Clifford Chance Advises Affinity Equity Partners on Sale of Leader Harvest Power Technologies for US$650 Million

Leading international law firm Clifford Chance has advised Affinity Equity Partners and Unitas Capital on the sale of Leader Harvest Power Technologies Holdings Limited through auction to Schneider Electric SA for US$650 million. The transaction closed after successfully obtaining China merger control clearances.

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Tags:  Clifford Chance LLP | Beijing

Simpson Thacher Represents American Industrial Partners in Raising $700 Million Private Equity Fund

Simpson Thacher represented American Industrial Partners in connection with the establishment of its fifth private equity fund, American Industrial Partners Capital Fund V, L.P. (the “Fund”).  The Fund, which raised $700 million in limited partner commitments, held a first and final closing after only two months of fundraising.  American Industrial Partners seeks to acquire control positions in industrial companies based in North America.

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Tags:  Simpson Thacher & Bartlett LLP | New York

Davis Polk Advises New China Life Insurance Company Ltd. on Its US$1.9 Billion Initial Public Offering

Davis Polk advised New China Life Insurance Company Ltd. (NCI) on its US$1.9 billion initial public offering (IPO), including a global offering of H shares, consisting of an initial public offering on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S, and a concurrent offering of A shares listed on the Shanghai Stock Exchange. The IPO, with total proceeds of nearly US$2.1 billion if the over-allotment option is fully exercised, is one of the largest initial public offerings of PRC companies and the only concurrent A + H shares offering in 2011.

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Tags:  Davis Polk & Wardwell LLP | Hong Kong

Milbank Represents Group of International Lenders in $692 Million Financing for New Deep Sea Drilling Ship Purchased by Brazil’s Schahin Group

In one of the most significant cross-border financings involving Brazil’s offshore energy sector this  year, Milbank, Tweed, Hadley & McCloy LLP has represented a consortium of major international lenders providing a US$692 million debt facility for the purchase of the Black Diamond I deepwater drillship by Schahin Group.  The Brazilian energy and construction conglomerate is purchasing the drillship – to be built by Korea’s Samsung Heavy Industries – and will then charter it to Brazil’s Petrobras (Petróleo Brasileiro SA).  Schahin Group has also entered into an operating agreement with Petrobras.  Milbank advised joint lead arrangers The Export-Import Bank of Korea (Kexim), Mizuho Corporate Bank, WestLB AG and Standard Chartered Bank – along with a group of five other lenders from Europe and Asia.

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Tags:  Milbank LLP | Sao Paulo

VCCC Project PPP Financial Close a Milestone for Clayton Utz Projects and Finance Teams

Clayton Utz continues to be at the forefront of social infrastructure project activity in Australia, with the announcement of financial close of the $1 billion plus Victorian Comprehensive Cancer Centre (VCCC) Project marking a significant milestone for the firm’s client Plenary Group, and Clayton Utz as its legal advisers.
Clayton Utz Melbourne Projects and Finance partner Marcus Davenport led the firm’s team that has advised Plenary Group on all aspects of Plenary Health consortium’s successful bid for the VCCC Project, from initial bid through to financial close. The Plenary Heath consortium comprises Plenary Group, Grocon, PCL Constructors Pacific Rim and Honeywell. Lawyers in Clayton Utz Melbourne’s Corporate and Construction practice areas also provided support on the transaction, led by partners Brendan Groves and Naomi Kelly.

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