Weil, Gotshal & Manges Beijing partner Li Li and Shanghai partners Steven Xiang and Anthony Wang are advising a consortium of Chinese investors on a $2.5 billion investment in Singapore-based warehouse operator Global Logistic Properties Ltd. The consortium, led by private equity firm Hopu Funds and Bank of China Investments Ltd., is buying a 34 percent share of the company’s Chinese subsidiary as well as a 1.5 percent stake in GLP itself. GLP intends to use the proceeds from the deal to expand its network in China. Stamford Law Corp. is serving as Singapore counsel to the consortium. Morrison & Foerster Singapore partner Eric Piesner and Hong Kong partner Marcia Ellis are representing GLP. Allen & Gledhill is advising GLP on Singapore law. [Read full story]
Allen & Gledhill Singapore partners Jerry Koh, Ho Kin San and Chua Bor Jern have advised a subsidiary of Singaporean real estate developer Overseas Union Enterprise Ltd. on a $274.4 million initial public offering and listing of shares at the Singapore Stock Exchange. According to a prospectus, the company will use the proceeds to repay debts and for working capital. Freshfields Bruckhaus Deringer Singapore senior partner Stephen Revell advised underwriters Standard Chartered Securities (Singapore) Pte. Ltd., CIMB Securities (Singapore) Pte. Ltd., Oversea-Chinese Banking Corp. Ltd., Citigroup Global Markets Singapore Pte. Ltd., J.P. Morgan (S.E.A.) Ltd. and DMG & Partners Securities Pte. Ltd. on U.S. law. Lee and Lee advised the banks on Singapore law.
Clifford Chance Hong Kong partner Connie Heng has advised China Resources Land Ltd. on a $2 billion medium-term notes program. China Resources Land is the property development arm of China Resources Group, a Chinese state-owned enterprise based in Hong Kong. Analysts expect CR Land to use the proceeds from the issues to purchase land parcels in China’s most valuable real estate markets: Beijing, Shanghai and Shenzhen. Maples and Calder Hong Kong partner Greg Knowles acted for CR Land as Cayman Islands counsel. Linklaters Hong Kong partner William Liu advised joint bookrunners ABC International Holdings Ltd., Bank of America Merrill Lynch, DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd. and UBS A.G. [Read full story]
Simpson Thacher & Bartlett Hong Kong partner Kathryn Sudol is advising Chinese e-commerce giant Alibaba Group Holdings Ltd. on a $1.58 billion proposal to buy Beijing-based digital mapping company AutoNavi Holdings Ltd. Nasdaq-listed AutoNavi offers digital map content and navigation solutions in China for mobile and Internet platforms. The acquisition of AutoNavi will allow Alibaba to integrate location information for its lifestyle sites that allow users to rate restaurants, hotels, shops and service providers. Fangda Partners is serving as Chinese counsel to Alibaba with Maples and Calder as Cayman Islands counsel. AutoNavi is being represented by Kirkland & Ellis Hong Kong partner David Zhang. [Read full story]
Clifford Chance Beijing partner Tim Wang and Shanghai partner Kelly Gregory are advising Chinese state-owned carmaker Dongfeng Motor Group Co. on a proposed $1.1 billion investment in France’s PSA Peugeot Citroën Group. As part of the agreement approved by Peugeot’s board Tuesday, Dongfeng and the French government will each inject $1.1 billion into family-owned Peugeot, in an effort to turn around the troubled automaker. In addition to the $2.2 billion investment, Peugeot will raise a further $1.4 billion by issuing warrants to existing shareholders. The deal still requires regulatory and shareholder approvals. Dongfeng and Peugeot have been partners in a joint venture in China—Dongfeng Peugeot-Citroën Automobile Ltd. —since 1992. In announcing Dongfeng’s investment in Peugeot, the companies said they will increase production in China and aim to sell 1.5 million vehicles a year there by 2020. Also advising Dongfeng are Clifford Chance Paris partners Thierry Schoen and Emmanuel Durand. Commerce & Finance Law Offices is acting as Chinese counsel to Dongfeng. French firm Bredin Prat Paris partner Ben Kanovitch is representing Peugeot, with Jun He Law Offices advising on Chinese law. Orrick, Herrington & Sutcliffe Paris partners Jean-Pierre Martel and Etienne Boursican are advising the Peugeot family. [Read full story]
Baker & McKenzie Hong Kong partner Michael Horman has advised Australian recruitment website SEEK Ltd. on a $524 million acquisition of the remaining 78 percent of Malaysian employment website operator JobStreet Corp. Bhd. that it does not already own. SEEK also holds controlling stakes in Hong Kong–based JobsDB.com and in China’s Zhaopin.com, which both operate similar job sites. Sullivan & Cromwell Beijing partner Garth Bray and Hong Kong partner Kay Ian Ng advised JobStreet.
Cleary Gottlieb Steen & Hamilton Beijing partner Ling Huang is advising TPG Capital in relation to a $369 million take-private offer for Nasdaq-listed Chindex International Inc., a private health care service provider. TPG is leading a consortium that also includes Shanghai Fosun Pharmaceutical (Group) Co. Ltd. and Roberta Lipson, chief executive officer of Chindex, in offering to acquire all the outstanding shares of the company for $19.50 apiece, 86 percent higher than the closing share price on December 26, 2012. Lipson says by taking on new financing partners, the company plans to upgrade new facilities in current service locations and further expand in China. Baker & McKenzie Shanghai partner Lance Chen is advising Shanghai Fosun, with Fangda Partners as Chinese counsel. Lipson is being represented by Beijing partners Jon Christianson, Peter Huang and Daniel Dusek at Skadden, Arps, Slate, Meagher & Flom. Hughes Hubbard & Reed New York partners Gary L. Simon and Kenneth Lefkowitz are advising the board of directors of Chindex.
Sidley Austin Chicago partners John Box and Bojan Guzina have advised Chinese auto parts maker Wanxiang Group on a $149.2 million acquisition of assets of bankrupt U.S. hybrid automaker Fisker Automotive Inc. Judge Kevin Gross at the U.S. Bankruptcy Court in Wilmington approved the sale on Tuesday after Wanxiang outbid Hong Kong billionaire Richard Li’s Hybrid Technology Holdings. Kirkland & Ellis Chicago partner Ryan Preston Dahl advised Fisker. Brown Rudnick Boston partner Sunni Beville represented the unsecured creditors.
Kirkland & Ellis Hong Kong partner David Zhang has advised Chinese online retailer Vipshop Holdings Ltd. on a $113 million acquisition of a 75 percent interest in rival Lefeng.com Ltd. from television production company Ovation Entertainment Ltd. Lefeng operates an online shopping mall selling cosmetics and accessories. New York Stock Exchange–listed Vipshop sells discounted products including clothing, handbags and cosmetics. Global Law Offices advised Vipshop on Chinese law. Han Kun Law Offices Beijing partners Yijun Chao and Tracy Zhou advised Ovation.
Herbert Smith Freehills Sydney partner Philippa Stone and Perth partner Robert Merrick are advising Australian utility company AGL Energy Ltd. on a proposed $1.37 billion acquisition of power company Macquarie Generation. Currently owned by the New South Wales government, Macquarie Generation supplies 12 percent of the electricity consumed in Australia. Sydney-based AGL Energy says the acquisition will increase its total generation capacity to more than 10,600 megawatts, bringing its share of generating capacity in the country to approximately 21 percent. Such a consolidation may face a tough fight for approval from the Australian Competition and Consumer Commission. The commission’s chairman has recently expressed concern that, with an AGL-Macquarie merger, just three utilities would control 80 percent of the country’s generating capacity. Baker & McKenzie Sydney partner and Australia chairman Christopher Saxon is advising Macquarie Generation and the New South Wales government. [Read full story]
King & Wood Mallesons Melbourne partner Ian Paterson has advised Australia and New Zealand Banking Group Ltd. on a $900 million securities offer. The notes are expected to trade on the Australia Stock Exchange in April. ANZ says the proceeds will be used to refinance convertible preference shares it issued in 2008 and for general corporate purposes. Herbert Smith Freehills Sydney partner Philippa Stone advised underwriters ANZ Securities Ltd., Goldman Sachs Australia Pty. Ltd., J.P. Morgan, Morgan Stanley, UBS A.G., Westpac Institutional Bank, Bell Potter Securities Ltd, JBWere and Ord Minnett Ord Minnett Holdings Pty. Ltd.
King & Wood Mallesons Melbourne partner Jeff Clark has advised Australian satellite communications provider NewSat Ltd. on a $390 million financing project. The deal includes a $300.5 million credit from the U.S. Export-Import Bank and a $89.6 million credit facility from French export credit agency COFACE. The proceeds will be used to finance NewSat’s Jabiru-1 satellite project, which is scheduled to be launched in 2015 and provide cellular backhaul and enterprise network services across the Middle East and Southwest Asia. Allen & Overy New York partner David Slade advised the lenders.
Ashurst Perth partner Roger Davies has advised Australian nickel mining company Western Areas Ltd. on a $79.7 million institutional share placement. According to regulatory filings, the company will use the proceeds to repay convertible bonds and increase shareholder dividends. Clayton Utz Perth partner Mark Paganin advised underwriters Macquarie Capital (Australia) Ltd. and UBS A.G. Australia Branch.
Khaitan & Co Mumbai partners Siddharth Shah and Bijal Ajinkya have advised Piramal Enterprises Ltd., the health care arm of Indian conglomerate Piramal Group, on setting up a $500 million real estate fund in India with Canada Pension Plan Investment Board. Piramal and CPPIB will each inject $250 million into the fund that will support residential property projects in Mumbai, Delhi, Bangalore, Pune and Chennai. Mumbai partners Ashwin Ramanathan and Divya Mundra at AZB & Partners advised CPPIB.
Norton Rose Fulbright and Sidley Austin have advised an investment consortium on the establishment of a $250 million fund to develop solar power plants across Japan. The consortium, led by Swiss private equity firm Partners Group A.G. and Singapore’s Equis Funds Group, will partner with Nippon Renewable Energy KK, a Japanese solar utility company, to develop a pipeline of over 300MW of Japanese solar projects over the next two years. The first plants are expected to start generating electricity in the second half of this year. Norton Rose Fulbright Tokyo partner Chris Viner advised Partners Group, while Equis Funds Group was represented by Sidley Austin Singapore partner Nick Grambas.