Asia Deal Digest: September 12, 2013
Clifford Chance has advised Japan’s Suntory Beverage & Food Ltd. on its $2.1 billion purchase of two beverage brands—Lucozade and Ribena—from British pharmaceutical giant GlaxoSmithKline Plc. Pending regulatory approval, the deal is expected to close by the end of the year. London partners Joel Ziff and Robert Crothers are leading the Clifford Chance team advising Suntory. Allen & Overy is acting for GSK, with its team led by London partners Ed Barnett and Andrew Ballheimer. [Read full story]
Skadden, Arps, Slate, Meagher & Flom is advising Japan’s Otsuka Pharmaceutical Co. Ltd. on its proposed $886 million acquisition of Dublin, California–based Astex Pharmaceuticals Inc. The all-cash deal is subject to shareholder approval and is expected to close in the fourth quarter. Skadden Palo Alto partners Kenton King and Joseph Yaff and Tokyo partner Mitsuhiro Kamiya led the team acting for Otsuka. Wilson Sonsini Goodrich & Rosati is representing Astex. [Read full story]
Clifford Chance and Simpson Thacher & Bartlett have the lead roles on the upcoming $1.3 billion Hong Kong initial public offering of China Huishan Dairy Holdings Co. Clifford Chance is acting for China Huishan on U.S. and Hong Kong law matters. Jingtian & Gongcheng is advising the company on Chinese law, while Walkers is serving as Cayman Islands counsel. Simpson Thacher Hong Kong partners Christopher Wong and Christopher Lin, along with New York partner Robert Holo, are advising joint global coordinators Deutsche Bank AG, Goldman Sachs (Asia), The Hongkong and Shanghai Banking Corp. Ltd., and UBS AG. The banks are being represented by Commerce & Finance Law Offices on Chinese law matters. [Read full story]
Baker & McKenzie Taipei partners Alex Chiang, James Hsiao and Mark Tu have advised Taiwanese chip manufacturer Advanced Semiconductor Engineering Inc. on a $400 million zero-coupon bond issue, with Jingtian & Gongcheng acting as Chinese counsel. Davis Polk & Wardwell Hong Kong partner James Lin advised underwriters Citigroup Global Markets Ltd., Credit Suisse (Hong Kong) Ltd., DBS Bank Ltd., and CIMB Bank (L) Ltd.
Squire Sanders Hong Kong partner Francis Li has acted for Xinyi Glass Holdings Ltd. on a $155 million private placement. Hogan Lovells Hong Kong partners Terence Lau and Thomas Tarala represented placing agents CLSA Ltd. and CITIC Securities Corporate Finance (HK) Ltd.
DLA Piper advised Chinese traditional medicine company Tong Ren Tang Technologies Co. Ltd. on a $154 million private placement. Hogan Lovells Hong Kong partners Terence Lau and Thomas Tarala acted for the sole placing agent UBS AG.
WongPartnership advised engineering firm Boustead Singapore Ltd. on the establishment of a $395 million bond program. Partners Hui Choon Yuen and Goh Gin Nee led the WongPartnership representation. Allen & Gledhill partners Margaret Chin and Sunit Chhabra acted for The Hongkong and Shanghai Banking Corp. Ltd. as arranger, while partner Magdalene Leong acted for trustee HSBC Institutional Trust.
Allen & Gledhill advised Singapore industrial property developer Soilbuild Group Holdings Ltd. on the $360 million initial public offering of its real estate investment trust, Soilbuild Business Space REIT. Allen & Gledhill partners Jerry Koh, Long Pee Hua, and Teh Hoe Yue advised Soilbuild and the REIT manager SB REIT Management Pte. Ltd. Allen & Overy advised underwriters Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd., and Oversea-Chinese Banking Corp. Ltd. The underwriters together with The Hongkong and Shanghai Banking Corp. Ltd. and United Overseas Bank Ltd. were advised by Allen & Gledhill partner Lim Wei Ting on an additional $224 million financing of property acquisitions.
Cleary Gottlieb Steen & Hamilton Hong Kong partner Jinduk Han advised The Export-Import Bank of Korea on a $300 million notes issuance, with Shin & Kim acting as Korean counsel. Davis Polk & Wardwell Hong Kong partner Eugene Gregor and London partner John Paton advised underwriter The Hongkong and Shanghai Banking Corp. Ltd.
Herbert Smith Freehills has advised Australian hardware store chain Bunnings Warehouse on a $282 million sale and lease-back transaction involving 15 properties. The Herbert Smith Freehills team on the deal included Sydney partners Justin O’Farrell, Patrick Lowden, Lachlan Roots, Julie Couch, and Richard Giannone. Lander & Rogers Melbourne partners Nick Stocks and Lee Wolveridge also advised Bunnings and its parent company, Wesfarmers Ltd., on real estate law. King & Wood Mallesons acted for financial advisers Goldman Sachs Australia, CIMB Capital Markets (Australia), and Westpac Banking Corp.
Johnson Winter & Slattery Sydney partner Jeremy Davis has acted for Wolseley Private Equity in its $111 million sale of Australian child care center operator Guardian Early Learning Group to Malaysia’s Navis Capital Partners. Herbert Smith Freehills represented the Malaysian private equity group, with Ashurst acting for Navis’s financial adviser, Oaktower Partnership.
Gadens Lawyers Sydney partner Paul Brown has represented Ingenia Communities Group, a real estate company which runs 44 retirement villages across Australia, on a $57 million pro rata rights offer. Clifford Chance Sydney partner Lance Sacks acted for underwriters RBS Morgans and Petra Capital.