Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia and Australia.
• Baker Botts Houston corporate partner Efren Acosta is leading a team advising Australian engineering firm WorleyParsons Ltd. on a $3.3 billion acquisition of the energy and resources arm of Dallas-based Jacobs Engineering Group Inc. The deal, which is expected to close in the first half of 2019, is subject to antitrust clearance and approval from the Committee on Foreign Investment in the United States. Washington, D.C., partner Thomas Fina is advising on antitrust matters. Fried, Frank, Harris, Shriver & Jacobson New York corporate partner Christopher Ewan is leading a team advising Jacobs. New York partner Nathaniel Asker is advising on antitrust and competition matters. Wachtell, Lipton, Rosen & Katz is also advising Jacobs. Herbert Smith Freehills Sydney partners Philippa Stone and Philip Hart and Singapore partner Siddhartha Sivaramakrishnan acted for WorleyParsons on a $2 billion share sale to finance the acquisition. [Read Full Story]
• Ashurst corporate partner Anton Harris in Sydney is leading a team advising Canadian real estate investor Oxford Properties Group on a $2.4 billion bid to take over Australian real estate investment trust Investa Office Fund. The deal requires approvals by shareholders and regulators, including the Australian Securities and Investments Commission and the Foreign Investment Review Board. The shareholders are scheduled to meet in early December to vote on Oxford Properties’ offer. Allens Sydney corporate partner Vijay Cugati is representing Investa. [Read Full Story]
• Cravath, Swaine & Moore New York partners Robert Townsend and Damien Zoubek are advising New Brunswick, New Jersey-based consumer products giant Johnson & Johnson on a $2.05 billion buyout of Japanese skin-care company Ci:z Holdings Co. Ltd. Johnson & Johnson, which already owns 19.9 percent of the company through affiliated pharmaceutical company Cilag GmbH International, will acquire all the outstanding shares of Ci:z, which sells products under popular skin-care brand Dr.Ci:Labo. The transaction is expected to close in the first half of 2019, pending regulatory approvals. Japanese firm Mori Hamada & Matsumoto is representing Ci:z.
• Cleary Gottlieb Steen & Hamilton Seoul partner Sang Jin Han, Beijing partner Denise Shiu and New York partner Roger Cooper are representing Seoul-based Hanwha Solar Holdings Co. Ltd. on a take-private deal for Nasdaq-listed Korean solar modules manufacturer Hanwha Q CELLS Co. Ltd., which values the company at $825 million. The transaction is expected to close during the first quarter of 2019 and does not need shareholder approval as Hanwha Solar already owns 94 percent of the company. Skadden, Arps, Slate, Meagher & Flom is advising a committee established by Hanwha Q CELLS to decide on the take-private offer. Sullivan & Cromwell Los Angeles partners Eric Krautheimer and Rita-Anne O’Neill are advising Houlihan Lokey Capital, which is serving as financial adviser to Hanwha Q CELLS’ take-private offer committee.
• Gibson, Dunn & Crutcher New York corporate partners Barbara Becker and Saee Muzumdar and Singapore partner Jai Pathak are advising Chicago-based food and beverage conglomerate The Kraft Heinz Co. on a $625 million sale of part of its India business to Indian consumer company Zydus Wellness Ltd. and its parent company Cadila Healthcare Ltd., a pharmaceutical company. The transaction is expected to close in early 2019, subject to regulatory approvals by the Competition Commission of India. Indian firm Cyril Amarchand Mangaldas is advising Kraft Heinz with a team led by Mumbai-based managing partner Cyril Shroff, and also include corporate partners Ruetveij Pandya and Anchal Dhir in Mumbai and Nivedita Rao in Bangalore. Khaitan & Co Mumbai partners Haigreve Khaitan and Bhavik Narsana are representing Zydus.
• Linklaters Frankfurt partners Marco Carbonare and Alexander Schlee and Hong Kong partners Michael Ng and Iris Leung advised Chinese home appliances maker Qingdao Haier on a $464 million listing on the China Europe International Exchange, or CEINEX, in Frankfurt. Haier is the first company to list on CEINEX, which was jointly set up in 2015 by the Shanghai Stock Exchange and the Deutsche Börse Group. Listings on CEINEX, dubbed as D-shares, are subject to regulations in both China and Germany. King & Wood Mallesons advised Haier on Chinese law with a team led by Beijing partners Zhang Yongliang and Song Yanyan, Shanghai partners Zhao Xiaohong and Wang Ningyuan, and Frankfurt partner Rudolf Haas. Orrick, Herrington & Sutcliffe also acted for Haier on the deal with a team that included Munich partner Timo Holzborn, Beijing partner Xiang Wang, Washington, D.C., partner Harry Clark, Shanghai partner Jeffrey Sun, Milan partner Betty Louie and New York partner Jeff Zhang. Clifford Chance represented an underwriter consortium led by Deutsche Bank A.G.; the team included Frankfurt partners George Hacket, Markus Stephanblome and Olaf Mertgen, Singapore partner Jean Thio and Hong Kong partner Connie Heng. Zhong Lun Law Firm served as Chinese counsel to the underwriters with a team led by Shanghai partners Anthony Zhao and William Jia and Beijing partner Zhoujun Tang. Allen & Overy Frankfurt partner Knut Sauer advised Silk Road Fund as one of the three cornerstone investors.
• Skadden Hong Kong partner Julie Gao represented Chinese biopharmaceutical company Innovent Biologics Inc. on a $421 million initial public offering in Hong Kong. Innovent Biologics plans to use most of the proceeds to fund clinical trials, prepare for registration filings and planned commercial launches. Han Kun Law Offices served as Chinese counsel to the issuer. Davis Polk & Wardwell Hong Kong partners Paul Chow and Li He advised Morgan Stanley, Goldman Sachs, JPMorgan and China Merchants Securities as the joint sponsors.* Commerce & Finance Law Offices Beijing partner Wang Bo advised the banks on Chinese law.
*Correction 11/1: An earlier version of this article incorrectly named Davis Polk’s partners on Innovent Biologics’ initial public offering in Hong Kong. The last paragraph has been modified to correct that. We regret the error.