Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.
Morrison & Foerster Tokyo partners Gary Smith, Jeff Schrepfer and Masato Hayakawa and New York partner Jeff Bell are advising Japanese chip maker Renesas Electronics Corp. on its $6.7 billion proposal to acquire California-based chip design firm Integrated Device Technology Inc. (IDT). Covington & Burling partners Mark Plotkin and David Fagan in Washington, D.C., are representing Renesas on regulatory matters, including the Committee on Foreign Investment in the United States, and on export control. Latham & Watkins partners Mark Roeder and Josh Dubofsky in Menlo Park, California, are advising IDT. Nagashima Ohno & Tsunematsu is serving as Japanese counsel for Renesas. [Read Full Story]
Milbank, Tweed, Hadley & McCloy partner Aled Davies in Tokyo represented Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development and government-backed Japan Bank for International Cooperation (JBIC) on a $300 million finance loan to Texas Central Rail Holdings for a high-speed rail link between Dallas and Houston in Texas. Ashurst also advised JBIC. Vinson & Elkins advised Texas Central Rail. Winstead advised the lenders on Texas law. Japan’s Nagashima Ohno advised the lenders on Japanese law.
Greenberg Traurig is representing a South Korean investor group that includes private equity firm SJL Partners, chemical products manufacturer KCC Corp. and semiconductor parts maker Wonik QnC Corp. on its $3.1 billion acquisition of New York-based silicones and specialty materials supplier MPM Holdings Inc. (Momentive). The transaction is expected to close in the first half of 2019, subject to regulatory approvals. Paul, Weiss, Rifkind, Wharton & Garrison is advising Momentive. Sullivan & Cromwell partner Stephen Kotran in New York is advising The Goldman Sachs Group Inc. as financial adviser to Momentive. Moelis & Co. is also serving as a financial adviser to Momentive.
Sidley Austin represented Chinese hotpot chain Haidilao International Holding Ltd. on a $963 million initial public offering in Hong Kong. Jingtian & Gongcheng served as Chinese counsel. Taiwan’s Lee and Li advised the issuer on Taiwanese law. Singapore’s Drew & Napier served as Singaporean counsel. Haidilao plans to use the proceeds to fund its international expansion and to develop new technology to improve food safety after food hygiene issues. Clifford Chance Beijing partner Tim Wang, Singapore partner Jean Thio and Hong Kong partner Virginia Lee advised CMB International Capital and Goldman Sachs as the joint sponsors. Grandall Law Firm was Chinese counsel to the banks.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao and Shanghai partner Haiping Li acted for Chinese online drugstore operator 111 Inc. on a $105 million listing on the Nasdaq. The Shanghai-based company operates online pharmacy 1 Drugstore, digital first hospital 1 Clinic and business-to-business pharmacy wholesale site 1Drug Mall. The company, which had a network of 2,000 medical professionals, said part of the proceeds will fund the development of artificial intelligence, big data and cloud-based solutions. Commerce & Finance Law Offices Beijing partners Wu Gang and Cui Kangkang served as the issuer’s Chinese counsel. Freshfields Bruckhaus Deringer partner Yan Chen in Beijing and New York partner Valerie Ford Jacob in New York advised JPMorgan Securities Inc., Citigroup Global Markets Inc. and China International Capital Corporation Hong Kong Securities Ltd. as underwriters. King & Wood Mallesons was Chinese counsel to the banks.
Simpson Thacher & Bartlett partners Chris Lin and Daniel Fertig in Hong Kong advised Tencent-backed Chinese mobile content aggregator Qutoutiao Inc. on an $84 million initial public offering on the Nasdaq. Shanghai-based Qutoutiao, known in Chinese as fun headlines, operates an mobile app that samples articles and short videos for 17 million users every day. The company said proceeds will be used for product development and marketing. King & Wood Mallesons advised the company on Chinese law. Wilson Sonsini Goodrich & Rosati partner Dan Ouyang in Hong Kong and partner Zhu Jie in Shanghai acted for Citigroup, Deutsche Bank Securities Inc., China Merchants Securities (HK) Co. Ltd. and UBS Investment Bank as underwriters. Jingtian & Gongcheng partner Gao Xiang in Beijing served as Chinese counsel to the banks.
Davis Polk & Wardwell partners Li He and James Lin in Hong Kong represented Chinese finch company X Financial on a $104.5 million listing on the New York Stock Exchange. The Shenzhen-based online personal finance company provides loans and wealth management services to retail customers. X Financial had more than 1.2 million borrowers during the six months ending June 30, 2018. Grandall Law Firm in Shanghai advised the company on Chinese law matters. Wilson Sonsini partners Ouyang, Weiheng Chen and Steven Bernard in Hong Kong acted for underwriters Deutsche Bank Securities, Morgan Stanley & Co. International plc and China Merchants Securities, with the Commerce & Finance Law Offices serving as Chinese counsel.