Simmons & Simmons Hong Kong partners Vivien Yang and Ian Wood are advising ONGC Videsh Ltd., a subsidiary of Indian state-owned Oil and Natural Gas Corp., on its $2.47 billion purchase of an offshore natural gas block in Mozambique. ONGC is buying the 2.6-million acre block together with another state-owned enterprise, Oil India Ltd., from the oil and gas arm of Indian conglomerate Videocon Group. The deal, subject to regulatory approval, is expected to close in the fourth quarter. ONGC was also advised by Lisbon partner Manuel Santos Vítor of Portuguese firm PLMJ and Mozambique’s GLM Lawyers. Amarchand & Mangaldas & Suresh A. Shroff Co. co–managing partner Shardul Shroff and Delhi partners Vidyut Gulati, Nikhil Narayanan, and Puja Sondhi are representing the seller on the transaction. [Read full story]
IbiboGroup, the Indian joint venture of South African Internet and media company Naspers and China’s Tencent Group, is acquiring Bangalore-based Pilani Soft Labs for $100 million. The target company runs bus ticketing site redBus.in. Pilani’s existing venture capital investors Helion Venture Partners, Inventus Capital Partners, and Seed Fund will exit their investments as part of the deal. Amarchand & Mangaldas & Suresh A. Shroff & Co. Mumbai partner Vandana Shroff acted for the buyer, which owns online travel websites Goibibo and TravelBoutiqueOnline. IndusLaw Bangalore-based partner Suneeth Katarki acted for Pilani Softlabs founders Phanindra Sama and Charan Padmaraju, and other selling shareholders.
Singapore energy supplier Senoko Energy has received a $2 billion syndicated loan facility to refinance existing loans. Allen & Gledhill partners Kok Chee Wai and Julie Sim acted for Senoko. The five banks that provided the refinancing—Bank of Tokyo Mitsubishi UFJ Ltd., Mizuho Corporate Bank Ltd., DBS Bank Ltd., Overseas Chinese Banking Corp. Ltd., and Sumitomo-Mitsui Banking Corp.—were advised by Allen & Overy Singapore partners Jason Humphreys and Matthew Hebburn, as well as Hong Kong partner Roger Liu. The existing lenders, which included Australia and New Zealand Banking Group. Ltd., the Bank of Tokyo-Mitsubishi UFJ. Ltd., and DBS Bank Ltd., was advised by Rajah & Tann Singapore partner Terence Choo and Clifford Chance.
Allen & Gledhill partner Glenn Foo has advised a Singapore-based real estate investment trust—Mapletree Greater China Commercial Trust—on the establishment of a $1.5 billion medium-term notes program. Mapletree Greater China, a subsidiary of Mapletree Investments Pte. Ltd., the real estate arm of Singapore sovereign wealth fund Temasek Holdings, is planning to use the proceeds from issues under the program for general corporate purposes. Paul Hastings Hong Kong partner Vivian Lam advised DBS Trustee Ltd., as trustee for the program. Allen & Overy acted for the underwriters on the Maple Tree Greater China notes program—Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd. [Read full story]
Gunvor Singapore Pte. Ltd., the Singapore unit of Geneva-based commodities trader Gunvor Group, has signed an $850 million revolving credit facility, provided by a consortium of 24 banks. The revolving facility includes a $135 million three-year tranche and a $715 million one-year tranche. Proceeds will be used to refinance existing debt and for other general corporate and working capital requirements. Ince & Co. Singapore consultant Kunal Kapoor advised the borrower on Singapore, U.K., and Cypriot law. The lenders, which included Bank of China, China Development Bank, DBS Bank Ltd, ING Bank N.V., National Australia Bank Ltd., and Sumitomo Mitsui Banking Corp., were advised by Allen & Overy Singapore partner John Richards and Cyprus firm Dr. K. Chrysostomides & Co. Law Office.
Singapore firm Rodyk & Davidson has advised consumer health care provider Eu Yan Sang International Ltd. on the launch of a $236 million medium-term notes program. Allen & Gledhill partner Margaret Chin acted for DBS Bank Ltd., the sole arranger on the deal.
Lend Lease Singapore, a Singapore division of Australian property group Lend Lease Group, has established a fund called Lend Lease JEM Partners Fund that will acquire and control 25 percent of the company’s interest in JEM, a retail and office complex in the east of Singapore. The 25 percent stake is valued at $178 million. Herbert Smith Freehills advised on both the establishment of the fund and the stake sale with Singapore partner Justin O’Farrell leading a team.
Squire Sanders Perth partners Duncan Maclean and Michael Ferguson are advising Japanese trading houses Itochu Corp. and Mitsui & Co. on their $1.5 billion investment in a Western Australia iron ore mine owned by BHP Billiton Ltd. The two companies are buying in through the purchase of shares in, and the offering of loans to, the BHP subsidiary that controls the so-called Jimblebar mine, located in the Pilbara region. Itochu will inject $800 million for an 8 percent stake in the mine, while Mitsui will invest $700 million for a 7 percent stake. Ashurst Perth partner Lorenzo Pacitti is leading a team advising BHP Billiton. [Read full story]
Irish water cooler and filtration system manufacturer Waterlogic Plc. has acquired Australian rival Cool Clear Water Group for $56 million in cash. The majority stake sellers were Perth-based private equity firm Banksia Capital and the company’s founding shareholders. The acquisition will be financed through existing cash resources and new debt facilities. Minter Ellison Sydney partner Riccardo Casali advised Cool Clear Water, while DLA Piper acted as Australian counsel to Waterlogic.
CMS Cameron McKenna is advising a group of entities owned by Hong Kong tycoon Li Ka-shing on a $1.25 billion acquisition of Dutch waste management company AVR Afvalverwerking B.V. Cheung Kong Holdings Ltd., Cheung Kong Infrastructure Holdings Ltd. and its Power Assets subsidiary, and the Li Ka Shing Foundation are jointly acquiring AVR from private equity giants Kohlberg Kravis Roberts and CVC Capital Partners, subject to regulatory approval. CMS partners Charles Currier in London and Martika Jonk and Cecilia van der Weijden in Amsterdam advised Cheung Kong. Rotterdam-based law firm Loyens & Loeff advised the sellers. [Read full story]
Wilson Sonsini Goodrich & Rosati and King & Wood Mallesons are advising Beijing-based media and advertising company Wisdom Holdings Group on its $200 million Hong Kong initial public offering. Conyers Dill & Pearman is also acting for the issuer.
Baker & McKenzie Shanghai partner Howard Wu has acted for U.S. spice and flavoring maker McCormick & Co. Inc. in its $147 million acquisition of Wuhan Asia-Pacific Condiments Co. Ltd. Shanghai’s Allbright Law Offices advised Wuhan, which manufactures and markets DaQiao and ChuShiLe brand bouillon products.
O’Melveny & Myers has advised Giant Interactive Group Inc., a Chinese online game developer and operator, on a $91 million follow-on offering of American depositary shares. The 15 million shares are offered by shareholder Vogel Holdings Group Ltd., an affiliate of Yuzhu Shi, chairman of Giant Interactive. Proceeds will not be received by the Giant Interactive. The sole underwriter on the deal—Morgan Stanley & Co. International Plc—was advised by Simpson Thacher & Bartlett Hong Kong partner Chris Lin.
Baker & McKenzie Tokyo partner Naoaki Eguchi has advised trading company Sumitomo Corp. on its $185 million investment in three mega-solar power plants in Japan. Mizuho Corporate Bank is leading the banks providing financing to the project. Mizuho was advised by Tokyo-based firm Nishimura & Asahi.
Rajah & Tann Ho Chi Minh City partner Brian Ng is advising India’s Fortis Healthcare on the $80 million sale of its Vietnam hospital chain Fortis Hoan My Medical Corp to Viva Holdings Vietnam, a subsidiary of Los Angeles investment company Chandler Holdings Ltd. Linklaters and Vietnamese firm Russin & Vecchi are advising Chandler.