Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Led by structured and project finance specialist Philip Badge, Linklaters’ banking and projects team is one of the strongest in the market, with the firm regularly mandated to advise on some of the most complex banking transactions.

In one significant deal, Badge and capital markets partner Stuart Bedford acted for the arrangers in a case that provided US$6 billion in acquisition financing to Vedanta group for a controlling stake in Cairn Energy.

On the ECM side, partner Dean Lockhart represented Cebu Air, the operator of Cebu Pacific Air, in its IPO, which included the listing of Cebu Air on the Philippines Stock Exchange and the issuance of 187 million shares total. This IPO is reportedly the largest ever in the Philippines.

In Islamic finance, partners Kevin Wong, Dean Lockhart and Richard O’Callaghan advised Khazanah Nasional Berhad in the issuance of a S$1.5 billion sukuk offered in two tranches through Danga Capital Berhad, a special purpose vehicle.

On the project finance side, energy and infrastructure specialist Nathan Dodd is noted for his “exemplary legal service”. One client says he would not consider any other foreign counsel. “He does not limit himself to the four corners of the law,” he says. “He considers the practical and commercial aspects of the transaction in question, enabling the client to come up with a workable, and not just a legal, solution,” he says.

Clients also speak highly of the level of support offered by other partners in the team. “The guys at Linklaters are very vocal in front of the clients to make sure the banks get a good deal,” says one.

With renowned M&A lawyer Stuart Bedford at the helm, Linklaters Allen & Gledhill’s Corporate/M&A practice continues to impress with its work on public takeovers, complex multi-jurisdictional deals, joint ventures, disposals and corporate restructurings in Singapore and Southeast Asia.

A highlight transaction in the Malaysian healthcare industry this year was Mitsui & Co’s acquisition of a 30% stake in Integrated Healthcare Holdings, which has investment holdings in Singapore’s largest hospital group.

The firm also continued to take advantage of growing opportunities in the Indonesian M&A space, consolidating on progress made in the region in 2010 through a number of significant deals.

In one transaction, Bedford, along with partner John Lane, advised Indonesia’s Vallar regarding acquiring shares in two IDX-listed companies – Bumi Resources and Berau Coal Energy – in two separate transactions worth US$3 billion in total.

Clients expect the team’s efforts in the region to progress further this year, with the promotion of fluent Indonesian speaker and writer, and cross border M&A specialist, Sophie Mathur, in May 2011.

Bedford remains highly regarded, with one client saying: “He listens so that he knows what the client needs and he is able to assist in structuring appropriate deals.”

Linklaters’ Singapore based projects and energy practice, led by Richard Ginks and Nathan Dodd, focuses on development, finance and M&A deals across Southeast Asia.

With notable expertise in mandates with an Indian element, the team advised on a range of prominent deals over the past 12 months.

Highlights include advising the arrangers on the US$6 billion acquisition financing to the Vedanta Group to fund the acquisition of a controlling stake in Cairn Energy.

The firm also assisted the international lenders, including both Japanese and PRC banks, on the financing of CLP’s 1,320MW Jhajjar coal fired independent power producer in India. This was the first financing of an Indian thermal power project by international commercial banks in more than a decade and, at US$1.3 billion, it was a significant overseas investment into India.

The group is also advising the developers on two of the largest IPPs under development in Vietnam (Vinh Tan 3 and Vung Ang II), Flex LNG on the development and project financing of the world’s first floating LNG vessel and associated upstream gas projects and ICICI Bank as lender in relation to the development of a power station in Indonesia owned by KPC.

Peers note the experience of partners Stuart Bedford, Philip Badge, Dean Lockhart, Arun Balasubramaniam and Kevin Wong in this sector.