Skadden, Arps, Slate, Meagher & Flom is advising U.S. auto parts supplier Visteon on the $1.25 billion sale of its stake in a joint venture in China. Visteon announced Tuesday that it would sell its 50 percent stake in Yanfeng Visteon Automotive Trim Systems, which makes dashboard, door panels, and other interior car components, to JV partner Huayu Automotive Systems Co. Skadden partners Shilpi Gupta in Chicago, Jonathan Stone in Hong Kong, Hal Hicks in Washington, D.C., and Frederic Depoortere in Brussels are working on the deal. HASCO is being advised by a team of King & Wood Mallesons lawyers led by Hong Kong partner Richard Nie. The deal is expected to close by 2015. [Read full story]
Freshfields Bruckhaus Deringer and Reed Smith Richards Butler are advising U.K. supermarket chain Tesco Plc. and China Resources Enterprise Ltd. on a possible combination of their Chinese retail operations. The two companies announced last Friday they were in exclusive talks to form a joint venture, which would merge Tesco’s 131 stores and shopping malls in mainland China with about 2,986 stores in China and Hong Kong controlled by China Resources, a Hong Kong–listed Chinese state-owned conglomerate. The newly combined operation, 80 percent of which would be controlled by China Resources, would have annual sales of over $15 billion. Freshfields London partner Claire Wills is advising longtime client Tesco in the negotiations. Reed Smith Hong Kong partner Ivy Lai is representing China Resources. [Read full story]
The Sydney Airport is being advised by Allens on a $1 billion buyback of shares constituting a 15.2 interest. The deal will be financed by a series of equity issues, the first of which is seeking to raise $283 million. Sydney partners Julian Donnan, Larry Magid, Paul Nicols, and Tom Highnam are leading the Allens team. Clayton Utz Sydney partner Stuart Byrne is acting for underwriter Macquarie.
Allen & Gledhill has advised Chinese investment firm Bright Ruby Resources on its $906 million acquisition of Singapore’s Grand Park Orchard Hotel. The agreement was signed on August 1 and the sale is expected to complete in October. Partners Ho Kin San, Lim Pek Bur, Oh Hsiu Hau, Tan Boon Wah, and Lim Chong Ying led the Allen & Gledhill team. Counsel for the seller, Park Hotel Group, could not be identified at press time.
PricewaterhouseCoopers Legal has advised Epistar Corp., Taiwan’s largest maker of light-emitting diodes (LEDs) producer in Taiwan, on a $250 million issue of zero-coupon bonds on the Singapore Stock Exchange. Simpson Thacher & Bartlett Hong Kong partner Chris Lin acted for the underwriters Citibank Global Markets Ltd., Standard Chartered Bank, and Morgan Stanley Services Pty. Ltd.
Lee & Lee partners Adrian Chan and Michelle Tan advised Chinese biotechnology company HanKore Environment Tech Group Ltd. on the establishment of a $236 million medium-term notes program on the Singapore Exchange, with the first tranche worth $39 million issued August 1. Allen & Gledhill LLP partners Margaret Chin, Ong Kangxin, Sunit Chhabra, and Daselin Ang advised underwriters DBS Bank Ltd., Deutsche Bank AG, Hong Kong branch, and Deutsche Bank AG, Singapore Branch. Jingtian & Gongcheng acted as Chinese counsel to the underwriters.
WongPartnership has advised Robertson Quay Investment and The Gallery Hotel Pte. Ltd. on their $182 million sale of Singapore’s Gallery Hotel to RB Corp., a subsidiary of a Singapore real estate developer RB Capital. Partners Angela Lim and Ethel Yeo led WongPartnership’s team on the deal. Rodyk & Davidson partners Norman Ho and Lee Chau Hwei represented the buyer.
Indonesian private equity firm Northstar Group was advised by WongPartnership on the $103 million acquisition of the Singapore real estate agency business of Hersing Corp. Pte. Ltd, which includes the local franchises of ERA Realty Network Pte. Ltd. and Coldwell Banker Real Estate. Partners Andrew Ang, Milton Toon, and Christy Lim led the WongPartnership team. Allen & Gledhill partner Chiam Tao Koon advised the management of ERA Realty Network. Drew & Napier acted for Hersing.
Skadden, Arps, Slate, Meagher & Flom and Sullivan & Cromwell are advising on Samsung Group's $347 million acquisition of Novaled AG, a German maker of organic light-emitting diodes (OLEDs), electronic materials used in television and smartphone displays. Samsung Electronics and Cheil Industries, two units of the South Korean conglomerate, have respectively agreed to acquire a 50.1 and 40 percent stake in Novaled from a consortium of venture capital groups, including Germany’s eCAPITAL entrepreneurial Partners AG and France’s Omnes Capital. Frankfurt partner Matthias Horbach and New York partner Young Shin are leading the Skadden team acting for Samsung. Sullivan & Cromwell Frankfurt partner York Schnorbus is acting for Novaled and its shareholders. German firm ARQIS Rechtsanwaelte is representing Novaled’s management team.
Thomsons Lawyers and Anderson Mori & Tomotsune are advising the Australian franchisee of Domino’s Pizza on its $262 million acquisition of its Japanese counterpart from Bain Capital. Thomsons Brisbane partner Eugene Fung is leading his firm’s work for the acquiror, Domino’s Pizza Enterprises Ltd., with Anderson Mori partner Keiko Kaneko acting as Japanese counsel. Ashurst is also advising the company on financing with a team led by Sydney partners Sarah Dulhunty and Shawn Wytenburg and Tokyo partner Kensuke Inoue. King & Wood Mallesons Sydney partner David Eliakim is advising Morgan Stanley Australia Securities Ltd. as underwriter of an entitlement offer to help finance the deal. Seller Bain Capital, which will continue to hold a 25 percent interest in Domino’s Pizza Japan, is being advised by Ropes & Gray.
AZB & Partners has advised Indian generic drug maker Claris Lifesciences Ltd. on the formation of a $170 million three-way joint venture with two Japanese companies—Otsuka Pharmaceutical Co. Ltd. and trading house Mitsui & Co. Ltd. AZB’s team was led by Mumbai partner Abhiji Joshi, while Khaitan & Co. Mumbai partner Bhavik Narsana acted as Indian counsel for the Japanese firms. Herbert Smith Freehills Tokyo partner James Robinson acted as international counsel for Otsuka.
Clifford Chance has advised Asian Mineral Resources Ltd. on a $20 million financing from Vietnamese LienViet Post Bank for a nickel mining project in Hanoi, Vietnam. Hong Kong partner Ashvin Seetulsingh and Singapore partner Ting Ting Tan led the Clifford Chance team, which also included Perth partner Jon Carson. Vilaf & Partners advised the borrower on Vietnamese law.