Asia Deal Digest: November 28, 2013
Wilson Sonsini Goodrich & Rosati, O'Melveny & Myers, and Weil, Gotshal & Manges have the lead roles on a $2.86 billion bid to privatize Chinese online game developer Giant Interactive Group Inc. A consortium led by chairman Shi Yuzhu and an affiliate of Baring Private Equity Asia has proposed to acquire all of the company’s outstanding ordinary shares at a price of $11.75 per share. Hong Kong partner Weiheng Chen and Shanghai partner Zhan Chen are leading the Wilson Sonsini team advising Shi Yuzhu and the consortium. Weil Gotshal Hong Kong partner Akiko Mikumo is representing Baring Private Equity. O’Melveny & Myers Silicon Valley partner Portia Ku and San Francisco partner Kurt Berney are acting for Giant. [Read full story]
In-house counsel led the $1.8 billion deal between Hong Kong power company CLP Holdings Ltd. and Exxon Mobil Corp. CLP has agreed to buy out Exxon’s interest in two power station operators: Castle Peak Power Co. and Hong Kong Pumped Storage Development Co. CLP is paying Exxon $1.55 billion for its 30 percent stake in Castle Peak and $258 million for a 51 percent interest in Hong Kong Pumped Storage Development, which will become a wholly-owned subsidiary of CLP. The CLP team was led by group general counsel David Simmonds, while the Exxon team was led by counsel Maria Kim. Linklaters Hong Kong partners Stuart Salt and Betty Yap advised China Southern Power Grid. [Read full story]
Clifford Chance advised the state-owned China Development Bank's $738 million notes issuance. The bonds sold were issued under the bank’s $1.1 billion (RMB7 billion) dim sum bond program established earlier this year. The Hong Kong and Shanghai Banking Corp.; Standard Chartered Bank; Barclays; Bank of China (Hong Kong); ABC International; Bank of Communications, Hong Kong Branch; CCB International Capital; ICBC (Asia); and ICBC International Securities were appointed joint lead managers and bookrunners, advised by Clifford Chance Hong Kong partner Connie Heng. Linklaters acted for the issuer.
Skadden, Arps, Slate, Meagher & Flom led Chinese online marketplace 58.com in its $187 million initial public offering on New York Stock Exchange. Hong Kong partner Julie Gao led Skadden’s team of attorneys which included partners Kirk Wallace and Michael Hoffman in New York. Conyers Dill & Pearman advised the company on Cayman Islands law. Han Kun Law Offices Beijing partners Dafei Chen and Tracy Zhou acted as the company’s Chinese counsel. O'Melveny & Myers acted for the underwriters, led by Beijing partner David Roberts who was supported by Beijing partner Geng Ke and Hong Kong partner David Johnson. Commerce & Finance Law Offices also advised the underwriters on Chinese law.
Simpson Thacher & Bartlett represented Chinese sports lottery website 500.com on its $75 million initial public offering on New York Stock Exchange. The Shenzhen-based company is seeking to use the proceeds for its future sales and marketing initiatives, as well as to develop its existing online platform. Hong Kong partner Chris Lin led the Simpson Thacher team advising the issuer on U.S. law, while Han Kun Law Offices Beijing partner Yijun Chao and Shenzhen partner Jason Wang are acting as Chinese counsel. Maples and Calder Hong Kong partner Greg Knowles is advising 500.com on Cayman Islands law. Shearman & Sterling Hong Kong partner Shuang Zhao acted for underwriters Deutsche Bank Securities Inc., Piper Jaffray & Co. and Oppenheimer & Co. Inc., with Commerce & Finance Law Offices advising on Chinese law.
Loeb & Loeb advised China Success Finance Group Holdings Ltd. on a $28 million initial public offering on Hong Kong Stock Exchange. The company provides financial guarantee services to small and medium enterprise in Mainland China to obtain loans from banks. Loeb & Loeb Hong Kong partners Benny Pang and Timothy Wong advised the company on Hong Kong law. Appleby Hong Kong partner Judy Lee acted as the company’s Cayman Islands counsel together with Commerce & Finance Law Offices as Chinese counsel. Hong Kong firm Chiu & Partners partners Leo Chiu and Susana Lee advised underwriters RaffAello Capital Ltd. and First Shanghai Capital Ltd. on Hong Kong law, with Jingtian & Gongcheng acting as Chinese counsel.
King & Wood Mallesons led the $219 million initial public offering of National Storage Real Estate Investment Trust, which owns and operates 62 self-storage facilities in Australia, on the Australian Securities Exchange. King & Wood Mallesons Brisbane partner Stefan Luke advised the REIT while Herbert Smith Freehills Sydney partner Philippa Stone for sole underwriter Morgan Stanley.
Clifford Chance and Anderson Mori & Tomotsune have the lead roles in the partnership agreement between London-based Intermediate Capital Group Plc and Nomura Holdings Inc. to set up a mezzanine debt fund in Japan. The duo is investing a total of $99 million initially. Clifford Chance Tokyo partner Andrew Whan led the representation, with support from managing partner Eiichi Kanda on Japanese law aspects. Anderson Mori & Tomotsune has advised the Japanese investment bank with a team of lawyers led by Tokyo partners Takuo Hirose and Hiroto Ando.
WongPartnership advised Singapore’s commercial real estate developer Ascendas Pte. Ltd. on setting up Ascendas India Growth Program, an investment fund which focus on India’s commercial properties. Ascendas is seeking to raise $478 million for the program. Partners Ong Sin Wei, Tan Teck Howe and Felicia Marie Ng led the representation. GIC Private Ltd., Singapore’s sovereign fund, will be the principal investor in the program. Allen & Gledhill partners Richard Young, Chiam Tao Koon and Margaret Soh acted for GIC.
Stamford Law Corp. represented Rickmers Maritime, a Singapore business trust which holds 16 containerships, on its establishment of a $239 million multicurrency medium term note program. The issuer will use the fund raised to finance capital expenditures and for general corporate purposes. Stamford law counsel Lim Sin Teck led the representation. Allen & Gledhill partner Margaret Chin advised joint arrangers and dealers DBS Bank Ltd. and The Hongkong and Shanghai Banking Corp.
WongPartnership advised oil exploration company Rex International Holding Ltd.’s private share placement $42 million after taking up a lead role in the company’s listing on Singapore Stock Exchange in August. The proceeds will be used to fund new exploration and drilling activities in the Asia Pacific region, the Middle East, Norway and Western Europe. Partner Pong Chen Yih led the representation. PrimePartners Corporate Finance Pte. Ltd. and UOB Kay Hian Pte. Ltd. were appointed as joint placing agents.
Jones Day and Hadiputranto, Hadinoto & Partners represented Indonesia’s PT Visi Media Asia TBK in its $230 million syndicated credit facility arranged by Credit Suisse AG, Singapore Branch. The Jakata-based media company which runs two television channels and an online news website plans to use the loan to repay its existing debts and finance its expansion plans. Jones Day Singapore partner Kevin Murphy led the representation. Jakarta partner Rambun Tjajo led the Baker & McKenzie member firm in Indonesia advising Visi Media on local law matters. Allen & Overy and its local affiliate firm Ginting & Reksodiputro acted as English and local counsel to the bank, respectively.
Rahmat Lim & Partners and Allen & Gledhill advised Malaysia’s Sime Darby Motors in acquiring a majority interest of 89.15 percent in Vietnam’s Europe Automobiles Corp. Holdings Pte. Ltd. and a minority interest of 16.02 percent in Europe Automobiles Corp. for $37 million. After the transaction, Sime Darby Motors will take over the distribution rights of BMW and MINI in Vietnam. Partner Chia Chee Hoong led the representation of the Kuala Lumpur-based firm together with Allen & Gledhill partner Oh Hsiu Hau advising the acquirer on Singapore law. Vietnamese firm YKVN Lawyers advised Sime Darby Motors on local law matters. Freshfields Bruckhaus Deringer Ho Chi Minh City associate Milton Lawson represented the two targets.