data Centre Fund. Partners Dorothy Marie Ng, Low Kah Keong and Monica Yip led the transaction, which was valued at approximately S$170 million (US$125m).

WongPartnership is also acting for Baker Technology and Point Hope on their proposed US$50 million investment in EMAS Offshore to aid in EMAS’ financial restructuring. BT Investment, which is the wholly-owned subsidiary of Singapore-listed Baker Technology, and Point Hope, a Singapore-based private equity buyout company, have each committed equity investments of US$25 million. Partners Alvin Chia, Manoj Sandrasegara, Mark Choy, Smitha Menon and Lydia Ong are leading the transaction.

AZB & Partners has advised WestBridge Capital on its Rs11 billion (US$171m) acquisition, along with Sequoia Capital, of more than 15 percent equity shares of Vini Cosmetics. Partners Gautam Saha, Amrita Patnaik and Akhilesh Kumar Rai led the transaction, which was completed on September 8, 2017.

AZB & Partners has also advised Visa Global Logistics Spa on its acquisition of more than 15 percent equity shares of Navigators VISA Global Logistics. Partner Daksh Trivedi led the transaction, which was completed on September 11, 2017.

Clayton Utz has advised Australian Technology Innovators (ATI) on its A$350 million (US$280.3m) Term Loan B (TLB) raising. ATI owns InfoTrack and LEAP Legal Software, two leading Australian technology companies. A landmark deal for the Australian debt market, the transaction represents the first stand-alone domestic TLB deal for a corporate borrower, which is both Australian-dollar denominated and also governed by Australian law. The joint lead arrangers and book-runners on the deal were Goldman Sachs and JP Morgan. Capital markets and finance partners Stuart Byrne and Alex Schlosser led the transaction.

Clifford Chance has advised Chandra Asri Petrochemical, Indonesia’s largest integrated petrochemical manufacturer, on its US$378 million rights issue. Deutsche Bank Hong Kong acted as the sole global coordinator, while BNP Paribas, CLSA, Credit Suisse (Singapore) and Mandiri Sekuritas acted as the joint book-runners. Mandiri Sekuritas also acted as the standby purchaser of the shares. The proceeds from the rights issue will be used to strengthen the company’s capital expenditure, increase production capacity and diversify its products. Hong Kong capital markets partner Alex Lloyd, supported by Singapore capital markets partners Johannes Juette and Raymond Tong, led the transaction.

Conyers Dill & Pearman has provided Cayman Islands advice to Tak Lee Machinery Holdings on its HK$110 million (US$14m) IPO of 25 million public offer shares and 225 million placing shares in Hong Kong. Tak Lee is one of the leading earth-moving equipment sales and leasing service providers in Hong Kong. The company was founded in 2001 and is headquartered in Hong Kong. Hong Kong partner Bernadette Chen, working alongside Loeb & Loeb (HK), led the transaction.

Conyers Dill & Pearman has also advised Premier Oil, one of the UK’s largest independent oil and gas companies, on the successful restructuring of US$3.8 billion debt facilities. The restructuring comprised the entirety of Premier Oil’s capital structure, including a revolving credit facility, term loans, US private placement notes, Schuldschein loans, bilateral letter of credit facilities, a retail bond, a convertible bond and various hedging instruments. The overall amount of debt and the wide range of different stakeholders makes this transaction as one of the largest and most complex financial restructurings of a North Sea oil and gas company in recent years. BVI corporate partner Anton Goldstein, working alongside Slaughter and May, led the transaction.

Corrs Chambers Westgarth has represented well-known comedienne and actress Rebel Wilson on obtaining a A$4.56 million (US$3.65m) defamation damages award, the largest in Australian legal history and four times the previous record, against Bauer Media. On June 15, 2017, the jury found in favour of Wilson on every element of her claim, agreeing that articles published in Woman’s Day, the Australian Women’s Weekly and other publications in 2015 were defamatory and untrue and that some were motivated by malice. On September 13, 2017, Victorian Supreme Court Justice John Dixon determined that Wilson should receive A$650,000 (US$520,376) in general and exemplary damages and A$3.92 million (US$3.14m) in special damages for income from “new screen roles lost by reason of the defendants’ publications”. Partner Richard Leder represented the client.

Davis Polk is advising iRena Group on its proposed subscription of shares in Ourgame International Holdings. Pursuant to the terms of the share purchase agreement, iRena has conditionally agreed to subscribe for Ourgame’s newly-issued shares for approximately HK$119.7 million (US$15.34m). iRena and its subsidiaries operate sporting events and provide sports-related leisure services and value-added services. Hong Kong-listed Ourgame is an online card and board game developer and an operator and broadcaster of online and offline mind-sports events, tournaments and TV shows in China and globally. Hong Kong corporate partner Paul Chow led the transaction, which is subject to a number of conditions precedent, including the approval of independent shareholders.

Davis Polk is also advising the joint financial advisers to China National Building Material (CNBM) on its proposed merger by absorption of China National Materials (Sinoma). The proposed merger will be effected through a securities exchange offer, under which CNBM will issue new shares in exchange for all of the issued Sinoma shares at an agreed exchange ratio. The proposed merger is conditional on, among others, approval of shareholders of both companies and regulatory consent. CNBM Group is mainly engaged in the cement, lightweight building materials, glass fiber, composite materials and engineering services businesses. Sinoma Group is mainly engaged in cement equipment and engineering services, glass fiber, cement and high-tech materials business. Both are state-owned enterprises and are China-incorporated joint stock, limited liability companies whose H shares are listed and traded in Hong Kong. Hong Kong corporate partner Paul Chow also led the transaction.

Duane Morris & Selvam has acted as sole international counsel to Bajaj Finance, JM Financial Institutional Securities, as global coordinator and book-running lead manager, and Goldman Sachs (India) and Kotak Mahindra Capital, as the book-running lead managers, on Bajaj Finance’s recent sale of approximately Rs45 billion (US$699.8m) of its shares in a qualified institutions placement, including a concurrent private placement to qualified institutional buyers (as defined in Rule 144A under the US Securities Act of 1933) in the US. India-listed Bajaj Finance is a deposit-taking non-banking financial company in India, with a market capitalisation of approximately US$16.3 billion, as of September 12, 2017. Jamie Benson, head of the US securities law practice and India practice, supported by Philadelphia partner Hope Krebs, led the transaction.

Gibson, Dunn & Crutcher has represented funds managed by Oaktree Capital Management on the disposal of a 4.9 million sq ft UK business park portfolio to Singapore-listed Frasers Centrepoint. The sale includes properties located in Reading, Basingstoke, Camberley and Glasgow. London partner Alan Samson led the transaction. Frasers Centrepoint was represented by Watson Farley & Williams.

Howse Williams Bowers has advised Truly International Holdings on the completion of its HK$320 million (US$41m) placing of new shares. The placing agents were HSBC and Mizuho. At the same time, Truly’s controlling shareholder subscribed for Truly shares in the sum of HK$107.7 million (US$13.8m). Truly manufactures and sells liquid crystal display products and electronic consumer products. Corporate partner Brian Ho led the transaction, which was completed on September 11, 2017.

Khaitan & Co has advised Firstsource Solutions on the transfer, on a slump sale basis, of a portion of its domestic BPO business to Vertex Customer Management India. India-listed Firstsource Solutions is one of the leading companies in India’s BPO space and is part of the RP Sanjiv Goenka Group. Partner Ashish Razdan, assisted by associate partner Ritu Shaktawat, led the transaction.

Khaitan & Co has also advised Just Buy Live Enterprise (JBL) on its US$100 million Series B funding from A L I Cloud Investment (ACI). Pursuant to this funding round, ACI will acquire 25 percent equity interest in JBL. JBL undertakes e-commerce, whole-sale trading and e-distribution by providing a platform to link brands to retailers, and provides related technology-based solutions and services to retailers. Essentially, JBL follows a brand-to-retail business model, wherein retailers buy goods directly from brands on JBL’s app/ website: justbuylive.com. JBL has aggregated brands, such as Apple, Xiaomi, Samsung, Micromax, Yu Mobiles, Oppo, Patanjali, ITC etc. Partner Bhavik Narsana, assisted by associate director Vinita Krishnan, led the transaction.

King & Wood Mallesons has acted as international counsel to Weichai Power on its US$775 million 3.75 percent senior perpetual bonds offering, issued by its wholly-owned subsidiary Weichai International Hong Kong Energy Group and unconditionally guaranteed by Weichai Power. The transaction marks Weichai’s debut perpetual bond offering in the international bond market, as well as the largest perpetual bond offering ever by a Chinese company. Weichai Power is one of the leading manufacturers of automotive and equipment products in China. It is ranked number one in domestic sales of engines for use in heavy-duty trucks in China and is the largest supplier of diesel engines used for heavy-duty trucks and wheel loaders with a load capacity of five tonnes in China. The group is considered as one of the most important state-owned enterprises in Shandong Province and the backbone of Shandong’s industrial development. Hong Kong partner Hao Zhou led the transaction.

LawCept Partners has advised GVFL Start Up Fund on its investment in personal care products startup Ecotrail Personal Care. Founded in 2012 by Mauli Teli and Grishma Teli, Ecotrail through its brand Iba Halal Care is the only Indian company dealing in halal-certified personal and beauty care products, which are also PETA-certified, vegan and cruelty-free. Ecotrail aims to use the funding to expand its network in India and overseas. Partners Tereasa Rini and Afshan Ahmedbhoy led the transaction.

Majmudar & Partners has represented Cigna, one of the largest healthcare insurance and ancillary services providers in the US, on the proposed increase in stake, from 26 percent to 49 percent, in its insurance joint venture in India, CignaTTK Health Insurance, and on the proposed replacement of Indian conglomerate TTK Group by the Manipal Education and Medical Group as Cigna’s Indian joint venture partner. CignaTTK is among the six stand-alone private health insurers in the country. Managing partner Akil Hirani and associate partner Amrit Mehta led the transactions, which are subject to the approval of the Insurance Regulatory and Development Authority of India. Tatva Legal represented the Manipal Group.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to AYC Finance on its offering of US$400 million fixed-for-life senior perpetual notes guaranteed by Ayala. The issuance is the first corporate fixed-for-life bonds out of Southeast Asia. The notes are listed in Singapore. Ayala is one of the largest conglomerates in the Philippines engaging in various sectors, including real estate, financial services, telecommunications, water, power generation, infrastructure, healthcare and education. HSBC acted as global coordinator and, together with Deutsche Bank (Singapore Branch) and JP Morgan, as the joint lead manager. Partner Lorraine Pao led the transaction. Milbank, Tweed, Hadley & McCloy acted as English counsel to the joint lead managers.

Rajah & Tann Singapore is advising Esteel Enterprise on its S$187 million (US$138.75m) mandatory conditional cash offer for shares, options and convertible bonds in Singapore-listed BRC Asia. The BRC Asia group constructs buildings and manufactures basic iron and steel. Partner Danny Lim is leading the transaction.

Rajah & Tann Singapore is also acting as Singapore counsel for Singapore-listed Pavillon Holdings on its M$52 million (US$12.34m) conditional acquisition of 107 lots in a high rise commercial complex and adjoining vacant lands, known as City Plaza, Johor Bahru in Malaysia. The group is engaged in restaurant operations, franchising and financial leasing. Partners Danny Lim and Chia Lee Fong are leading the transaction.

Shook Lin & Bok is acting for HSBC Institutional Trust Services (Singapore), the trustee of Mapletree Logistics Trust (MLT), on the proposed approximately HK$4.8 billion (US$615m) acquisition of Mapletree Logistics Hub Tsing Yi, a warehouse in Hong Kong, from Mapletree Investments, MLT’s sponsor. Partners Tan Woon Hum and Andrea Ng are leading the transaction.

Simpson Thacher has represented the underwriters, represented by Morgan Stanley and MUFG Securities Americas, on Mitsubishi UFJ Financial Group’s offering of US$1 billion floating rate senior notes due 2022, US$2 billion 2.665 percent senior notes due 2022 and US$1 billion 3.287 percent senior notes due 2027. The offering was made pursuant to MUFG’s shelf registration statement on Form F-3 under the Securities Act. MUFG is the holding company for one of the world’s largest and most diversified financial groups, providing a broad range of financial services in Japan and around the world. Tokyo capital markets partner Alan Cannon led the transaction.

Simpson Thacher (Tokyo) has also represented the underwriters, led by JP Morgan, Goldman Sachs and Morgan Stanley, on ORIX’s offering of US$750 million 2.9 percent senior notes due 2022 and US$500 million 3.7 percent senior notes due 2027. The offering was made pursuant to ORIX’s newly-filed shelf registration statement on Form F-3 under the Securities Act. ORIX is one of the leading financial services firms in Japan and is a provider of commercial and consumer finance products and services to Japanese and overseas customers. Tokyo capital markets partner Alan Cannon also led the transaction.

WongPartnership is acting as Singapore counsel for Bridge Growth Partners on its investment in BackOffice Associates Holdings, the ultimate parent company of BackOffice Associates Asia. Partner Vivien Yui is leading the transaction.

WongPartnership has also acted for Thai telecom company Intouch Holdings, through its venture capital arm InVent, as lead investor on Event Pop Holdings’ Series A funding round. Partner Ong Sin Wei led the transaction.

ZICO Insights Law has advised Catalist-listed DiSa (formerly Equation Summit) on a S$12 million (US$9m) redeemable convertible bond issue to private investors, and a separate capital reduction exercise to reduce the share capital of the company unrepresented by available assets by S$135.6 million (US$100.65m), representing accumulated losses incurred over previous years. Director Gregory Chan led the transaction.

Allen & Gledhill has advised Singapore Airlines on its issue of S$700 million (US$519.5m) 3.13 percent notes due 2027 under its S$5 billion (US$3.7b) multi-currency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised the Housing and Development Board on its issue of S$600 million (US$445.3m) fixed rate notes due 2022 under its S$32 billion (US$23.7b) multi-currency medium term note programme. Partners Margaret Chin and Sunit Chhabra also led the transaction.

AZB & Partners is advising Overseas Private Investment Corporation, a US government agency which helps American businesses invest in emerging markets, on providing Rs2.2 billion (US$34.4m) external commercial borrowing to ReNew Wind Energy (TN2) to build a 50 MW solar photo voltaic plant and associated facilities in Pavagada Solar Park, Tumkur, Karnataka. Partners Gautam Saha and Pallavi Meena are leading the transaction, which was signed on August 23, 2017 and is yet to be completed.

AZB & Partners is also advising WestBridge Capital on its acquisition, along with Sequoia Capital, of more than 15 percent equity shares of Vini Cosmetics for approximately Rs11 billion (US$171.8m). Partners Gautam Saha, Amrita Patnaik and Akhilesh Kumar Rai are leading the transaction, which was signed on September 4, 2017 and is yet to be completed.

Bird & Bird ATMD has acted for a consortium, led by Singapore-listed Cityneon Holdings’ management, on the S$115.61 million (US$85.8m) acquisition of a 52.51 percent stake in Cityneon from Star Media Group, one of the largest publication and printing companies in Malaysia. Cityneon’s business segments include the organisation of events and exhibitions, such as the Marvel Avengers exhibitions, in many countries. The acquisition triggered a mandatory takeover, and the firm consequently acted as offeror counsel in the mandatory offer of approximately S$115 million (US$85.35m). Partner Marcus Chow led the transaction.

Bird & Bird ATMD has also acted for Singapore-listed Cityneon Holdings on the US$25 million recent acquisition of JP Exhibitions, allowing it to make global use of the intellectual property of the Jurassic World Exhibition. This exhibition is a licensed spin-off from the blockbuster movie Jurassic World and is Cityneon’s third acquisition. It follows Disney’s Marvel Avengers STATION and Hasbro’s Transformers Autobot Alliance. Partner Marcus Chow also led the transaction.

Conyers Dill & Pearman has acted as BVI counsel to Frontier Digital Ventures on its investment in BVI-incorporated Infocasas. Headquartered in Montevideo, Uruguay, Infocasas operates the leading online real estate classifieds portal in Uruguay and Paraguay, and occupies the number two position in Bolivia. Malaysia-based Frontier Digital Ventures is listed in Australia. Oliver Simpson led the transaction.

Conyers Dill & Pearman has also provided BVI and Cayman Islands advice to Golden Faith Group Holdings on its HK$116.1 million (US$14.9m) IPO of 270 million shares in Hong Kong. Golden Faith Group Holdings undertakes electrical and extra-low voltage (ELV) system works in Hong Kong. Its works include management installation, supervising and testing of the electrical and ELV installation. The company undertakes projects in public and private sectors, which comprise residential and commercial buildings, institutional buildings, government buildings, hotels and hospitals. Hong Kong partner Richard Hall, working alongside Hui & Lam, led the transaction.

DLA Piper has advised Australia-listed US technology company Updater on its A$50 million (US$40.2m) equity raising via an institutional placement. Headquartered in New York, Updater has developed technology that makes moving easier. Founded in 2011, the company’s innovative tools have transformed the home relocation process in the US, allowing users to seamlessly transfer utilities, update accounts, redirect mail and more. Goldman Sachs Australia acted as the lead manager, while Foster Stockbroking acted as co-manager for the placement. Sydney corporate partner Catherine Merity, supported by Singapore corporate partner Joe Bauerschmidt, led the transaction.

J Sagar Associates has acted as domestic counsel to Axis Capital, ICICI Securities and IIFL Holdings as the book-running lead managers on Quess Corp’s institutional placement programme, consisting of a fresh issue of approximately 11 million equity shares aggregating to Rs8.74 billion (US$136.5m). The shares of the company issued pursuant to the placement were listed on August 23, 2017. Partner Arka Mookerjee led the transaction, which was the first institutional placement programme under the Companies Act 2013 and in the business services sector, the third highest institutional placement programme in India to date, and the fastest follow-on public offering by any listed company in India.

J Sagar Associates has also advised RGAM Investment Advisers, a wholly-owned subsidiary of Religare Enterprises, on the divestment of its entire stake in its wholly-owned subsidiary Cerestra Advisers to India-registered Cerestra Managers. The transaction was entered into after the transaction agreements entered into earlier this year on the sale of stake in Cerestra Advisers were terminated by the parties. Partners Lalit Kumar and Dheeraj Nair led the transaction.

Khaitan & Co has represented Hindustan Unilever (HU) before the Bombay High Court on restraining Patanjali Ayurved from telecasting, broadcasting or otherwise howsoever communicating to the public, or publishing an advertisement of its bathing soaps which disparages or denigrates the Lifebuoy, Lux, Dove and Pears products of HU. The advertisement was first displayed on YouTube on September 2, 2017, and thereafter television broadcasts commenced. The action effectively ensured that Patanjali was prevented from telecasting or broadcasting the subject advertisement within two days from the date when the advertisement was first published. Partner Adheesh Nargolkar and associate partner Nishad Nadkarni led the transaction.

Khaitan & Co has also advised Emerald Haven Realty, the real estate venture of the TVS Group, on the formation of an approximately Rs4 billion (US$62.5m) co-investment platform with ASK Property Investment Advisors. The platform will focus on making investments into residential projects in Bengaluru and Chennai. Simultaneous with entering into the co-investment arrangement, Emerald Haven and ASK Property made their first co-investment in Chennai-based Emerald Haven Realty Developers (Paraniputhur). Partner Kartick Maheshwari and associate partner Divaspati Singh led the transaction.

Luthra & Luthra has advised Citigroup Global Markets India, Jefferies India, Axis Capital and YES Securities (India), on all aspects of Indian law, as the brokers on the offer for sale, through the stock exchange, by the President of India of NTPC’s equity shares. Pursuant to the offer, the promoter sold to retail and retail investors approximately 547.15 million equity shares, representing 6.64 percent stake of the company, for Rs91.28 billion (US$1.42b). An India-listed ‘Maharatna’ entity, NTPC is one of India’s leading power producers. For the current financial year, the Indian government targets raising Rs725 billion (US$11.32b) through disinvestment. The offer consisted of a base offer size of approximately 412.3 million equity shares. With the exercise of the oversubscription option, the offer increased to approximately 579.4 million equity shares, comprising 7.03 percent of NTPC’s paid up share capital. Partner Geeta Dhania led the transaction, while Herbert Smith Freehills acted as US counsel. Squire Patton Boggs, led by partner and co-chair of India practice Biswajit Chatterjee, acted as US counsel to NTPC and the Department of Investment and Public Asset Management, while AZB & Partners acted as Indian counsel.

Maples and Calder (Hong Kong) is acting as Cayman Islands counsel to BEST (formerly known as BEST Logistics), a Chinese logistics company which is held through a Cayman Islands company, on its IPO of American depositary shares representing its ordinary shares, and the listing of such ADSs in New York. Expected to close on September 22, 2017, the offering seeks to raise up to US$1 billion, which would make it the third largest IPO of the year, and the biggest listing so far this year for a Chinese company in the US. Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Deutsche Bank are acting as joint book-runners of the offering and as the representatives of the underwriters. Partner Richard Spooner is leading the transaction, while Simpson Thacher & Bartlett is acting as US counsel. Latham & Watkins is representing the underwriters.

Shardul Amarchand Mangaldas & Co has advised Jang Capital on its acquisition, by way of primary share subscription, of a minority stake in Haida Technologies. The transaction involved an early stage investment into Haida Technologies. The conversion of the compulsorily convertible preference shares of Haida Technologies issued in lieu of the investment is linked to the valuation to be assigned to the target company in the next round of investment. Private equity and M&A partner Abhinav Bhalaik led the transaction, which closed on August 21, 2017.

Simpson Thacher has represented Welkin on the formation of Welkin Capital Partners II. The fund reached a final close in August 2017 with US$160 million in commitments. Welkin is a China-focused growth equity investment firm, with a distinguished family heritage and strong entrepreneurial roots in the region. Partners Adam Furber and Katharine Moir led the transaction.

Walkers has advised China Jinmao Holdings Group on the BVI law aspects of a tap issuance of US$200 million four percent senior guaranteed perpetual capital securities by its wholly-owned subsidiary Franshion Brilliant. China Jinmao Holdings Group is the real estate arm of Sinochem Group and is a leading developer and operator of large-scale and high-end residential and commercial real estate projects in China. Hong Kong partner Jenny Nip led the transaction, while Latham & Watkins advised on Hong Kong and international law aspects and Tian Yuan Law Firm acted as Chinese counsel.

WongPartnership has acted for Shimizu on the joint venture with Afro-Asia Shipping and Development Division to redevelop Afro-Asia Building, an office block at 63 Robinson Road in Singapore’s Central Business District, into a new Grade-A premium office building, with an estimated project cost of S$320 million (US$237.5m). Partners Susan Wong, Tan Teck Howe and Quak Fi Ling led the transaction.

WongPartnership has also acted for the purchasers on the acquisition of the entire issued and paid up share capital of Angullia Development, which involved, among others, the obtaining of a clearance certificate for Angullia Development from the Land Dealings Approval Unit of the Singapore Land Authority, and the senior debt and junior debt refinancing exercise of Angullia Development. Partners Alvin Chia, Low Kah Keong and Angela Lim led the transaction.

Allen & Gledhill has acted as lead transaction counsel to the mandated lead arrangers and book-runners, consisting of ABN Amro Capital USA, Banco Bilbao Vizcaya Argentaria Singapore Branch, Banco Santander Singapore Branch, Bank of Baroda Offshore Branch Singapore, The Bank of Tokyo-Mitsubishi UFJ Singapore Branch, Commerzbank Singapore Branch, Commonwealth Bank of Australia Singapore Branch, Coöperatieve Rabobank, ING Bank, Intesa Sanpaolo Bank Luxembourg — Amsterdam Branch, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation Singapore Branch, Unicredit Bank Singapore Branch and Wells Fargo Bank National Association (acting through its Singapore Branch), on the US$1 billion revolving credit facilities to Olam Holdings, a wholly-owned European subsidiary of Olam International. The facilities will be used to refinance existing syndicated / bilateral bank loans of Olam and its subsidiaries. Partner Mark Hudspeth led the transaction.

Allen & Gledhill has also advised Croesus Retail Asset Management, as trustee-manager of Croesus Retail Trust, on the approximately S$900.6 million (US$666.4m) proposed acquisition by Cyrus BidCo of all the issued units in Croesus. Partners Lim Mei, Sharon Wee, Jerry Koh, Long Pee Hua, Ang Cheng Hock, SC and Tan Xeauwei led the transaction, which is the first transaction involving acquisition of all the units in a Singapore-listed business trust by way of a trust scheme.

AZB & Partners is acting as India counsel to Infosys on the buy-back of approximately 20 percent of its aggregate paid-up equity share capital and free reserves. Senior partner Sai Krishna Bharathan and partners Sugandha Asthana and Harsh Maggon are leading the transaction, which was valued at Rs130 billion (US$2b) and is yet to be completed.

AZB & Partners has also advised Max India and Max Healthcare Institute on the acquisition by Max India and Life Healthcare Group of the entire 7.5 percent shareholding of International Finance Corporation in Max Healthcare Institute. Partners Anil Kasturi and Niladri Maulik led the transaction, which was valued at Rs4.2 billion (US$65.6m) and was completed on August 18, 2017.

Clifford Chance has advised the Hong Kong subsidiary of CSL, a global blood and plasma-derived product manufacturer based in Australia, on the US$352 million acquisition of an 80 percent equity stake in Ruide, a Chinese domestic blood product manufacturer. The target business includes a manufacturing plant located in Wuhan, four existing plasma stations and approximately 300 employees. Hong Kong partner Emma Davies led the transaction.

Colin Ng & Partners has advised Edmund Tie & Company on its joint venture with OrangeTee Holdings. As part of the agreement, both companies will be transferring their 100 percent-owned associate agencies, namely Edmund Tie & Company Property Network and OrangeTee.com, into the JV company. Moving forward, the two associate agencies will be operating under the single name OrangeTee & Tie, with a combined force of over 4,000 associates, making it the third largest real estate agency in Singapore. Partner Lisa Theng led the transaction.

DLA Piper has advised Ele.me, one of the largest food delivery service providers in China, on its merger with Baidu Waimai, another giant in the same industry. The merger was consummated via a reverse triangular merger between Ele.me and Baidu Waimai’s respective Cayman-incorporated holding company. After the merger, Baidu Waimai will become a wholly-owned subsidiary of Ele.me. Baidu.com, the controlling shareholder of Baidu Waimai before the merger, was issued preferred shares of Ele.me as part of the merger consideration. Alibaba, the largest shareholder of Ele.me, provided financing to Ele.me for the merger by subscribing for newly issued Series G-1 preferred shares. The merger will make the new entity one of the only two major players in the food delivery sector in China. Corporate partner Stewart Wang led the transaction.

Duane Morris & Selvam has advised UangTeman (Digital Alpha Indonesia) on its recent successful equity and debt fundraising of US$12 million in its Series A fund raising from new and existing investors. The round is co-led by K2 Venture Capital, Enspire Capital and Alpha JWC Ventures, UangTeman’s first institutional investor. UangTeman is the first and only digital lender in Indonesia providing short-term unsecured microloans in more than 14 cities throughout the country. Chairman, managing director and global head of corporate Leon Yee led the transaction.

J Sagar Associates has acted as sole Indian counsel to the Export-Import Bank of India (EXIM) on the issue of US$400 million Formosa Notes under EXIM’s US$10 billion medium term note programme. Joint managing partner Dina Wadia and partner Uttara Kolhatkar led the transaction, which was the first Formosa Notes issue by an Indian state-owned specialised financial institution.

J Sagar Associates has also advised Ansell on the divestment of its sexual wellness business in India and demerger of the gloves business from JK Ansell. The divestment and demerger are subject to the approval of the National Company Law Tribunal. Partner Vivek Chandy led the transaction.

Khaitan & Co has advised the entities of the Seaways Group, namely Seaways Shipping and Logistics (SSL) and Mosavi Enterprises (ME), on SSL’s issue of 640 unlisted, senior, secured, redeemable, non-convertible debentures aggregating up to Rs640 million (US$10m) and on ME’s issue of 960 unlisted, senior, secured, redeemable, non-convertible debentures aggregating up to Rs960 million (US$15m) as pre-IPO funding transaction. The investor group includes EW Special Opportunities Fund II, an entity belonging to the Edelweiss Group. Seaways Group is the second largest logistics services provider in India. Partner Manisha Shroff, assisted by associate partner Thomas George, led the transaction.

Khaitan & Co has also acted as sole Indian counsel to tender offers to purchase for cash all or part of Vedanta Resources’ outstanding approximately US$ 774.8 million 6 percent bonds due 2019 and US$900 million 8.25 percent bonds due 2021, followed by a new fund raising pursuant to the offering of US$ 1 billion 6.125 percent bonds due 2024. The bond proceeds were used for the tender offer and refinancing. This is also a new fund raising by way of US-dollar bond issue under Reg 144A and Reg S. This is Vedanta’s second single-tranche G3 high yield bond issuance in 2017. A diversified natural resources company, Vedanta explores, extracts and processes minerals, oil and gas in India. It produces oil and gas, zinc, lead, silver, copper, iron ore and aluminum. The company also operates a 600 MW thermal coal-based power facility in the State of Odisha and 274 MW wind power plants. Partner Manisha Shroff, assisted by executive director Daksha Baxi and associate partners Ritu Shaktawat and Rashmi Deshpande, led the transaction.

Luthra & Luthra has advised Security and Intelligence Services (SIS) on its IPO aggregating to approximately Rs7.8 billion (US$121.8m). Pursuant to the IPO, SIS equity shares were listed in the India stock exchanges effective August 10, 2017. Axis Capital, ICICI Securities, IIFL and Kotak were the global coordinators and book-running lead managers, while SBI Capital Markets, Yes Securities and IDBI Capital were the book-running lead managers to the offering. SIS is a leading provider of security and facility management services in India and Australia. Holding market-leading positions in the private security, cash logistics and facility management sectors in India and Australia, and interests in electronic security and home alarms businesses, SIS is one of the first in its space to get listed on the domestic stock exchanges. During the course of the transaction, SIS completed certain acquisitions, two of which necessitated disclosures of proforma financial statements (assuming closure of the acquisitions at a prior period) in the offer documents. Partners Manan Lahoty and Geeta Dhania led the transaction. Sidley Austin and Shardul Amarchand Mangaldas & Co acted as international and Indian counsel, respectively, to the underwriters.

Norton Rose Fulbright has advised Ferrostaal Industrial Projects (Germany), Engie (France) and the Danish Investment Fund for Developing Countries as the sponsors on the development and financing of the 55MW wind farm at Sainshand in Mongolia. The operation of the wind farm will contribute to reducing Mongolia’s carbon emissions, as well as meeting its increasing power demand. The Sainshand wind farm is located 15km north-east of Sainshand City, in an area 1,020m above sea level. Construction is expected to be completed in January 2019. Partner Chris Down, supported by partners Nicky Davies (Singapore), Dirk Trautmann (Munich), Stephane Braun (Luxembourg) and Yu-En Ong (Singapore), led the transaction.

Rajah & Tann Singapore has acted for Traveloka Holding on Expedia’s US$350 million minority investment in Traveloka. Over the course of Traveloka’s last two funding rounds, Hillhouse Capital Group, JD.com, East Ventures and Sequoia Capital also contributed funding, bringing the total investment amount to approximately US$500 million within the last year. With this investment, the companies will be able to expand on global hotel supply opportunities, offering more diverse travel choices and services for Traveloka and Expedia travelers around the globe. Jakarta, Indonesia-based Traveloka is a leading Southeast Asian online travel company, while Expedia is a globally-recognised international online travel company. Partners Chia Kim Huat and Lorena Pang, supported by partners Kala Anandarajah, Dominique Lombardi and Tanya Tang, led the transaction, which was completed on July 26, 2017.

Shearman & Sterling has represented HSBC, Morgan Stanley, China CITIC Bank International, Citi, CMB International, Haitong International, ICBC International, Industrial Bank Hong Kong Branch and SPDB International as initial purchasers on the offering of US$400 million 6.875 percent senior notes due 2020 and US$600 million 7.95 percent senior notes due 2022 by Sunac China Holdings. Hong Kong capital markets partner Alan Yeung led the transaction.

Shearman & Sterling has also represented JP Morgan Securities and Deutsche Bank Singapore Branch as initial purchasers on the offering of US$400 million 5.875 percent senior notes due 2022 by eHi Car Services, a leading car rentals and car services provider in China, and guaranteed by certain of its existing subsidiaries. Hong Kong capital markets partner Alan Yeung also led the transaction.

Shook Lin & Bok is acting for Singapore-listed Yanlord Land Group, the majority shareholder of a consortium, in the consortium’s proposed takeover of United Engineers and WBL at an aggregate valuation of approximately S$1.83 billion (US$1.35b). Partner Gwendolyn Gn is leading the transaction.

Shook Lin & Bok is also acting as Singapore counsel to Nidec subsidiary Nidec-Read on its approximately S$88.3 million (US$65.3m) acquisition, on a cash-free debt-free basis, of 29.3 million shares in Ellipsiz, representing 100 percent of the entire issued and paid-up capital of its wholly-owned subsidiary SV Probe, a probe card manufacturer. Partners Dayne Ho and Chua Shi Ying are advising on the transaction.

Skadden is advising WeWork Companies on an agreement for a US$4.4 billion investment from the SoftBank Group and the SoftBank Vision Fund, which includes a US$3 billion investment in WeWork’s parent company, via a primary investment in new shares and a secondary purchase of existing shares, and a US$1.4 billion investment in three newly-created companies, each controlled and managed by local WeWork management teams, which will fund WeWork’s expansion in China (WeWork China), Japan (WeWork Japan) and Southeast Asia and Korea (WeWork Pacific). Boston M&A partners Graham Robinson and Laura Knoll, New York corporate finance partners Stacy Kanter and Ryan Dzierniejko, New York executive compensation and benefits partner Regina Olshan, New York intellectual property and technology partner Bruce Goldner, Boston tax partner Moshe Spinowitz, Hong Kong corporate finance partner Will Cai , Tokyo partner Mitsuhiro Kamiya and Palo Alto M&A partner Leif King led the transaction, which was which announced on August 24, 2017.

Sullivan & Cromwell is representing a consortium, Hubei Energy Group (China), ACE Investment Fund II (Cayman Islands) and CNIC (Hong Kong), on the proposed US$1.39 billion acquisition, subject to certain debt and other adjustments, of Empresa de Generación Huallaga (Peru) from Odebrecht Energia del Perú (Peru) and Odebrecht Energía (Peru). Corporate partners Sergio Galvis (New York), Werner Ahlers (New York) and Chun Wei (Hong Kong), financing partner Jamieson Logie (Hong Kong), tax partner Ronald Creamer Jr (New York) and intellectual property partner Nader Mousavi (Palo Alto) led the transaction, which was announced on August 25, 2017 and is yet to be completed.

WongPartnership is acting for CWT, its controlling shareholder C & P Holdings and the Liao family (which is a shareholder of C & P) on the approximately S$1.4 billion (US$1b) pre-conditional voluntary general offer by HNA Belt and Road Investments (Singapore), a wholly-owned subsidiary of HNA Holding Group, for all the issued and paid up ordinary shares in the capital of CWT other than those already owned, controlled or agreed to be acquired by the offeror, its related corporations and their respective nominees. Managing partner Ng Wai King and partners Quak Fi Ling, Chan Jia Hui, Andrew Ang and Milton Toon are leading the transaction.

WongPartnership has also acted for Banyan Tree Holdings (BTH) on its joint venture with China Vanke to create Banyan Tree Assets (China), which holds interests in the BTH group’s hotels and real estate assets in China, as well as their hotel and resorts management business, spa and gallery operations, design and technical services and other operational businesses in China. BTH has also entered into a share placement agreement with a China Vanke subsidiary, under which it will subscribe for a 4.99 percent stake in BTH and may also take up additional shares in BTH under various options and additional issuance. Partners Annabelle Yip, Lam Chung Nian, Audrey Chng, James Choo, Kevin Ho and Kylie Peh led the transaction.

Allen & Gledhill has advised Medco Energi Internasional, through its wholly-owned Singapore-incorporated subsidiary Medco Strait Services, on the issue of US$300 million 8.5 percent senior notes due 2022. Partners Glenn Foo and Sunit Chhabra led the transaction.

Ashurst has advised Barclays, Deutsche Bank, Investec, JP Morgan and Morgan Stanley as the joint book-runners on Greenko’s US$1 billion green bond offering, Asia’s largest corporate dollar green bond issuance to date. JP Morgan acted as the lead green structuring agent. The seven-year dollar bond is split across two tranche maturities, comprising US$350 million 4.875 percent senior notes due 2022 and US$650 million 5.25 percent senior notes due 2024. The proceeds will be used to refinance Greenko’s US$550 million bond due 2019 and invest in various clean energy projects including the newly acquired solar assets from SunEdison India. Backed by Singapore sovereign wealth fund GIC and the Abu Dhabi Investment Authority, Greenko is one of India’s leading clean energy companies, with a 1.9 GW portfolio across wind, solar and hydro power. It acquired and integrated SunEdison’s India assets in 2016. Global head of high yield Anna-Marie Slot, assisted by partner David Nirenberg, led the transaction.

Ashurst has also represented Alberta Investment Management Corporation (AIMCo) on its US$300 million cornerstone commitment to Macquarie Asia Infrastructure Fund 2 and on negotiating the terms of its significant investment. AIMCo is one of Canada’s largest and most diversified investment managers, with more than C$90 billion (US$71.7mb) assets under management. The commitment made by AIMCo to the fund underscores both the current trend in the market towards very large fund raisings getting off successfully and the advantage that being a cornerstone investor, with a significant capital commitment, brings to being able to negotiate favourable investment terms. Asia head of private investment funds Dean Moroz, supported by partner James Comber, led the transaction.

AZB & Partners has advised Tata Motors, Sheba Properties, Tata Capital Growth Fund I and Alpha TC Holdings, existing shareholders of Tata Technologies, on the Rs23 billion (US$359m) acquisition of an approximately 49 percent stake by Warburg Pincus affiliate Green Boat Investment in Tata Technologies from the existing shareholders. Partner Rahul Rai led the transaction, which was completed on August 9, 2017.

AZB & Partners is also advising SoftBank Vision Fund and its subsidiary SVF Holdings (Jersey) on SVF’s acquisition of an approximately 20 percent stake of Flipkart, on a fully diluted basis. Senior partner Vinati Kastia is leading the transaction, which was valued in excess of US$2 billion and is yet to be completed.

Conyers Dill & Pearman has acted as special counsel in the Cayman Islands to Fantasia Holdings Group and its British Virgin Islands subsidiary guarantors, Fantastic Victory, Wisdom Regal and Fantasia Financial Community Group, on the company’s issue of US$300 million 7.95 percent senior notes due 2022. Fantasia Holdings is a leading property developer and property related service provider in China. Hong Kong partner Anna Chong, working alongside Sidley Austin and Commerce & Finance Law Offices, led the transaction.

Conyers Dill & Pearman has also provided Cayman Islands advice to Modern Land (China) on its international offering of US$130 million 6.5 percent senior notes due 2018. Modern Land provides real estate development, property investment, hotel operation, project management, real estate agency, immigration and household technology services in China and the US. It also offers technology development and consulting services. Hong Kong partner Lilian Woo, working alongside Sidley Austin and Junhe, led the transaction.

Corrs Chambers Westgarth has acted for Frasers Property, lead member of the Aspire consortium and the appointed developer of Ivanhoe Estate, Australia’s largest social and affordable housing redevelopment project. The NSW Government has announced the Aspire consortium, which includes development partners Frasers Property Australia, Citta Property Group and community housing partner Mission Australia Housing, as the successful tenderer for the Ivanhoe Estate development. Off Epping Road in Sydney’s northern suburbs, the project will be developed into an integrated community of around 3,000 homes, including at least 950 social housing units and 128 affordable rental units, over the next 10-12 years. These social housing units will be managed by Mission Australia Housing. The project will be delivered in stages, with work expected to start in late 2017. The first stage will include the replacement of the existing 259 social housing units and is expected to be completed three years after development approval. Partner Nathaniel Popelianski led the transaction.

HHP Law Firm and Baker McKenzie Wong & Leow, Baker McKenzie’s member firms in Indonesia and Singapore, have advised Kereta Cepat Indonesia China (KCIC) on the development and financing of Indonesia’s first high-speed railway project connecting Jakarta and Bandung. This is also China’s first high-speed railway project in Indonesia, and the first time China has allowed a state-owned company to fully immerse itself in an overseas project in terms of design and construction. The project is financed through a loan provided by the China Development Bank, which provides roughly 75 percent of the funding, while the rest is arranged by KCIC as equity. While the agreements had been signed in Beijing on May 14, 2017, construction is expected to be finished in 2019 and is due to operate in early 2020. The team has also represented Pilar Sinergi BUMN and the Indonesia Consortium, which is composed of Wijaya Karya, Kereta Api Indonesia, Jasa Marga and Perkebunan Nusantara VIII, on the establishment of KCIC, the joint venture company that was formed with Beijing Yawan, the subsidiary of, among others, China Railway. HHP Law partner Mita Guritno, supported by partners Kirana Sastrawijaya, Muhammad Karnova, Cahyani Endahayu and Mita Djajadiredja in Jakarta, as well as finance and project principals James Huang and Milan Radman from Baker McKenzie Wong & Leow in Singapore, led the transaction.

Khaitan & Co has advised Pepe Jeans Europe on its 50-50 joint venture with Dollar Industries to manufacture and market premium fashion innerwear, loungewear, gymwear, sleepwear and track suits for adults and kids in India, Nepal, Bangladesh, Sri Lanka and Bhutan, under the Pepe Jeans brand name. Pepe Jeans retails and distributes Pepe Jeans in Europe. Founded in 1995 and based in Amsterdam, it operates as a subsidiary of Pepe Jeans London. Partner Bhavik Narsana led the transaction.

Khaitan & Co has also acted as Indian counsel to the bookrunning lead managers, comprising of JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India. ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets, on the IPO of up to 120 million equity shares of SBI Life Insurance, through an offer for sale by the State Bank of India and BNP Paribas Cardif, of up to 80 million and 40 million equity shares, respectively. SBI Life is one of the leading life insurance companies in India and is a joint venture between India’s largest bank, State Bank of India, and leading global insurance company BNP Paribas Cardif. Partner Abhimanyu Bhattacharya and associate partner Aditya Cheriyan led the transaction.

Luthra & Luthra, along with Latham & Watkins, has advised Baxter and its affiliates on the acquisition of Claris Injectables from India-listed Claris Lifesciences. Baxter has also simultaneously purchased the overseas injectables business of the Claris group from Elda International & Claris Pharmaservices. A sterile injectables pharmaceutical company with a global market presence, Claris Injectables manufactures and/or markets products across multiple delivery systems, markets, and therapeutic segments. The transaction was structured as a share acquisition with a small component of subscription into Claris Injectables to meet its existing debt obligations. The transaction integrates well into the vision of the Baxter group for 2020, as the product portfolio of Claris Injectable is an ideal complement to its own, and would immediately expand Baxter’s presence and potential in a core growth category. Baxter valued the injectables business at US$625 million. Senior partner Mohit Saraf, supported by partners Apurva Jayant, Vikas Srivastava, Lokesh Shah, Jatinder Pal Singh, Gayatri Roy, Nirupam Lodha, Sachit Mathur, Sundeep Dudeja, Saurabh Tiwari and Anshul Jain, led the transaction, which closed on July 27, 2017.

Luthra & Luthra is also advising Kotak Mahindra Capital, Axis Capital, IDFC Bank, Nomura Financial Advisory and Securities (India) and YES Securities (India), as the book-running lead managers on the proposed IPO of New India Assurance, one of the largest general insurance companies in India. Partner Manan Lahoty is leading the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to 21Vianet Group on its issuance of US$200 million 7 percent notes due 2020. The notes will be listed in Singapore. The company is a leading carrier-neutral internet data centre services provider in China. Partner Richard Spooner led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel.

Rajah & Tann Asia has acted for Krung Thai Bank as lender in the grant of a facility to Singha Estate, for the issuance of standby letters of credit to support Singha Estate’s US$182 million two percent standby letter of credit-backed convertible bonds due 2022 listed in Singapore. This is the largest public convertible bond issuance by a Thai company in recent years. Partners Nicholas How from R&T Singapore and Piroon Saengpakdee from R&T Asia (Thailand) led the transaction.

Rajah & Tann Asia has also acted for Traveloka Holding on Expedia’s US$350 million minority investment in Traveloka. Over the course of Traveloka’s last two funding rounds, Hillhouse Capital Group, JD.com, East Ventures and Sequoia Capital also contributed funding, bringing the total investment to approximately US$500 million within the last year. Partners Chia Kim Huat and Lorena Pang from R&T Singapore led the transaction.

Rajah & Tann Singapore is advising Credit Suisse (Singapore) on the pre-conditional voluntary general offer by Hong Kong-listed HNA Belt and Road Investments (Singapore) to acquire all the issued and paid up ordinary shares in the capital of CWT, other than those already owned, controlled or agreed to be acquired by HNA, its related corporations and their respective nominees. Credit Suisse is acting as financial advisers to Stanley Liao, Ng Tai Chuan and Chung Boon Hoe, the shareholders of C & P Holdings, which is the controlling shareholder of CWT. Based on S$2.33 (US$1.71) per share, the offer values the company at approximately S$1.4 billion (US$1b). This acquisition is a milestone for HNA’s strategy in becoming a leading diversified international investment company. CWT Group’s extensive logistics capabilities and advanced commodity trading and financial services platform will allow HNA to simultaneously enter into logistics, engineering, financial services and commodity trading businesses, and have a presence across approximately 90 countries globally. Partner Sandy Foo is leading the transaction, which was announced on April 9, 2017 and is yet to be completed. Baker McKenzie is acting as Hong Kong counsel to HNA Holding.

Rajah & Tann Singapore has also advised Singapore-listed Healthway Medical on the voluntary conditional cash offer by RHB Securities Singapore, on behalf of Gentle Care, to acquire all the issued and paid-up ordinary shares in the capital of Healthway, including all those owned, controlled or agreed to be acquired by parties acting or deemed to be acting in concert with Gentle Care. Based on S$0.042 (US$0.03) per share, the offer valued Healthway at approximately S$103.3 million (US$75.9m). Healthway’s principal activities are investment holding and healthcare management. Partner Sandy Foo also led the transaction, which was completed on May 12, 2017. Lee & Lee advised Gentle Care.

Shardul Amarchand Mangaldas & Co has advised PVR on the approximately Rs860 million (US$13.4m) sale of the 100 percent shareholding in the arcade games joint venture company PVR BluO Entertainment to Smaaash Entertainment. PVR owns 51 percent in PVR BluO, while Thailand’s Major Cineplex Group owns the rest. PVR BluO currently operates six indoor and outdoor gaming centres across India, with two additional centres expected to open shortly. The sale is part of PVR’s strategy to sell non-core assets and focus on its main cinema exhibition business. Partner Akila Agrawal, supported by partner Sourav Kanti De Biswas, led the transaction, which was signed on August 8, 2017 and is expected to close in approximately 15 -20 days. ANM Global advised Smaaash.

Shardul Amarchand Mangaldas & Co has also advised Kagome (Japan), ASG and Preferred Brands International on the acquisition of Preferred Brands and its subsidiaries, including Tasty Bites Enterprises. The primary transaction is valued at approximately US$172 million and will be followed by an open offer, valued at Rs3.52 billion (US$55m). Tasty Bites is a leading Indian manufacturer of packaged, ready-to-eat food products. As part of the transaction, Mars, through its group company Effem Holdings, has agreed to acquire 100 percent stake in Preferred Brands, including its Indian subsidiaries, Tasty Bites and Preferred Brands (India) Foods, from its existing shareholders Kagome and ASG. The said indirect acquisition of Tasty Bites is deemed a direct acquisition and will trigger an open offer under the SEBI (SAST) Regulations. Effem Holdings has made an open offer for 661,190 shares of Tasty Bite Eatables at Rs5,323.87 (US$83) per equity share. Partners Sandip Beri and Akila Agrawal, supported by partner Amit Singhania, led the transaction, which was signed on August 14, 2017 and is expected to close by the end of October 2017. Giannuzzi Group acted as US counsel for ASG and its members. Squire Patton Boggs acted as US counsel for Kagome. Skadden, Arps, Slate, Meagher & Flom and AZB & Partners acted as US counsel and Indian counsel, respectively, for Mars International and affiliates.

Shearman & Sterling has advised International Finance Corporation (IFC), Clifford Capital and CDC Group as the lenders on the financing of the approximately US$412 million, 414MW (gas) / 333MW (fuel oil) greenfield, dual-fuel Sirajganj independent power producer (IPP) power project. Clifford Capital is a Singapore-based specialist provider of structured finance solutions, while CDC Group is the UK government’s development finance institution. The project, located in the Sirajganj region of Bangladesh, marks the first IPP in recent years to be financed on a limited-recourse basis. This will be the second largest independent power plant in the country and represents the largest foreign direct investment into this sector in recent years. The debt package is approximately US$309 million and is divided among the lenders, as well as the Japan International Cooperation Agency, brought in by IFC. A portion of Clifford Capital’s tranche will be covered by the Multilateral Investment Guarantee Agency. The tenor of the loans is the longest project financing debt tenor to be achieved in Bangladesh. The project was procured as public-private partnership on a build, own and operate basis and is scheduled to commence simple cycle operations in 2018. The project, which was awarded to Sembcorp Utilities by Bangladesh in September 2015, is the first of its kind with a foreign investor in the power sector in Bangladesh. SembCorp will own 71 percent in the project, while the Bangladesh state-owned North West Power Generation Company will hold the remaining 29 percent. Upon completion, the plant will supply power to the grid under a 22.5-year power purchase agreement with the Bangladesh Power Development Board. Partner Bill McCormack led the transaction.

Simpson Thacher has represented Celltrion Healthcare on the IPO of approximately 24.6 million shares of its common stock. The offering raised W1.01 trillion (US$892m) in gross proceeds. Celltrion Healthcare’s common shares were offered as a registered IPO in Korea and a Regulation S offering outside Korea. Mirae Asset Daewoo acted as global coordinator and joint book-runner, UBS acted as joint book-runner, and Macquarie, Hanwha Investment & Securities and Shinhan Investment acted as co-managers. Korea-based Celltrion Healthcare is a leading global marketing and distribution company specialising in the biosimilar market. Head of Seoul office Youngjin Sohn led the transaction.

Skadden has represented MassMutual International, Massachusetts Mutual Life Insurance Company’s international insurance holding company, on the sale of Hong Kong-based MassMutual Asia by MassMutual to Hong Kong-listed Yunfeng Financial Group and several other Asia-based investors. Under the terms of the transaction, MassMutual International will receive approximately US$1.01 billion in cash and 800 million shares of Yunfeng stock worth approximately US$668 million, which is equivalent to approximately 24.8 percent of the expanded capital of Yunfeng. In turn, Yunfeng will hold a direct 60 percent interest in MassMutual Asia. The other strategic investors, namely Meyu International, City-Scape, Ant Financial Services Group, Sheen Light Development, SINA, Harvest Billion International and Giant Investment (HK), will hold the remaining interest in MassMutual Asia. Partners Jonathan Stone, Edward Lam, Clive Rough, Rory McAlpine, Bradley Klein, Robert Sullivan, Todd Freed, Cliff Gross, Jessica Hough, Moshe Spinowitz and Alex Jupp led the transaction, which was announced on August 17, 2017.

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has acted as lead counsel for Maynilad Water Services on an UNCITRAL-governed international arbitration case against the Republic of the Philippines, regarding the implementation of an earlier rate rebasing arbitration case filed by Maynilad as concessionaire against a Republic-owned water utility, Metropolitan Waterworks and Sewerage System (MWSS). On July 24, 2017, the tribunal unanimously found in a final first partial award that the Republic had breached its undertaking letter and ordered it to indemnify Maynilad for the approximately PhP3.42 billion (US$66.7m) in actual losses it had suffered from March 11, 2015 to August 31, 2016. Partners Emmanuel Lombos and Arlene Maneja led the transaction.

WongPartnership is acting as Singapore counsel for Australia and New Zealand Banking Group on the transfer of its wealth management and retail banking business to DBS Bank in Singapore. Partners Chou Sean Yu, Annabel Kang and Chan Jia Hui are leading the transaction.

AZB & Partners is advising General Atlantic Singapore Fund on its acquisition of a majority stake in the equity share capital of Karvy Advisory Services, into which Karvy Computershare will be merged. Partners Ashwath Rau, Vaidhyanadhan Iyer and Divya Mundra are leading the transaction, which was signed on August 3, 2017 and is yet to be completed.

AZB & Partners is also advising The New India Assurance Company on its IPO of approximately 120 million equity shares, which includes a fresh issue of approximately 24 million shares and an offer for sale of approximately 96 million shares by the Indian Government as a selling shareholder. Partners Madhurima Mukherjee, Lionel Almeida and Agnik Bhattacharyya are leading the transaction.

Baker McKenzie has advised China Citic Bank on its HK$6.6 billion (US$843.8m) bridge and term loan facility to finance part of the equity contributions for the acquisition and privatisation of Belle International. The acquisition closed on July 25, 2017, with Belle International being delisted in Hong Kong on July 27, 2017. The financing was done in several separate tranches, with bridge and mezzanine facilities. Hong Kong partner Rose Zhu and finance and project principal Kah Chin Chu from Baker McKenzie Wong & Leow in Singapore led the transaction, which is considered as one of Asia’s largest consumer buyouts.

Chitale Legal has advised PTL Enterprises on its corporate restructuring exercise, by way of demerger of medicare and healthcare undertaking, into Artemis Global Life Sciences, and consequent listing of the shares of Artemis Global Life Sciences in India. Partner Satish Kumar Dinavahi led the transaction.

Chitale Legal has also advised Bajaj Finance on its approximately Rs2.25 billion (US$35m) strategic investment to acquire a 10.83 percent stake in digital payment company One MobiKwik Systems. MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku as an online platform for recharging and paying bills for mobile phone and satellite TV connections. In 2013, it received a licence from RBI to launch its digital wallet. Partner Satish Kumar Dinavahi also led the transaction. Shardul Amarchand Mangaldas & Co, led by partners Amit Khansaheb and Rishi Jain, advised One Mobikwik Systems.

Clifford Chance has advised on the first two issuances of securities designed to meet new capital standards for financial institutions in Hong Kong. These transactions, a Tier 2 subordinated note issuance by Chong Hing Bank and a dated subordinated capital note issuance by China Life Insurance (Overseas) Hong Kong Branch, marked the first time that financial institutions in Hong Kong had issued securities under the new Financial Institutions (Resolution) Ordinance (FIRO), which came into effect on July 7, 2017. The Chong Hing Bank transaction involved an exchange offer to the holders of the bank’s existing Tier 2 subordinated notes due 2020 and the issuance of US$383 million of new Tier 2 subordinated notes. The China Life Insurance transaction involved the issuance of US$225 million of subordinated capital notes due 2027. Head of capital markets for Asia Pacific partner Connie Heng and partner Matt Fairclough led the transactions.

Colin Ng & Partners has advised RELX (Singapore) on its collaboration with The Walt Disney Company (Southeast Asia) to co-organise the “Star Wars: Experience the Force Singapore” festival. This event will take place along Orchard Road from September 1-10, 2017 and at the Singapore Toy, Game & Comic Convention at Marina Bay Sands from September 9-10, 2017. The festival will feature the sale of collectibles, books and apparels from the upcoming movie, “Star Wars: The Last Jedi”. Other activities that will be continuing include the Padawan Training academy, a Virtual Reality experience with BB-8 and fan-built installations of the Millennium Falcon. Partner Ken Chia led the transaction.

Khaitan & Co has acted as domestic counsel to Citi Global Markets India, Axis Capital, Deutsche Equities India, HSBC Securities and Capital Markets (India) and Kotak Mahindra Capital as the book-running lead managers on General Insurance Corporation of India’s (GIC) IPO, which is expected to raise over US$1 billion. GIC offers reinsurance solutions to general and life insurance companies in 162 countries. It is India’s only reinsurance company and the first public sector insurance company to file a DRHP for an IPO. Partner Abhimanyu Bhattacharya and associate partner Madhur Kohli led the transaction, which is one of the largest proposed IPOs of this year.

Khaitan & Co has also advised Flipkart on an investment by SoftBank’s Vision Fund into Flipkart. The Flipkart Group is India’s largest e-commerce marketplace and includes group companies Flipkart, Myntra, Jabong, PhonePe and eBay.in. Partner Ganesh Prasad and associate partner Vinay Joy led the transaction, which is the largest single investment in the technology and e-commerce space.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to leading mobile transportation platform Didi Chuxing on a major new round of investment in Grab, a Cayman Islands company which operates Southeast Asia’s leading ride-hailing business. DiDi’s investment, together with that of co-investor SoftBank Group, will amount to US$2 billion. Grab anticipates raising an additional US$500 million from other existing and new investors, bringing the total amount raised in this financing round to US$2.5 billion. Paul, Weiss, Rifkind, Wharton & Garrison acted as lead counsel.

Maples and Calder (Hong Kong) has also acted as British Virgin Islands counsel to New Metro Global on its issue of US$200 million five percent guaranteed senior notes due 2022, unconditionally and irrevocably guaranteed by Future Land Holdings. The notes are listed in Singapore. Future Land Holdings is a leading property developer in the Yangtze River Delta. Partner Lorraine Pao led the transaction, while Shearman & Sterling acted as US counsel. Paul Hastings acted as US counsel to the initial purchasers, which include Credit Suisse, Bank of China, Haitong International and Guotai Junan International.

Rajah & Tann Singapore has acted for Singapore-listed ABR Holdings on the acquisition of 80 percent of The Chilli Padi Group for S$14.8 million (US$10.85m), with an option for the balance of 20 percent. The Chilli Padi Group provides both halal-certified and non-halal catering services for various events and operates restaurants serving Peranakan food and cafeterias. The group primarily manages, franchises and operates a portfolio of popular quality food and beverage companies and brands. Partners Danny Lim and Chia Lee Fong led the transaction. Shook Lin & Bok advised the vendors of The Chilli Padi Group.

Rajah & Tann Singapore is also advising Aztech Group on its selective capital reduction exercise to enable minority shareholders to realise the value of their shares, subsequent to the delisting of the company in Singapore on February 21, 2017. Based on the cancellation price of S$0.42 (US$0.31) per share, the group is valued at approximately S$21.42 million (US$15.7m). Aztech Group is a dynamic international group with key activities in electronics design and manufacturing, LED lighting, material supply and marine, as well as F&B retail and supplies businesses. The group is headquartered in Singapore with support offices in the US, Germany, Malaysia, Hong Kong, Philippines and China, as well as a vertically integrated manufacturing plant in China. Partners Danny Lim and Penelope Loh are leading the transaction, which was announced on July 19, 2017 and is yet to be completed.

Shardul Amarchand Mangaldas & Co has advised Axis Capital, ICICI Securities, IIFL Holdings, Kotak Mahindra Capital, SBI Capital Markets, Yes Securities (India) and IDBI Capital Markets & Securities as the underwriters on the Rs7.79 billion (US$121.4m) IPO of Security and Intelligence Services (India) (SIS). The IPO was the first by a private security services company in India. The shares of SIS are proposed to be listed in the Indian stock exchanges. The deal was signed on July 31, 2017 and is expected to close in the next few days. Partner and national capital markets practice head Prashant Gupta, supported by partner Sayantan Dutta, led the transaction, while Sidley Austin acted as international counsel. Luthra and Luthra advised Security and Intelligence Services.

Simmons & Simmons has advised Gangtai Group, a leading private owned conglomerate from China, on the completion of its 85 percent stake acquisition of Buccellati Holding Italia, a prestigious Italian luxury jewellery brand with close to 100 years of history. Buccellati was previously owned by Clessidra SGR and the Buccellati family. The transaction moves Buccellati into one of the most prominent jewellery groups in China with the potential to expand the brand globally. Partners Dario Spinella (Milan) and Eric Lin (Beijing), supported by Milan partners Davide Sportelli (employment), Augusto Santoro (equity incentives) and Davide D’Affronto and Beijing partner Yongmei Cai (bridge financing), led the transaction.

Sullivan & Cromwell (Hong Kong) is representing C.banner International Holdings (Hong Kong) on its agreement to purchase approximately 6.3 million sale shares of EtonKids Educational Group (China) for a cash consideration of approximately US$79.4 million, representing 45.78 percent of the issued share capital of EtonKids. Hong Kong corporate partner Kay Ian Ng is leading the transaction, which was announced on July 21, 2017 and is yet to be completed.

Wong & Partners, the Malaysia member firm of Baker McKenzie International, has advised Navis Capital Partners on the disposal of its 50.1 percent stake in HG Power Transmission (HGPT), held through Navis Malaysian Growth Opportunities Fund I, to Rohas Tecnic (RT). Navis’ disposal of its 50.1 percent stake in HGPT from Safe Tower Systems Holdings, an investment holding company set up by Navis, was coupled with the disposal by the other HGPT shareholder of its 24.9 percent stake to RT, for a total purchase consideration of M$92 million (US$21.4m). HGPT is a leading provider of engineering, procurement, construction and commissioning activities and turnkey solutions for high voltage transmission lines and substations. Partners Brian Chia and Stephanie Phua led the transaction, which was signed on July 24, 2017.

WongPartnership is acting for DEKA Immobilien, a unit of Germany’s DekaBank Group, on the proposed sale of Chevron House, a 32-storey commercial development located in the central business district of Singapore, for an expected price of more than S$700 million (US$514.2m). Partner Tan Teck Howe is leading the transaction.

WongPartnership has also acted for RBC Investor Services Trust Singapore, as trustee of Keppel REIT, on the acquisition of a 50 percent interest in a premium office tower to be developed at 311 Spencer Street, Melbourne, Australia, from Australia Post. Partner Colin Ong led the transaction.

Allen & Gledhill has advised DBS Bank and Oversea-Chinese Banking Corporation as the arrangers and, together with United Overseas Bank, as joint lead managers and joint book-runners, on the establishment of the S$1 billion (US$735m) multicurrency debt issuance programme by ARA Asset Management. Under the programme, ARA issued S$300 million (US$220.4m) 5.2 percent subordinated perpetual securities. Partners Margaret Chin and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised Mercatus Co-operative on the establishment of its S$1 billion (US$735m) multicurrency medium term note programme and the issue of S$200 million (US$147m) 2.8 percent notes due 2024 under the programme. Partners Margaret Chin and Sunit Chhabra also led the transaction.

AZB & Partners is acting as Indian law counsel to Kotak Mahindra Capital and Axis Capital as the book-running lead managers on the IPO of approximately 19 million equity shares of Mahindra Logistics, by way of an offer for sale by Mahindra & Mahindra, Normandy Holdings, Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF 1 and certain shareholders. Partners Varoon Chandra and Lionel D’Almeida are leading the transaction, which was signed on August 4, 2017 and is yet to be completed.

Clifford Chance has advised Platinum Equity Partners on its acquisition of Singapore-listed Fischer Tech, a company that manufactures and supplies plastic precision components for a wide range of products, including automobiles, consumer electronics, computers and medical devices. Platinum Equity specialises in mergers, acquisitions and operations of companies that provide mission-critical products, services and solutions in diverse industries. Fischer Tech operates in Singapore, China, Malaysia and Thailand. The transaction, to be implemented by a Singapore High Court-approved scheme of arrangement, is estimated to be worth approximately S$170 million (US$125m) and is due to be completed in Q4 2017. Singapore partner Lee Taylor, supported by partners Neeraj Budhwani and Matthew Truman, led the transaction.

DLA Piper has advised leading global health care provider Aetna on its acquisition of Bupa Thailand, the Bupa Group’s Thai business. The acquisition will significantly increase Aetna’s presence in Asia, and is key to the company’s strategy to go ‘broader and deeper’ into local health care markets. This is a significant and exciting expansion for Aetna in Asia, as Aetna’s expertise, paired with Bupa Thailand’s deep knowledge of the local health care system and culture, will offer customers in Thailand broader choice and continue to build on Bupa Thailand’s first-rate service. Bupa Thailand is Thailand’s leading specialist health insurer. Bupa Thailand will continue to operate under the Bupa brand for a short time before rebranding as Aetna. Hong Kong corporate partner Heng Loong Cheong, supported by partners Peter Shelford (litigation and regulatory-Thailand), Scott Thiel (IPT-Hong Kong) and Anderson Law (tax-Hong Kong), led the transaction.

J Sagar Associates has advised eBay Singapore Services and its affiliates, including eBay, on the primary investment by eBay Singapore into Flipkart, a Singaporean company which is the ultimate holding company of the entire Flipkart group, and the sale of eBay India by eBay Singapore to Flipkart. The aggregate value of eBay Singapore’s investment in Flipkart is approximately US$735 million. The deal also included investments by Microsoft and Tencent, and the total funding raised by Flipkart is approximately US$1.4 billion. The transaction closed on July 31, 2017, pursuant to receipt of the approval of the Competition Commission of India. Partners Vivek Chandy, Archana Tewary, Amitabh Kumar, Vaibhav Choukse and Kumarmangalam Vijay led the transaction, while Morgan Lewis & Bockius USA, led by partners William Perkins and Dinesh Melwani, acted as US counsel and Morgan Lewis & Bockius Singapore, led by partner Joo Khin Ng¸ acted as Singapore counsel. Gunderson Dettmer, led by partners Steven Baglio, Jonathan Pentzien, Ferish Patel, Hozefa Botee, Andrew Luh, Ward Breeze and David Sharrow; Cyril Amarchand Mangaldas, led by partners Nivedita Rao, Anand Jayachandran and Arun Prabhu; and Allen Gledhill acted as US counsel, India counsel and Singapore counsel, respectively, to Flipkart.

Khaitan & Co has advised Dixcy Textiles on the sale of significant ownership interest to Advent International. Dixcy Textiles is a leading Indian innerwear maker, with strong market presence in the Indian innerwear market. Advent is a global private equity firm with investments across business and financial services, healthcare, industrial retail, consumer and leisure technology and media and telecom sectors. Advent has invested over US$35 billion across 41 countries in over 325 companies. Partners Haigreve Khaitan and Abhishek Sinha, assisted by partner Adheesh Nargolkar, led the transaction.

Khaitan & Co has also advised Aditya Birla Finance on to a Rs2.47 billion (US$38.8m) rupee term loan facility availed by Jaigad PowerTransco, a subsidiary of JSW Energy, to re-finance the existing project-related costs for the development, construction and operation of two transmission lines from Jaigad to New Koyna and Jaigad to Karad in Maharashtra. Aditya Birla Finance operates as a non-banking financial company in India. It offers capital market, corporate finance, CRE and mortgages, personal and business loans, project and structured finance, and debt syndication solutions. Partner Shishir Mehta led the transaction.

Kirkland & Ellis is advising Sapporo Holdings on its acquisition of Anchor Brewing. The Sapporo Group plans to further expand its US beer business by adding Anchor, a prominent craft beer manufacturer that produces the leading brand Anchor Steam® Beer, to its group. Corporate partner Michael Paley is leading the transaction, which is expected to close at the end of August.

Shearman & Sterling has acted as US and English law counsel to B Grimm Power on its US$340 million IPO and listing of its shares in Thailand. CIMB Securities (Singapore) and Deutsche Bank Hong Kong Branch acted as joint international coordinators, book-runners and lead managers. Bualuang Securities, Kasikorn Securities and Phatra Securities were the joint domestic coordinators, book-runners and lead managers of the offering. B Grimm Power is a Thailand-based energy company, with a focus on the development, construction and operation of greenfield power plants. It is also one of the largest private power producers in Thailand, in terms of small power producer operators by installed capacity. Singapore capital markets partner Andrew Schleider led the transaction, while Kudun and Partners and Clifford Chance (Thailand) advised on Thai law. Baker & McKenzie.Wong & Leow acted as US and English law counsel, while Baker & McKenzie acted as Thai law counsel to the underwriters.

Siam City Law Offices has represented a prominent hotel based in the heart of Bangkok on securing a landmark decision from the Supreme Court against the Social Security Office (SSO), on whether the “10 percent service charge” that was imposed by the hotel is to be considered as “wages”. In this case, the SSO interpreted the 10 percent service charge as part of wages, and therefore issued a notice to the plaintiff to make additional contributions towards the Compensation Fund and the Social Security Fund. The hotel initially appealed the decision of the SSO Appellate Committee, only for such committee to confirm its previous decision. The hotel filed a complaint at the Labour Court, requesting for the cancellation of the SSO Appellate Committee’s decision. On May 23, 2017, the Supreme Court ruled that the 10 percent service charges in this context do not amount to “wages”. The decision can now be a precedent set for future practice in the whole hotel/service industry, where payments for ‘service charges’ were made in the same manner as in this case. Partner Tada Sastarasatit led the transaction.

Simpson Thacher is representing Ant Financial Services Group on its entry into an equity joint venture with CIMB Group’s subsidiary, Touch ‘n Go (TNG), in Malaysia. TNG will be the majority shareholder in the new JV while Ant Financial will be a minority shareholder. Currently, millions of users across Malaysia use TNG cards daily for electronic payment purposes at toll roads, public transportation systems, parking and retail outlets. The capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services. Hong Kong M&A partner Ian Ho led the transaction, which is Ant Financial’s first investment in Malaysia, and is subject to closing conditions and required regulatory approvals.

Skadden is representing First Gen and its wholly-owned subsidiary Red Vulcan Holdings on Philippines Renewable Energy Holdings’ (PREH) tender offer to acquire up to 31.7 percent of Philippine-listed Energy Development Corp (EDC), the country’s largest renewable energy company. PREH is controlled by Macquarie Infrastructure and Real Assets and Arran, an affiliate of GIC of Singapore. First Gen will retain control of EDC. Ultimately, EDC is expected to be delisted in the Philippines. Hong Kong partner Jonathan Stone is leading the transaction, which was valued at Ps64.5 billion (US$1.27b).

WongPartnership is acting for CapitaLand Singapore, a wholly-owned subsidiary of CapitaLand, in the joint venture with CapitaLand Commercial Trust and Mitsubishi Estate to acquire and redevelop Golden Shoe Car Park into a 51-storey mixed-use development in Raffles Place, Singapore at an estimated cost of S$1.82 billion (US$1.3b). Partners Tan Teck Howe, Chan Sing Yee, Benjamin Tay and Lydia Ong are leading the transaction.

WongPartnership has also acted for Expedia on its US$350 million minority investment in Traveloka Holding, a leading South East Asian online travel company. Traveloka raised about US$500 million from two funding rounds within the last year, in which Hillhouse Capital Group and Sequoia Capital were among the four other companies which contributed the remaining US$150 million in a separate round. Partners Chou Sean Yu, Vivien Yui, Ong Sin Wei, Jeffrey Lim and Lim Wei Lee led the transaction.

Allen & Gledhill has advised Mapletree Logistics Trust and its wholly-owned subsidiaries MapletreeLog Treasury and MapletreeLog Treasury (HKSAR) on the establishment of a S$3 billion (US$2.2b) euro medium-term securities programme. Partner Glenn Foo led the transaction.

AZB & Partners is advising Hero on its acquisition of over 25 percent of the share capital of Corvi Led. Partners Anil Kasturi and Nandita Govind are leading the transaction, which was signed on July 25, 2017 and was valued at Rs700 million (US$11m).

AZB & Partners has also advised SAIC Motor on the acquisition by SAIC Motor HK Investment, through its Indian subsidiary, of certain selected assets of a plant owned by General Motors India in Halol, Gujarat. Partners Zia Mody and Anind Thomas led the transaction.

DLA Piper is advising China Eastern Airlines on a global joint venture between Air France KLM, Delta Airlines and China Eastern Airlines, which have been consolidated by investments by China Eastern and Delta in Air France KLM. Delta and China Eastern will each acquire a 10 percent stake in Air France-KLM’s share capital within the framework of reserved capital increases totalling €750 million (US$887m). Air France-KLM and China Eastern will step up their commercial cooperation and reinforce their partnership within the framework of the existing JV. The transaction will seal a long-term partnership to secure Air France-KLM’s access to the Chinese market and give it a European leadership position in Shanghai, the main business market in China. Shanghai country managing partner Qiang Li, corporate partners Stewart Wang (Shanghai) and Paris location head Jeremy Scemama, and litigation and regulatory partners Casper Hamersma (Netherlands), Alexandra Kamerling (London) and Asia head of investigations and antitrust and competition Nate Bush (Singapore) led the transaction.

Herbert Smith Freehills has advised global TMT investor Softbank on its investment in a new equity funding round for Southeast Asia’s Grab, an online transportation and payments platform. Softbank will lead the investment in the current funding round, alongside China’s Didi Chuxing, the world’s leading one-stop mobile transportation platform, to together invest up to US$2 billion. With an additional US$500 million anticipated before close, this would be the largest single tech financing in Southeast Asia. Asia head of TMT Mark Robinson, assisted by Asia head of competition Mark Jephcott and partners Graeme Preston (Tokyo-corporate) and Kyriakos Fountoukakos, led the transaction, working closely with Prolegis, its formal law alliance Singapore firm, and partner Sakurayuki from Hiswara Bunjamin & Tandjung, its associate Indonesian firm in Jakarta. Didi Chuxing was advised by Paul, Weiss, led by corporate partners Judie Ng Shortell, Jack Lange and Betty Yap.

J Sagar Associates has advised Jasper Infotech (Snapdeal) on its proposed sale of 100 percent shares of its subsidiaries Freecharge Technologies and Accelyst Solutions to Axis Bank. Freecharge operates prepaid wallet and provides card processing, payment aggregation, merchant acquisition and payment support services. Partner Sidharrth Shankar led the transaction. Axis Bank was represented by Cyril Amarchand Mangaldas.

J Sagar Associates has also advised Inter Partner Assistance on the sale of 100 percent of the total issued, paid-up and subscribed share capital of its wholly-owned subsidiary AXA Assistance India to Roadzen. AXA provides automobile assistance, travel assistance, health assistance, lifestyle assistance and security interest services. Partner Vivek K Chandy led the transaction.

Khaitan & Co has advised Chryso Group on the acquisition of Chryso India by Cinven Partners from LBO France. Headquartered in France, Chryso is a leading international producer of additives and admixtures which improve the performance of concrete and cement, and construction systems for the repair and maintenance of buildings. The group operates across Europe, Africa, the Middle East, Asia and the US, with sales in more than 100 countries worldwide. Cinven Partners is a leading international private equity firm, founded in 1977 with offices in London, Frankfurt, Guernsey, Hong Kong, Luxembourg, Madrid, Milan, New York and Paris. Funds managed by Cinven acquire companies with a European focus that will benefit from Cinven’s expertise of growing and building companies globally and require an equity investment of €200 million (US$236.5m) or more. Partner Rabindra Jhunjhunwala led the transaction.

Khaitan & Co has also advised Mahindra & Mahindra Financial Services on the tranche 1 public issue of unsecured, subordinated, redeemable non-convertible debentures aggregating to Rs11.5 billion (US$179m) out of total shelf limit of Rs20 billion (US$312m), proposed to be listed on the debt segment in Bombay, to Indian retail and institutional investors. Mahindra & Mahindra Financial Services is one of India’s leading rural NBFC headquartered in Mumbai. It is among the top tractor financer in India and offers a wide range of financial products to address varied customer requirements. Executive director Sudhir Bassi and partner Manisha Shroff led transaction.

Link Legal India Law Services has represented 1MG on raising US$15 million in its Series C round of investment from a group of investors, which was led by HBM Healthcare and joined by Sequoia Capital, Maverick Capital, Omidyar Network, GHI and Kae Capital. 1MG is one of the leading players in online drugs and healthcare space and deals with online pharmacy, e-diagnostic services and e-consultation services, amongst others. The new round takes the total capital raised by 1MG upwards of US$36 million, with Maverick and Sequoia as the largest shareholders. It also gives the company enough resources to expand its e-diagnostics and e-consultation verticals, as well as launch allied services. Partner Manish Gupta led the transaction. HBM Healthcare and Maverick Capital were represented by Shardul Amarchand Mangaldas Delhi, led by partner Ekta Gupta. Sequoia Capital was represented by Themis Associates, led by principal associate Archan Chakraborty.

Luthra & Luthra has represented Kalanithi Maran and KAL Airways (KMKAL) on a dispute relating to share transfer against SpiceJet before the Supreme Court of India. The dispute emanates from a share purchase agreement, whereby Maran and KAL Airways had transferred their entire 58.46 percent stake in SpiceJet, amounting to Rs350.4 million (US$5.47m) shares, to Ajay Singh in February 2015, leading to a change in ownership of the airline. Under the share purchase agreement, KMKAL were to receive warrants and preference shares in return for the roughly Rs6.79 billion (US$106m) that they made available to the airline. However, SpiceJet failed to issue the warrants and preference shares on the premise of ‘regulatory non-approval / impossibility’. Aggrieved by this, an application was filed seeking deposit of the amount in court. The Single Judge, as well as the Division Bench of the High Court, ruled in favour of the petitioners and ordered SpiceJet to deposit Rs5.79 billion (US$90.4m). SpiceJet filed a special leave petition, arguing that the order of deposit would bring about the financial death of the airline and ought to be modified. KMKAL argued that both the Courts below had balanced equities in the case very fairly and secured only a fraction of the amount in dispute. It was urged that their claim in the continuing arbitration is above Rs20 billion (US$312m) and, in such circumstances, the interests of KMKAL ought to be protected and amount should be secured. The bench dismissed SpiceJet’s petition. Partner Anirban Bhattacharya led the transaction.

Norton Rose Fulbright has advised on the establishment and offering of L1 Capital UK Residential Property Fund. L1 Capital is a specialist fund manager established in 2007 and manages money for a range of clients, including large superannuation funds, financial planning groups, family offices and high net worth individuals. Its property investment arm, L1 UK Property Investments, will manage the fund formed to take advantage of long term investment opportunities in the UK residential property market. Sydney corporate partner Fadi Khoury led the transaction.

Rajah & Tann Singapore has acted for China Jinjiang Environment Holding on the issuance of US$200 million 6 percent senior notes due 2020, which is listed in Singapore. Jinjiang Environment’s issuance of senior notes is the debut issuance by the Chinese waste-to-energy (WTE) industry in the international debt capital markets and is also the first time a Chinese WTE operator has been assigned an international credit rating. Partners Chia Kim Huat, Lee Xin Mei, Hoon Chi Tern and Chor Zhi Chao led the transaction.

Shardul Amarchand Mangaldas has advised affiliates of GE on the sale of their entire shareholding in their cards business in India. SBI Cards is the second largest cards company by market share in India. The cards business is operated by SBI Cards and Payment Services and GE Capital Business Process Management Services, two joint venture companies between SBI and affiliates of GE. As a part of the transaction, the affiliates of GE, namely GECMOI and GEREIH, entered into definitive agreements for the sale of their entire shareholding amounting to 40 percent of SBI Cards and Payment Services and 60 percent of GE Capital Business Process Management Services to each of the State Bank of India (an existing shareholder of both the companies) and the Carlyle Group. Pursuant to the proposed transaction, the affiliates of GE will completely exit the JV companies, and SBI shall hold 74 percent while Carlyle Group shall hold 26 percent of each the JV companies. Partners Shuva Mandal, Abhishek Guha and Abhay Sharma led the transaction, which was signed on July 21, 2017 and is expected to close in the fourth quarter of 2017, subject to receipt of regulatory approvals from the CCI and the RBI. Slaughter and May advised GE. Latham and Watkins and Cyril Amarchand Mangaldas advised Carlyle. Desai & Diwanji advised SBI.

Shearman & Sterling is advising the controlling shareholder of Future Land Development Holdings on its privatisation proposal for Future Land by way of a scheme of arrangement. Under the scheme, all the shares in Future Land held by the third party shareholders will be cancelled in exchange for HK$3.30 (US$0.42) in cash each, at the total consideration of approximately HK$5.1 billion (US$652.7m). After closing, the listing of Future Land shares in Hong Kong is anticipated to be withdrawn. Future Land is a leading market player in property development, property investment and property management in China. Partners Colin Law (Hong Kong-capital markets) and Ben Shorten (Singapore-project development & finance), are leading the transaction.

Simpson Thacher is representing KKR on its investment in a new joint venture holding company with LS Group, one of South Korea’s largest diversified corporations, to acquire the business of LS Automotive. KKR will own 47 percent of the voting shares of the JV for LS Automotive, while LS Group will maintain control of the JV, owning 53 percent of the voting shares. As part of this transaction, KKR will also acquire LS Group affiliate LS Mtron’s copper foil and flexible copper clad laminate (CF/FCCL) business. KKR’s investment implies a combined enterprise value of LS Automotive and the CF/FCCL business of approximately W1.05 trillion (US$934m). LS Automotive is a leading auto parts company in South Korea that has established globally competitive positions in high-growth auto component segments, including switches, interior lamps and human machine interface (HMI) systems, and electrical and electronics components. LS Automotive is the top Tier-1 supplier of HMI components to Hyundai Kia Motors, as well as major global original equipment manufacturers (OEMs) in the US and Japan, and leading local OEMs in China and India. The CF/FCCL business manufactures and sells copper foils for large capacity lithium-ion batteries for primarily electric vehicle (EV) applications. The copper foil business for EV battery applications is expected to be among the fastest-growing segments of the auto industry due to rising demand for environmentally friendlier transportation. The CF/FCCL business supplies global EV battery leaders, including LG Chemical and major battery manufacturers in Japan and China. Hong Kong partners Jin Park (head of Korea practice) and Ian Ho are leading the transaction, which is subject to customary closing conditions.

Sullivan & Cromwell (Hong Kong) is representing JP Morgan as financial adviser to Orient Overseas (International) (Hong Kong) on its acquisition by Cosco Shipping Holdings (China), a majority-owned subsidiary of China Cosco Shipping (China), and Shanghai International Port (Group) (China). Corporate partners Kay Ian Ng (Hong Kong) and Gwen Wong (Beijing) are leading the transaction, which was announced on July 9, 2017 and is valued at approximately US$$6.3 billion.

Walkers has acted as Cayman Islands counsel to China Development Bank Financial Leasing as the issuer and the guarantor on its establishment of a US$3 billion medium term note programme. The programme involved a Cayman Islands incorporated keep well issuer, CDBL Funding 2, which would issue keep well notes, unconditionally and irrevocably guaranteed by Metro Excel, with the benefit of the keep well deed and other security given by China Development Bank Financial Leasing. Partner Jenny Nip led the transaction, while Linklaters advised on Hong Kong and international law and Global Law Office advised on PRC law.

Wong & Partners, the member firm of Baker McKenzie in Malaysia, has advised Touch ‘N Go (TNG) on the joint venture with Ant Financial Services Group. In a landmark collaborative effort to operate a world class online and offline payments business and deliver a mobile wallet solution and related financial services, TNG entered into a JV with Ant Financial, the parent company of Alipay. The JV represents Ant Financial’s first investment into Malaysia. With the establishment of the JV, it is anticipated that the financial services industry in Malaysia will be revolutionised, particularly where it relates to domestic and cross border payments. This JV will have a crucial role in contributing to Malaysia’s fast moving digital economy and its fintech agenda, resulting in innovative solutions for the benefit of consumers. TNG is Malaysia’s largest electronic payment system operator, while Alipay is the world’s leading digital financial services provider headquartered in China. Partners Andre Gan and Sue Wan Wong led the transaction.

WongPartnership is acting for Nesta Investment Holdings, which is controlled by a consortium comprising of HOPU Logistics Investment Management, Hillhouse Capital Logistics Management, SMG Eastern (an entity wholly-owned by the CEO of Global Logistics Properties), Bank of China Group Investment and Vanke Real Estate (Hong Kong), on the proposed acquisition of Global Logistic Properties for approximately S$16 billion (US$11.8b) by way of a scheme of arrangement. Managing partner Ng Wai King and partners Andrew Ang, Christy Lim, Quak Fi Ling and Felix Lee are leading the transaction, which is the largest public acquisition deal in Singapore to date.

WongPartnership is also acting for a consortium led by Yanlord Land Group and Perennial Real Estate Holdings on the acquisitions of an approximately 33.4 percent stake in United Engineers and a 29.9 percent stake in WBL, resulting in the consortium having to make mandatory general offers for the remaining stock units and preference shares of United Engineers, and possibly having to make a chain offer for the remaining shares of WBL, with a combined value of S$1.83 billion (US$1.35b). Managing partner Ng Wai King, partners Christy Lim, Chan Sing Yee, Chan Jia Hui and Lydia Ong are leading the transaction.

ZICO Insights Law has acted for ZICO Capital, as the sponsor and issue manager, and UOB Kay Hian, as the placement agent, on shopper360’s IPO and listing by way of placement of shares in Singapore. The IPO raised gross proceeds of approximately S$11.02 million (US$8.1m), and shopper360’s market capitalisation is approximately S$33.2 million (US$24.4m), based on the post-placement share capital of 114.4 million shares. shopper360 is a well-established shopper marketing services provider in the retail and consumer goods industries in Malaysia. Director Gregory Chan led the transaction, which was completed on June 30, 2017.

Allen & Gledhill has advised DBS Group Holdings on the issue of US$500 million floating rate green bonds due 2022 under its US$30 billion global medium-term note programme. DBS Group Holdings is the first financial institution in Singapore to issue green bonds. Partners Glenn Foo, Catherine Neo and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised NetLink NBN Management, as trustee-manager of NetLink NBN Trust, and Singapore Telecommunications (Singtel), on the S$2.3 billion (US$1.6b) IPO and listing of NetLink NBN Trust in Singapore. NetLink NBN Trust designs, builds, owns and operates the passive fibre network infrastructure of Singapore’s next generation nationwide broadband network, Next Gen NBN. This transaction is the second largest IPO in the Asia-Pacific in 2017 to-date, the fifth largest IPO in the world in 2017 to-date, and the largest IPO in Singapore since 2011. This is also the first completed IPO in Singapore involving an internalised trustee-manager structure. The firm also advised on the S$1.9 billion (US$1.4b) acquisition of NetLink Trust from Singtel and NetLink Trust’s issuance of S$1.1 billion (US$808m) notes due 2037 to NetLink NBN Trust, each undertaken in connection with the IPO. The firm also acted for DBS Trustee, the trustee of the trust over the shares of NetLink NBN. Partners Tan Tze Gay, Rhys Goh, Bernie Lee, Jeanne Ong, Wu Zhaoqi, Tan Wee Meng, Yeo Boon Kiat, Hoo Sheau Farn, Andrew Chan and Lim Pek Bur led the transaction. Clifford Chance, led by partner Raymond Tong and supported by partner Johannes Juette, advised DBS Bank, Morgan Stanley Asia (Singapore) and UBS AG Singapore Branch, as the joint issue managers and, together with Merrill Lynch (Singapore), Citigroup Global Markets Singapore, The Hongkong and Shanghai Banking Corporation Singapore Branch, Oversea-Chinese Banking Corporation and United Overseas Bank, as the joint book-runners and joint underwriters of the offering.

Ashurst is representing Sharp on its US$1 billion commitment on the initial closing of the Softbank Vision Fund. At its first major closing in May 2017, the Softbank Vision Fund closed on commitments of over US$93 billion from Sharp, the SoftBank Group, the Public Investment Fund of the Kingdom of Saudi Arabia, Mubadala Investment Company of the UAE, Apple, Foxconn Technology Group and Qualcomm. The fund anticipates a final closing within six months to bring the total commitments to US$100 billion, making this fund the largest ever raised. It will target meaningful and long-term investments in businesses that are dedicated to the next age of innovation and technology. Asia head of private investment funds Dean Moroz (Hong Kong) and partner Hiroyuki Iwamura (corporate-London) are leading the transaction, while Nagashima Ohno & Tsunematsu is acting as Japanese counsel.

AZB & Partners is advising GMR Goa International Airport on the execution of a Rs13.3 billion (US$206.4m) debt facility agreement with Axis Bank for the development of Greenfield airport at Mopa. Partner Yashwant Mathur is leading the transaction, which was signed on July 20, 2017 and is yet to be completed.

AZB & Partners is also advising Kohlberg Kravis Roberts, through its investing entity Kayak Investments Holding, on its approximately US$200 million acquisition of a 49 percent equity stake in Halcyon Finance and Capital Advisors. Partners Ashwath Rau, Harsh Maggon and Rahul Rai are leading the transaction, which was signed on July 17, 2017 and is yet to be completed.

Clifford Chance is advising Bank of China Group Investment as part of the Nesta Investment Holdings consortium on the proposed approximately S$16 billion (US$11.8b) acquisition of all the issued and paid-up ordinary shares of Singapore-listed Global Logistic Properties (GLP), Asia’s biggest and one of the world’s largest warehouse operator and real estate fund managers. The deal was conducted by way of a scheme of arrangement in compliance with the Singapore Code on Take-overs and Mergers. The consortium comprises of HOPU Logistics Investment Management (21.3 percent), Hillhouse Capital Logistics Management (21.2 percent), SMG Eastern (21.2 percent), Bank of China Group Investment (15 percent) and Vanke Real Estate (Hong Kong) (21.4 percent). Hong Kong corporate partner Fanf Liu, supported by partners Timothy Democratis (Beijing), Lee Taylor (Singapore) and Jeff Berman (New York), is leading the transaction, which is expected to be completed by April 2018. Nesta Investment Holdings consortium is represented by Skadden, led by corporate partners Julie Gao (Hong Kong), Rajeev Duggal (Singapore), Jonathan Stone (Hong Kong), Mitsuhiro Kamiya (Tokyo), Lutz Zimmer (Munich) and Pascal Bine (Paris), partners Ivan Schlager (Washington DC-CFIUS), Frederic Depoortere (Brussels, EU/international competition), Lynn McGovern (Chicago-banking), John Adebiyi (London-M&A), Danny Tricot (London-corporate finance), Karen Corman (Los Angeles-labor and employment), and Joseph Yaffe (Palo Alto-executive compensation and benefits). WongPartnership is acting as Singapore counsel to the consortium. Allen & Gledhill is acting as Singapore counsel to GLP. Rajah & Tann Singapore, led by partners Lawrence Tan and Favian Tan, and Morgan Lewis Stamford are advising GIC, the single largest shareholder of GLP.

Clifford Chance has also advised Citic Agri Fund Management on its approximately US$1.1 billion acquisition of a select portion of Dow AgroSciences’ corn seed business in Brazil. Dow AgroSciences is a subsidiary of The Dow Chemical Company, while Citic Agri Fund is indirectly controlled by Citic. The assets include seed processing plants and seed research centres, a copy of Dow AgroSciences’ Brazilian corn germplasm bank, the Morgan seed brand and a licence  for the use of the Dow Sementes brand for a certain period of time. Dow AgroSciences’ divestiture is intended to satisfy Dow’s commitment to Brazil’s Administrative Council for Economic Defense (CADE), in connection with its conditional regulatory clearance of the proposed global merger with DuPont. Citic Agri Fund’s acquisition is subject to the approval of the divestiture transaction by CADE. China co-managing partner Terence Foo, supported by New York corporate practice area leader David Brinton and Beijing partner Richard Blewett, led the transaction.

Khaitan & Co has advised Blackstone FP Capital Partners (Mauritius) V-B Subsidiary on the approximately US$9.3 million sale of the entire promoter shareholding of 40 percent in Gokaldas Exports to Clear Wealth Consultancy Services and the open offer made to the public shareholders, triggered by the sale transaction. The firm also advised Gokaldas Exports on the conduct of the open offer process. Blackstone FP Capital Partners is a part of the Blackstone group. Public-listed Gokaldas Exports designs, manufactures and sells a wide range of garments and caters to the needs of several leading international fashion brands and retailers. Partner Aakash Choubey, supported by partner Arindam Ghosh and associate partner Moin Ladha, led the transaction.

Khaitan & Co has also advised Paras Healthcare on the Rs2.75 billion (US$42.7m) investment, through a combination of primary and secondary investments, for a total stake of 22.78 percent in Paras Healthcare, from Commelina, an affiliate of Creador III. Paras Healthcare operates and manages hospitals in North India. Partner Joyjyoti Misra led the transaction.

Rajah & Tann Singapore has acted for Singapore-listed ABR Holdings on the acquisition of 80 percent of The Chilli Padi Group, with an option for the balance of 20 percent. The ABR group manages, franchises and operates a portfolio of well-known food and beverage companies and brands. Partners Danny Lim and Chia Lee Fong led the transaction.

Rajah & Tann Singapore is also advising the Aztech Group on its selective capital reduction exercise to enable minority shareholders to realise the value of their shares, subsequent to the delisting of the company in Singapore. The group is headquartered in Singapore, with support offices in the USA, Germany, Malaysia, Hong Kong, Philippines and China. Partners Danny Lim and Penelope Loh led the transaction.

Shardul Amarchand Mangaldas & Co has represented Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services on securing from the Competition Commission of India on July 24, 2017 the unconditional approval of the merger of their telecommunications businesses with Idea Cellular. The US$23 billion transaction is the largest transaction by value in the history of Indian M&A. The telecommunications sector in India is witnessing significant consolidation after the entry of Reliance Jio last year. The merger will allow the parties to invest more significantly in improving coverage and capacity in telecom infrastructure, thereby enabling Vodafone-Idea to offer a better, more innovative and attractive range of services to Indian consumers, fuelling the government’s Digital India initiative. Partner Shweta Shroff Chopra led the transaction. Idea Cellular was represented by Trilegal, led by partner Nisha Kaur Uberoi.

Shearman & Sterling is advising the Special Committee of the Board of Directors of Sohu.com on the acquisition of all outstanding shares, including shares represented by American depositary shares, in its majority-owned subsidiary Changyou.com by Charles Zhang, the chairman and CEO of Sohu and the chairman of the board of Changyou.com. Sohu.com is China’s premier online brand, which provides a network of Web properties and community based/Web 2.0 products. Changyou.com is a leading developer and operator of online games in China. Hong Kong M&A partner Stephanie Tang, supported by New York partners George Karafotias (M&A), Paula Anderson (litigation) and Alan Goudiss (litigation), led the transaction.

Sidley has advised R&F Properties on its Rmb19.9 billion (US$3b) acquisition of 77 hotels from Dalian Wanda Commercial Properties. Hong Kong partner Constance Choy led the transaction, which was announced on July 19, 2017.

Skadden has represented Tokyo-listed Takeda Pharmaceutical, a leading global pharmaceutical company based in Japan, on its US$500 million 2.45 percent senior notes offering due 2022. The transaction was announced on July 12, 2017 and closed on July 18, 2017. Partners Kenji Taneda (Tokyo), Sean Shimamoto (Palo Alto) and Eytan Fisch (Washington DC) led the transaction.

Skadden has also represented Bank of America Merrill Lynch, Daiwa Capital Markets Europe, JP Morgan and Nomura as the underwriters on the US$5 billion offering of government-guaranteed bonds by the Japan Bank for International Cooperation. The offering is divided into four tranches: US$1.5 billion 2.125 percent guaranteed bonds due 2020; US$1.25 billion 2.375 percent guaranteed bonds due 2022; US$1.25 billion 2.875 percent guaranteed bonds due 2027; and US$1 billion floating-rate guaranteed bonds due 2020. Partners Kenji Taneda (Tokyo) and Sean Shimamoto (Palo Alto) led the transaction, which was announced on July 12, 2017 and priced on July 13, 2017.

WongPartnership has acted as international counsel for the IPO and listing in Indonesia of Integra Indocabinet, one of the largest wooden products manufacturers in Indonesia based in Sidarjo, East Java. Partners Gail Ong, Karen Yeoh and James Choo led the transaction.