Asia deals: Trilegal strikes $4.7 billion payout deal, Hong Kong capital markets slump and Pinsent on two listings from Singapore to London

India

Indian company Trilegal acted as sole advisor to global consumer internet group and tech investor Prosus Ventures, and PayU India in securing unconditional clearance from the Competition Commission of India (CCI) for the acquisition of IndiaIdeas.com Limited (BillDesk).

It is India’s largest-ever digital payments acquisition, and the deal, announced mid-last year and valued at $4.7 billion, will make the combined entity the one of the largest online payment providers in the world.

In April, the TCC had asked the parties to file a new request, addressing several concerns. According to a press release from Trilegal, the ICC issued a show cause notice with their At first glance competition concerns.

Trilegal’s team on the deal was led by the firm’s partner and national head of competition practice Nisha Kaur Uberoi, its co-head of its corporate practice Yogesh Singh, and his partner Harsh Jain.

Shardul Amarchand Mangaldas & advised BillDesk and its founders. The company’s head of mergers and acquisitions and private equity, Raghubir Menon, and business partners Natashaa Shroff and Shiladitya Banerjee led his advice.

AZB & Partners lawyers, Vaidhyanadhan Iyer and Vipul Jain, advised selling shareholders, including General Atlantic, Clearstone Group, Temasek Holdings and Visa.


South East Asia

CMS has reached an agreement which marks the latest foreign telecommunications provider to leave the Myanmar market.

The firm advised Qatari telecommunications company Ooredoo in its deal to sell its Myanmar unit for $576 million to Singapore-registered Nine Communications. The agreement is subject to the approval of the Myanmar authorities.

The CMS team advising Ooredoo was led by London partners Chris Watson, Valentina Santambrogio and Jacqueline Vallat.

The owner of Nine Communications is U Nyan Win, a Burmese executive specializing in the telecommunications sector. His company was advised by the Singapore firm Rajah & Tann, whose main partners were Chester Toh and Hiroyuki Ota in Singapore, and Min Thein in Yangon.


Singapore-based Allen & Gledhill acted as transaction advisor for Oversea-Chinese Banking Corporation, CIMB Bank Berhad, Singapore Branch and Maybank Securities Pte. on a $694 million sustainability-linked loan. The beneficiary of the loan was DBS Trustee Limited, in its capacity as trustee of OUE Commercial Real Estate Investment Trust and OUE Hospitality Sub-Trust.

The deal, which represents OUE’s first sustainability-linked loan, also marks the largest sustainability-linked loan granted to a Singapore real estate investment trust to date.

The facility will be used to refinance existing borrowings of OUE Commercial Real Estate Investment Trust and OUE Hospitality Sub-Trust.

The Allen & Gledhill team was led by partners Lim Wei Ting and Wong Jie Ning.


Pinsent Masons’ Singapore office, Pinsent Masons MPillay, advised two Asian companies on their listing on the London Stock Exchange.

Led by Nick Hanna and Mark Tan, Director and Co-Head of Pinsent Masons’ Asia Pacific Corporate Practice, the firm has acted for investment firm Ikigai Ventures Limited and separately for Singapore-based Fintech Asia Limited on their lists in London.

Ikigai is reportedly looking to raise around $2.4m while Fintech Asia has raised around $1.7m.

Ikigai Ventures was incorporated in 2021 to undertake the acquisition of companies with high positive social impact as part of their core business in Asia. Fintech Asia was also incorporated in 2021, but is focused on acquiring businesses in the Fintech sector.

Offshore firm Carey Olsen and Hamburg-based Sonderhoff & Einsel Law and Patent Office acted as Guernsey and Japan counsel to Ikigai, respectively. Ikigai’s listing underwriters were represented by London-based Memery Crystal. The three companies have also taken on the same roles for the listing of FinTech Asia.


hong kong

For Hong Kong capital markets, momentum is slowly accelerating, albeit concentrated in small to medium increases.

Paul Hastings, Zhong Lun Law Firm and Chongqing Sound Law Firm advised Chongqing Hongjiu Fruit Co. in its $72 million initial public offering (IPO) on the Hong Kong Stock Exchange.

Hongjiu Fruit manages supply chains for fruits grown in China, Thailand and Vietnam.

Paul Hastings’ team was led by Raymond Li, the company’s president for Greater China, and Hong Kong business partners Vincent Wang and Chaobo Fan.

China International Capital Corporation Hong Kong Securities Limited acted as sole sponsor, and Citigroup Global Markets Asia Limited and UBS AG Hong Kong Branch acted as joint global listing coordinators. The banks were represented by Clifford Chance and Fangda Partners.


Paul Hastings’ Li also acted in a separate Hong Kong IPO by Chinese digital health service provider Dingdang Health Technology Group.

The issuer, which raised $51 million via its IPO, was advised by Clifford Chance, Jingtian & Gongcheng and Maples and Calder.

Clifford Chance’s deal team was led by Chinese co-manager Tim Wang and Hong Kong partners Fang Liu and Christine Xu.

Li advised China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited as co-sponsors and global co-coordinators. Shanghai-based CM Law Firm also represented the underwriters.


Also in Hong Kong, Davis Polk & Wardwell and Walkers represented Interra Acquisition Corporation in its $127 million issuance of 100,100,000 Class A shares and 40,040,000 warrants listed on the Hong Kong Stock Exchange .

Interra Acquisition Corporation is a special purpose acquisition company (SPAC) incorporated that focuses on targets that are high growth companies operating in the innovative technology, consumer and new retail, advanced manufacturing, health and climate action.

The Davis Polk team was led by Hong Kong partners James Lin and Yang Chu.

Grace Huang and Arun Balasubramanian, partners of Freshfields Bruckhaus Deringers in Hong Kong, represented the underwriters.


Mainland China

A team from Linklaters Hong Kong, led by its Asia Managing Partner William Liu, advised China’s Ministry of Finance (MOF) on its $428 million sovereign bond issue in Macau.

This is the second RMB sovereign bond issue in Macau after the first in 2019, on which Linklaters also advised the MOF.

MOF’s latest issue consists of two tranches, a two-year, $285 million 2.2% bond and a three-year, $143 million 2.28% bond.

The bonds will be listed on the Chongwa Financial Assets Exchange (Macau) and cleared by Macau Central Securities Depository and Clearing Limited (MCSD), making it the first sovereign bond to be cleared by MCSD since its launch last year.

Linklaters has advised MOF since 2009. Earlier this year, the firm also represented MOF on its $1 billion and $713 million Hong Kong government bond issues.


South Korea

In Seoul, Baker McKenzie represented Asia-focused real estate and investment services company, ESR Group Limited (ESR), as international advisor in the establishment of ESR Data Center Fund I, a real estate fund of private equity that will invest in data center projects. across Asia-Pacific.

The fund raised $1 billion in its first close, which was advised by Baker McKenzie. Wong & Leow directors Derek Kwan and Jens Carle in Singapore.

The firm also acted as transaction advisor on ESR’s investment in a joint venture with US hyperscaler STACK Infrastructure to build a 48-megawatt data center in Seoul. This deal was advised by Baker’s partner in Hong Kong, Rico Chan, and special counsel Mandy Lan.

In Southeast Asia, Baker McKenzie advised Singaporean clean energy solutions provider EDPR Sunseap Group on its $284 million acquisition of two solar PV projects from Vietnamese renewable energy developer, Xuan Thien Group.

Both projects are located in Thuan Bac district, Ninh Thuan province, Vietnam.

The Baker McKenzie team was led by Ho Chi Minh City-based corporate partner Nguyen Lan Phuong.