Linklaters is advising Chinese private equity company Hony Capital on the proposed $1.54 billion acquisition of restaurant chain PizzaExpress Ltd. London-based PizzaExpress operates in 13 countries outside of the United Kingdom, including 12 restaurants in Hong Kong, nine in Shanghai and one in Beijing. Hony Capital is buying the company from U.K. private equity firm Cinven Partners, which controls PizzaExpress and a number of other casual dining restaurants through its portfolio company Gondola Group Ltd. Freshfields Bruckhaus Deringer London partner Adrian Maguire is acting for Cinven on the transaction. [Read full story]
Philadelphia-based Pepper Hamilton is advising Malvern, Pennsylvania-based semiconductor maker Vishay Intertechnology Inc. on the proposed $205 million acquisition of Taiwan-based Capella Microsystems Inc., a company that designs integrated circuits for smartphones, digital cameras, personal computers and LED backlighting. The deal, subject to shareholder and regulatory approvals, is expected to close in September. Taipei-based Li and Lee is advising Vishay on Taiwanese law. Silicon Valley partners Khoa Do and Todd Johnson are leading a team at Jones Day, which is advising Capella. The team also includes Taipei partners John Lin, Raymond Wang and Jack Huang, San Francisco partners Craig Waldman, Margaret Ward and Teresa Maloney, Irvine partner Brian Holmen and Silicon Valley partner Gregory Silberman.
Simpson Thacher & Bartlett Hong Kong partner Philip Culhane and Palo Alto partner Katharine Moir have advised Chinese private equity firm JD Capital Co. Ltd. on establishing a new $200 million fund. The fund will invest in growth-stage companies in the pharmaceuticals, retail, agriculture, mining and service sectors in China. Beijing-based JD Capital manages a portfolio of over 100 companies, according to its website. Dacheng Law Offices Beijing senior partner Li Shoushuang served as Chinese counsel to JD Capital.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Christopher Betts and Will Cai have represented Chinese e-commerce company Cogobuy Group on a $198 million Hong Kong initial public offering. Shenzhen-based Cogobuy operates an online trading platform for small and medium-sized electronic manufacturers. The company will use the proceeds to enhance marketing efforts and upgrade technology infrastructure. Broad & Bright Law Firm advised Cogobuy on Chinese law. Kirkland & Ellis partners Dominic Tsun, David Zhang, Li-Chien Wong and Benjamin Su advised underwriters UBS AG and Jefferies Hong Kong Ltd., with Grandall Law Firm as Chinese counsel.
Orrick, Herrington & Sutcliffe Hong Kong partners Edwin Luk and Billy Wong and Shanghai partner Jeffrey Sun have advised wastewater treatment company Kangda International Environmental Co. Ltd. on a $180 million initial public offering on the Hong Kong Stock Exchange. Chongqing-based Kangda will use the proceeds to fund new projects and acquire new water treatment facilities. Commerce & Finance Law Offices advised the issuer on Chinese law. Herbert Smith Freehills Hong Kong partners Matthew Emsley and Kevin Roy acted for underwriters Macquarie Capital Securities Ltd. and ICBC International Capital Ltd. Jingtian & Gongcheng served as Chinese counsel.
Wilson Sonsini Goodrich & Rosati Beijing partner Kefei Li and Hong Kong partner Khoon Jin Tan represented China Shengmu Organic Milk Ltd. on its $136 million Hong Kong initial public offering. Hohhot-based Shengmu controls a quarter of the organic milk market in China, according to a prospectus. The company intends to use most of the proceeds to fund construction of dairy farms and for the purchase of dairy cows. Jingtian & Gongcheng acted for Shengmu on Chinese law, with Maples and Calder Hong Kong partner Greg Knowles serving as Cayman Islands counsel. Clifford Chance Hong Kong partner Virginia Lee advised joint sponsors BOCI Asia Ltd. and Goldman Sachs (Asia). Commerce & Finance Law Offices advised on Chinese law.
King & Wood Mallesons Hong Kong partner Wing On Chui and Shenzhen partner Zhou Rui advised bedding products maker Sinomax Group Ltd. on a $103 million initial public offering on the Hong Kong Stock Exchange. Hong Kong-based Sinomax makes memory foam pillows and mattresses and sells its products in China, Hong Kong and the United States. Proceeds will be used to fund marketing campaigns and for the acquisition of brands, distributors and factories. Loeb & Loeb advised the issuer on U.S. law. Norton Rose Fulbright Hong Kong partner Psyche Tai acted for underwriter China Merchants Securities (HK) Co. Ltd., with Jingtian & Gongcheng as Chinese counsel.
WongPartnership partners Alvin Chia, Felix Lee, Tan Teck Howe, Hui Choon Yuen and Trevor Chuan have advised Australian property developer Lend Lease Corp. Ltd. on a $728.5 million loan from DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd. The loan will be used to refinance debt incurred from developing JEM, a retail and office complex in western Singapore. Allen & Gledhill partners Mark Hudspeth, Margaret Chin, Daselin Ang, Margaret Soh and Lyn Wee advised the lenders.
TSMP Law Corp. is acting for Singapore-listed rubber maker Halcyon Agri Corp. Ltd. on the $362 million acquisition of Anson Co. Ltd. from Singaporean peer company Lee Rubber Co. Ltd. Anson owns nine rubber processing factories in Indonesia. Halcyon Agri already owns three rubber processing plants in Indonesia and two in Malaysia. Lee Rubber is being represented by Rajah & Tann Singapore partners Goh Kian Hwee, Cynthia Goh and Cheng Yoke Ping, with Assegaf Hamzah & Partners Jakarta partners Ahmad Fikri Assegaf, Putu Suryastuti and Wibowo Mukti as Indonesian counsel.
WongPartnership partners Rachel Eng and Long Chee Shan have represented Singapore-based property developer First Sponsor Group Ltd. on a $48 million initial public offering on the city-state’s exchange. First Sponsor is a unit of Malaysian conglomerate Hong Leong Financial Group Bhd. and focuses on developing commercial and residential properties in mainland China. Proceeds will be used to fund future property developments and as working capital. Allen & Gledhill Singapore partners Leonard Ching and Tan Tze Gay acted for underwriter DBS Bank Ltd.
Gibson, Dunn & Crutcher Hong Kong partner Patricia Tan Openshaw has advised Philippine energy company First Gen Corp. on a $265 million loan from IPEX Bank, the project financing arm of German development banking group KfW. The proceeds will be used to finance a 414-megawatt San Gabriel natural gas power project in Batangas City in northern Philippines. First NatGas Power Corp., a First Gen subsidiary, will use the loan to buy goods and services from Siemens A.G., a contract supplier for the San Gabriel project. Puno & Puno Law Offices senior partner Elizabeth E. Peralta-Loriega served as Philippine counsel to First Gen. Allen & Overy London partner Lorraine Bayliss advised KfW, with Picazo Buyco Tan Fider & Santos senior partner Estrelita Gacutan as Philippine counsel.
Ashurst Sydney partner John Stawyskyj is advising British bookmaker William Hill on a $65 million earn-out payment to Australian horse racing family Waterhouse following William Hill’s $37.5 million acquisition of betting site tomwaterhouse.com.au last August. As part of the deal, depending on the performance of the website, an up to $65 million earn-out will be payable to the Waterhouses at the end of 2015. Also, Tom Waterhouse, a fourth-generation bookmaker of the family, will be chief executive officer of William Hill’s Australian operation. Clifford Chance Sydney partner Lance Sacks is advising Waterhouse family on the transaction and Tom Waterhouse on the appointment.