Deal Watch 5/31/12

Posted on May 30, 2012 at 9:05 PM

       Clifford Chance Advises Asian Development Bank on Pipeline Deal

Clifford Chance advised the Asian Development Bank on a number of agreements with regards to the Turkmenistan, Afghanistan, Pakistan to India (TAPI) pipeline project. The pipeline could cost between $10 billion and $12 billion to construct, and would carry about 33 billion cubic meters of gas a year. The Clifford Chance team led by Partner Merrick White, negotiated the gas sales, pipeline construction, and international partnerships for the deal. The immense deal would be a source of major revenue for each country involved.

Skadden Advises Marubeni Corp on Acquisition of Gavilon

Skadden advised the Japanese trading house Marubeni Corp on its $3.6 billion acquisition of Gavilon, represented by Jones Day. Skadden’s team led by partners Patricia Moran, Sally Thurston, and Nobuhisa Ishizuka, guided Marubeni Corp through this acquisition. Nomura and Morgan Stanley acted as financial advisors to Marubeni Corp.

       Jones Day Advises Temasek Holdings $1.125 billion Investment

Singapore’s state investment fund, Temasek Holdings, invested $1.125 billion in Venari Resources. Jones Day helped draft the contracts for the deal, the most recent in a plethora of billion-dollar deals between Asian private equity firms and Energy companies. The Singapore/HK based Jones Day team was led by partners Dennis Barsky and Michael Arruda.

Slaughter and May advises on PTTEP Acquisition

Thailand’s PTT Exploration & Production (PTTEP) acquired Cove Energy.  Slaughter and May partners David Watkins, Peter Lake, and Hywel Davies advised PTTEP, and Lawrence Graham lead by Geoff Gouriet and John Reed represented Cove Energy. PTTEP fronted $400 million while UBS kicked in $1.49 billion, a grand total of a $1.9 billion buyout, which was $100 million dollars clear of Royal Dutch Shell’s bid at $1.8 billion.

VietinBank International Bond Issuance

VietinBank issued an international bond of US$250 million 8% notes due 2017. This was the first international offering by a Vietnamese bank. Allen & Overy advised Vietinbank with a team led by partner David Johnson. Barclays Bank PLC and the Hong Kong and Shanghai Banking Corporation Ltd acted as joint lead managers and joint book-runners.

Amarchand Advises on Bharti Airtel Partnership

Bharti Airtel Ltd formed a partnership with Qualcomm Incorporated for the acquisition of Qualcomm Subsidiaries in India including BWA Spectrum in Delhi, Mumbai, Haryana, and Kerala. Bharti Airtel made an initial investment of US$165 million acquiring 49% of the shares of Qualcomm Incorporated’s subsidiaries in India. The enterprise value of this investment is US$1.16 billion. When commercial operations are launched Bharti Airtel will have complete ownership and financial responsibility for the WBBS entities they acquired by the end of 2014. Amarchand & Mangaladas partners Kanchan Sinha and Shweta Shroff Chopra advised Bharti Airtel. AZB & Partners advised as Indian counsel to Bharti Airtel and Jones Day partner Sushma Jobanputra acted as international counsel to Qualcomm.

       Clifford Chance Advises $27.6m Deal for SCB

Clifford Chance advised Siam Commercial Bank PLC in regards to financing a solar power project that will be built in Roi Et Province, Thailand. The solar farm will cost $27.6 million dollars and once constructed will feed electricity to the Provincial Electricity Authority of Thailand. Counsel Joseph Tisuthiwongse oversaw the transaction.

       King & Wood Advises on Entitlement Offer

Citigroup Global Markets, Australia Pty Ltd and Deutsche Bank, AG Sydney Branch have come together to create a pro rata accelerated, institutional, tradable retail entitlement offer, which will finance power plants and energy companies all over Australia. King & Wood advised the banks on this $876.14 million deal. Partners David Eliakim and David Friedlander led the deal.

       Paul Hastings Advises China Everbright International Ltd.

Paul Hastings advised China Everbright in regards to the dismissal of its 80% interest in Greenway. Everbright also collected its shareholders loan worth $60.5 million dollars from the Fuzhou Qinqzhou Bridge operator Greenway. Partner Vivian Lam led the transaction.

Slaughter and May Advises on Swire Properties Ltd. Note Program

Slaughter and May advised Swire on the establishment of a $3billion dollar medium term note program. Swire is an issuer of the notes soon to be traded on the HKSE. HSBC and Standard Chartered were the co-arrangers in the deal. Partner Lisa Chung led the transaction.

       Slaughter and May represent Hong Kong Monetary Authority

Slaughter & May advised the Hong Kong Monetary Authority on their bond issuance comprising up to HK$10 billion (US$1.3 billion) in principal amount of inflation-linked “iBonds” due 2015 that are available on the HKSE. Slaughter & May partner Lisa Chung led the transaction






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