Asia Deal Digest: October 24, 2013
Skadden, Arps, Slate, Meagher & Flom has advised China Petroleum & Chemical Corp., better known as Sinopec, on a second $3.5 billion bond offering. The issue was divided into four tranches: $750 million three-year bond, $750 million five-year debenture, $1.5 billion 10-year securities, and $500 million 30-year debt. Shanghai partner Gregory Miao and Beijing partner Peter Huang led the Skadden team advising Sinopec. Both partners also advised Sinopec on the April offering. Davis Polk & Wardwell Hong Kong partners James Lin and Eugene Gregor advised underwriters Citigroup Inc., Bank of America Merrill Lynch, UBS AG, and J.P. Morgan Securities Plc. [Read full story]
Ropes & Gray is advising a consortium led by Blackstone Group on its $625 million acquisition of Chinese information technology company Pactera Technology International Ltd. Nasdaq-listed Pactera will be taken private by Blackstone, a group of senior managers from the company, and another private equity firm, GGV Capital. Along with shareholder approval, the deal is also subject to review by Chinese antitrust authorities. Hong Kong partners Gary Li and James Lidbury are leading a Ropes & Gray team advising the consortium on U.S. law, which also includes Hong Kong partners Paul Boltz, Kim Nemirow and Michael Nicklin and Shanghai partner Geoffrey Lin. Cleary Gottlieb Steen & Hamilton Beijing partner Clay Johnson is representing the Pactera senior managers that are part of the buyer consortium. Orrick, Herrington & Sutcliffe Shanghai partner Jeffrey Sun and San Francisco partner Richard Vernon Smith are acting as U.S. counsel to Pactera. Shearman & Sterling Hong Kong partner Paul Strecker is U.S. legal adviser to the special committee of Pactera’s board of directors, with Conyers Dill & Pearman acting as Cayman Islands counsel. [Read full story]
Mayer Brown JSM acted for Chinese state-owned insurance company China Taiping Insurance Group on its $400 million senior notes issuance. Hong Kong partner Phill Smith represented the company on Hong Kong and English law matters, while Walkers Hong Kong partner Kristen Kwok advised on British Virgin Islands law. Herbert Smith Freehills Hong Kong partners Kevin Roy and Tommy Tong served as counsel for joint lead managers Agricultural Bank of China Ltd., Bank of China (Hong Kong) Ltd., CCB International Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd., Credit Suisse Securities (Europe) Ltd. and J.P. Morgan Securities Plc., with help from Singapore partner Philip Lee. Jia Yuan Law Offices served as the banks’ Chinese counsel.
Skadden, Arps, Slate, Meagher & Flom is advising Chinese data center services company 21Vianet Group Inc. on a $100 million investment from Singapore sovereign wealth fund Temasek. After the transaction, Temasek will hold a 10 percent interest in 21Vianet. Hong Kong partner Julie Gao led the Skadden team. Maples and Calder served as Cayman Islands counsel. Davis Polk & Wardwell acted for Temasek.
Morrison & Foerster is acting for Japanese Internet and telecommunications giant SoftBank Corp. on its purchase of a 57 percent stake in Miami-based mobile phone company Brightstar Corp. for $1.26 billion. The deal has been approved by the Japanese company's board and is expected to close by the end of the year, pending regulatory approval. Tokyo M&A partner Kenneth Siegel is leading the Morrison & Foerster team with San Francisco partner and global corporate cochair Brandon Parris and Tokyo partner Ivan Smallwood. Weil, Gotshal & Manges private equity partner Michael Weisser is serving as legal adviser to SoftBank shareholder and private equity firm Lindsay Goldberg. Cleary Gottlieb Steen & Hamilton and K&L Gates are advising Brightstar. The Cleary team is led by New York–based M&A partners Christopher Austin and Benet O'Reilly. K&L Gates’ team includes corporate partners Clayton Parker and Christopher Tillson. [Read full story]
WongPartnership acted for Midas Holdings Ltd., a Singapore-listed Chinese aluminum manufacturer, on the establishment of a $403 million medium-term bond program. The company plans to use the money raised for general corporate purposes, including refinancing existing debt and future acquisitions, among others. Partners Hui Choon Yuen and Trevor Chuan led the WongPartnership team. Allen & Gledhill advised lead arrangers DBS Bank Ltd. and The Hongkong and Shanghai Banking Corp. Ltd., with a team led by Margaret Chin and Daselin Ang. Partner Sunit Chhabra advised on tax matters. Partner Magdalene Leong also acted for trustee The Bank of New York Mellon. Jingtian & Gongcheng served as Chinese counsel for DBS and HSBC.
Herbert Smith Freehills and Jones Day are advising on a $1.6 billion joint venture between building materials companies Boral Ltd. of Australia and Chicago-based USG Corp. The 50/50 joint venture, USG Boral Building Products, will combine certain parts of each company’s plasterboard businesses, as well as other assets. The deal, subject to regulatory approval, is expected to close in January. Herbert Smith Freehills Sydney partners Stephen Dobbs and Adam Strauss are leading the team advising Boral, with partners in Asia and the Middle East also playing a role. Jones Day Sydney partners Chris Ahern and Adam Salter are acting for USG. [Read full story]
Minter Ellison led Australian tourist ferry operator SeaLink Travel Group on its initial public offering on the Australian Securities Exchange, which raised $15 million.* Proceeds from the IPO will be used to acquire new ferries in Sydney and Darwin, refurbish the company’s existing fleet and repay its existing debt. Minter Ellison Adelaide partner Louisa McClurg advised SeaLink, while Sydney-based firm Watson Mangioni Lawyers acted for joint lead managers Ord Minnett and Taylor Collison.
Gilbert + Tobin represented Nine Entertainment Co. on its $39 million purchase of the remaining stake in Australian Web portal ninemsn Pty. Ltd. from Microsoft Corp. The 50/50 joint venture first launched in 1997. Ninemsn, which was recently renamed Mi9, ranks behind Google and Facebook as the third most-trafficked site in Australia. Sydney partners Rachel Launders and Ken Saurajen led the Gilbert + Tobin team acting for Nine Entertainment. Johnson Winter & Slattery represented Microsoft.
Simpson Thacher & Bartlett is advising Kohlberg Kravis Roberts on its $203 million acquisition of a minority stake in Weststar Aviation Services Sdn. Bhd., the private equity fund’s first investment in Malaysia. Weststar provides helicopter services to oil and gas companies in Southeast Asia, and counts Royal Dutch Shell Plc. and Exxon Mobil Corp. as clients. Hong Kong partner Mark Pflug is the lead Simpson Thacher partner acting for KKR. Allen & Gledhill associate firm Rahmat Lim & Partners partner Chia Chee Hoong and partner Ong Boo Seng advised the company on local law matters. Malaysian firm Azmi & Associates is representing Weststar.
Amarchand & Mangaldas & Suresh A. Shroff & Co. advised a Tata Group investment fund on its $40.5 million stake purchase in Tata Sky Ltd., a direct-to-home broadcast joint venture between the group and Newscorp’s Star. The Tata Opportunities Fund, which is controlled by the group’s Tata Capital and invests solely in or with group-related companies, is purchasing a 5 percent share of Tata Sky. Mumbai partners Ashwath Rau and Vandana Pai Bharucha acted for the fund, while Tata Sky handled the deal in-house.
*Correction, 10/30/13: A previous version of this article incorrectly stated the amount raised by the SeaLink Travel Group initial public offering. We regret the error.