March 29, 2016
Latham & Watkins advised on four “Deals of the Year” and two matters that received Honorable Mentions in the Asian-MENA Counsel 2015 “Deal of the Year” awards. The winning work spanned milestone project finance, capital markets and M&A transactions across Asia. According to Asian-MENA Counsel, the matters stood out for “demonstrating size, uniqueness, complexity and innovation.”
The firm earned recognition for its role in the following “Deals of the Year”:
- Donggi-Senoro LNG Project in Indonesia: Latham represented the Indonesian state-owned energy company PT Pertamina (Persero) as sponsor in the project financing for the Donggi-Senoro LNG Project in Indonesia. According to Asian-MENA Counsel, the “major multi-source landmark US$2.8 billion project financing … is the first LNG project in Indonesia to be structured as a downstream project under Law No. 22 of 2001.” The publication noted that “as the first successful financing of a non-integrated project in Indonesia, this is expected to have significant impact and catalyse similar future deals.”
- GF Securities’ Hong Kong IPO: Latham advised GF Securities, a Chinese brokerage company, on its “massive” US$4.1 billion IPO in Hong Kong. According to Asian-MENA Counsel, “the cross-border element (as the IPO was on the mainboard of the Hong Kong Stock Exchange and counsel from Hong Kong, China and the US were necessary), time constraints and nearly 20 cornerstone investors participating in the IPO made this a rare and tricky challenge for those involved, who without these additional complexities would have already had a major deal on their hands.”
- PT Dian Swastatika Sentosa Tbk (DSS) Reverse Takeover: Latham advised Indonesian energy firm PT Dian Swastatika Sentosa Tbk on its reverse takeover of Singapore's United Fiber System Ltd. According to Asian-MENA Counsel, “the lawyers working on the deal had to set the precedent, as this was the first reverse takeover of a pure coal mining company on the mainboard of the Singapore Stock Exchange,” as well as “one of the largest reverse takeovers in Singapore’s history.”
- Nord Anglia Education’s acquisition of six schools from Meritas and related financings: Latham advised Hong Kong-based premium schools organization Nord Anglia Education in its US$534 million acquisition of six schools from US-based Meritas LLC and concurrent equity, bank debt and bond acquisition financing. Asian-MENA Counsel noted that “the simultaneous execution, size, complexity and cross-border aspects of the acquisition and related financings raised complex regulatory, timing, corporate finance, tax, corporate governance and other legal and commercial issues.”
In addition, Latham was cited for advising on two transactions that received Honorable Mentions, including the US$191 million financing for the Semangka Hydroelectric Power Project in Indonesia and a US$650 million bond offering by India’s Adani Ports and Special Economic Zone Limited.