China's New Frontier Corp.is acquiring Chinese private healthcare provider United Family Healthcare from U.S. private equity firm TPG and Chinese drugmaker Shanghai Fosun Pharmaceutical Group Co. (Photo: PongMoji/Shutterstock.com)Asia Deal Digest: August 2019
• Ashurst, Herbert Smith Freehills on Commonwealth Bank of Australia's $1.6 billion insurance business divestment. • Winston, Simpson Thacher, Kirkland, Cleary and Paul Hastings on a $1.4 billion Chinese healthcare deal. • Mayer Brown, Allen & Overy on a Vietnamese bank's $300 million bond sale.
August 29, 2019 at 12:15 PM
6 minute read
Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia and Australia.
|Australia
• Australian firm Corrs Chambers Westgarth represented a consortium that included Pacific Partnerships, Ghella, BAM and Dutch Infrastructure Fund on a successful bid for a public-private partnership contract to deliver the tunnels, stations and development portion of Brisbane's $3.7 billion Cross River Rail Project. Corrs also advised the design and construction joint venture comprising CPB Contractors, Ghella, BAM and UGL Engineering. The Corrs team for the consortium was led by partners David Warren, Brad Robinson, Andrew Chew and Peter Schenk, and the team that advised the joint venture was led by partner Airlie Fox. [Read Full Story]
• Ashurst is advising Hong Kong-based insurer AIA Group Ltd. on a $1.6 billion acquisition of the Commonwealth Bank of Australia's Australian life insurance business. The deal is expected to close in 2020, subject to regulatory approval in Australia. Herbert Smith Freehills Sydney partners Tony Damian and Michael Vrisakis are representing the Commonwealth Bank. [Read Full Story]
|China/Hong Kong
• Winston & Strawn New York partners Joel Rubinstein, Jonathan Rochwarger, Elliott Smith and Nyron Persaud, Simpson Thacher & Bartlett New York partners Patrick Naughton, Robert Holo and Laurence Moss and Beijing partner Yang Wang, and Kirkland & Ellis are advising New Frontier Corp., a Chinese investment company that listed on the New York Stock Exchange last year, on a $1.3 billion acquisition of Chinese private healthcare provider United Family Healthcare from U.S. private equity firm TPG and Chinese drugmaker Shanghai Fosun Pharmaceutical Group Co. Ltd. The transaction is expected to be completed in the fourth quarter this year, subject to approval by shareholders of New Frontier and Fosun Pharma. Global Law Office is serving as Chinese counsel to NFC. Cleary Gottlieb Steen & Hamilton partners Denise Shiu in Beijing, Meyer Fedida and Arthur Kohn in New York and Carlo de Vito Piscicelli in Milan are representing TPG. Fangda Partners is serving as Chinese counsel to TPG. Paul Hastings Shanghai partners Jia Yan and David Wang are advising Fosun Pharma. Hughes Hubbard & Reed is advising Roberta Lipson. [Read Full Story]
• Paul, Weiss, Rifkind, Wharton & Garrison and Kirkland are advising U.S. private equity firm KKR & Co. Inc. on a $794 million acquisition of a 70% stake in Hong Kong-listed NVC Lighting Holding Ltd.'s China lighting business. The transaction is expected to close in the fourth quarter this year, following regulatory and shareholder approvals. Freshfields Bruckhaus Deringer partners Philip Li, Teresa Ko and Calvin Lai in Hong Kong, and Jason Xu and Yuxin Shen in Beijing, are advising NVC Lighting. They are supported by intellectual property partner Richard Bird, disputes partner John Choong and finance partner Daniel French in Hong Kong, tax partner Peter Clements in London, and antitrust partner Hazel Yin in Beijing.
• Paul Hastings Hong Kong partner Vivian Lam advised Chinese real estate company Sino-Ocean Group Holding Ltd. on a $600 million bond sale issued by subsidiary Sino-Ocean Land Treasure IV Ltd. Linklaters advised the joint lead managers, which included HSBC, Goldman Sachs and CITIC.
• Paul Hastings Hong Kong partner Vivian Lam advised Hong Kong-listed Chinese property developer Yuzhou Properties Co. Ltd. on a $400 million bond sale and a $200 million bond sale. Skadden, Arps, Slate, Meagher & Flom advised BOC International, HSBC, J.P. Morgan and Yuzhou Financial as the joint global coordinators for the $400 million bond and Credit Suisse as the sole global coordinator for the $200 million bond.
• Clifford Chance advised Shenzhen-based semi-trailer manufacturer CIMC Vehicles Group Co. Ltd. on a $215 million listing in Hong Kong. Shenzhen-based Shu Jin Law Firm served as Chinese counsel to the issuer. CIMC Vehicles plans to use the majority of the proceeds to develop new manufacturing and assembly plants in the U.S. and Europe. Norton Rose Fulbright Hong Kong partners Psyche Tai and Harold Tin advised Haitong, ICBC and Nomura as the joint global coordinators. Jia Yuan Law Offices advised the banks on Chinese law.
• Skadden Hong Kong partner Julie Gao advised AMTD International Inc., a subsidiary of Hong Kong-based boutique investment bank AMTD Group Co. Ltd., on a $200 million listing on the New York Stock Exchange. Kirkland advised the underwriters, which included AMTD Group subsidiary AMTD Global Markets. Justin Chow & Co. Solicitors served as Hong Kong counsel to both the issuer and underwriters.
• Skadden Hong Kong partners Christopher Betts and Edward Lam advised Chinese private higher education group Edvantage Group Holdings Ltd. on a $90 million listing in Hong Kong. Commerce & Finance Law Offices served as Chinese counsel to the issuer. Edvantage plans to use the majority of the proceeds to construct buildings in existing campuses, build a new campus in China, acquire education institutions in the Greater Bay Area and expand overseas, including in the U.K. and Singapore. Norton Rose Fulbright Hong Kong partners Psyche Tai and Vicky Lam advised BNP Paribas as the sole sponsor. JunHe advised the bank on Chinese law.
• Skadden Hong Kong partner Julie Gao and Shanghai partner Haiping Li advised Chinese lending platform 9F Inc. on a $85 million listing on Nasdaq. The issuer was advised by Han Kun Law Offices on Chinese law and Han Kun's Hong Kong associate firm Miao & Co. on Hong Kong law. The issuer plans to use the majority of the proceeds to improve the platform and increase the number of users, broaden its product offerings, expand in Hong Kong and southeast Asia, and invest in research and development. Davis Polk & Wardwell Hong Kong partners James Lin and Li He advised Credit Suisse, Haitong, CLSA, China Investment Securities and 9F Primasia Securities as the underwriters. Commerce & Finance Law Offices advised the banks on Chinese law.
|Southeast Asia
• Mayer Brown Hong Kong partner Thomas Kollar, Hanoi partner Hoang Anh Nguyen and London partner James Taylor advised Hanoi-based Vietnam Prosperity Joint-Stock Commercial Bank on a $300 million bond sale. Allen & Overy represented BNP Paribas, J.P. Morgan and Standard Chartered as the underwriters.
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