Asia Deal Digest: September 19, 2013
China / Hong Kong
Allen & Overy has advised a subsidiary of China Power Investment Corp. on an alumina mining contract with the Republic of Guinea that is part of a $6 billion project in the West African country. The firm’s team was led by Beijing partner Matthias Voss, Paris partner Alexandre Ancel, and Perth partner Meredith Campion. King & Spalding acted for the government of Guinea, with a team led by London partners Garry Pegg and Hywel Jones. Local firm Sylla & Partners advised on Guinean law matters. [Read full story]
Kirkland & Ellis has advised Chinese Internet company Qihoo 360 Technology Co. Ltd. on a $600 million convertible bond issue, with Commerce & Finance Law Offices acting as Chinese counsel. New York Stock Exchange–listed Qihoo develops Internet security software and Web browsers for users in China. Maples and Calder Hong Kong partner Greg Knowles acted as the issuer’s Cayman Islands counsel. Latham & Watkins Hong Kong partner Eugene Lee represented initial purchasers Citigroup Global Markets Inc.; China Renaissance Securities (Hong Kong) Ltd.; and UBS AG, Hong Kong Branch as U.S. law counsel, with King & Wood Mallesons acting as Chinese counsel.
Herbert Smith Freehills Hong Kong partner Alexander Aitken advised local property developer Wing Tai Properties Ltd. on a $464 million financing deal for a residential development. Mayer Brown JSM represented lender Bank of China (Hong Kong) Ltd.
Paul, Weiss, Rifkind, Wharton & Garrison and Baker & McKenzie have advised Chinese Internet company Tencent Holdings Inc. on a $448 million investment in Sohu.com Inc.’s online search company Sogou. Tencent has purchased a 36.5 percent stake in Sogou, with which it will merge its own Soso search-related businesses. Paul Weiss Hong Kong partner Jeanette Chan served as Tencent’s main outside counsel, with Baker & McKenzie Shanghai-based corporate partner Howard Wu also playing a role. Sohu.com was represented by Boston-based firm Goulston & Storrs, while Haiwen & Partners served as Chinese counsel. [Read full story]
Sidley Austin Hong Kong partner Alexander Lloyd has advised Chinese real estate developer CIFI Holdings Co. Ltd. on a $225 million notes issue. Maples and Calder Hong Kong partner Christine Chang acted as Cayman Islands and British Virgin Islands counsel to CIFI. Davis Polk & Wardwell Hong Kong partner William Barron represented managers Citigroup Global Markets Ltd.; Standard Chartered Bank; Deutsche Bank AG, Singapore Branch; HSBC; and Haitong International Securities Company Ltd.
Paul Hastings Hong Kong partners Raymond Li, Sammy Li, and Steven Winegar acted for Chinese food and beverage producer Tenwow International Holdings Ltd. in its $203 million Hong Kong initial public offering. Commerce & Finance Law Offices was Chinese counsel to the issuer, while Appleby Hong Kong partner Judy Lee advised on Cayman Islands law. Simpson Thacher & Bartlett Hong Kong partners Christopher Wong and Chris Lin and New York partner Robert Holo advised underwriters Deutsche Bank AG, Hong Kong Branch; The Hongkong and Shanghai Banking Corp.; China International Capital Corp., with Jingtian & Gongcheng acting as Chinese counsel.
Baker & McKenzie Hong Kong partner Rossana Chu advised sewage treatment service provider Beijing Enterprises Water Group Ltd. on its $156 million acquisition of nine water treatment projects in China from Malaysian water firm Salcon Berhad, which was represented by Norton Rose Fulbright.
Paul Hastings and Allens are advising U.S. construction firm Jacobs Engineering Group on its proposed $1.2 billion acquisition of Australia's Sinclair Knight Merz (SKM) for roughly $1.2 billion in cash. The deal, which is expected to close before the end of the first quarter of 2014, is subject to the approval of regulators and SKM shareholders. Los Angeles partner Robert Miller is leading a Paul Hastings team that also includes London partners Ronan O'Sullivan and Ross McNaughton. Allens Sydney partners Julian Donnan, Kon Stellios, and Kim Reid are advising Jacobs on Australian law. SKM is being represented by Jones Day Sydney partner Matthew Latham and partner Weyinmi Popo. [Read full story]
Minter Ellison Melbourne partners Richard Dammery, Paul Kallenbach, and Cameron Ross have advised Australian mobile service provider Optus Networks and its parent company, Singapore Telecommunications Ltd., on their $495 million five-year agreement to provide telecommunications services to ANZ Banking Group Ltd. Allens Melbourne partners Michael Pattison and Niranjan Arasaratnam represented ANZ.
King & Wood Mallesons led Brisbane-based beef supplier Australian Agricultural Co. Ltd. on its $279 million capital raising. The transaction consists of an accelerated nonrenounceable entitlement offer and a subordinated convertible notes issue, raising $204 million and $75 million, respectively. King & Wood Mallesons Brisbane partner Stefan Luke and Sydney partner David Friedlander led a team that also included Sydney partner Ken Astridge. Minter Ellison Sydney partners Costas Condoleon, Daniel Scotti, and John Elias represented Australia Agricultural’s largest shareholder, AA Trust, which will take the entitlement in full. Herbert Smith Freehills Melbourne partner Tim McEwen acted for underwriter UBS.
Stamford Law Office is advising Chinese wastewater treatment company Sound Global Ltd. on a proposed $860 million deal to take the company private from the Singapore Stock Exchange. The offer is made by Sound Global founding chairman Wen Yibo through a Hong Kong special purpose vehicle, Sound (HK) Ltd. Partners Bernard Lui and Lim Swee Yong led the Stamford team advising Sound Global on Singapore law, with Deacons serving as Hong Kong counsel. Rajah & Tann partners Chia Kim Huat and Danny Lim acted for Wen on Singapore law, with Norton Rose Fulbright advising on Hong Kong law. Sound Global will maintain its primary listing on Hong Kong Stock Exchange.
Allen & Gledhill has advised Perisai Capital, the financial arm of Malaysian gas drilling company Perisai Petroleum Teknologi Bhd, on the establishment of a $555 million notes program. Partners Margaret Chin and Ong Kangxin led the Allen & Gledhill team, which also included partner Sunit Chhabra. Malaysian firm Adnan Sundra & Low was the issuer’s Malaysian counsel. Allen & Overy acted for arranger Credit Suisse (Singapore) Ltd. Norton Rose Fullbright represented trustee DB International Trust (Singapore) Ltd.
Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising UltraTech Cement Ltd. on its proposed $600 million purchase of Jaypee Cement Corp. Ltd.’s production unit in the Indian state of Gujarat. The deal largely involved UltraTech assuming the $576 million in debt held by Jaypee’s Gujarat unit, with the company issuing shares to Jaypee to cover the remaining portion of the acquisition cost. The deal, which is subject to shareholder and regulatory approval, is expected to close by the second quarter of next year. Amarchand Mumbai-based co–managing partner Cyril Shroff and corporate partner Tushar Mavani are acting for UltraTech. Vaish Associates Mumbai partners Bomi Daruwala and Martand Singh are representing Jaypee on the deal. [Read full story]