Asia Deal Digest: October 3, 2013
Simpson Thacher & Bartlett will advise Alibaba Group Holdings Ltd. on an expected initial public offering in New York that could raise almost $13 billion, according to a company source familiar with the matter. Hong Kong partner Leiming Chen, Palo Alto partner Bill Hinmin, and Beijing partner Daniel Fertig are likely to front the Simpson Thacher team. The company source said Freshfields Bruckhaus & Deringer, where Alibaba general counsel Timothy Steinert was formerly a partner, may also play a role in the IPO but gave no further details. Underwriters are yet to be selected for the listing. Alibaba had been negotiating a potential listing with the Hong Kong Stock Exchange but abandoned that plan last week after the latter refused to except the Chinese e-commerce company from its ban on dual-share structures. [Read full story]
Sidley Austin represented Chinese residential property developer Country Garden Holdings Ltd. on a $750 million notes offering. Singapore partner Matthew Sheridan led the Sidley team advising the issuer on U.S. law, while offshore firm Conyers Dill & Pearman acted as Cayman Islands and British Virgin Island counsel. Iu, Lai & Li and Jingtian & Gongcheng also advised the issuer on Hong Kong and Chinese law, respectively. Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Alec Tracy and Los Angeles partner Michael Beinus acted for underwriters J.P. Morgan, Goldman Sachs, BOCI International, HSBC and ICBC International, with Commerce & Finance Law Offices acting as Chinese counsel.
KKR & Co. was advised by Paul, Weiss, Rifkind, Wharton & Garrison on its $550 million acquisition of a 10 percent stake in home appliance maker Qingdao Haier. Hong Kong partner Jack Lange and Beijing partner Greg Liu led the Paul Weiss team on the deal, while Kang Yan of Beijing’s Haiwen & Partners acted as Chinese counsel for KKR. King & Wood Mallesons Beijing partner Xu Ping represented Haier.
Paul, Weiss, Rifkind, Wharton & Garrison has advised Microsoft Corp. on an alliance with Shanghai Media Group’s BesTV New Media Co. to develop console-based games and other entertainments for Chinese consumers. The Chinese government recently lifted a long-running ban on the sale of game consoles like Microsoft’s Xbox series. Initially, BesTV will invest $40.29 million for a majority 51 percent stake in the venture with Microsoft investing $38.71 million for the remaining 49 percent; total investment might reach $237 million at a later stage of development. The Paul, Weiss team was led by Hong Kong partner Jeanette Chan while Faegre Baker Daniels acted for BesTV.
Simpson Thacher & Bartlett is advising KKR & Co. on its $1.67 billion acquisition of Panasonic Corp.’s health care unit. David Sneider, head of Simpson’s Tokyo office, is leading a team from the firm that includes Tokyo partner Takahiro Saito, Hong Kong partner Sinead O’Shea, London partner David Vann, New York partners Andrea Wahlquist and Lori Lesser, and Palo Alto partner Katharine Moir. Nishimura & Asahi is advising KKR on Japanese law. Nagashima Ohno & Tsunematsu is advising Panasonic on the transaction, which is expected to close by March 2014. [Read full story]
Clifford Chance has advised the Export-Import Bank of Malaysia Bhd. on the establishment of a $1 billion Islamic bond, or sukuk, program. The state-owned EXIM Bank plans to use the funds raised from the multicurrency program in order grow its Islamic banking business. Hong Kong partner Matthew Fairclough and Dubai-based global head of Islamic finance Qudeer Latif led the Clifford Chance team advising EXIM Bank. Linklaters advised the program’s arrangers, BNP Paribas, CIMB, The Hongkong and Shanghai Banking Corp. Ltd., and Maybank. [Read full story]
Hadiputranto, Hadinoto & Partners, the Indonesian alliance firm of Baker & McKenzie, advised hospital operator PT Siloam International Hospitals Tbk on a $144.5 million initial public offering. Jakarta partner Indah Respati led the firm’s team. Sidley Austin Singapore partner Matthew Sheridan was international counsel for underwriters PT Ciptadana Securities; PT Credit Suisse Securities Indonesia; Credit Suisse (Singapore) Ltd.; and Goldman Sachs (Singapore) Pte., with Hiswara, Bunjamin & Tandjung acting as the banks’ Indonesian counsel.
Herbert Smith Freehills advised Queensland Motorways Group, which manages 62 kilometers of tolled roads in the country, on its $577 million acquisition of the Clem Jones Tunnel in Brisbane. Originally owned by debt-laden toll operator RiverCity Motorway Group, the tunnel was sold by receiver KordaMentha. Allens Sydney partners Guy Alexander and John Warde acted for the receiver.
Allens represented the Queensland Government on a $426 million contract with Telstra Corp. Ltd. to enhance radio communication for the state’s public services sector. Allens Brisbane partner Ren Niemann and Michael Morris worked on the deal along with Melbourne partner Niranjan Arasaratnam. King & Wood Mallesons advised Telstra on the deal.
Herbert Smith Freehills has advised Singapore’s real estate fund manager CIMB TrustCapital Advisors Singapore Pte Ltd. on its $262 million acquisition a suburban Melbourne office building from Australian property developer Walker Corp. Melbourne partner David Sinn led the Herbert Smith Freehills team advising CIMB TrustCapital. Arnold Bloch Leibler Melbourne partner Ken Gray advised the seller.
Herbert Smith Freehills advised Austreo Property Ventures, a subsidiary of investment bank Goldman Sachs, on its $37.5 million acquisition of a 13-story building from the investment arm of Brisbane City Council. The Herbert Smith Freehills team was led by Sydney partner Greg Hing. Brisbane firm Connor O’Meara partner Greg O’Meara represented the seller.
Clayton Utz advised Australia’s department store Myer Holdings Ltd. on its acquisition of the remaining 35 per cent stake in womenswear brand sass & bide for $27.8 million. Myer previously acquired a 65 percent stake in the company in April 2011. Clayton Utz Melbourne partner Brendan Groves led the firm's team. Arnold Bloch Leibler advised the target.
Allen & Gledhill advised United Overseas Bank Ltd. and CIMB Bank Berhad, Singapore Branch on their provision of loan facilities worth $350 million to Mapletree China Opportunity Fund II, a $1.4 billion Singapore-based private equity fund which manages a portfolio of office, retail and residential properties in China. Proceeds from the two facilities will be used to fund future real estate purchases and acquisitions. Partner Lim Wei Ting led the Allen & Gledhill team. QED Law Corp. represented the borrower.
WongPartnership acted for a consortium of lenders on a $312 million equipment lease-backed financing provided to Micron Semiconductor Asia Capital Pte. Ltd., the finance arm of U.S. semiconductor manufacturer Micron Technology Inc. Partner Christy Lim led the WongPartnership team for lenders DBS Bank Ltd.; GE Capital Services Pte. Ltd.; ING Bank N.V., Singapore Branch; Oversea-Chinese Banking Corp. Ltd.; and United Overseas Bank Ltd. Jones Day Singapore partner Sushma Jobanputra advised the borrower.
Allen & Gledhill partner Glenn Foo advised Lippo Malls Indonesia Retail Trust on an issue of $120 million Euro-denominated medium-term notes. Listed on the Singapore Stock Exchange, the REIT owns 16 malls across Indonesia worth a total of $1.4 billion. Herbert Smith Freehills Singapore partner Philip Lee acted for the sole dealer Standard Chartered Bank.