Deal Watch 8-12-2013

Posted on August 12, 2013 at 5:08 PM


China

Mayer Brown has represented Hanergy Holding Group Ltd, China's largest private renewable energy company, in respect of its US acquisition of Global Solar Energy Inc, a leading manufacturer of copper indium gallium diselenide (CIGS) solar technology based in Tucson, Arizona. Partners Xiangyang Ge and Paul de Bernier led the transaction.

Rodyk & Davidson has also acted for Novelty Dept Store in respect of its purchase of Henley Industrial Building at Lim Teck Boo Road for S$37 million (US$29.18m). This is a freehold strata-titled industrial building. The sale is subject to the Order of Sale from the Strata Titles Board or the High Court, as the case may be. Partner Lee Liat Yeang led the transaction.

Sullivan & Cromwell has represented CITIC Securities Company Ltd, the largest Chinese investment bank, in respect of the acquisition of Hong Kong-based international brokerage and research company CLSA BV from its parent, Crédit Agricole SA (France), for US$1.25 billion. This is the largest overseas acquisition by a Chinese financial institution to date. The firm advised CITIC Group Corporation and CITIC Securities in obtaining Federal Reserve Board approval for the acquisition. Partner H Rodgin Cohen led the transaction which was completed on 31 July 2013.

SyCip Salazar Hernandez & Gatmaitan acted as counsel to the Philippine National Bank and Asia United Bank in connection with a PhP3.5 billion (US$80,448,489) loan facility obtained by Star Infrastructure Development Corporation.The proceeds of the facility will be used principally to finance the total cost of the remaining construction works for the Southern Tagalog Arterial Road Project (STAR). STAR is a 42-kilometer toll way facility linking the southern Tagalog provinces of the Philippines to the National Capital Region. STAR traverses the towns of Santo Tomas, Malvar and Ibaan, Batangas and the cities of Tanauan, Lipa and Batangas. The team was led by partner Mia G Gentugaya.

India

AZB & Partners has advised DLF Ltd in respect of its sale of 74 percent of paid up equity share capital of DLF Pramerica Life Insurance Company Ltd to Dewan Housing Finance Corporation Ltd and certain group entities. Partner Allwyn Noronha led the transaction which was signed on 25 July 2013 and is yet to be completed, subject to receipt of regulatory approvals.

AZB & Partners has also advised Khopoli Investments Ltd, a subsidiary of the Tata Power Company Ltd, in respect of a term loan it availed from Australia and New Zealand Banking Group Ltd, Barclays Bank Plc, DBS Bank Ltd and the Royal Bank of Scotland Plc for refinancing of its term loan of US$70 million. Partner Shameek Chaudhuri led the transaction which was completed on 24 July 2013.

Khaitan & Co has advised NeoGrowth Credit Private Ltd India, a non-deposit taking and non-systemically important non-banking financial company registered with the Reserve Bank of India, in respect of the investment by ON Mauritius for the acquisition of approximately 29.31 percent stake in Neogrowth. Partner Haigreve Khaitan led the transaction.

Khaitan & Co has also advised Orient Cement Ltd in respect of the listing of its shares on the stock exchanges pursuant to relaxation from applicability of Rule 19(2) (b) of the Securities Contracts (Regulations) Rules, 1957 granted by SEBI in the exercise of its powers conferred under Rule 19 (7) of the Rules. Orient Cement Ltd is part of the CK Birla group and is a leading company in the cements sector. Partner Vibhava Sawant led the transaction.

Japan

Baker & McKenzie has represented Thai Life in respect of the sale of a 15 percent stake in the company to Japan’s second-largest life insurer, Meiji Yasuda Life Insurance Co, for an estimated US$700 million. This strategic partnership marks the strengthening of Thai Life’s position in the market as the insurer prepares for the upcoming economic integration of the ASEAN Economic Community (AEC). Partners Sorachon Boonsong and Preeda Meksrisuwan led the transaction.

Saudi Arabia

Latham & Watkins has advised Al Rajhi Banking and Investment Corporation, Arab National Bank, Boubyan Bank, Banque Saudi Fransi, Credit Agricole Corporate, and Investment Bank, Gulf Bank KSC, National Bank of Kuwait, and The Saudi British Bank in respect of the US$2.3 billion financing for Al-Etisalat Al-Mutanakilah Al-Saudia Company (Zain KSA). The facility is one of the biggest Murabaha facilities seen in the region this year. Partner Craig Nethercott led the transaction. Zain KSA was advised by Clifford Chance partner Peter Avery.

Singapore

Allen & Gledhill has advised Overseas Union Enterprise Ltd, as sponsor of OUE H-Trust, and the manager of OUE Hospitality Real Estate Investment Trust (OUE H-REIT) and the trustee-manager of OUE Hospitality Business Trust (OUB H-BT), in respect of the IPO of OUE H-Trust on the SGX. The IPO raised gross proceeds of S$660 million (US$520.6m), including the cornerstone tranche and assuming full exercise of the over-allotment option. Partners Jerry KohHo Kin San and Chua Bor Jern led the transaction.

Rodyk & Davidson has acted for CapitaLand in respect of its S$91.8 million (US$72.4m) acquisition of the Big Orange self-storage business from Invista Real Estate International Holdings (Cayman) Ltd, including the business of managing and operating self-storage facilities carried on by Big Orange Self Storage Singapore Pte Ltd. CapitaLand operates its self-storage business through the 'Storhub' brand and will become the largest self-storage company with the widest local network in Singapore with the acquisition. Partner Valerie Ong led the transaction.

Shook Lin & Bok has acted for DBS Trustee Ltd, the trustee of SPH REIT, in respect of the listing and IPO of SPH REIT on the SGX-ST to raise gross proceeds of S$554 million (US$427m). SPH REIT is one of the largest retail REITs in Singapore by asset value and offers investors exposure to a high quality retail property portfolio. Partners Tan Woon Hum and Andrea Ng advised on the transaction. Allen & Gledhill, led by partners Jerry Koh, Margaret Soh, and Chua Bor Jern, advised the manager of SPH REIT and Singapore Press Holdings Ltd, as sponsor.

WongPartnership has acted for The Bank of New York Mellon Singapore Branch, as trustee, paying agent, calculation agent, registrar and transfer agent, in respect of United Overseas Bank Ltd's issue of S$850 million (US$670m) 4.9 percent non-cumulative non-convertible perpetual capital securities. Partners Hui Choon Yuen andTrevor Chuan led the transaction.


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