China/ Hong Kong

Skadden, Arps, Slate, Meagher & Flom and King & Wood Mallesons are advising China Petroleum and Chemical Corp., also known as Sinopec Corp., on a deal to acquire $3 billion in oil and gas assets through a joint venture with its parent, Sinopec Group. The deal will establish an entity, owned equally by Sinopec Corp. and Sinopec Group, called Sinopec International Petroleum E&P Hongkong Overseas Ltd. and that will contain assets in Kazakhstan, Colombia, and Russia. Skadden Beijing partner Peter Huang is acting as U.S. counsel to Sinopec Corp. King & Wood Mallesons partners Dirk Walker and Dina Yin in Beijing, Scott Gardiner, Lee Horan, and Tim Warman in Australia, and David Lam in Hong Kong are advising Sinopec Corp. on Chinese law. [Read full story]
Herbert Smith Freehills has advised ASM International N.V., a semiconductor equipment supplier based in the Netherlands, on a $554 million share placement in its Hong Kong–listed subsidiary, ASM Pacific Technology Ltd. ASM International placed a total of 47,424,500 ordinary shares, representing a 12 percent stake of ASM Pacific. Following that, ASM International will own a 40 percent stake in ASM Pacific, which designs, manufactures, and markets equipment used to assemble semiconductors. The Herbert Smith Freehills team was led by Hong Kong partner Andrew Tortoishell. Benelux firm Stibbe acted as Dutch counsel to ASM International while Quarles & Brady advised on U.S. law. Morgan Stanley and the Hongkong and Shanghai Banking Corp. Ltd. acted as underwriters, which were advised by Freshfields Bruckhaus Deringer.
Paul Hastings has represented Shanghai-based property developer Glorious Property Holdings Ltd. on a $150 million senior notes issue in Hong Kong. Proceeds from the offering will be used to refinance debt and for general corporate purposes. Deutsche Bank, Haitong International, ICBC International, J.P. Morgan Chase & Co., The Royal Bank of Scotland, and UBS A.G. were the underwriters on the issue. The Paul Hastings team was led by Hong Kong partners Vivian Lam and David Grimm and London partner Christian Parker.
Beijing Enterprises Water Group Ltd. has agreed to acquire Compagnie Générale des Eaux (Portugal) – Consultadoria e Engenharia S.A., a Portuguese water treatment company, from U.K.–based Veolia Water, for $130 million. Beijing Enterprises Water builds, operates, and maintains sewage, water treatment, and seawater desalination plants. The acquisition will help the buyer enter the European water sector and diversify its geographical presence. Spanish law firm Uría Menéndez advised Beijing Enterprises with a team led by Lisbon partner Francisco Brito e Abreu.


Simpson Thacher & Bartlett is advising private equity firm Kohlberg Kravis Roberts & Co. on the $716 million sale of Japanese staffing and recruitment company Intelligence Holdings Ltd. to competitor Temp Holdings Co. Ltd. Simpson Thacher Tokyo partner David Sneider is representing KKR on U.S. law aspects of the deal, which remains subject to regulatory approvals. Tokyo-based Nagashima Ohno & Tsunematsu and offshore firm Maples and Calder also advised KKR on Japanese law and Cayman Islands law, respectively. Tokyo firm Mori Hamada & Matsumoto is advising Temp. [Read full story]
Japan’s Toyo Engineering Corp. has been contracted to build an ammonia plant for Indonesian fertilizer producer PT Panca Amara Utama. The project is worth $750 million and is scheduled to be completed in 2015. The project will be carried out by Toyo together with its Indonesian division, PT Inti Karya Persada Tehnik. The International Finance Corp. will provide financing of $500 million for the ammonia plant, with the remaining coming from an equity injection from PT Panca shareholders. Rajah & Tann partner Shemane Chan advised PT Panca. Assegaf Hamzah & Partners also acted as Indonesian counsel to PT Panca. Toyo was advised by in-house counsel.


Rajah & Tann has acted as legal advisers to Japanese property firm Tosei Corp. on a $557 million secondary listing on the Singapore Exchange. The listing makes Tosei, whose primary listing is on the Tokyo Stock Exchange, the first Japanese company to list in Singapore in over a decade. Tosei develops office, commercial, and residential properties in Tokyo and overhauls old buildings. The Singapore listing is done by way of introduction with no new capital raised. Rajah & Tann partner Howard Cheam led the firm’s team on the advice. Tokyo-based Mori Hamada & Matsumoto also advised Tosei. Underwriter Daiwa Capital Markets Singapore Ltd. was advised by ATMD Bird & Bird.

Southeast Asia

Baker & McKenzie has acted for Sydney’s Ramsay Health Care Ltd. on establishing a $525 million joint venture with Malaysian diversified conglomerate Sime Darby Bhd. The deal will combine Ramsay’s three hospitals in Indonesia with Sime Darby’s health care business in Malaysia. The joint venture is the first Asian investment for Ramsay Health Care in Asia and also represents a debut expansion for Sime Darby Healthcare outside of Malaysia. The Baker & McKenzie team was led by Sydney partner Ben McLaughlin. Baker & McKenzie member firms in Kuala Lumpur and Jakarta— Wong & Partners and Hadiputranto, Hadinoto & Partners—also advised Ramsay Health Care. The teams at Wong & Partners and Hadiputranto Hadinoto were led by partner Munir Abdul Aziz and consultant Mark Innis, respectively. Sime Darby was advised by Christopher Lee & Co. in Kuala Lumpur, Hiswara Bunjamin & Tandjung in Jakarta, and Herbert Smith Freehills.
Paul Hastings has advised Philippine real estate conglomerate Ayala Land Inc. on a $300 million top-up placement deal. Proceeds from the placement will be used primarily to fund business development. The Paul Hastings team was led by Hong Kong partners Patricia Tan Openshaw and Steven Winegar. Makati, Manila–based ACCRA Law acted as local counsel to the issuer. UBS AG was underwriter on the deal.
Cambodia’s hotel and entertainment complex operator NagaCorp Ltd. has launched a top-up placement of $154 million in shares on the Hong Kong Stock Exchange. Reed Smith Richards Butler advised the issuer as Hong Kong counsel while Conyers Dill & Pearman advised on British Virgin Islands law. Davis Polk & Wardwell Hong Kong partners William Barron, Bonnie Chan, and Paul Chow advised the underwriters—Morgan Stanley & Co. International Plc. and BNP Paribas Capital (Asia Pacific) Ltd.


Crawford Bayley & Co. has advised Mumbai-based IndusInd Bank Ltd. on a recent $370 million share placement. The proceeds will be used to boost the bank’s capital reserves and for general corporate purposes. Minneapolis-based Dorsey & Whitney, with a team led by Hong Kong partner Kenneth Kwok and Sydney partner John Chrisman, and S&R Associates Mumbai partner Sandip Bhagat and New Delhi partner Venkatesh Vijayaraghavan represented joint lead managers Morgan Stanley India, JM Financial, CLSA India, and HSBC Securities and Capital Markets India.
The Government of Singapore Investment Corp. (GIC) has invested $151 million in Greenko Plc. for a minority stake. The target company is one of India’s largest independent power producers in the renewable energy space. AZB & Partners advised GIC on Indian law with a team led by partner Alka Nalavadi, while Norton Rose Singapore partner Daniel Yong acted as international counsel. Lawrence Graham’s London-based India practice head, Sunil Kakkad, advised Greenko.


Melbourne-based M2 Telecommunications Group Ltd. has agreed to acquire Dodo Australia Holdings Pty Ltd., a home broadband, mobile, and home phone services provider, for $204 million. The transaction is expected to complete in May. M2 Telecommunications provides online and mobile phone services and is Australia’s fifth-largest telecommunications provider. Minter Ellison Melbourne partners Alberto Colla and Richard Dammery are advising M2. Sydney-based Addisons is acting for Dodo.
Sydney-based Johnson Winter & Slattery has advised U.K. university pension scheme USS Axle Pty. Ltd. on the $110 million acquisition of Airtrain Holdings Ltd., which owns and operates the Brisbane Airport Rail Link. King & Wood Mallesons Brisbane partners John Humphrey and Stefan Luke advised the sellers.

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