Arun Balasubramanian

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Aquila Acquisition Corporation (‘Aquila’), Hong Kong’s first-ever SPAC (on the initial offering of which Freshfields also advised) on its de-SPAC transaction involving a business combination with ZG Group. This transaction is Hong Kong’s first-ever de-SPAC transaction. ZG Group operates the world’s largest digital platform for third-party steel transactions, as measured by online steel transaction volume in 2022, and it was the first in China to offer a one-stop integrated suite of B2B services covering the entire value chain of steel transactions. ZG Group has a negotiated value of approximately HK$10 billion. On completion of the de-SPAC transaction, ZG Group will be the successor company listed on the Hong Kong Stock Exchange, while Aquila’s listing on the Hong Kong Stock Exchange will be withdrawn. In connection with the de-SPAC transaction, 10 investors have committed to subscribe for shares in ZG Group at closing for an aggregate subscription price of HK$605 million. The Freshfields team was led by partners Grace Huang and Arun Balasubramanian, with support from partner Sarah Su, counsel Cindy Kwong, senior associate Frank Jin and associates Candice Ma and Kristy Wong.

Aug 31

1 min

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised ABCI Capital and J.P. Morgan, the joint sponsors and underwriters on the listing of Interra Acquisition Corporation (‘Interra’) on the Hong Kong Stock Exchange (‘HKSE’). The promoters of Interra are Primavera US LLC and ABCI Asset Management. Trading in the securities commenced today (16 September 2022). The transaction marks the fourth listing by a special purpose acquisition company (‘SPAC’) on HKSE since the Listing Rules changed at the start of 2022 to permit such listings. Freshfields has advised on three of these four listings, including Hong Kong’s first-ever SPAC listing in March 2022. Interra’s strategy is to focus on potential de-SPAC targets which are high-growth companies focused on Greater China in the sectors of innovative technology, consumer and new retail, advanced manufacturing, healthcare and climate action. The Freshfields team advising on the transaction was led by partners Grace Huang and Arun Balasubramanian. About Freshfields Bruckhaus Deringer Freshfields Bruckhaus Deringer is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on groundbreaking and business-critical mandates. Our 2,800-plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multinational expertise, and business know-how means our clients rely on us when it matters most.

Sep 16

1 min

Global law firm Freshfields has advised Synagistics Pte. Ltd (‘Synagistics’) on its completed de-SPAC transaction with HK Acquisition Corporation, a special purpose acquisition company (‘SPAC’) listed on the Hong Kong Stock Exchange (‘HKSE’), and shares of Synagistics commenced trading on HKSE on 30 October 2024.  The transaction is the first successful de-SPAC in Hong Kong. Synagistics operates the Synagie Platform, a data-driven digital solutions platform in Southeast Asia.  It provides integrated digital commerce solutions to its brand partners. Synagistics and its brand partners’ businesses cover various sectors, including fashion and apparel, premium beauty and wellness and premium lifestyle and living sector. Its geographical presence in Southeast Asia covers Singapore, Malaysia, the Philippines, Vietnam, Thailand and Indonesia. The Freshfields team advising on the transaction was led by partners Grace Huang and Arun Balasubramanian, supported by counsel Cindy Kwong, senior associate Frank Jin and associates Kristy Wong and Yitian Jin.

Oct 31

1 min

Freshfields Bruckhaus Deringer (‘Freshfields’) is advising leading global insurance provider Zurich Insurance Group (‘Zurich’) on its acquisition of a majority stake in Indian insurer Kotak Mahindra General Insurance Company Limited (‘Kotak General Insurance’) from parent company Kotak Mahindra Bank Limited (‘Kotak Mahindra Bank’) for US$488m. The deal signed yesterday (2 November 2023). The highly strategic investment, which is subject to customary closing conditions and regulatory approvals in India and Switzerland, would see Zurich become one of the first foreign insurers to enter the Indian insurance market through majority ownership of a joint venture. It is also likely to represent the largest foreign insurer investment in India’s insurance sector since regulatory changes allowing majority foreign ownership came into effect in 2021. India is one of the world’s most attractive insurance markets. The country’s vast economic and population growth, coupled with the current low levels of insurance penetration, present significant upside prospects for insurance providers. Established in 2015 as a wholly-owned subsidiary of Kotak Mahindra Bank, Kotak General Insurance is one of India’s youngest and fastest-growing general insurance franchises. It offers a range of non-life insurance products, including Motor, Health, Home and Commercial to a broad spectrum of customer segments and geographies. Strongly aligned with Zurich’s strategy, the proposed joint venture would deliver a differentiated value proposition to customers by building a best-in-class, digitally-enabled insurer. The Freshfields team advising on the transaction is led by partner and global co-head of M&A Robert Ashworth and partners Jon Bowden and Arun Balasubramanian. They are supported by Global Transactions associate Dickson Chan, counsel David Schwintowski, senior associate Alice Boughton and associate Samuel Pullin. IP advice was provided by partner Richard Bird and associate Harshavardhan Ganesan. Antitrust advice was provided by counsel Laurent Bougard and associate Charles Tay.

Nov 3

1 min

Freshfields Bruckhaus Deringer (‘Freshfields’) has provided Hong Kong and U.S. law advice to Merrill Lynch (Asia Pacific) Limited, the sole sponsor in the global offering and listing of shares of DPC Dash Limited on the Hong Kong Stock Exchange (‘HKSE’). Trading in the shares commenced today (28 March 2023). DPC Dash Limited is the master franchisee for Domino’s Pizza in Mainland China, Hong Kong and Macao. It operates 604 stores across 17 cities in Mainland China and has become the fastest growing among China’s top five pizza brands according to industry research. The Freshfields team advising on the transaction was led by partners Grace Huang, David Yi, Arun Balasubramanian and Howie Farn. They were supported by associates Candice Ma, Kristy Wong and Jessica Li and legal manager Daina Wang. About Freshfields Bruckhaus Deringer Freshfields Bruckhaus Deringer is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on groundbreaking and business-critical mandates. Our 2,800-plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multinational expertise, and business know-how means our clients rely on us when it matters most.

Mar 28

1 min