DEALS

with investments from Legend Capital, Highlight Capital, Hillhouse (Probio’s Series A investor) and other prominent institutional investors. The share subscription agreement was signed on 17 January 2023. The Series C financing will raise approximately US$224 million at the closing of the transaction. The firm previously advised GenScript and Probio in 2021 and 2022 on Probio’s Series A and Series B financings, respectively. GenScript is an industry-leading biotechnology company renowned for its proprietary gene synthesis technology and advanced know-hows in life science research and application. Probio provides comprehensive contract development and manufacturing organisation services to biotech and biopharma companies in antibody drug discovery, as well as pre-clinical development, clinical and commercial manufacturing for biologics, and plasmid & virus for therapeutics. China co-chair Jia Yan led the firm’s team in the transaction.

Proskauer has advised world-leading hospitality group Accor on the sale of its remaining interests in H World Group, formerly Huazhu Group, for US$460 million. These sales finalise the value creation of the investment made by Accor in 2016, also with the firm’s representation. The cumulative value received by Accor since it started selling its interests in 2019 has now reached US$1.2 billion, compared to an initial investment of less than $200 million. Pursuant to the original transaction, H World maintains its master franchise agreement to various Accor brands, which has resulted in the opening of 450 budget and mid-range hotels in China, with an additional 190 hotel openings in the pipeline for the next three years. Private equity real estate partners Jeff Horwitz and Yuval Tal, supported by capital markets partners Louis Rambo and Jeremy Leifer, led the firm’s team in the transaction.

Rajah & Tann Singapore is acting for Link Real Estate Investment Trust (Link REIT) on its first acquisition in Singapore, the approximately S 2.161 $ billion (US 1.64 $b) acquisition of suburban retail assets Jurong Point and Swing By @ Thomson Plaza from Mercatus Co-operative, a subsidiary of NTUC Enterprise Co-operative. The firm is also advising Link REIT on its 10-year asset and property management of AMK Hub, which will remain under the ownership of Mercatus, and the retention of employees for the management of Jurong Point, Swing By @ Thomson Plaza and AMK Hub. Partners Evelyn Wee (deputy head-corporate and transactional practice), Benjamin ST Tay (deputy head-corporate real estate) and Loh Chun Kiat (M&A), supported by partners Chen Xi (capital markets / M&A), Elsa

Chai (co-head – corporate real estate), Lina Chua (corporate real estate), Kala

Anandarajah (head-competition & antitrust and trade), Benjamin Cheong (deputy head-TMT), Anne Yeo (head-funds and investment management) and Vikna

Rajah (head-tax & trust, co-head – private client), are leading the firm’s team in the transaction.

S&R Associates is representing ArcelorMittal Projects India on its successful Rs2.88 billion (US35$m) bid and investment, jointly with Bothra Shipping Services, for the mechanisation of Vishakhapatnam Port berths on a Design, Build, Finance, Operate and Transfer basis. Partners Sudip Mahapatra and Lakshmi Pradeep led the firm’s team in the transaction.

Saraf and Partners has advised the President of India, acting through the Ministry of Railways, and the Department of Investment and Public Asset Management, Ministry of Finance (DIPAM), on a divestment of five percent of MoR’s stake in IRCTC, via an offer for sale, for Rs27.3 billion (US$333m). Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities and JM Financial Institutional Securities acted as brokers. Partner Murtaza Zoomkawala led the firm’s team in the transaction.

Shook Lin & Bok has acted as transaction counsel to Intudo Ventures, as the lead investor, on iSeller’s Series B financing round, which raised approximately US$12