Simpson Thacher & Bartlett is advising KKR & Co. on its proposed $1.1 billion acquisition of Singaporean packaging company Goodpack Ltd. Pending shareholder approval, the deal represents the U.S. private equity giant’s largest ever investment in Southeast Asia. Simpson Thacher Hong Kong partners Kathryn Sudol and Sinead O’Shea are leading a team advising KKR. WongPartnership comanaging partner Wai King Ng is advising KKR on Singapore law. Allen & Gledhill is representing Goodpack. Rajah & Tann is acting for David Lam, Goodpack’s executive chairman and largest shareholder, who is selling his 32 percent stake to KKR. [Read full story]
Weil, Gotshal & Manges has advised Singapore sovereign wealth fund Temasek Holdings (Private) Ltd. on a $500 million investment in Singapore-based hedge fund Dymon Capital Asia. The fund will provide seed capital to new hedge funds. As part of the deal, Temasek will become a shareholder in Dymon, and the two will establish a fund to invest in new hedge funds. Weil Hong Kong partner John Fadely is acting for the subsidiary through which Temasek is making the investment, with WongPartnership partners Low Kah Keong, Charlotte Sin, Alvin Chia, Hui Choon Yuen and Khoo Yuh Huey advising on Singapore law. Sidley Austin Singapore partners Han Ming Ho and Greg Salathe are acting for Dymon.
Drew & Napier is representing a consortium that is paying $407.6 million for a majority stake in Singapore’s Prudential Tower from conglomerate Keppel Corp. The consortium, composed of companies held by KOP Ltd., Lian Beng Group Ltd., KSH Holdings Ltd. and Centurion Global Ltd., is purchasing a 92.8 percent stake in the 30-story office tower. The deal is expected to close in late September. Allen & Gledhill partners Margaret Soh and Teh Hoe Yue are acting for Keppel.
Simpson Thacher & Bartlett has advised on two private equity fund formations totaling close to $2 billion. Hong Kong partner Philip Culhane and Palo Alto partner Katherine Moir represented SSG Capital Management Ltd. on the establishment of its third Asia-Pacific special situations and distressed investments private equity fund, SSG Capital Partners III L.P., worth $915 million. Hong Kong counsel Adam Furber acted for Yunfeng Capital Ltd., which is controlled by Alibaba Group Holding Ltd. founder and chairman Jack Ma and display advertising company Target Media chairman David Yu, on the formation of its $1 billion China-focused fund. Yunfeng Fund II L.P. will invest in the technology, media, consumer products and health care sectors. Moir advised on tax matters for this formation as well.
Freshfields Bruckhaus Deringer is advising Chinese state-owned Bright Food Group on a deal that will see it acquire a majority stake in Israeli dairy group Tnuva. The parties did not disclose terms of their agreement, but The South China Morning Post reported that Bright Food is paying about $960 million to purchse a 56 percent stake in Tnuva from private equity firm Apax Partners in a deal valuing the Israeli company at $2.5 billion. London-based Apax is also the majority owner of ALM Media LLC, the publisher of The Asian Lawyer. Shanghai-based Bright Food is one of the largest dairy suppliers in China. The company also sells rice, wine, sugar and sweets. Freshfields Beijing partner Alan Wang is leading the firm’s team advising Bright Food. Israeli firm Herzog Fox & Neeman is advising Apax Partners. [Read full story]
Sidley Austin Hong Kong partners Constance Choy and Janney Chong are advising real estate company Sunac China Holdings Ltd. on its proposed $812 million purchase of a 24 percent stake in property developer Greentown China Holdings Ltd. Sunac is offering to buy a total of 525 million shares from Greentown chairman Song Weiping, his wife, Xia Yibo, and chief executive officer Shou Bainian at $1.55 apiece, a 56 percent premium to the shares’ closing price before the deal was announced. Ashurst Hong Kong partner Jonathan Hsu is acting for Greentown.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Julie Gao and Will Cai have advised Chinese tutoring services company TAL Education Group on a $230 million bond issue. The New York Stock Exchange-listed company will use the money for strategic investments and general corporate purposes. Maples and Calder Hong Kong partner Greg Knowles advised TAL on Cayman Islands law. Shearman & Sterling Hong Kong partners Matthew Bersani and Alan Seem and Latham & Watkins Hong Kong partner Posit Laohaphan and New York partner Witold Balaban advised underwriters Deutsche Bank Securities Inc., J.P. Morgan Securities and Morgan Stanley & Co. International Plc.
Baker & McKenzie Hong Kong partners Milton Cheng and Debbie Cheung advised The Link Real Estate Investment Trust on the sale of four retail properties worth about $160 million to four different buyers. Gallant Y.T. Ho & Co. advised three of the purchasers, Golden Grand Holdings Ltd., Global Universe Investments Ltd. and Smart Essence Development Ltd., while Zebra H.Y. Kwan & Partners acted for the other purchaser, Yan Yan Motors Ltd.
Kirkland & Ellis Hong Kong partners David Zhang and Frank Sun and San Francisco partner Angela Russo have advised Chinese internet company Qihoo 360 Technology Co. Ltd. on its acquisition of Internet advertising agency MediaV. Though terms were not disclosed, one source affiliated with an investor told media outlets that the deal was for “more than $100 million.” DeHeng Law Offices served as Chinese counsel to Qihoo, which offers antivirus software, Web browsers and online application stores. Orrick, Herrington & Sutcliffe Beijing partner Jeffrey Sun acted for the target.
Allen & Overy Sydney partner Aaron Kenavan is acting for U.K.-based R&R Ice Cream Plc. on its proposed acquisition of Australian ice cream maker Peters Food Group Ltd. from Pacific Equity Partners. Terms of the deal were not disclosed, but media reports put the deal value at $416 million. No deadline was given on when the transaction was expected to close. Allens Sydney partners Tom Story and Julian Donnan and Melbourne partner Rob Pick are advising PEP. Herbert Smith Freehills Melbourne partner Nick Wormald is representing Peters management.
DLA Piper Sydney partner Hugo Thistlewood and Melbourne partner Bill Glover have advised Australia’s Transfield Services on a major restructuring. As part of the restructuring, the company, which provides operations and maintenance services to the energy, property and defense industries, secured about $370 million in syndicated bank facilities from the Australia and New Zealand Banking Group, Hongkong and Shanghai Banking Corp. and Westpac Bank and issued $325 million in dollar-denominated notes. King & Wood Mallesons Sydney partners Yuen-Yee Cho and Richard Hayes advised both the lenders on the facilities and the underwriters on the bond issue—Bank of America Merrill Lynch, Hongkong and Shanghai Banking Corp., Mitsubishi UFJ Securities and Wells Fargo Securities.
Johnson Winter & Slattery Sydney partners James Rozsa, Brian Koster, Jim Hunwick and Jan Dransfield are advising Australian education company Vocation Ltd. on its proposed $49.9 million purchase of a rival, Real Institute. The two companies offer vocational training in sectors including manufacturing, logistics and hospitality. No deadline was given for when the deal was expected to close. Colin Biggers & Paisley Sydney partner David Kennedy is acting for Real Institute.
Rahmat Lim & Partners and Adnan Sundra & Low are advising on a proposed $249 million deal between U.S. insurer MetLife Inc. and Malaysia’s AMMB Holdings Bhd. In the deal, MetLife will acquire a 51 percent stake in AMMB’s AmLife Insurance Bhd., while AMMB will purchase a 51 percent stake in MetLife’s Malaysian subsidiary AmFamily Takaful Bhd., which sells Shariah-compliant insurance products. Also, the two companies have agreed to a 20-year exclusive bancassurance and bancatakaful agreement to distribute life insurance and family takaful products through AMMB’s banking subsidiaries. No deadline was given for when the deal was expected to close. Rahmat Lim partners Moy Pui Yee, Wan Kai Chee, Chia Chee Hoong, Raymond Yong and Boo Seng are acting for MetLife. Adnan Sundra & Low is advising AMMB.