Deals of the Year – Projects: Cosco finances Peru’s big venture investment
Appleby played a key role in advising the lenders on all the financing aspects of this 15-year loan project for the construction and development of the Chancay Multipurpose Port Terminal, located 67 km north of Lima, Peru. This USD975 million financing, facilitated by Appleby’s expertise in Bermuda and BVI law, solidified the terminal’s position as Peru’s most significant investment endeavour of 2023. Recently, this transaction has not only been awarded as “Deal of the Year” at the ALB Hong Kong Law Awards ceremony but also selected as the iconic case of state-owned enterprise brand building with sustainability investment strategy by the State-owned Assets Supervision and Administration of the State Council in July 2023 as part of China’s Belt and Road Initiative.
Deals of the Year – M&A: NetDragon’s overseas carve-out mergers with GEHI
Appleby showcased its expertise in guiding complex transactions through its involvement in NetDragon’s overseas carve-out mergers with GEHI. Appleby played an important role as Cayman counsel to investor Ascendent Capital Partners. This transaction, valued at USD750 million, facilitated the creation of Mynd.ai, a leading AI education entity. The merger involved the separation of NetDragon’s overseas education arm, its merger with GEHI, and the subsequent formation of Mynd.ai. Notably, Ascendent Capital Partners acquired USD65 million of GEHI convertible bonds as part of the transaction. Following the merger, NetDragon’s overseas education business combined with GEHI’s early childhood education division in Singapore, while GEHI divested its Chinese operations to address data security concerns in the AI and education sectors.
David Bulley, Managing Partner, Hong Kong and Shanghai offices, commented, “I am proud to see our deals being consistently recognised on a global scale, which demonstrates our leading expertise in advising on complex transactions. Thanks to all of our clients and referrers who continue to trust us with their important matters. I look forward to the growing Asia team continuing to provide a first-class service to our clients.”
With over 30 years of experience, Appleby is among the most established offshore law firms in Asia. Our diverse client base, ranging from banks and state-owned enterprises to investment funds, listed companies, and high net worth individuals, attests to our ability to cater to varied legal needs.
