Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia and Australia.
• Sullivan & Cromwell Tokyo partners Keiji Hatano and Izumi Akai are representing Japanese telecommunications company SoftBank Corp. on a proposed $21 billion initial public offering on the Tokyo Stock Exchange. The proceeds from the listing, which is slated for Dec. 19, are expected to be used for parent SoftBank Group Corp.’s future investments and to help lower the company’s ballooning debt. Mori Hamada & Matsumoto is advising the issuer on Japanese law, led by Tokyo partner Taro Omoto. Davis Polk & Wardwell Tokyo partner Jon Gray is representing a group of underwriters led by Nomura, Goldman Sachs, Mizuho Securities, Deutsche Bank, JPMorgan and SMBC Nikko Securities. Anderson Mori & Tomotsune is serving as Japanese counsel for the banks. [Read Full Story]
• Baker McKenzie mergers and acquisitions partners Ben McLaughlin and Tetsuo Tsujimoto and regulatory partners Toshio Shimada and Masato Honma, all in Tokyo, are advising Japanese bank Mitsubishi UFJ Financial Group Inc. on a $2.9 billion acquisition of Commonwealth Bank of Australia’s global asset management business Colonial First State Global Asset Management. The transaction is expected to be completed in mid-2019, subject to regulatory approvals. Sullivan & Cromwell corporate partners Rodgin Cohen, Donald Toumey and Donald Crawshaw in New York and Keiji Hatano in Tokyo are also advising the acquirer. Herbert Smith Freehills Sydney partner Tony Damian is leading a team advising the Commonwealth Bank. He is supported by funds partner Robert Bileckij and employment partner Michael Gonski, both also in Sydney. Davis Polk & Wardwell corporate partners Byron Rooney, Phillip Mills and Gregory Rowland and tax partner Michael Mollerus, all in New York, are also representing the Commonwealth Bank. Indian firm Khaitan & Co is advising Commonwealth Bank on Indian regulatory matters. Delhi partner Mayank Singh is leading the Khaitan team. [Read Full Story]
• Debevoise & Plimpton Hong Kong partner Edwin Northover is leading a team advising London-based Resolution Life Group Holdings on a $2.3 billion acquisition of Australian wealth management firm AMP Ltd.’s Australia and New Zealand life insurance division. Northover is supported by corporate partner Alan Davies and finance partner Thomas Smith in London, and corporate partner Alexander Cochran in New York. The transaction is expected to be completed in the second half of 2019, subject to regulatory approvals in Australia and New Zealand. Ashurst is also advising Resolution Life, led by Melbourne partner Con Tzerefos. He is supported by Sydney partners Lisa Simmons on regulatory aspects, Jamie Ng on finance matters, and Rehana Box and Emanuel Poulos on insurance matters. King & Wood Mallesons Sydney partner Jason Watts is leading a team advising AMP; he is supported by mergers and acquisitions partners Nathan Hodge, Henrik Moritz, Patrick Gunning and Daniel Natale, all also based in Sydney. New Zealand firm Chapman Tripp’s Auckland partners Roger Wallis and Tim Tubman are advising AMP on New Zealand law. [Read Full Story]
• Herbert Smith Freehills Singapore partners Mark Robinson and Nicola Yeomans and London partners Gavin Davies and Chris Parsons advised Singapore Telecommunications Ltd. as one of the six investors in a $1.25 billion investment in Airtel Africa Ltd., a subsidiary of Indian telecommunications company Bharti Airtel Ltd. London partner Veronica Roberts gave competition advice to Singtel. Freshfields Bruckhaus Deringer Singapore partners Arun Balasubramanian and Nigel Gleeson led a team advising Airtel. London partner Peter Clements advised on tax matters, London partners Julian Makin and David Ludwick advised on U.K. aspects of the deal, and Amsterdam partners Shawn der Kinderen and Thijs Flokstra advised on Dutch law matters.
• Davis Polk & Wardwell is advising Tongcheng-Elong Holdings Ltd., a Chinese travel company backed by tech giant Tencent Holdings Ltd., on a proposed $233 million initial public offering in Hong Kong. The company will use most of the proceeds on growing its user base, fund potential investments and improve technology capabilities. Zhong Lun Law Firm is Chinese counsel to the issuer. Kirkland & Ellis is advising Morgan Stanley, JPMorgan and CMB International as the joint sponsors. Grandall Law Firm is representing the banks on Chinese law.
• Linklaters Zhao Sheng Shanghai partner Eric Liu represented Hong Kong-based state-run conglomerate China Merchants Group on a 49.9 percent stake acquisition of Liaoning North East Asia Gang Hang Development Co. Ltd., a port unit owned by the provincial government of Liaoning, in northeastern China. The deal marks a cooperation between a central-government-owned enterprise and a provincial government. Linklaters Hong Kong partner Kevin Cheung provided Hong Kong law advice and Beijing partner Fay Zhou advised on antitrust law. King & Wood Mallesons Beijing partner Tang Yiyun advised Liaoning Port and the provincial government. She was supported by corporate partner David Tsang in Beijing and antitrust partner Chai Zhifeng in Shanghai.