Asia Deal Digest: September 26, 2013
Jones Day and Weil, Gotshal & Manges are taking the lead on Santa Clara, Calif.–based chipmaker Applied Materials’ acquisition of Tokyo Electron for $9.3 billion. The deal is expected to close before the end of 2014, pending the approval of regulators and both companies' shareholders. Applied Materials has brought together a team of legal advisers led by Weil and also including Japanese firm Mori Hamada & Matsumoto and Dutch firm De Brauw Blackstone Westbroek. The Weil lawyers working on the matter include Silicon Valley partners Keith Flaum, John Brockland and James Griffin; Washington partners Steven Newborn and John Scribner; Dallas partner P.J. Himelfarb, and New York partner Ellen Odoner. Jones Day and Japanese firm Nishimura & Asahi are representing Tokyo Electron. The Jones Day team is led by Dallas-based M&A partner R. Scott Cohen and also includes Dallas partners Troy Lewis, Michael Davitt and James O'Bannon; New York partner Manan Shah; Washington partners Joe Sims, Kathryn Fenton, Ryan Thomas, Lester Droller, and Noel Francisco; London partner Ferdinand Mason; Amsterdam partners Marc Rijkaart van Cappellen and Lodewijk Berger; Frankfurt partner Carsten Gromotke; Beijing partner Yizhe Zhang; Shanghai partner Peter Wang; Tokyo partner Koichi Inoue; and Singapore partner David Longstaff. [Read full story]
Linklaters is advising Japanese housing and building materials company Lixil Corp. and the Development Bank of Japan on their proposed $4.1 billion acquisition of German bathroom fixture maker Grohe Group. The buyers will purchase 87.5 percent of Grohe from private equity firms TPG Capital and DLJ Merchant Banking Partners, an affiliate of Credit Suisse Group AG. Lixil and the Development Bank will control Grohe through a 50-50 joint venture. The deal, subject to regulatory approvals, is expected to close in early 2014. Lixil, which acquired plumbing fixture maker American Standard in August around $542 million, has embarked on a global expansion drive in recent years. In 2011, it bought Italian curtain wall maker Permasteelisa S.p.A. for around $800 million. Linklaters London partner David Holdsworth, Dusseldorf partner Klaus Marinus Hoenig, and Tokyo partner Hiroya Yamazaki acted for Lixil and Development Bank. Weil, Gotshal & Manges Frankfurt partner Gerhard Schmidt led a 20-lawyer team representing Grohe, TPG, and DLJ, that also included Frankfurt partners Heiner Drüke, Stephan Grauke, and Jürgen Börst, as well as Munich partners Tobias Geerling, Thomas Schmid, and Barbara Jagersberger. Clifford Chance is also advising the sellers. [Read full story]
Allen & Gledhill partners Margaret China and Sunit Chhabra advised Singapore’s Housing and Development Board on an issue of four tranches of fixed rate notes worth $2.5 billion as part of a $17.5 billion multi-currency medium-term note program.
Stamford Law Corp. advised Singapore-listed investment holding company Asian Micro Holdings Ltd. on its $167 million acquisition of property developer Oxley Global Ltd. As the only law firm on the deal, Stamford Law acted for the acquirer with a team led by partners Yap Lian Seng and Elizabeth Kong.
WongPartnership advised Standard Chartered Bank, Singapore Branch and Citibank, N.A., Singapore Branch on a $150 million loan facility provided to Singapore-listed Chinese vegetable processing company China Minzhong Food Corp. Ltd. Rajah & Tann, which has recently represented Minzhong on its acquisition of Indonesian food producer PT Indofood Sukses Makmur TBK for $383 million, advised the borrower with a team led by partners Ng Sey Ming and Lee Weilin.
Stamford Law Corp. partners Lean Min-tze and Lo Kim Seng have advised Peter Wong, the chairman of Singapore-listed but Hong Kong-based beverage company Tsit Wing International, on a $51.5 million deal to take the company private. Harry Elias Partnership acted for the company, with Appleby Hong Kong partner John Melia advising on Bermuda law.
Watson, Farley & Williams Hong Kong partner Madeline Leong advised China’s ICBC Financial Leasing Co. Ltd. on a $1.5 billion sale-and-leaseback agreement with French offshore oil and gas service provider Bourbon. As part of the deal, 51 offshore supply vessels are being sold to the Chinese bank’s leasing arm, nine of which were delivered at the beginning of this month. All vessels are expected to be completed and transferred in 10 months. Norton Rose Fulbright Paris partner Christine Ezcutari acted for Bourbon.
Clifford Chance Hong Kong partner Cherry Chan is advising Chinese brokerage Haitong Securities Co. Ltd. on its proposed $715 million acquisition of a Chinese financial leasing business controlled by U.S. private equity firm TPG Capital. A subsidiary of Haitong plans to buy TPG’s UT Capital Group Co. Ltd., which operates two financial leasing businesses that serve small and medium-sized companies in China. Cleary Gottlieb Steen & Hamilton Hong Kong partner Mike Preston is advising TPG, with Fangda Partners serving as Chinese counsel. [Read full story]
Skadden, Arps, Slate, Meagher & Flom and Cleary Gottlieb Steen & Hamilton have the lead roles in the $339 million take-private of Nasdaq-listed Chinese fertilizer manufacturer Yongye International Inc. by its chairman Zishen Wu. According to the agreement, Yongye will merge with special purpose vehicle Full Alliance International Ltd. The transaction, which is expected to close before the end of the first quarter of 2014, is subject to shareholder approval. Cleary Beijing partners Ling Huang and Clay Johnson are acting for the company’s board of directors. Skadden Beijing partners Peter Huang and Daniel Dusek and Hong Kong partner Clive Rough are representing Wu. Loeb & Loeb is advising Yongye. Alston & Bird and Deheng Law Offices are advising China Development Bank Corp., Inner Mongolia Branch, which has agreed to provide a $214 million debt facility to finance the deal. Weil, Gotshal & Manges Hong Kong partner Akiko Mikumo is advising Lead Rich International Ltd., which is providing another $50 million in financing. Akin Gump Strauss Hauer & Feld Hong Kong partners Gregory Puff and Zachary Wittenberg are acting for financial adviser Houlihan Lokey Capital Inc. Paul, Weiss, Rifkind, Wharton & Garrison Hong Kong partner John Lange is acting for shareholder MSPEA Agriculture Holding Ltd.
DLA Piper advised a consortium of banks consisting of ABN AMRO Bank N.V., Natixis and Société Générale on a $195 million loan facility to Chinese aluminum producer Xinjiang Zhaokun Trading Co. Ltd. The proceeds will be used to repay Zhaokun's existing loans. DLA Piper Beijing partner Jolyon Ellwood-Russell led the representation with Global Law Office Beijing Partner Zhang Xin acting as Chinese counsel for the banks.
Hong Kong firm Woo, Kwan, Lee & Lo has advised International Housewares Retail Co. Ltd. on its $78 million initial public offering. Baker & McKenzie Hong Kong partners Elsa Chan, Brian Spires, and Edwin Li advised BOCI Asia Ltd. Part of the proceeds will be used to finance 200 new store openings in Hong Kong and other countries. Also advising the issuer were Conyers Dill & Pearman on Cayman Islands law, Rodyk & Davidson on Singapore law, Adnan Sundra & Low on Malaysian law, Fangda Partners on Chinese law and Rato, Ling, Vong, Lei & Cortés – Advogados on Macau law.
Allens has advised Australian surfwear company Billabong International Ltd. on an over $500 million refinancing deal with U.S. private equity companies Centerbridge Partners and Oaktree Capital Management. Allens team on the deal was led by Sydney partners Alex Maxton, Renee Boundy, Guy Alexander, Vijay Cugati, and Richard Harris. Gilbert + Tobin Sydney partners Dominic Emmett, David Clee, and Simon Lynch, as well as Perth partner Sarah Turner, advised Centerbridge and Oaktree on Australian law matters. Paul, Weiss , Rifkind, Wharton & Garrison acted as U.S. counsel to the private equity companies. [Read full story]
Clayton Utz Melbourne partner Andrew Walker acted for Australian recruitment firm Skilled Group Ltd. on its $75.5 million acquisition of Darwin-based marine contractor Broadsword Marine Contractors Pty Ltd. K&L Gates Perth partner Simon Salter advised the target.
Trilegal Mumbai partner Srinivas Parthasarathy has advised Indian textile company Alok Industries Ltd on a $150 million Sharia-compliant financing. Amarchand & Mangaldas & Suresh A. Shroff Co. Delhi partner Pranav Sharma advised United Arab Emirates bank Noor Islamic Bank PJSC as the lender, with Clifford Chance Dubai partner Qudeer Latif advising on English and United Arab Emirates laws.