Allen & Gledhill has advised South Beach Consortium on the establishment of its S$1 billion (US$716.6m) secured multicurrency medium term note programme and the issue of S$400 million (US$286.6m) 2.83 percent notes due 2021 under the programme. Partners Margaret Chin, Magdalene Leong and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised HSBC and OCBC as the joint lead managers and book-runners on the issue of S$200 million (US$143.3m) 3.75 percent notes due 2022 by OUE Treasury under its S$3 billion (US$2.15b) multicurrency debt issuance programme, which is unconditionally and irrevocably guaranteed by OUE. Partners Margaret Chin and Sunit Chhabra led the transaction.

AZB & Partners has advised Kangaroo Kids Education (KKE) and its promoters Lina Ashar and Kamal Somaia on their sale, together with all other KKE shareholders, of KKE’s entire shareholding to Eurokids International, which is majority owned by Gaja Capital, and Euroschool Properties and Infrastructure, a wholly-owned subsidiary of Eurokids International. Partner Anand Shah led the transaction, which was valued at Rs1.3 billion (US$20.2m) and was completed on April 20, 2017.

AZB & Partners has also advised KKR Mauritius Cement Investments on its sale of approximately 7.5 million shares, aggregating to 8.43 percent of the share capital, of Dalmia Bharat. Partners Ashwin Ramanathan and Roxanne Anderson led the transaction, which was valued at Rs15.3 billion (US$238.4m) and was completed on April 21, 2017.

Clove Legal has advised Oriano Clean Energy, India’s leading turnkey engineering, procurement and construction contracts for utility-scale solar power plants, solar farms and rooftop projects, on the Series A investment by Samridhi Fund, which is managed by SIDBI Venture Capital, a subsidiary of Small Industries Development Bank of India (SIDBI). Samridhi Fund is a social venture fund with a corpus of around Rs4.25 billion (US$66.2m), set up with contributions from the Department for International Development, SIDBI, Life Insurance Corporation of India and United India Insurance. Partner Dharmesh Kotadia led the transaction. Kochhar & Co, led by partner Anjuli Sivaramakrishnan, advised Samridhi Fund.

Cyril Amarchand Mangaldas is advising Kotak Mahindra Bank (KMB) on its acquisition of Old Mutual’s 26 percent stake in Kotak Mahindra Old Mutual Life Insurance (KMOM), a subsidiary of KMB, for US$200 million in cash. A private life insurance company operating in India, KMOM is currently joint venture between KMB and its subsidiaries (74 percent) and Old Mutual (26 percent). After the acquisition, KMB and its subsidiaries will hold 100 percent beneficial interest in KMOM. The transaction is subject to regulatory and other approvals, such as from the Reserve Bank of India, Insurance Regulatory & Development Authority and Competition Commission of India. Mumbai managing partner Cyril Shroff and Mumbai corporate partner Shishir Vayttaden, supported by New Delhi tax partner S R Patnaik, intellectual property partner Ranjan Negi and Mumbai competition law partner Bharat Budholia, are leading the transaction, which was signed on April 27, 2017 and is expected to close in October 30, 2017.

Kirkland & Ellis is advising the Special Committee of the Board of Directors of NYSE-listed Nord Anglia Education, the leading global premium schools organisation, on its acquisition by a consortium led by funds affiliated with Canada Pension Plan Investment Board and Baring Private Equity Asia. Hong Kong corporate partners Jesse Sheley and Xiaoxi Lin are leading the transaction, which was valued at approximately US$4.3 billion and was announced on April 25, 2017. Weil, led by Asia managing partner Akiko Mikumo and supported by New York partners Andrew Yoon (finance) and Paul Wessel (tax and EC&B), is representing Baring Private Equity Asia.

Kirkland & Ellis is also advising Bank of America Merrill Lynch, as financial adviser, on Hillhouse Capital and CDH-led funds’ proposed privatisation, by way of a scheme of arrangement, of Hong Kong-listed Belle International Holdings. Belle International manufactures, distributes and retails shoes and footwear and sells sportswear and apparel. At a cancellation consideration of HK$6.30 (US$0.81) per share, the total share capital of the company is valued at HK$53.1 billion (US$6.8 billion). Hong Kong corporate partners Nicholas Norris and Derek Poon and debt finance partners David Irvine and Daniel Lindsey are leading the transaction, which was announced on April 28, 2017.

Luthra & Luthra has advised Nasdaq-listed Huron Consulting Group on the India leg of its multi-jurisdictional acquisition of ADI Strategies. The transaction comprised first the acquisition of ADI’s US assets and then its assets in India and the Middle East. Huron is a leading global management consulting group which provides business advisory services, enterprise solutions and analytics and technology solutions in healthcare, higher education, life sciences and other sectors. The deal in India was structured as a business transfer (slump sale) of ADI’s India business housed in its Indian subsidiary to Huron’s Indian subsidiary. Partner Vikrant Kumar, supported by partners Lokesh Shah (direct tax), JP Singh (indirect tax), GR Bhatia (competition law) and Abdullah Hussain (competition law), led the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as international counsel.

Mayer Brown has advised Indika Energy, a leading integrated Indonesian energy group, on its recent issuance of US$265 million 6.875 percent senior notes due 2022. The transaction marked a strong return to the international bond markets for Indika Energy. Following the successful completion of the deal, ratings agencies have positioned Indika Energy for ratings upgrades. Corporate and securities partner Jason Elder, supported by partners Thomas Kollar (Hong Kong) and Jason Bazar (New York), led the transaction.

Paul, Weiss has represented Tencent, a leading provider of internet value-added services in China, on its US$200 million cash investment in Zhuan Zhuan, a China-based used goods trading platform operated by 58.com, China’s largest online marketplace serving local merchants and consumers. Under the agreement, 58.com will inject the Zhuan Zhuan app and other listing channels into a separate group of entities controlled by Zhuan Zhuan entities, while Tencent will invest US$200 million in cash and additional business resources into the Zhuan Zhuan entities for a minority equity stake. Corporate partners Jeanette Chan, Judie Ng Shortell and Tong Yu led the transaction.

Rajah & Tann Singapore has acted for Hong Kong-listed Fullshare Holdings on its acquisition of the entire issued and paid up share capital of Plaza Ventures from GSH Properties (whose parent company is Singapore-listed GSH), TYJ Group and Vibrant DB2 (which is 51 percent owned by Singapore-listed Vibrant Group). The consideration for the acquisition is approximately S$231.9 million (US$166.2m), subject to certain adjustments. Plaza Ventures is the registered owner and developer of the project known as GSH Plaza. Partners Chia Kim Huat, Chen Xi, Elsa Chai, Lina Chua, Sim Chee Siong, Lee Weilin and Penelope Loh led the transaction.

Shardul Amarchand Mangaldas & Co has acted as Indian counsel to Edelweiss Securities, ICICI Securities, Deutsche Equities India and SBICAP Securities as the brokers on the Rs11.93 billion (US$186m) Offer for Sale (OFS) of up to 7.37 percent stake in National Aluminium Company (NALCO) by the President of India, acting through the Ministry of Mines. This was one of the first OFS transactions after the SEBI circular dated February 15, 2016, pursuant to which the OFS trades were split over two trading days and where an oversubscription option was exercised by the seller on the first day on which the OFS took place. The OFS trades took place on April 19, 2017 for non-retail investors and on April 20, 2017 for retail investors and non-retail investors who chose to carry forward their un-allotted bids. Pursuant to the oversubscription option, the seller offered an additional approximately 81.4 million equity shares. Partner Sayantan Dutta led the transaction.

Skadden is advising leading transportation platform Didi Chuxing on the closing of a new financing round that raised more than US$5.5 billion to support its global strategy and continued investments in AI-based technologies. Hong Kong corporate partner Julie Gao is leading the transaction, which was announced on April 28, 2017.

Stephenson Harwood (Singapore) Alliance has advised HI Investment & Securities on the US$209 million acquisition and financing of two Boeing 777 aircraft, on lease to Emirates. HI is a member of the Hyundai Heavy Industries Group. The aircraft were purchased from a Chinese leasing company by two Cayman Islands incorporated special purpose vehicles, which were established by HI Investment & Securities, and remain on lease with Emirates following the acquisition. DVB Bank SE Singapore Branch and Korean institutional investors provided senior financing for the aircraft, while the junior financing was also provided by Korean institutional investors. Partner Saugata Mukherjee led the transaction.

WongPartnership is acting as Singapore counsel for Bain Capital Private Equity on its acquisition of Sealed Air’s cleaning and chemicals systems division, Diversey Care, as well as its food hygiene and cleaning business, for approximately US$3.2 billion. Partner Dawn Law is leading the transaction.

WongPartnership has also acted as Singapore counsel for KKR & Co on the acquisition by KKR and Canada Pension Plan Investment Board of a 10.3 percent stake in Bharti Infratel from Bharti Airtel. Partners Audrey Chng and Kyle Lee led the transaction.

Allen & Gledhill has advised Indika Energy Capital II on the issue of US$265 million 6.875 percent senior notes due 2022. Partners Margaret Chin, Ong Kangxin and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised DBS Bank as arranger on the establishment of a S$300 million (US$215m) multicurrency medium term note programme by Maxi-Cash Financial Services. Partners Margaret Chin and Sunit Chhabra led the transaction.

AZB & Partners is acting as Indian counsel to Axis Capital, IIFL Holdings and Vivro Financial Services as the book-running lead managers on the IPO of Capacit’e Infraprojects. Partners Varoon Chandra and Lionel D’Almeida are leading the transaction, which was valued at Rs4 billion (US$62.2m) and is yet to be completed.

AZB & Partners is also advising Clermont Trust on the acquisition of approximately 4.8 million equity shares of Indiabulls Ventures by Tamarind Capital, which is ultimately beneficially owned by the Clermont Trust. Partners Rushabh Maniar and Divya Mundra are leading the transaction, which was valued at Rs4.5 billion (US$70m) and is yet to be completed.

Baker McKenzie has acted for New York-listed Post Holdings, a consumer packaged goods holding company, on its agreement to acquire Weetabix from Shanghai-based state-owned enterprise Bright Food Group and an investment fund advised by Barings Private Equity Asia. London corporate partner Charles Whitefoord, supported by partners Bill Batchelor (Brussels) and Regine Corrado (Chicago), led the transaction, which was announced on April 18, 2017. Lewis Rice advised Post Holdings on the US aspects. Ropes & Gray, led by private equity partners Will Rosen (London) and Peng Yu, supported by anti-trust partner Ruchit Patel, and Linklaters, led by London private equity partner Carlton Evans, acted for Baring Private Equity Asia and Bright Foods. Mills & Reeve, led by corporate partner Anthony McGurk, acted for Weetabix.

DLA Piper has advised China Huarong Macau (HK) Investment Holdings (Huarong Macau) on its HK$390 million (US$50m) investment in Hong Kong-listed Carnival Group International Holdings in the form of secured convertible bonds due 2020. Carnival operates as a developer of integrated tourism, hospitality and retail projects in China and Hong Kong. Huarong Macau is a member of the Huarong financial conglomerate, which provides securities brokerage, investment banking, futures and asset management, and other financial services. Finance and projects partner Paul Lee and corporate partner Gloria Liu led the transaction.

J Sagar Associates has advised Japanese-listed Toshiba on establishing a joint venture in India with both Japanese-listed Suzuki Motor and Denso to manufacture automotive lithium-ion battery packs. The JV aims to create a stable supply of lithium-ion battery packs to promote sustainable cars in the country. In addition to attending towards the environment objectives of the country, this project also contributes to the ‘Make in India’ program of the Indian government. Scheduled to be established this year, the JV has an initial capital expenditure of ¥20 billion (US$180.3m) and will be capitalised at ¥2 billion (US$18m), with the participation ratio of Suzuki at 50 percent, Toshiba at 40 percent and Denso at ten percent. Partners Upendra Nath Sharma, Nitesh Bhasin, Kartik Jain and Reeti Choudhary led the transaction, while Anderson Mori & Tomotsune acted as Japanese counsel.

Khaitan & Co has advised Runaya Metsource on its joint venture with UC Rusal Russia for setting up an aluminium powders and pastes manufacturing plant. Runaya Metsource is a limited liability partnership formed by the members of the Navin Agarwal family from the Vedanta group, a diversified natural resources group of companies, with operations across zinc-lead-silver, oil and gas, iron ore, copper, aluminium and commercial power. Partners Rahul Dutt and Aakash Choubey led the transaction.

Khaitan & Co has also advised Paragon Partners on its primary investment in Visu Leasing and Finance, Bee Fintech and Booth Fintech. Paragon Partners is a German private equity company based in Munich. It was founded in 2004 and managed by the owners. The company administers several funds that invest in medium-sized German companies. Partner Kartick Maheshwari led the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to the Special Committee of the Board of Directors of KongZhong, a Cayman Islands company based in Beijing and listed on Nasdaq, on its going private transaction. Under the transaction, which was completed by way of a Cayman statutory merger, the company was acquired by an investor consortium which comprised, among others, Leilei Wang (the chairman and CEO of the company), Gongqingcheng Wujiang Xingyao Investment Management Partnership, Hexie Chengzhang Phase II (Yiwu) Investment Centre and/or their respective affiliates. KongZhong is a leading online game developer and operator in China. Partner Richard Spooner led the transaction, which was valued at approximately US$299 million and was completed on April 13, 2017. Skadden, Arps, Slate, Meagher & Flom acted as independent US counsel to the independent committee while Sullivan & Cromwell acted as US counsel to the company. Davis Polk & Wardwell acted as US counsel to the investor consortium.

Paul Hastings has advised Sino-Ocean Land, one of the largest real estate companies in China, on its partnership with US-based wellness real estate and technology firm Delos to advance health and wellness in the built environment in China. Sino-Ocean and Delos first announced their partnership in December 2015, pledging to promote health and wellness in China by transforming indoor environments. Pioneered by Delos, WELL is the world’s first building standard focused exclusively on human health and wellness. WELL is an evidence and performance-based system for measuring, certifying and monitoring features that impact human health and well-being in the built environment, through air, water, nourishment, light, fitness, comfort and mind. Sino-Ocean has committed to pursue WELL Certification for 25 million square feet of building projects in China. Corporate partner Vivian Lam led the transaction, which was announced on April 20, 2017.

Shearman & Sterling has advised the Ontario Teachers’ Pension Plan Board on its investment, alongside Kedaara Capital Investment Managers and Soros Fund Management, into Spandana Sphoorty Financial. Spandana is an Indian microfinance lender with 540 branches in 13 Indian states and has over two million borrowers. The funds will be used to repay and restructure Spandana’s existing debt with 37 different lenders and exit the Indian corporate debt restructuring scheme. Singapore M&A partner Sidharth Bhasin led the transaction. AZB & Partners acted as Indian counsel to Kedaara.

Skadden has advised China Petrochemical (Sinopec Group) on the issue of international bonds worth US$3.4 billion. The bonds consisted of an offering of US$1 billion 2.375 percent senior notes due 2020, US$1.1 billion 3 percent senior notes due 2022, US$1 billion 3.625 percent senior notes due 2027 and US$300 million 4.25 percent senior notes due 2047 by Sinopec Group Overseas Development (2017). All notes are guaranteed by Sinopec. Partners Peter Huang (Beijing), Edward Lam (Hong Kong) and Sean Shimamoto (Palo Alto) led the transaction, which was announced on April 12, 2017.

Sullivan & Cromwell (Hong Kong) has represented Morgan Stanley as financial adviser to Yingde Gases Group (Hong Kong) on PAGAC II-2’s (Hong Kong) voluntary conditional cash offer to acquire all the issued shares of Yingde. Corporate partners Kay Ian Ng (Hong Kong) and Gwen Wong (Beijing) led the transaction, which was completed on March 25, 2017.

Sullivan & Cromwell (Hong Kong) is also representing Taiwan Cement Corporation (TCC) and TCC International (Hong Kong) in their proposed privatisation of TCC International Holdings (Hong Kong) by way of a scheme of arrangement under Section 86 of the Companies Law of the Cayman Islands. Beijing corporate partner Gwen Wong is leading the transaction, which was announced on April 20, 2017.

Allen & Gledhill has advised Guthrie GTS and Lee Kim Tah Holdings on the S$2.2 billion (US$1.57b) divestment of Jurong Point mall to Mercatus Cooperative, by way of seven inter-conditional sale and purchase agreements. The divestment also involved the transfer to Mercatus of all occupation agreements, building maintenance contracts, electricity contracts and various other property related agreements on completion. Partners Ho Kin San, Margaret Soh, Eudora Tan and Lim Chong Ying led the transaction.

Allen & Gledhill has also advised Modernland Realty, through its wholly-owned Singapore-incorporated subsidiary Modernland Overseas, on the issue of US$240 million 6.95 percent guaranteed senior notes due 2024. A portion of the proceeds of the notes will be used to redeem its existing 9.75 percent guaranteed senior notes due 2019. Partner Glenn Foo led the transaction.

AZB & Partners is advising Indiabulls Ventures on the acquisition of its approximately 38.9 million equity shares by Cinnamon Capital, which is owned by the Clermont Trust. Partner Rushabh Maniar is leading the transaction, which is valued at Rs2.2 billion (US$34m) and is yet to be completed.

AZB & Partners has also advised Max Ventures and Industries and Max Speciality Films on the acquisition by Toppan Printing Japan of 49 percent shares of Max Specialty Films. Partners Anil Kasturi and Nandita Govind led the transaction, which was valued at Rs2 billion (US$31m) and was completed on April 6, 2017.

Baker McKenzie has acted for Australia-listed Emeco Holdings on its recapitalisation and its merger with Andy’s Earthmovers and Orionstone which completed on March 31, 2017. The recapitalisation was undertaken by means of a court-sanctioned creditors’ scheme of arrangement under Section 411 of the Australian Corporations Act, in relation to Emeco’s US$280 million senior secured 2019 notes. This is only the second scheme of arrangement undertaken in relation to 144A notes by an Australian company and the first since 2003. Under the scheme, current noteholders received new senior secured 2022 notes for 80 percent of their debt, with the remaining 20 percent coming from equity in Emeco. Emeco also acquired Andy’s Earthmovers and Orionstone, with their shareholders receiving equity in Emeco and their secured creditors voluntarily exchanging their debt on the same 80 percent 2022 senior secured notes / 20 percent Emeco equity basis, as the Emeco noteholders under the scheme. Emeco also undertook an underwritten rights offer for A$20 million (US$15m) and entered into a new A$65 million (US$49m) revolving loan facility. A key aspect of the deal was obtaining recognition of the Australian scheme of arrangement under Chapter 15 of the US Bankruptcy Code, a first for an Australian issuer of high yield notes. Partner Bryan Paisley led the transaction. Gilbert + Tobin and Sullivan & Cromwell acted for the ad hoc committee of Emeco noteholders. King & Wood Mallesons acted for Orionstone while Ashurst acted for the Orionstone secured creditors. Madgwicks acted for Andy’s Earthmovers while Allens Linklaters acted for ANZ, a secured creditor of Andy’s Earthmovers. Clayton Utz acted for Bank of New York Mellon as the Emeco note trustee.

Baker McKenzie is also acting as Hong Kong counsel to HNA Holding Group on its pre-conditional voluntary general offer, through its wholly-owned Singapore-incorporated subsidiary, HNA Belt & Road Investments (Singapore), for all the issued and paid-up ordinary shares of CWT for S$1.4 billion (US$1b). The acquisition constitutes an extreme very substantial acquisition of HNA Holding under the Hong Kong Listing Rules. This acquisition is another milestone in HNA Holding’s strategy to becoming a leading diversified international investment company. CWT Group’s extensive logistics capabilities and advanced commodity trading and financial services platform will allow HNA Holding to simultaneously enter into logistics, engineering, financial services and commodity trading businesses, and have a presence across approximately 90 countries globally. HNA Holding is an investment holding company which engages in property investment, management and development, as well as the provision of recreation and tourism services. Incorporated in 1970 as a private arm of the Port of Singapore Authority to provide warehousing and container trucking services in support of the onset of container terminal operations, CWT is a leading provider of integrated logistics solutions with interests in logistics services, commodity marketing, financial services and engineering services. CWT Group is one of the largest owners and managers of warehouse and logistics real estate assets in Singapore. Partner Elsa Chan led the transaction.

Clifford Chance has advised Eco World International (EWI) on the international aspects of its US$580 million IPO in Malaysia. The deal secured two of Malaysia’s biggest institutional funds, the Employees Provident Fund and Permodalan Nasional, as cornerstone investors. The IPO was oversubscribed by more than eight times for the public portion. EWI is an international property developer focusing on property markets outside of Malaysia. It currently has four continuing projects (three in London and one in Australia), which it operates together with its subsidiaries and joint venture companies. Capital markets partner Raymond Tong, supported by partner Johannes Juette, led the transaction, which is the largest IPO in Malaysia since the listing of Malakoff in 2015, on which the firm also advised.

Clifford Chance has also advised the underwriters, Guotai Junan International, Goldman Sachs, Bank of America Merrill Lynch and Shanghai Pudong Development Bank International, and a group of 20 syndicate members on Guotai Junan Securities’ US$2.1 billion IPO in Hong Kong. Guotai Junan Securities is one of the leading Chinese securities houses. China co-managing partner Tim Wang, supported by partners Jean Thio and Virginia Lee, led the transaction.

Conyers Dill & Pearman has acted as Bermuda counsel to New York-listed Aircastle on its purchase and leaseback deal with easyJet for ten used Airbus A319-100 aircraft. Bermuda director Jason Piney, working alongside McCann FitzGerald (Ireland), led the transaction, which was completed on December 19, 2016.

Conyers Dill & Pearman has also acted as Cayman Islands counsel to UCAR Technology on its issuance of US$58 million senior secured notes due 2018. UCAR Technology provides online chauffeured car services through internet and mobile platforms. The company was founded in 2014 and is headquartered in Beijing, China. Wynne Lau, working alongside Minter Ellison, led the transaction.

Howse Williams Bowers has acted as Hong Kong counsel to Ample Capital as the sole sponsor and Ample Orient Capital as the sole global coordinator and joint book-runner on the HK$104 million (US$13.4m) listing of the shares of Milestone Builder Holdings in Hong Kong. The shares commenced trading on April 7, 2017. Milestone is a long-established main contractor and subcontractor in Hong Kong that provides building construction services, alteration, addition, fitting-out works and building services and repair and restoration of historic buildings. Partners Brian Ho and Denise Che led the transaction.

Khaitan & Co has advised Devarshi Commercials and other promoters of Reliance Industries on the restructuring of promoter holding by inter-se transfers among promoter group entities. This involved the transfer of approximately 1.18 billion equity shares, representing approximately 36.28 percent of the share capital of Reliance Industries, among the existing promoter group entities for approximately Rs1.5 trillion (US$23.2b). Executive director Sudhir Bassi and partners Haigreve Khaitan, Arindam Ghosh and Abhishek Sinha led the transaction, which is the largest inter-se promoter transfer of a listed company.

Khaitan & Co has also advised the Dalmia group on the acquisition of a 26 percent stake in Religare Health Insurance. The Dalmia Group is acquiring the stake as part of the consortium of investors that is acquiring an approximately 80 percent stake in Religare from Religare Enterprises for approximately US$161 million. Other members of the consortium include True North Group and Faering Capital. The Dalmia Bharat Group is engaged in cement, sugar, thermal power and other businesses. Partner Bharat Anand, assisted by partner Anuj Sah, led the transaction.

Maples and Calder has acted as Cayman Islands counsel to Man Shing Global Holdings, a provider of environmental cleaning solutions in Hong Kong, on its listing of 150 million shares in Hong Kong. The shares are offered at HK$0.32 (US$0.041) each and the offering raised approximately HK$48 million (US$6.2m). Partner Derrick Kan led the transaction, while Keith Lam Lau & Chan acted as Hong Kong counsel. Troutman Sanders acted as Hong Kong counsel to Changjiang Corporate Finance and Changjiang Securities Holding as the underwriters.

Maples and Calder has also acted as Cayman Islands counsel to Asia Grocery Distribution, a food and beverage grocery distributor in Hong Kong, on its listing of 280 million shares by way of a share offer in Hong Kong. The shares are offered at HK$0.23 (US$0.029) each and the offering will raise approximately HK$64.4 million (US$8.3m). Partner Richard Spooner led the transaction, while Deacons acted as Hong Kong counsel. PC Woo & Co acted as Hong Kong counsel to the sole sponsor, South China Capital, and the underwriter.

Rajah & Tann Singapore has advised Assurity Trusted Solutions on contracts relating to the National Authentication Framework in Singapore, a nationwide authentication infrastructure providing Factor Authentication 2 services for multiple services. Partner Lionel Tan led the transaction.

Simpson Thacher has represented the underwriters, led by joint global coordinators Nomura Securities, Morgan Stanley and UBS, on Sushiro Global Holdings’ ¥68.8 billion (US$634.8m) IPO in Tokyo, including a Rule 144A and Regulation S international offering to institutional investors. Sushiro Global Holdings operates Sushiro, the leading brand of value kaiten (conveyor belt) sushi restaurants in Japan, with 451 domestic locations as of December 31, 2016. Partner Alan Cannon led the transaction.

Simpson Thacher is also representing KKR on its pending investments in Masan Group and its branded meat platform, Masan Nutri-Science, which are comprised of a US$100 million purchase of secondary shares of Masan Group from independent Danish private equity company PENM Partners and a US$150 million primary investment in Masan Nutri-Science for a 7.5 percent stake. Masan Group is one of Vietnam’s largest private sector companies, whose member companies and associates are industry leaders in meat, packaged food and beverage, resources and financial services. Its subsidiary, Masan Nutri-Science, is Vietnam’s largest fully integrated (feed-farm-food business model) branded meat platform. The firm previously represented KKR in its US$359 million investment in and subsequent exit from Masan Consumer, another subsidiary of Masan Group. Partner Ian Ho is leading the transaction.

Skadden is representing Tahoe Investment Group on a US$150 million definitive merger agreement with Nasdaq-listed Alliance HealthCare Services, which would result in Alliance HealthCare going private. Partner Peter Huang is leading the transaction, which was announced on April 11, 2017 and is yet to be completed.

Skadden is also advising The Japan Atomic Power Company, a Japanese nuclear power construction, development and operating company, on its partnership with Exelon Generation to establish joint venture company JExel Nuclear. The JV company will license and deploy the Exelon Nuclear Management Model in major nuclear power projects around the world. The first client for the JV is Horizon Nuclear Power, a Hitachi-owned company in the UK currently developing two advanced nuclear reactors at the Wylfa Newydd site in Wales. Tokyo partner Mitsuhiro Kamiya is leading the transaction, which was announced on April 13, 2017.

Allen & Gledhill has advised Oversea-Chinese Banking Corporation on the issue of €500 million (US$530m) 0.25 percent covered bonds due 2022, under its US$10 billion global covered bond programme. Partners Magdalene Leong, Hoo Sheau Farn, Andrew Chan, Evan Lam and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised Sri Rejeki Isman, through its wholly-owned Singapore-incorporated subsidiary Golden Legacy, on the issue of US$150 million 6.875 percent senior notes due 2024. A portion of the proceeds will be used to redeem Golden Legacy’s existing nine percent senior notes due 2019. Partner Glenn Foo led the transaction.

AZB & Partners has advised Indusind Bank on a term loan facility extended to Spandana Sphoorty Financial. Partner Anand Shah led the transaction, which was valued at Rs5 billion (US$77.3m) and was completed on March 28, 2017.

AZB & Partners has also acted as Indian counsel to Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden and Sarva Capital on the IPO of MAS Financial Services. Partner Madhurima Mukherjee led the transaction, which was valued at Rs5.5 billion (US$85m) and was announced on March 28, 2017.

Baker McKenzie has advised UPC Renewables and AC Energy Holdings on the development and financing of the 75 MW Sidrap wind farm project in South Sulawesi, Indonesia. The US$150 million project is Indonesia’s first utility-scale wind farm project to achieve financial close. It is being funded through equity provided by UPC Renewables and AC Energy Holdings, and project financing provided by the Overseas Private Investment Corporation (the US government’s development finance institution) and Bank Sumitomo Mitsui Indonesia (the Indonesian subsidiary of the Sumitomo Mitsui Banking Corporation of Japan). UPC Renewables is a leading global energy player that develops, finances, constructs, owns and operates a portfolio of wind power generation assets. AC Energy is a wholly-owned, energy-focused holding company of Ayala Corporation. Asia Pacific energy, mining and infrastructure practice head Luke Devine, supported by finance and projects partner Mita Guriton from Indonesian member firm Hadiputranto, Hadinoto & Partners, banking and finance partner Mark Tibberts (New York), finance and projects local principal Erik Begin from Singapore member firm Baker McKenzie Wong & Leow, and partner Barry Cheng (Hong Kong), led the transaction.

Cyril Amarchand Mangaldas has advised Strides Shasun and SSL Pharma Sciences on a composite scheme of arrangement among Strides Shasun, SSL Pharma and SeQuent Scientific for (i) the demerger of Strides Shasun’s commodity active pharmaceutical ingredients business into SSL Pharma on a going concern basis, in consideration for shares to be issued by SSL Pharma to Strides Shasun shareholders; and (ii) the demerger of the human health active pharmaceutical ingredients business of SeQuent into SSL Pharma on a going concern basis, in consideration for shares to be issued by SSL Pharma to SeQuent shareholders. Bangalore partners Nivedita Rao, Arjun Lall and Reuben George Chacko and Mumbai partners Bharat Budholia and Sharad Mathkar led the transaction, which is subject to customary conditions and regulatory approvals.

DLA Piper has advised Gemstone 101, a wholly-owned subsidiary of Valuestone Global Resource Fund I (Valuestone Fund), on its A$22 million (US$16.5m) investment, in the form of convertible notes and options, in CuDeco. The notes are convertible into 44 million ordinary fully paid shares in CuDeco, with 4.4 million additional free options granted to Valuestone Fund. Australia-listed CuDeco is a mining company that specialises in mineral exploration and is currently transitioning to a major producer of mineral concentrates. A private equity fund sponsored by Jiangxi Copper and China Construction Bank International, Valuestone Fund is focused on investment in mining and natural resources companies. Hong Kong partner Gloria Liu, assisted by Perth partners Marc Wilshaw and Scott Gibson, led the transaction, which is subject to standard conditions precedent.

Fangda has represented Swire Beverage, a subsidiary of Hong Kong-listed Swire Pacific, on its (i) acquisition of equity interests in the bottling operations from The Coca-Cola Company; (ii) acquisition through auction of equity interests in the bottling operations from COFCO Coca-Cola Beverages, an ultimate subsidiary of state-owned COFCO; and (iii) disposal of equity interests in certain bottling operations to COFCO. The net amount of the consideration payable by Swire Beverage on such realignment is approximately Rmb4.6 billion (US$667m). Partners Norman Zhong, Helen Fan and Michael Han led the transaction, which closed on March 31, 2017.

Fangda has also represented Dürr on its sale of 85 percent of the shares in the Dürr Ecoclean Group, Dürr’s cleaning and surface processing division, to Chinese engineering and machinery company Shenyang Blue Silver Group for more than €100 million (US$106m). Partners Norman Zhong and Helen Fan led the transaction, which closed on March 31, 2017.

J Sagar Associates has advised Multiples Alternate Asset Management on its acquisition of majority of the shareholding of PeopleStrong. Multiples Private Equity Fund II and Plenty Private Equity Fund I invested in a combination of a secondary sale and primary capital infusion of approximately Rs4 billion (US$4.24m). Prior to this round, PeopleStrong had received institutional funding in various rounds from Lumis Partners and HDFC Holdings. Multiples will now constitute the controlling majority post this transaction. With over 175 customers, PeopleStrong offers SaaS-based HR Technology PeopleStrong Alt, powered by mobile app and artificial intelligence, recruitment process outsourcing, and human capital management. Multiples PE has over US$1 billion under management. Partner Aarthi Sivanandh led the transaction.

J Sagar Associates has also advised CapitalG (previously known as Google Capital), the late-stage growth venture capital fund financed by Alphabet, in a US$15 million Series B funding in Cue Learn (Cuemath). Sequoia Capital, an existing Series A investor, co-invested with CapitalG in this round, which involved a primary infusion as well as a secondary sale by existing investor Unitus Seed Fund. Cuemath is an after-school math excellence programme for children between the KG and Standard 8 levels, and is offered through home-based centres, which are managed and run by trained and certified ‘Cuemath Teachers’. Partner Probir Roy Chowdhury led the transaction.

Khaitan & Co has advised Capital International on the acquisition of a three percent stake in Intas Pharmaceuticals from ChrysCapital. Capital Group Private Markets is a leading US-based private equity firm with substantial holdings in emerging markets. Through six emerging markets private equity funds, they have invested over US$5 billion in more than 80 companies. Intas Pharmaceutical is a leading, vertically integrated global pharmaceutical company, having end-to-end capabilities of formulation development, manufacturing and marketing along with backward integration of active pharmaceutical ingredients. The transaction values Intas Pharmaceutical at approximately US$3.3 billion. Associate partner Vinay Joy led the transaction. J Sagar Associates, led by partners Nitin Potdar and Rinku Ambekar, advised Intas Pharmaceuticals and its promoters.

Khaitan & Co has also advised The Phoenix Mills and Island Star Mall Developers on the investment by Canada Pension Plan Investment Board (CPPIB) in Island Star, a strategic investment platform to develop, own and operate retail-led mixed-use developments across India. CPPIB will initially own 30 percent of the platform and plans to make an aggregate investment of approximately US$247 million to own up to a 49 percent stake in the platform. This is a first-of-its-kind for India’s retail real estate industry. The Phoenix Mills is a pioneer in converting mill land into modern, multi-use integrated property to house retail and entertainment, commercial and residential complexes. A subsidiary of The Phoenix Mills, Island Star Mall Developers is engaged in retail mall, hotel, and residential developments. Partner Siddharth Shah and associate partner Mayank Singh, assisted by partners Anshul Prakash, Sanjeev Kapoor and Sachin Mandlik and associate partners Peshwan Jehangir and Ritu Shaktawat, led the transaction.

Luthra & Luthra has represented Religare Enterprises on a definitive agreement with a consortium of investors led by private equity firm True North for the sale of its entire equity stake for its health insurance subsidiary Religare Health Insurance. The consortium includes domestic investors, such as the Puneet Dalmia Group and Faering Capital. The deal, which is subject to regulatory approvals, values Religare Health Insurance at Rs13 billion (US$201m). The transaction is the largest ever investment in any stand-alone health insurance company in India. Partner Alina Arora led the transaction, while Cyril Amarchand Mangaldas, led by partners Radhika Gaggar and Rohil Vashist, also advised Religare Enterprises. DSK Legal, led by co-founding partner Satish Kishanchandani and partner Narendra Dingankar, advised True North.

Luthra & Luthra has represented Yum! Restaurants India on obtaining a successful order from the Debt Recovery Tribunal in Delhi. Yum operates as the franchisee of the world-renowned ‘KFC’ restaurant in India.Yum operates a KFC outlet through a leased premises in Dwarka and was asked to vacate the premises after the bank foreclosed on the mortgage on the property. The Tribunal allowed the bank to proceed with the auction and sale of the premises, but Yum would continue to operate its business even after the property is sold. Partner Sanjeev Kumar led the transaction.

Norton Rose Fulbright has advised Clean Energy Finance Corporation and Nord LB on the financing of the Bodangora wind farm, near Wellington in regional NSW. The project has been developed by Infigen and is to be built by a joint venture of GE and CATCON. It is also supported by an offtake agreement with Energy Australia for 60 percent of the output of the project to 2030. The financiers’ A$163 million (US$122m) construction facility will help spur the delivery of the A$236 million (US$177m), 113MW Bodangora project. Partner and co-head of infrastructure Jo Crew led the transaction, which reached financial close on March 31, 2017.

Norton Rose Fulbright has also advised Chinese company Shandong Gold Mining (SDG) on the US$960 million acquisition of 50 percent of shares in Veladero gold mine in Argentina, owned by Barrick Gold. The Valadero mine is one of the largest gold mines in Argentina and the world. It is located in the San Juan Province of Argentina, Frontera District and produced 544,000 ounces of gold in 2016. Shainghai-listed SDG is a leading gold company in China. Following the acquisition, SDG will hold directly and indirectly 50 percent of Mineral Argentina Gold under a joint venture with Barrick Gold, one of the world’s largest gold producers. The transaction also includes a strategic co-operation regarding SDG exploring the possibility of becoming a substantial investor in Barrick’s Pascua Lama mine project, one of the world’s largest undeveloped gold deposits, located on the El Indio Gold Belt on the border of Argentina and Chile. Corporate partners Yi Wang (Beijing) and David McIntyre (Toronto), supported by Hong Kong competition partner Marc Waha, led the transaction.

Paul Hastings has advised CIMB Investment Bank, Maybank Investment Bank, Hong Leong Investment Bank and UOB Kay Hian Securities as the joint book-runners on Eco World International’s US$580 million IPO and listing in Malaysia. Eco World develops real estate properties in the UK and Australia. Projects currently being undertaken by Eco World include the development of three waterside residential projects in London through its joint-venture company, Eco World-Ballymore, and the development of a project in Australia called West Village in Parramatta, Sydney. Part of the proceeds from Eco World’s IPO will be used to fund the development of these projects. Partner Steven Winegar led the transaction, which marks the largest Malaysian IPO so far in 2017. Clifford Chance advised the issuer, led by capital markets partner Raymond Tong.

Rajah & Tann Singapore has acted for development financial institutions and commercial lenders DEG (Deutsche Investitions-und Entwicklungsgesellschaft MBH), Finnish Fund For Industrial Cooperation, Oesterreichische Entwicklungsbank and ESun Commercial Bank Singapore Branch on a US$55 million club deal financing to Prasac Microfinance Institution, the largest microfinance institution in Cambodia with a mission to provide sustainable access to financial services for rural communities and micro-enterprises. Partner Nicholas How led the transaction.

Rajah & Tann Singapore has also advised Singapore-listed Anchor Resources on the issuance of S$2 million (US$1.4m) exchangeable bonds by a subsidiary and S$2.875 million (US$2m) guaranteed non-convertible bonds by the company to Luminor Pacific Fund 2 and a private investor, respectively. Partner Danny Lim led the transaction.

Shardul Amarchand Mangaldas & Co has acted as Indian domestic counsel to Yes Bank on the qualified institutions placement of its equity shares. The issue opened on March 23, 2017 and closed on March 29, 2017. The equity shares were allotted on March 31, 2017. The Rs49.06 billion (US$759m) issue was the largest private sector QIP from India in rupee terms and was the largest QIP on the BSE and the NSE for the year 2016-17. Partner Prashant Gupta (national practice head-capital markets), supported by partner Monal Mukherjee, led the transaction. Luthra & Luthra and Allen & Overy acted as Indian and US counsel, respectively, to the book-running lead managers.

Shearman & Sterling is advising Capital Square Partners on its acquisition of ESM Holdings, the holding company of Aegis Group, from AGC Holdings, a wholly-owned portfolio company of Essar Global. Singapore M&A partner Sidharth Bhasin, supported by partners Laurence Crouch (Menlo Park-tax), Jessica Delbaum (New York-antitrust), James Webber (London-antitrust), Richard Hsu (Menlo Park-intellectual property transactions) and Daryl Chew (Singapore-international arbitration), led the transaction, while Shardul Amarchand Mangaldas also advised on Indian law. Essar Global was advised by Sidley Austin and Platinum Partners on Indian law.

Shearman & Sterling has also advised the Board of Directors of New York-listed Zhaopin on its acquisition by SEEK International Investments, Zhaopin’s current controlling shareholder, and Chinese private equity investors Hillhouse Capital Group and FountainVest Partners, at an implied equity value of approximately US$1 billion. The transaction is expected to close during the second half of 2017, subject to various closing conditions. If the transaction is completed, Zhaopin will become privately held and cease to be listed in New York. Zhaopin is a leading career platform in China with more than 129.5 million registered users comprising job seekers who are in demand by employers. SEEK is a diverse group of companies which help people live more fulfilling and productive working lives and help organisations succeed. Hillhouse invests in and actively engages with entrepreneurs to build franchise value and access growth in Asia. FountainVest is a leading China-focused private equity firm which focuses on long term oriented investments and targets high growth industry leaders in media and entertainment, consumer retail, internet, healthcare and industrials. Partner Stephanie Tang (Hong Kong-M&A) led the transaction. Maples and Calder (Hong Kong), led by partner Richard Spooner, and Fenwick & West acted as Cayman Islands and US counsel, respectively, to the Special Committee of the Board of Directors of Zhaopin. O’Melveny and Myers acted as US counsel to SEEK, whilst Weil, Gotshal & Manges, led by Asia managing partner Akiko Mikumo and supported by private equity partner Tim Gardner, acted as US counsel to Hillhouse Capital Group.

Skadden has represented Hangzhou Liaison Interactive Information Technology, a Shenzhen-listed leading developer in China of mobile content, interactive apps, games and virtual reality, on its majority equity investment in Newegg, a leading tech-focused e-retailer in North America headquartered in California, USA. Liaison Interactive has subscribed to more than 55 percent of all outstanding equity in Newegg, both in the form of newly issued Series AA preferred stock and existing Series A preferred stock and Series A common stock that Liaison Interactive acquired from Newegg’s existing stockholders. Beijing partner Peter Huang led the transaction, which was completed on March 30, 2017.

AZB & Partners has advised Bharti Airtel on the sale of its 10.3 percent stake in Bharti Infratel to a consortium of KKR & Canada Pension Plan Investment Board. Senior partner Gautam Saha and partner Sachin Mehta led the transaction, which was valued at Rs62 billion (US$951m) and was completed on March 28, 2017.

AZB & Partners has also advised Monjin Interviews on the acquisition by Holly Millner and Pacatolus Maxim of a minority stake in Monjin. Partner Chetan Nagendra led the transaction, which was valued at Rs54 million (US$828,293) and was completed on January 9, 2017.

Baker McKenzie has advised Canada Pension Plan Investment Board (CPPIB) on its two agreements to invest alongside Ivanhoe Cambridge with real estate logistics specialist LOGOS in the LOGOS Singapore Logistics Venture (LSLV) and LOGOS Indonesia Logistics Venture (LILV), which will focus on developing the logistics sectors in Singapore and Indonesia, respectively. In Singapore, CPPIB will initially commit S$200 million (US$142.9m) for an approximately 48 percent stake in the LSLV, which will be seeded by two fully-leased existing multi-storey logistics warehouse facilities and one development opportunity. In Indonesia, CPPIB will initially commit US$100 million in equity for an approximately 48 percent stake in LILV to support a pipeline of similar projects in Greater Jakarta. Global funds group co-chair Jason Ng, assisted by Hong Kong partner Michael Horman and Baker McKenzie Wong & Leow principal Kelvin Poa, led the transaction.

Baker & McKenzie is advising Spring Reit on its proposed acquisition of 84 commercial properties in the UK for approximately £73.5 million (US$91.6m). The properties are being operated as car servicing centres, principally under the brand Kwik-Fit. This is Spring Reit’s first proposed acquisition since its IPO, and the first by an H-Reit in the UK. The acquisition shall diversify Spring Reit’s portfolio, which currently comprises of two premium grade office towers in China Central Place, a prime mixed-use development complex in Beijing. Partners James Burdett, Stephen Turner and James Smith led the transaction.

DLA Piper has advised China Petroleum and Chemical Corporation (Sinopec) on its acquisition from Chevron Global Energy of 75 percent of the shares in Chevron South Africa and 100 percent of the shares in Chevron Botswana. The deal heralds Chevron’s exit from, and Sinopec’s entry into, the South African and Botswanan downstream markets. Chevron South Africa and Chevron Botswana collectively form one of the largest integrated downstream oil businesses in sub-Saharan Africa. The business is focused on the refining and marketing of road transportation fuels and other refined products, primarily through a network of over 800 sites serving motorists across South Africa and Botswana. Chevron South Africa’s refinery in Cape Town has a crude processing capacity of over 100,000 barrels per day and is the only refinery in the Western Cape. It supports the marketing operations of Chevron South Africa and Chevron Botswana, as well as supplying a significant portion of refined product demand in the wider region. Carolyn Dong, head of energy (China) and Charles Morrison, head of the London oil and gas team, led the transaction, which is subject to receipt of necessary approvals. Chevron was advised by Latham & Watkins, led by partner Simon Tysoe.

Howse Williams Bowers has advised Dakin Capital as the sole sponsor and the underwriters on the approximately HK$200 million (US$25.7m) share offer and listing of SHIS in Hong Kong. China Prospect Securities acted as the sole book-runner and sole lead manager. The shares commenced trading on March 30, 2017. SHIS is one of the top ten key players in the integrated building service industry in Singapore. It focuses on maintenance and installation of mechanical and electrical systems, including minor repairs and improvement works. It also undertakes building construction work in Singapore. Partner Chia Ching Tan led the transaction.

Luthra & Luthra has advised Carlyle Asia Partners, one of the world’s largest and most successful private equity firms, on the acquisition of a significant minority stake in Delhivery, an e-commerce logistics firm which facilitates the delivery of goods for online retailers like Flipkart, Amazon and Paytm. Delhivery provides express logistics services in over 600 cities in India and in more than 8,500 pin-codes, and operates 12 fulfilment centres for B2C and B2B fulfilment services. This round of funding witnessed investments by Carlyle, as well as one of the existing investors (Tiger Global) making an additional investment. The combined value of investment is more than US$100 million. The transaction is stated to be the largest funding round in the e-commerce logistics space in India. Partner Samir Dudhoria led the transaction.

Luthra & Luthra has also advised The South Indian Bank as the issuer and Edelweiss Financial Services as the lead manager on The South Indian Bank’s rights issue of equity shares aggregating to Rs6.3 billion (US$96.7m). The transaction was undertaken on a ‘fast track’ basis under Regulation 10 of the SEBI ICDR Regulations. Partner Manan Lahoty led the transaction.

Maples and Calder has acted as BVI counsel to Blue Skyview on its issue of US$250 million 7.125 percent senior perpetual securities due 2020, guaranteed by Hong Kong Airlines International Holdings, HKA Group and Hong Kong Airlines. The securities are listed in Hong Kong. Partner Derrick Kan led the transaction, which closed on January26, 2017, while King & Wood Mallesons acted as Hong Kong counsel. Baker McKenzie acted as international counsel to the initial purchasers, comprised of Societe Generale Corporate & Investment Banking, BOC International, CCB International, Credit Suisse, Guotai Junan International and Hong Kong International Securities.

Maples and Calder has also acted as Cayman Islands counsel to Cayman Islands company BeyondSpring on its IPO of ordinary shares and the listing of such shares on the Nasdaq, and a concurrent private placement. BeyondSpring is a global clinical stage biopharmaceutical company focused on the development of innovative cancer therapies, with operations primarily in the US and China. The offering, including the private placement, raised approximately US$54 million. Rodman & Renshaw, a unit of HC Wainwright, acted as the underwriter and sole book-runner for the public offering and as the exclusive placement agent for the concurrent private placement. Partner Richard Spooner led the transaction, which closed on March 16, 2017, while Skadden acted as US counsel. Goodwin Procter represented the underwriter.

Mayer Brown has acted as international counsel to Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Belgian Investment Company for Developing Countries and Dragon Capital Group on the sale of their collective 67 percent shareholdings in PRASAC, Cambodia’s largest microfinance institution with more than US$1.3 billion in assets. Ho Chi Minh City corporate and securities partner David Harrison led the transaction.

Mayer Brown has also represented the underwriters on an approximately ¥85 billion (US$768m) bonds offering by Starbucks. The proceeds of the offering will be used to make investments in eligible sustainability projects. The transaction marks the first “sustainability bond” issued in the Japanese market. Chicago partners Eddie Best (corporate and securities) and Steve Garden (tax transactions and consulting) and London banking and finance partner James Taylor led the transaction.

Mourant Ozannes has advised Export-Import Bank of China, China Development Bank, Silk Road Fund and International Finance Corporation on a US$1.39 billion facility for the first infrastructure project to be announced under China’s One Belt One Road infrastructure development fund. The facility was provided to Karot Power, a Pakistani incorporated subsidiary of China Three Gorges South Asia Investment, a company incorporated in the Cayman Islands. It will fund the construction of a 720MW Karot hydropower project in Pakistan on the Jhelum River east of Islamabad, which is expected to be commercially operational in 2021. The project represents one of the three multistage hydropower projects in Pakistan being developed by China Three Gorges South Asia Investment, an independent power company established by China Three Gorges Corporation, International Finance Corporation and Silk Road Fund, which was structured as a scalable investment platform to develop and own renewable power projects in Pakistan. Partner Simon Lawrenson led the transaction.

Rajah & Tann has advised Oscar Investment in its proposed privatisation and delisting of TEE International, which is listed on the mainboard of the Singapore Exchange, pursuant to a scheme of arrangement under Section 210 of the Singapore Companies Act, whereby Oscar Investment is offering either cash or new shares for existing shares of TEE International. Based on the offer price of S$0.215 per share, the group is valued at approximately S$148 million. The group has three business divisions, comprising its engineering business, real estate business, and infrastructure business. Partners Danny Lim and Penelope Loh led the transaction.

S&R Associates has advised Kaizen Private Equity on an investment in Insofe Education, a professional skills training company with a focus on big data analytics and data science. Partners Rajat Sethi and Sudip Mahapatra led the transaction.

S&R Associates has also advised Bertelsmann on the US$8 million investment by its subsidiary Erste WV Gütersloh in Eruditus Learning Solutions, an executive education provider in India, Singapore, Dubai and other global locations. Partners Rajat Sethi, Radhika Iyer and Tanya Aggarwal led the transaction.

Shearman & Sterling is advising Malaysian national oil company Petroliam Nasional (Petronas) on a US$7 billion investment by the Saudi Arabian Oil Company (Saudi Aramco) in Petronas’ Refinery and Petrochemical Integrated Development (RAPID) project in Johor State, Malaysia. On February 28, 2017, Petronas and Saudi Aramco signed a share purchase agreement on the Saudi Aramco investment. Following completion, Petronas and Saudi Aramco will hold equal ownership in selected ventures and assets of the RAPID project. The signing of the agreement took place in Kuala Lumpur and was witnessed by Malaysian Prime Minister Abdul Razak and King Salman Bin Abdulaziz Al Saud of Saudi Arabia, as well as the CEOs of Petronas and Saudi Aramco. The project will be the largest downstream petrochemical project in Asia following completion in 2019. With capacity to refine 300,000 barrels of crude per day, the refinery will produce a wide range of refined petroleum products, including gasoline and diesel which meets Euro 5 fuel specifications, and will produce 3.5 million tonnes per annum of products. The RAPID project forms part of the larger Pengerang Integrated Petroleum Complex (PIC) being developed in the Malaysian state of Johor. The PIC is a 22,000-acre complex that includes a cogeneration plant, an LNG regasification terminal, a raw water supply project, a deep water terminal and centralised and shared utility facilities. Partner Anthony Patten (Singapore-project development and finance), with support from partners Sidharth Bhasin (Singapore-M&A), Ben Shorten (Singapore-project development and finance), Iain Elder (London-project development and finance) and Daryl Chew (Singapore-international arbitration), led the transaction. White & Case advised Saudi Aramco.

Skadden is advising the venture investment arm of gumi on its establishment of Nordic VR Startups, a virtual and augmented reality incubator joint venture between gumi and Nordisk Film, in which gumi will hold a 60 percent majority stake. The firm previously represented gumi in a similar matter to establish Seoul VR Startups.

Skadden is also representing global chemical company Nippon Shokubai on an agreement, announced on March 28, 2017, to acquire Sirrus, a US-based advanced reactive technology platform monomer company. Partners Mitsuhiro Kamiya, Michael Mies and Resa Schlossberg led the transaction.

Sullivan & Cromwell has represented Jiaflix Enterprises, Jiaflix Enterprises and two of its three majority shareholders on their purchase of the interests in each company held by the third majority shareholder, representing 25 percent of each company’s total outstanding interests. Hong Kong corporate partner Michael DeSombre led the transaction, which was completed on March 24, 2017.

Allen & Gledhill has advised Mapletree Investments as sponsor, Mapletree Real Estate Advisers as manager and Mapletree Trustee as trustee on the establishment of MGSA Private Trust, the first student accommodation private fund in Singapore. The private trust holds 35 student accommodation assets in the UK and the US, valued at approximately US$1.3 billion. The private trust has successfully closed and raised US$535 million of equity. Partners Jerry Koh, Foong Yuen Ping and Jonathan Lee led the transaction.

AZB & Partners is advising GE Pacific and Alstom Bharat Forge Power on all acquisition aspects of merger control between GE and Alstom, including notification requirement with the Competition Commission of India. Partner Samir Gandhi is leading the transaction, which was valued at Rs2.3 billion (US$35.3m) and is yet to be completed.

AZB & Partners is also advising Imicron Web Services on its 100 percent acquisition by Techwave Holdings. Partner Aditya Bhat is leading the transaction, which was valued at Rs70 million (US$1.1m) and is yet to be completed.

Clifford Chance has advised the joint lead managers, comprised of Australia and New Zealand Banking Group, Bank of Communications Hong Kong, Barclays Bank, BNP Paribas, China Construction Bank (Asia), Citigroup Global Markets, Credit Agricole Corporate and Investment Bank, DBS Bank, Merrill Lynch International, Mizuho Securities Asia, Morgan Stanley & Co International, MUFG Securities EMEA, Societe Generale and Standard Chartered Bank, on two simultaneous issuances by Lenovo Group. The issuance involved both a senior tranche of US$500 million 3.875 percent medium term notes due 2022 under its US$3 billion medium term note programme, on which the firm advised the arranger and dealers in 2016, and a subordinated tranche of US$850 million 5.375 percent perpetual securities in the form of cumulative preferred shares, with a performance guarantee from Lenovo Group. The two tranches were issued simultaneously. Partner Matt Fairclough led the transaction.

Clifford Chance has also advised China International Capital as the sole global coordinator for Hospital Corporation of China’s US$64 million IPO and listing in Hong Kong. Hospital Corporation of China is the core platform for the hospital operation and management business of Hony Capital, a well-known private equity fund affiliated with Legend Group. China co-managing partner Tim Wang and partners Jean Yu and Fang Liu led the transaction.

Cyril Amarchand Mangaldas has advised Trust Investment Advisers as the arranger on the first state government revenue supported bonds aggregating up to Rs65.1 billion (US$1b) issued by Uttar Pradesh Power, a subsidiary company of the Government of Uttar Pradesh (GoUP). The entire state government revenue is available for servicing of the bonds. The payment servicing for the bonds is supported by a Reserve Bank of India (RBI)-backed structured debt servicing mechanism. Under this mechanism, in the event the bond servicing account falls short of the requisite amount, and if the GoUP is unable to fund it by a specified date, the RBI will debit the requisite amount from the GoUP’s account with the RBI and credit it to the bond servicing account to ensure timely servicing of the bonds. On the basis of this structure, the bonds have been granted a provisional AA rating by India Ratings and Research. The bonds are also backed by a sovereign guarantee provided by the GoUP. Mumbai banking partner Leena Chacko led the transaction, which closed on February 17, 2017.

Fangda has represented Jiangsu Xinquan Automotive Trim on its A-share IPO. Xinquan is a leading overall solution provider of automotive trim. Approved by CSRC for its IPO of no more than 39.85 million A shares, the company was listed in Shanghai on March 17, 2017. The underwriter of the IPO is China Securities. Corporate partner William Huang led the transaction.

Fangda has also represented Dongguan Chitwing Technology on its A-share IPO. Chitwing is a leading manufacturer of precise structural component and mould. Approved by CSRC for its IPO of no more than 60 million A shares, the company was listed in Shenzhen on March 21, 2017. The underwriter of the IPO is Citi Orient Securities. Corporate partner William Huang also led the transaction.

J Sagar Associates has advised Sohan Lal Commodity Management, its promoter Sandeep Sabharwal and Creation Investments Social Ventures Fund III on the partial sale of securities by some of the existing shareholders to Responsability Participations Mauritius and Agrif Cooperatief UA. Pursuant to this transaction, some of the existing investors have made a partial exit from the company. The transaction involved renegotiation of the existing SHA amongst the shareholders (who sold their securities), the purchasers and Creation (which did not sell any of its securities as part of this transaction). Post completion of the transaction, seven private equity investors will be holding a stake in the company. Partners Sidharrth Shankar and Lalit Kumar led the transaction.

J Sagar Associates has also advised Le Travenues Technology (Ixigo), which operates online search engine Ixigo.com, on an investment made by Fosun Kinzon Capital by subscribing to Ixigo’s compulsorily convertible preference shares and equity shares. The firm had also advised Ixigo in an earlier round of investment which closed on October 28, 2016, pursuant to which Sequoia Capital had invested in Ixigo by subscribing to compulsorily convertible preference shares and equity shares. Ixigo’s existing investors include SAIF Partners, Makemytrip, Micromax and Sequoia Capital. Partner Vivek Chandy led the transaction, which closed on March 17, 2017.

Khaitan & Co has advised JSW Steel on the €113.75 million (US$123.4m) bank guarantee facilities availed by JSW Steel (UK) and JSW Steel (Netherlands) from Credit Suisse, in connection with a bid submitted to the liquidator in Italy for the acquisition of a steel manufacturing unit of ILVA in Southern Italy, by a consortium of buyers led by the JSW group. JSW Group is a part of the OP Jindal Group with strong footprints across core economic sectors, namely steel, energy, infrastructure, cement, ventures and sports, with presence across India, the USA, South America and Africa. Partner Kumar Saurabh Singh led the transaction.

Khaitan & Co has also advised Ascendas India Trust and its affiliates on the purchase of 100 percent issued and paid-up share capital of Flagship Developers, along with the issuance of inter-corporate deposits to Flagship Developers. Ascendas India Trust is a property trust which owns seven IT parks in India. With an 11.2 million square feet portfolio spread across Bangalore, Chennai, Hyderabad and Pune, it is well positioned to capitalise on the fast-growing IT and business process management industries in India. Associate partner Abhishek Sinha, assisted by executive director Dinesh Agrawal and associate partner Atul Pandey, led the transaction.

Luthra & Luthra has advised the underwriters on Avenue Supermarts’ IPO of equity shares. The total size of the deal was Rs18.7 billion (US$285m). The deal involved nine lead managers, including Kotak, Axis, Edelweiss, HDFC Bank, ICICI Securities, Inga, JM Financial Motilal and SBI Caps and their affiliates acting as syndicate members. The issue was oversubscribed by 104.5 times. Partner Manan Lahoty led the transaction.

Luthra & Luthra is also advising CLSA India, DSP Merrill Lynch, IIFL Holdings and Motilal Oswal Investment Advisers as the global coordinators and book-running lead managers on YES Bank’s QIP of equity shares aggregating to approximately US$750 million. Partner Manan Lahoty is also leading the transaction.

Majmudar & Partners has acted as Indian counsel to CreditAccess Asia (CAA) on an approximately US$50 million growth capital equity investment by the Asian Development Bank to CAA’s pan-Asia microfinance operations. CAA provides professional and customised financial services to local micro entrepreneurs in India, Indonesia and the Philippines. Managing partner Akil Hirani led the transaction, which was one of the largest multilateral institution microfinance investments in Q1 of 2017. Jones Day acted as Dutch and Italian counsel, Accralaw acted as Filipino counsel and Latham & Watkins acted as Indonesian counsel to CAA.

Peter Yuen & Associates, in association with Fangda Partners, has represented SG Group Holdings on its listing and placing in Hong Kong. The listing and share offer of eight million ordinary shares raised approximately HK$46 million (US$5.9m) in gross proceeds, with an over-subscription of 379 times under the Hong Kong public offer. SG Group is a women’s wear and children’s wear designing and sourcing service provider for branded fashion retailers, including Monsoon Accessorise, East/East Lifestyle, Dunnes Stores, Crew Clothing, Long Tall Sally and ASOS.com. Anglo Chinese Corporate Finance acted as the sole sponsor, while Anglo Chinese Securities and Dongxing Securities (Hong Kong) acted as joint book-runners and joint lead managers. Corporate partner Arnold Pang led the transaction.

Rajah & Tann has acted for Kimly on its IPO in Singapore. Kimly is the first coffeeshop operator to list in Singapore. The public tranche of Kimly’s IPO has been oversubscribed by more than 335 times, and the entire offering was said to be approximately 8.3 times subscribed. Kimly raised approximately S$44 million (US$31.6m) and its market capitalisation at the time of listing was approximately S$290 million (US$208m). Partner Hoon Chi Tern led the transaction.

Rajah & Tann has also acted for Singapore-listed QT Vascular on its capital commitment agreement with GEM Global Yield Fund, a New York-based private alternative investment group, whereby GEM agreed to grant QT Vascular an option to require GEM to subscribe for new shares of the company, for a maximum of 178 million new shares, and for the company to issue to the investor warrants of up to 35 million new shares. Partner Danny Lim led the transaction.

Shardul Amarchand Mangaldas & Co has advised Coal India and its subsidiaries on the imposition by the Competition Commission of India (CCI) of a fine of Rs17.73 billion (US$272m) for abusing its dominant position as a supplier of coal. The Competition Appellate Tribunal had set aside the CCI order imposing a fine on Coal India, as well as two related orders, and has remitted the matters back to the CCI for fresh consideration. In its order, the CCI stated that, even though Coal India enjoys operational commercial freedom, its conduct is constrained by directions received from various stakeholders, including Ministry of Power, Ministry of Coal, CEA etc., all of whom exert influence and are involved in making decisions that impact various aspects of Coal India’s business. Keeping in mind the continuous steps taken by Coal India in resolving issues with stakeholders, the CCI has drastically reduced the penalty amount to Rs5.91 billion (US$90.7m). This is the first time that the CCI has reduced penalty in a case of remand. Regional managing partner Pallavi Shroff, supported by partner Harman Singh Sandhu, led the transaction.

Shearman & Sterling has advised Japan Nuclear Fuel (JNF) on its undertaking to subscribe to a share capital increase of €250 million (US$271.4m) in New Areva Holding, a subsidiary of Areva, consolidating all assets relating to Areva’s nuclear fuel cycle activities. This investment would give JNF an equity stake of five percent in New Areva Holding. Japanese group Mitsubishi Heavy Industries (MHI) should also invest €250 million (US$271.4m) alongside JNF. This transaction is part of New Areva Holding’s restructuring plan, which also includes a reserved share capital increase of €2.5 billion (US$2.7b), to be subscribed by the French State. JNF’s investment is subject to the completion of a number of conditions, including customary regulatory conditions. Partners Nicolas Bombrun (Paris-M&A), George Borovas (Tokyo-project development and finance), James Webber (London-antitrust) and Kenneth Lebrun (Tokyo-M&A) led the transaction. The French State was advised by French law firms Darrois Villey Maillot Brochier and Bredin Prat. Areva was advised by Allen & Overy while MHI was represented by McDermott.

Shook Lin & Bok has acted for F&N Treasury on the issuance of S$160 million (US$114.7m) 3.09 percent notes due 2022 (Series Notes 13), which are unconditionally and irrevocably guaranteed by Fraser & Neave, under its S$2 billion (US$1.4b) multicurrency medium term note programme. Partner Marilyn See led the transaction.

Wong & Partners has represented Dubai Islamic Investment Group on the disposal of its 40 percent equity stake in ACR Retakaful Holdings, the holding company of ACR ReTakaful and ACR ReTakaful MEA, alongside Khazanah Nasional’s disposal of its 40 percent equity stake in ACR Holdings, to the Asia Capital Reinsurance group at a total consideration of approximately US$95.8 million. Partner Andre Gan led the transaction, which was completed on February 1, 2017. Allen & Overy advised the buyer while Freshfields advised Khazanah.

Allen & Gledhill has advised Oversea-Chinese Banking Corporation as arranger and dealer; The Bank of New York Mellon Singapore as trustee of the holders of the securities, issuing and paying agent, CDP transfer agent and CDP registrar; The Bank of New York Mellon London as non-CDP paying agent and calculation agent; and The Bank of New York Mellon Luxembourg as non-CDP transfer agent and non-CDP registrar, on the establishment by Hotel Properties of a S$1 billion (US$714.6m) multicurrency debt issuance programme. Partners Margaret Chin, Sunit Chhabra and Magdalene Leong led the transaction.

Allen & Gledhill has also advised Noble Group on its issue of US$750 million 8.75 percent notes due 2022. Partner Bernie Lee led the transaction.

AZB & Partners has advised Muthoot Finance on its public issue of secured and unsecured non-convertible debentures. Partner Srinath Dasari led the transaction, which was valued at Rs14 billion (US$213.8m) and was completed on February 17, 2017.

AZB & Partners has advised Macquarie SBI Infrastructure Investments (MSII) and SBI Macquarie Infrastructure Trustee (SMIT), as trustee for the SBI Macquarie Infrastructure Trust, on the acquisition of 100 percent of the equity share capital and compulsorily convertible debentures of Trichy Tollway held by MSII and SMIT; the acquisition of 48 percent of the equity share capital and 74 percent of the compulsorily convertible debentures of Jadcherla Express held by MSII and SMIT; and the acquisition of 26 percent of the equity share capital of Jadcherla Express held by Ashoka Concessions. Senior partners Bahram Vakil and Ashwath Rau led the transaction, which was valued at Rs9.1 billion (US$139m) and was completed on March 2, 2017.

Clifford Chance has represented Kasikornbank, Krung Thai Bank and CIMB Thai as the lead arrangers on a Thai baht-denominated bond issue in Thailand by The Government Savings Bank. This is the first time The Government Savings Bank has opted for a Thai baht bond issuance under the SEC regime as its fund raising platform, in addition to the issuance of the bonds under its own constitutional law. The bonds may be issued within 2017, with a maximum issue size of Bt50 billion (US$1.44b) and will be guaranteed by the Thai Government under the Government Savings Bank Act. The first issue of the bonds, with an aggregate principal amount of Bt36 billion (US$1b), was on February 23, 2017. Counsel Doungporn Prasertsomsuk led the transaction.

Colin Ng & Partners has acted for Globe International Events Consultancy on the sale of its interest in the “RetailEX ASEAN” event to Clarion Events. “RetailEX ASEAN” is an annual exhibition held in Thailand that focuses on retail in-store equipment and solutions. First launched in 2015, it caters primarily to retailers in the Southeast Asian region. Following the sale, Clarion will work with a local partner to organise future editions of “RetailEX ASEAN”. Partner Pradeep Kumar Singh led the transaction.

J Sagar Associates has advised State Bank of India, IFSC Banking Unit, GIFT City, Gandhinagar Branch (SBI GIFT City) on the US$10 million secured term loan facility made available by SBI GIFT City to Sundaram Clayton. Notably, the lender in this case is an IFSC Banking Unit in the International Financial Services Centre at the Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat, India. This is the first loan origination by the SBI’s GIFT City Branch, pursuant to the Reserve Bank of India regulations. Partner Anish Mashruwala led the transaction.

Khaitan & Co has advised Xander Finance on the Rs1.3 billion (US$19.9m) secured term loan extended to Adarsh Developers and Earnest Constructions. Xander Finance is a non-banking financial company that is part of Xander Group, an institutional investment firm focused on long-term value investing. Xander Finance invests primarily in companies that operate in the infrastructure, hospitality, entertainment, retail and real estate sectors. Partner Sharad Moudgal led the transaction.

Khaitan & Co has also acted as sole counsel to Music Broadcast on its approximately US$74.5 million IPO. Music Broadcast is the first private FM radio broadcaster in India. It owns and operates FM radio stations under the Radio City brand name and has a presence in 39 cities, which includes 11 new radio stations acquired under the Phase III Policy. Executive director Sudhir Bassi and associate partner Aditya George Cheriyan led the transaction.

Kirkland & Ellis is advising Ally Bridge Group as a joint offeror with a consortium established by an affiliate of the target company’s controlling shareholder and GL Capital Group on its proposed HK$2.34 billion (US$301m) privatisation offer for the H-shares of Hong Kong-listed Shandong Luoxin Pharmaceutical Group, by way of a voluntary conditional cash offer. The transaction is conditional on, among others, Shandong Luoxin’s shareholder approval. The voluntary conditional cash offer will be extended only to holders of Shandong Luoxin H shares while no offer will be extended to holders of the company’s domestic shares. Ally Bridge Group is a global healthcare-focused investment group, with a healthcare investment portfolio in China, the US and Europe. Corporate partners Nicholas Norris and Joey Chau, assisted by debt finance partners David Irvine and Daniel Lindsey, led the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands and BVI counsel to China SCE Property Holdings on its issue of US$200 million 5.875 percent senior guaranteed notes due 2022, guaranteed by certain China SCE Property Holdings subsidiaries. The notes are listed in Hong Kong. China SCE Property Holdings is one of the leading real estate developers in Fujian Province. Partner Derrick Kan led the transaction, while Sidley Austin and Jingtian & Gongcheng acted as US and Hong Kong counsel and PRC counsel, respectively. Davis Polk & Wardwell and King & Wood Mallesons acted as US and Hong Kong counsel and PRC counsel to the initial purchasers, which comprised of HSBC, Deutsche Bank, Haitong International Securities, BOCI and ICBC International Securities.

Maples and Calder (Hong Kong) has also acted as BVI counsel to Horsepower Finance, a wholly-owned subsidiary of ICBC International Holdings, on its issue of US$650 million 2.35 percent guaranteed notes due 2020 under the US$1.2 billion medium term note programme guaranteed by Industrial and Commercial Bank of China Hong Kong Branch. Partner Derrick Kan led the transaction, while Linklaters and Jun He acted as English and PRC counsel, respectively.

Rajah & Tann Singapore has acted for Singapore-listed Keppel Land on the acquisition by its subsidiary of an additional 16 percent stake from Southern Waterborne Transport in five joint venture entities established for the development of Saigon Centre in Ho Chi Minh City, Vietnam. The total consideration for the acquisition is Vnd845.9 billion (US$37m), satisfied fully in cash. Partners Brian Ng (Rajah & Tann Singapore) and Nha Nguyen (Rajah & Tann LCT Lawyers) led the transaction.

Shearman & Sterling has advised The Export-Import Bank of China, China Development Bank, Silk Road Fund and International Finance Corporation (IFC) on the development and financing of the US$1.69 billion (approved total investment) 720 MW Karot hydropower plant in Pakistan, the largest hydropower plant in Pakistan to be financed on a limited recourse basis. The project represents one of the three multi-stage hydropower projects in Pakistan being developed by China Three Gorges South Asia Investment, an independent power company established by China Three Gorges, IFC and Silk Road Fund, which was structured as a scalable investment platform to develop and own renewable power projects in Pakistan. Karot is located on the Jhelum River and the Province of Punjab, Pakistan and is expected to achieve commercial operations by 2021. The project is also listed as one of the priority projects of the China Pakistan Economic Corridor, a key component of China’s One Belt One Road initiative. Partner Bill McCormack led the transaction.

Skadden is advising Citigroup on Wirecard’s announcement that it will purchase the customer portfolio of Citi’s merchant-acquiring business in 11 markets in Asia Pacific. The purchase includes the entire customers for merchant-acquiring services in Singapore, Hong Kong, Macau, Malaysia, Taiwan, Indonesia, Philippines, Thailand, India, Australia and New Zealand. In addition, the firm has advised Citi on the completion of Wirecard’s acquisition of the business of Citi Prepaid Card Services, announced on March 9, 2017. A leading global group of companies in the area of payment processing and card issuing, Wirecard now has more than 100 new employees in Conshohocken, Pennsylvania and an additional 20 employees in various international locations. With this acquisition, Wirecard has expanded its global presence in its core business of payment processing into the North American market. Partners Rajeev Duggal and Jonathan Stone led the transaction.

Vaish Associates has acted as lead transactional counsel to Idea Cellular and Aditya Birla Group (ABG) on the merger, through a scheme of amalgamation, of Idea Cellular with Vodafone India and its subsidiary Vodafone Mobile Services (VMS). The transaction is subject to various approvals of shareholders, creditors and governmental authorities. Once effective, the entire cellular mobile telecommunication business of Vodafone India and VMSL, other than Vodafone India’s investment into Indus Towers, its international network assets and information technology platforms, will vest into Idea Cellular; the promoters of Vodafone India will hold 45.1 percent of the merged entity while promoters of Idea Cellular will hold 26 percent of the merged entity, with the balance to be held by public shareholders. Partner Bomi Daruwala, supported by principal associates Krishna Kishore, Amitjivan Joshi and Yatin Narang, led the transaction. Bharucha & Partners, led by partner Alka Bharucha, and AZB & Partners, led by partner Nisha Kaur Uberoi, also advised Idea Group. S&R Associates, led by partner Rajat Sethi; Slaughter and May, led by partner Susannah Macknay; and Shardul Amarchand Mangaldas, led by partner Pallavi Shroff, advised the Vodafone Group.

White & Case has advised Saudi Arabian Oil Company (Saudi Aramco) on its share purchase agreement with Petronas, under which Saudi Aramco will acquire a 50 percent equity interest, valued at approximately US$7 billion, in a joint venture with Petronas to develop the Refinery and Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor. Scheduled to start up in 2019, the RAPID project comprises a refinery, cracker and integrated petrochemical complex. It will have the capacity to process 300,000 barrels of crude oil per day and produce Euro 5 gasoline and diesel and other refined products, as well as feedstock for the production of 3.5 million tons of petrochemical products annually. The RAPID project is part of Petronas’ Pengerang Integrated Complex, which includes associated facilities, such as a co-generation plant, an LNG re-gasification terminal, a raw water supply project, a deep water terminal and centralised and shared utility facilities. Singapore partner and head of the South East Asia energy practice Steve Payne and Abu Dhabi partners Michael Watson, supported by partners Wendell Maddrey (New York), Jean Shimotake (New York), Luke Robottom (Abu Dhabi), Paul Harrison (Tokyo), Pontus Lindfelt (Brussels) and Jon Bowden (Singapore), led the transaction, which was signed on February 28, 2017 and is subject to regulatory approvals and execution of associated agreements.

Allen & Gledhill has advised NTUC Fairprice Cooperative and Thomson Plaza Investments on the S$651.5 million (US$460.5m), two-phased divestment of a portfolio of properties to Mercatus Cooperative, through Mercatus Beta Cooperative and Mercatus Gamma Cooperative. The portfolio of properties comprises over 80 commercial units and 52 HDB units, including 31 supermarkets. Upon completion, ten commercial units and over 40 HDB units were leased back to NTUC Fairprice, for NTUC Fairprice to continue its operation of the supermarkets located at these units and HDB estates. Partner Ho Kin San led the transaction.

Allen & Gledhill has also advised a fund managed by Savills Fund Management on the S$530.8 million (US$375.2m) divestment of the property at 77 Robinson Road, Singapore to a fund managed by CLSA Capital Partners. Partner Fock Kah Yan led the transaction.

Clifford Chance has advised DVB Bank SE, Norddeutsche Landesbank Girozentrale and BNP Paribas on the financing of Korean Air Lines’ first Boeing 787-9 Dreamliner. The delivery of the Dreamliner was completed on February 23, 2017 at Boeing’s facility in North Charleston and was attended by the chairman of Korean Air Lines and senior executives from Boeing. Bangkok office managing partner Fergus Evans, supported by partner Emily DiStefano, led the transaction.

Howse Williams Bowers has acted as Hong Kong counsel to Able Engineering Holdings on its HK$550 million (US$70.8m) share offering, which was a spin-off from Hong Kong-listed Vantage International (Holdings). Ample Capital acted as the sole sponsor, while Ample Orient, Convoy Investment Services, First Shanghai Securities and Guoyuan Capital (Hong Kong) acted as joint book-runners and lead managers. The shares commenced trading in Hong Kong on February 20, 2017. Able is a well-established construction company principally engaged as a contractor in building construction and RMAA works in Hong Kong. Partners Brian Ho and Denise Che led the transaction, which was the second spin-off that the firm has completed for Vantage.

J Sagar Associates has advised Bloc3, owner and operator of The Tribe branded chain of fitness centres, on the sale of its business to Cube Fitness, promoted by CultFit Healthcare, owner and operator of The Cult branded chain of fitness centres. Tribe and Cult are both based in Bangalore and are among the early movers in the cross-fit workstation line of fitness centres in South India. Cult is majority-owned by Curefit, the start-up co-founded by Mukesh Bansal and Ankit Nagori, former Flipkart executives. Partner Probir Roy Chowdhury led the transaction.

J Sagar Associates has also advised Oracle India and its 14 group companies on a scheme of arrangement seeking amalgamation of the group companies into Oracle India. The company petition was filed before the Delhi High Court for approval of the scheme. Subsequently, the matter was transferred from the Delhi High Court to the National Company Law Tribunal (NCLT), Delhi, in pursuance of a notification issued by the Ministry of Corporate Affairs. The NCLT approved the scheme. Partners Lalit Kumar, Amitabh Kumar, Dheeraj Nair and Divyam Agarwal led the transaction.

Khaitan & Co has acted as sole counsel to The Lakshmi Vilas Bank (LVB) on its approximately US$25 million qualified institutions placement. This is a maiden QIP by LVB in its nine-decade history. LVB was founded in 1926 and is a full-fledged commercial bank. Executive director Sudhir Bassi and partner Gautham Srinivas led the transaction.

Khaitan & Co has also acted as deal counsel for Varroc Engineering and Kotak Mahindra Bank on the issue of rated, secured, unlisted, redeemable, taxable non-convertible debentures aggregating to approximately US$12 million by Varroc Engineering to Kotak Mahindra Bank. Varroc Engineering is a global automotive component manufacturer and supplier of exterior lighting systems, powertrains, electrical and electronics, body and chassis parts to passenger car and motorcycle segments worldwide. Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai. Associate partner Manisha Shroff led the transaction.

Linklaters has advised VTB Capital, Renaissance Capital and CLSA on the sale by Onexim Holdings of a 3 percent stake in UC Rusal. One of the largest aluminium producers in the world, UC Rusal is listed in Hong Kong and Moscow, as well as on Euronext Paris in the form of global depositary shares and Moscow Exchange in the form of Russian depositary receipts. Hong Kong corporate partner Alex Bidlake and capital markets partners Jason Manketo (London) and Dmitry Dobatkin (Moscow) led the transaction, which is one of the largest Russian equity transactions in the last three years.

MinterEllison has advised Kajima on its strategic investment in Cockram Construction and is also advising Kajima on the merger of Cockram and Icon Construction Group. Kajima, through its Australian subsidiary Kajima Australia, has acquired a majority stake in Cockram in Australia. A privately-owned multidisciplinary construction services company that commenced in Melbourne, Australia in 1861, Cockram operates in Australia, New Zealand, the US, Hong Kong, China, Malaysia, India and Thailand. Founded in 1840, Tokyo-based Kajima is one of Japan’s big-five builders, with annual revenue of A$21 billion (US$15.9b) and operating in 50 countries. Kajima entered the Australian construction market in 2015 with a strategic investment in Icon, an Australian residential and commercial builder. Kajima’s investment in Cockram will ultimately lead to a merger between Cockram’s Australian business and Icon. The merger will combine Icon’s extensive residential and commercial construction expertise with Cockram’s specialist social infrastructure business to create a compelling full spectrum construction services offering in Australia. The merged entity is expected to generate annual revenue of A$2 billion (US$1.5b). M&A partner Matthew Hibbins, supported by partners Mark Forman (New Zealand), Barbara Mok (Hong Kong) and Yi Yi Wu (China), led the transaction, while Akerman, AZB & Partners, Sedgley & Co and Chandler MHM acted as US, India, Malaysia and Thailand counsel, respectively. DLA acted for Cockram Construction.

Rajah & Tann is advising Excel First Investments on its voluntary unconditional cash offer for the shares of Singapore-listed Kingboard Copper Foil Holdings. Based on the offer price of S$0.40 (US$0.283) per share, the group is valued at approximately S$289 million (US$204.3m). The group engages in the manufacture and trading of polyvinyl butyral and related products, and in the licensing business. Partners Danny Lim and Penelope Loh are leading the transaction.

Rajah & Tann has also advised Singapore-listed International Healthway on the mandatory unconditional cash offer by Treasure International Holdings, a wholly-owned subsidiary of OUE, to acquire all the shares of the company. Based on the offer price of S$0.106 (US$0.075) per share, the group is valued at approximately S$175.86 million (US$124.3m). The group provides elderly care, specialist healthcare services for women and children, and primary and preventive care through hospitals and nursing homes, maternity homes and step-down care facilities, and also owns and manages healthcare facilities in China, Japan, Australia and Malaysia. Partners Danny Lim and Penelope Loh also led the transaction.

Shardul Amarchand Mangaldas has advised Deutsche Bank as the sole book-runner on the bulk trade, undertaken on March 3, 2017, by Khazanah Nasional Berhad-owned Integrated (Mauritius) Healthcare Holdings (IHH) in shares of Apollo Hospitals. As part of the transaction, IHH sold over 6 percent stake in Apollo Hospitals for US$160 million, through an accelerated bookbuild. Capital markets partner Manjari Tyagi led the transaction, while Herbert Smith Freehills and Desai & Diwanji acted as international counsel and Indian counsel, respectively.

Shardul Amarchand Mangaldas has also advised Pest Control (India), Anil Rao and his family on the sale of 57 percent stake of the pest control products and services business of Pest Control (India) to a subsidiary of Rentokil Initial. Partner Jay Gandhi led the transaction, which was signed on February 28, 2017. Greenberg Traurig and AZB & Partners acted as offshore counsel and Indian counsel, respectively, of Rentokil Initial.

Sullivan & Cromwell is representing Baker Bros Advisers, as the largest shareholder in BeiGene, on its Hong Kong subsidiary’s definitive agreement and joint venture with Guangzhou Development District and its affiliate Guangzhou GET Technology Development to establish a state-of-the-art commercial-scale biologics manufacturing facility in Guangzhou, Guangdong Province, China. Hong Kong corporate partner Michael DeSombre is leading the transaction, which was announced on March 7, 2017.

WongPartnership is acting for Manulife Financial Corp on the purchase of the entire equity stake in DBS China Square, which holds the property known as “PwC Building”, based on an agreed property value of S$747 million (US$528m) from DBS Bank. Partners Tan Teck Howe, Chan Sing Yee, Jenny Tsin, Serene Soh and Anna Tan are leading the transaction.

WongPartnership has also acted for Dasin Retail Trust Management and Zhongshan Dasin Real Estate, the trustee-manager and sponsor of Dasin Retail Trust, respectively, on an offering of approximately 151.8 million units, representing undivided interests in Dasin Retail Trust, at the offering price of S$0.80 (US$0.565) per unit. Partners Rachel Eng, Susan Wong, Vivien Yui, Felix Lee, Wong Ee Kean and Jonathan Chan led the transaction.