Davis Polk & Wardwell is acting for Chinese Internet search giant Baidu Holdings Ltd. on its $1.9 billion acquisition of 91 Wireless Websoft Ltd., a smartphone applications distributor. Beijing-based Baidu has agreed to buy the 57 percent interest in 91 Wireless currently held by NetDragon Websoft Inc., a Hong Kong–based company that invests in online games and mobile Internet businesses in China. The search company is also planning to buy the rest of the company from other shareholders including Hong Kong telecommunications carrier PCCW Ltd. and Singapore sovereign wealth fund Temasek Holdings. The Davis Polk team was led by partners Paul Chow and Mirando So in Hong Kong and Howard Zhang in Beijing. Sidley Austin Hong Kong partner Gloria Lam is representing NetDragon in the deal. [Read full story]
Morrison & Foerster and Fenwick & West have the lead roles in Tsinghua Unigroup Ltd.’s proposed $1.78 billion acquisition of Chinese mobile phone chip maker Spreadtrum Communications Inc. Shanghai-based Spreadtrum sells most of its chips in China and Korea, and manufactures for companies including Samsung Electronics and HTC Corp. Silicon Valley firm Fenwick & West is serving as legal adviser to Shanghai-based Spreadtrum, which is listed on Nasdaq. Shearman & Sterling Hong Kong partner Paul Strecker is representing Morgan Stanley Asia Ltd., financial adviser to the board of directors of Spreadtrum. [Read full story]
Jones Day Taipei partners Jack Huang and Chung-Ping Liu have advised Taipei-based financial services company Fubon Financial Holdings Co. on an $850 million issue of global depositary shares on the Luxembourg Stock Exchange. Proceeds from the issue will be used to finance the bank’s $911 million acquisition of an 80 percent stake in Shanghai’s First Sino Bank, a deal announced in December. Part of the proceeds will also be used to repay debt, capital structuring, and future investments. Simpson Thacher & Bartlett Hong Kong partner Chris Lin led the firm’s team advising JPMorgan Chase & Co. as sole bookrunner on the deal. [Read full story]
Reed Smith Richards Butler advised Chinese diaper maker Hengan International Group on a $700 million convertible bond issue. Linklaters advised underwriters Deutsche Bank, JP Morgan, HSBC, UBS and Nomura, with Maples and Calder Hong Kong partner Christine Chang acting as Cayman Islands legal counsel.
Herbert Smith Freehills advised Chinese developer Yuzhou Properties Co. Ltd. on the arrangement of a $101.8 million loan facility. The Norton Rose Fulbright Hong Kong partner Peter Haslam represented the lenders, including HSBC, Hang Seng Bank, and the Bank of East Asia, with Allen & Gledhill acting as Singapore counsel and Conyers Dill & Pearman as British Virgin Island and Cayman Islands counsel.
Latham & Watkins Hong Kong partners Cathy Yeung, Simon Berry and Eugene Lee have advised New Century Asset Management Ltd. on the $87 million Hong Kong initial public offering of its New Century Real Estate Investment Trust, which owns five hotels in China. King & Wood Mallesons acted as the issuer’s Chinese counsel and Appleby as the Cayman Island and British Virgin Island law counsel. Paul Hastings Hong Kong partners Raymond Li and Sammy Li advised underwriters including Morgan Stanley Asia Ltd., Standard Chartered Securities (Hong Kong) Ltd., BOCI Asia Ltd., BOCOM International Securities Ltd., CCB International Capital Ltd., China Galaxy International Securities (Hong Kong) Co. Ltd., and Haitong International Securities Company Ltd., with Jingtian & Gongcheng advising on Chinese law. Baker & McKenzie Hong Kong partner Jason Ng represented DB Trustees (Hong Kong) Ltd. as trustee of the REIT.
King & Wood Mallesons partner Zhang Yi advised Freetech Road Recycling Technology China, an asphalt maintenance company, on its $81 million Hong Kong initial public offering. Sidley Austin Hong Kong partner Constance Choy advised the underwriters—Citic Securities International, CICC, and Guotai Junan International.
King & Wood Mallesons Hong Kong partner Candy Chan acted for Malaysian iron ore product supplier CAA Resources Ltd on a $62.5 million Hong Kong initial public offering. Sidley Austin Hong Kong partner advised underwriters China Everbright and BOC International.
Clayton Utz Sydney partner Bradley Allen advised Australian construction group Leighton Holdings on a $911 million syndicated loan. Herbert Smith Freehills Sydney partner Melita Cottrell advised the 22 banks providing the loan, including Australia and New Zealand Banking Group Ltd., the National Australia Bank Ltd., and Mizuho Corporate Bank Ltd. Mayer Brown JSM and Jakarta-based Mochtar Karuwin Komar acted as Hong Kong and Indonesia counsel to Leighton, respectively. [Read full story]
Chapman Tripp is advising New Zealand health care company EBOS Group Ltd. on its proposed $859.8 million purchase of Australian pharmaceuticals wholesaler Symbion Ltd. EBOS is buying Symbion from The Zuellig Group Inc., a Hong Kong–based investment company, for $679.3 million plus $180.5 million in assumed debt. The transaction is being funded through a combination of cash and the issue of new EBOS shares to Zuellig. After the issue, Zuellig will be a 40 percent shareholder in the enlarged EBOS Group. Chapman Tripp Christchurch partner Alister McDonald is acting for EBOS. Corrs Chambers Westgarth Melbourne partner Justin Fox is representing Symbion on the transaction. [Read full story]
Westpac Banking Corporation was advised by King & Wood Mallesons on a $679 million notes offering. The King & Wood Mallesons team was led by Sydney partners Greg Hammond, Philip Harvey, David Friedlander, and Richard Snowden. Herbert Smith Freehills Sydney partner Philippa Stone advised underwriters Deutsche Bank AG, Sydney Branch; Goldman Sachs Australia Pty Ltd; Macquarie Capital (Australia) Limited; Morgan Stanley Securities Ltd.; UBS AG, Australia Branch; and Westpac Institutional Bank.
Minter Ellison Brisbane partners Gary Goldman and Gillian Brown acted for analytical test services group ALS Ltd. on a $226.5 million share offering. Herbert Smith Freehills Sydney partner Lauren Magraith advised the lead manager JPMorgan.
European private equity firm White Cloud Capital Advisers is being advised by Minter Ellison Melbourne partner Jeremy Blackshaw on proposed $56.1 million acquisition of Queensland-based training company Careers Australia Group. Herbert Smith Freehills Sydney partner Philippa Stone represented the board of Careers Australia Group.
Baker & McKenzie Sydney partners Ben McLaughlin, Amanda Turnill, and Kate Jefferson advised New York–based drug manufacturer Prestige Brands Holdings Inc. on its acquisition of Australia’s Care Pharmaceuticals for an undisclosed amount. K&L Gates acted for Care Pharmaceuticals.
State-owned media group Singapore Press Holdings has announced plans to raise $438.8 million from the initial public offering of its real estate investment trust. Allen & Gledhill partners Jerry Koh, Margaret Soh, and Chua Bor Jern is acting for the issuer. WongPartnership partners Rachel Eng, Tan Teck Howe, Long Chee Shan, and James Choo are advising underwriters Credit Suisse (Singapore) Ltd., DBS Bank Ltd., and Oversea-Chinese Banking Corp Ltd, with Sidley Austin Singapore partner Prabhat Mehta acting as U.S. counsel. Shook Lin & Bok is acting for the REIT trustee, DBS Trustee Ltd.
WongPartnership partner Colin Ong is advising construction equipment maker Tat Hong Holdings Ltd. on a $500 million issue of medium-term bonds. WongPartnership is also acting for sole dealer Oversea-Chinese Banking Corporation Ltd., with partners Hui Choon Yuen and Goh Gin Nee leading that representation.
Wong Partnership partners Hui Choon Yuen, Goh Gin Nee, and Trevor Chuan have advised Singaporean environmental engineering company United Envirotech Ltd. on a $300 million medium-term notes issue. Clifford Chance Hong Kong partner Matt Fairclough acted for underwriter Standard Chartered Bank, with Fangda Partners advising on Chinese law.
Amarchand & Mangaldas & Suresh A. Shroff Co. Delhi partner Pranav Sharma has advised a group of banks led by Axis Bank Ltd. on a $145.6 million loan to Ireo Hospitality Company Private Ltd., the real estate development arm of Indian private equity firm Ireo.
Clifford Chance and Khaitan & Co. Mumbai partner Devidas Banerji have advised Deutsche Bank AG, Hong Kong Branch, on a $100 million loan to Air India Ltd. The airline is using the funds to finance predelivery payments of seven Boeing 787 passenger jets.
Japan’s Mitsubishi Heavy Industries Ltd. was advised by Amarchand & Mangaldas & Suresh A. Shroff & Co. on its acquisition of Mumbai-based steel machinery maker Concast India Ltd. for an undisclosed amount. Amarchand Delhi partners Shilpa Mankar Ahluwalia, Pooja Mahajan, and Ranjan Negi led their firm’s work on transaction. Mumbai-based Desai Desai Carrimjee & Mulla represented Concast.