Adam Summerly

Adam Summerly

Education

University of Nottingham (B.L.W., 1990)
Guildford Law School (J.D., 1991)

Bar Admissions

England & Wales
Hong Kong (Solicitor)

Adam Summerly is a partner in the Corporate Department of Morrison & Foerster’s Singapore office. He has substantial experience handling inbound, outbound and intra-regional transactions across South and Southeast Asia.

Mr. Summerly's practice focuses on cross-border M&A, strategic joint ventures, restructurings, and all forms of foreign investment and related corporate activities for Asian and non-Asian clients, both public and private. He has extensive knowledge of the legal systems in various Asian countries and has concluded transactions in Bangladesh, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, the PRC, Singapore, South Korea, Thailand and Vietnam. Industry sectors of Mr. Summerly’s practice include power and energy, oil and gas, infrastructure, transportation and telecoms. Mr. Summerly is a recommended lawyer in Chambers Asia Pacific, PLC Which Lawyer? and Legal 500 Asia Pacific. Chambers and Partners states that Mr. Summerly “is an excellent technical lawyer, good negotiator, and has all the requisite M&A skills.” IFLR1000 2016 commended Mr. Summerly for his “strong commercial understanding” and added that “he and the team deliver high quality services on time, and with an understanding of the underlying commercial issues that is to our satisfaction.

Mr. Summerly has worked in Asia since 1996 and was based in Hong Kong from 1996 to 1999 before his relocation to Singapore. Prior to moving to Asia, he practiced corporate law in London. Before joining Morrison & Foerster, Mr. Summerly was a partner at a leading U.K. law firm in their Singapore office.

Mr. Summerly attended Nottingham University (B.A. Law Honours) and the College of Law, Guildford (Law Society Finals). He is admitted as a Solicitor in England and Wales and as a Solicitor of the High Court of the Hong Kong Special Administrative Region.

Mr. Summerly's selected representations include:

Energy/Energy Services

  • The Government of Singapore Investment Corporation (GIC) on a potential pre-lPO placement of shares in an Indian power company with a projected installed capacity of 9,900 MW.
  • GE Energy Financial Services in relation to its proposed bid for an equity stake in an Indonesian power company.
  • The controlling shareholder on the disposal, by means of an auction sale, of Barracuda Ventures, a Singapore based energy services company, to National Oilwell Varco for S$85 million.
  • Shiv-vani Oil & Gas Exploration Services Limited, a leading private sector onshore oil and gas service provider in India, on the issuance of US$75 million convertible bonds on the SGX and subsequent upsize option of US$20 million.
  • Origin Energy and Tata Power on their successful bid for the Sorik Marapi geothermal working area in Indonesia.
  • Sindicatum Carbon Capital on its renewable energy investments in the Philippines, India and Vietnam.
  • JV consortium Petronas, ConocoPhillips, Singapore Petroleum Company and Talisman Energy on: (a) US$187 million acquisition of 40% equity interest in PT Transgasindo from Indonesian state owned gas company PT Perusahaan Gas Negara; and (b) US$470 million project development and financing of a 500km gas pipeline from South Sumatra, Indonesia to Singapore.
  • P.T. Transgasindo on its open access gas transportation policy and gas transportation agreements for the Grissik-Duri (Sumatra, Indonesia) and Grissik-Singapore pipelines.
  • Kuwait Foreign Petroleum Exploration Company, the foreign investment arm of the Kuwait National Oil Company, on the disposal of Indonesian O&G assets to CITIC Resources and Gulf Petroleum Investments for an aggregate consideration of US$145 million.
  • First Global Funds Limited on the acquisition of a 40% equity interest in Madagascar Oil Limited for US$230 million.
  • Majority shareholder of Indonesian-listed oil and gas company, P.T. Medco Energi Internasional Tbk, on company restructuring, including debt/equity conversion and US$900 million joint venture with Credit Suisse First Boston.
  • Orka Energy on its geothermal investments in the PRC and the Philippines.
  • CIMC Capital Ltd (CIMC) on a US$125 million capital raising related to the financing of installment payments under a US$400 million construction contract for a semi-submersible drilling rig.
  • Phillip Private Equity on its investment in Sigma Drilling Ltd to fund the building of one deepwater drill ship and up to four additional vessels under option.
  • Phillip Private Equity on its acquisition of a 20% stake in Dynamic Drilling, the owner of a newbuild 350ft USD200million jack-up drilling rig built by Keppel FELS.
  • Fortress Investment Group LLC on the acquisition of an offshore support vessel and subsequent joint venture arrangements in Malaysia.
  • Sonangol Sinopec International, a joint venture between Sinopec of the PRC and Sonangol E.P. (the state-owned Angolan Oil & Gas company) on a US$1.4 billion financing for JOA commitments for certain onshore/offshore blocks in Angola.

Infrastructure, Mining and Commodities

  • Axis Bank on the US$32 million financing of GMR's acquisition of a coal mining group in Indonesia.
  • CLSA Capital Partners on an investment by its clean technology fund Clean Resources Asia Growth Fund L.P. into a desalination project in Hebei Province, China.
  • Bio-Treat Technology Limited (Bio-Treat), a main-board SGX listed entity, and the PRC's leading waste and wastewater treatment company, on its corporate restructuring, including the restructuring of a S$206 million convertible bond.
  • M&W Group GmbH on the sale of a Singapore data centre for US$135 million to Digital Realty Trust.
  • The Port of Singapore Authority on its US$550 million acquisition of Hesse-Noord Natie (then PSA's largest investment outside Singapore) which operates four container terminals in the Port of Antwerp and a barge terminal in the Port of Rotterdam.
  • Securus Data Property Fund on its GBP32 million acquisition of a data centre in Canary Wharf, London.
  • Aqualyng Holdings AS on its US$48 million Series B financing in relation to desalination and waste water treatment projects in the PRC.
  • Olam International on its acquisition of a 50 per cent equity interest in Acacia Investment Limited, a business group based in the United Arab Emirates with interests in edible oils businesses in Mozambique.
  • HanHong Private Equity on the acquisition of two gold mines in Kazakhstan.

Financial Institutions

  • CLSA Capital Partners on an investment in Indonesian consumer finance company PT Sinar Mitra Sepadan Finance.
  • HSBC Asset Management Hong Kong Limited on the structuring and completion of US$300 million Asia Bond Fund listed on Luxembourg, Osaka and Singapore exchanges.
  • Swiss Bank Corporation on its US$500 million acquisition of the international private banking business of Standard Chartered in Europe, the Middle East and Asia.
  • BNP on its acquisition of the Prime East Group, a corporate finance house operating in Hong Kong, Indonesia, the Philippines, Singapore, Thailand and the United States.
  • PT Bank Niaga Tbk on its US$50 million acquisition of Indover Asia Limited.
  • Advising on the Hong Kong legal aspects of the merger of Swiss Bank Corporation and Union Bank of Switzerland.

Telecoms/Technology

  • SoftBank as lead investor in US$210 million financing of India taxi aggregator Ola Cabs.
  • Insight Infrastructure, an Asia-focused telecom tower company, on a US$40 million private equity investment by Babcock & Brown; additional capital raisings and ultimate sale of the company to American Tower Corporation.
  • JV consortium Singapore Technologies Telemedia and Telekom Malaysia International on its acquisition of a 47.7% stake in wireless operator IDEA Cellular of India for US$400 million and US$350 million put and call arrangements with Indian shareholders Tata Industries and the Aditya Birla Group.
  • Deutsche Telekom on its debt restructuring of Malaysian telco Technology Resources Industries.
  • Deutsche Telekom on the merger of its Philippines joint venture telco ISLA Communications Co. Inc. with Singapore Telecom's joint venture telco in the Philippines, Globe Telecom Inc.
  • China.com Corporation on its acquisition of Venex Corporation of Japan, an e-business integrator and e-business solutions provider.
  • Northstar Capital Partners on its US$57 million disposal of equity in telecommunications provider PT Mandara Selular Indonesia; further equity subscription of US$45 million and subsequent shareholder arrangements with controlling shareholder Sampoerna.
  • 724 Solutions Inc., a dual NASDAQ/Toronto listed internet software solution provider on its proposed US$1 billion acquisition of Singapore IT payment solution company, Finesse Alliance International Pte Ltd.
  • Tony Store Images Hong Kong Limited (a member of the Getty group of companies) on the acquisition of a leading Hong Kong photo library business.
  • A member of the Getty group of companies on its initial equity subscription in, and subsequent acquisition of, UK cable company, Eurobell Holdings Plc.

Transportation

  • Saratoga on the US$300 million restructuring of Indonesian airline PT Mandala Airlines, including the subscription of a 51% equity interest in Mandala by Saratoga together with the simultaneous subscription of 33% by Tiger Airways, and associated JV arrangements.
  • CLSA Capital Partners on a US$80 million investment by its transportation fund into the shipping business of OSL.
  • SGX-listed SIAEC on its Fleet Management & Support Services Agreement (FMSSA) with national carrier Gulf Air of Bahrain. Under the FMSSA, SIAEC provides maintenance and fleet management services for Gulf Air’s Airbus aircraft in both Bahrain and Singapore.
  • Integra Holdings on the acquisition of Brostrom Tankers from Maersk Tankers.

Pharma/Life Sciences

  • The Government of Singapore Investment Corporation (GIC) on a US$100 million Foreign Currency Convertible Bond investment in major Indian healthcare company, Fortis Healthcare.
  • Merlion Pharmaceuticals, a leading Singapore pharma / biomed company on its acquisition of two biomed companies in Europe and a simultaneous Series B preference share financing for an aggregate consideration of US$60 million.
  • Aventis on the US$350 million disposal of its animal nutrition business to CVC Capital Partners.
  • Cardinal Health on the disposal of its Asian portfolio as part of a global disposition of non-core assets.
  • Glaxo plc on its successful GBP9 Billion takeover offer for Wellcome Plc, then the UK's largest public corporate takeover in history.

Industrials/FMCG/Others

  • The Government of Singapore Investment Corporation (GIC) on a US$110 million investment in leading paper manufacturer Ballarpur Industries of India.
  • The Government of Singapore Investment Corporation (GIC) on a US$225 million investment in Reid & Taylor (India) Limited, one of India's leading textile and apparels companies.
  • Warburg Pincus on the disposal of its 21% interest in listed food and beverage manufacturer RFM Corporation of the Philippines.
  • Volvo on its US$650 million acquisition of the construction machinery equipment business of Samsung in the Republic of Korea, Europe, the United States and Singapore.
  • Heidelberger Zement S.A. on the debt restructuring of P.T. Indocement Tbk and subsequent US$300 million acquisition of a joint controlling interest.
  • OM Group, Inc. on the acquisition of a specialty chemicals company in Singapore with manufacturing operations in the PRC.
  • Shangri-la Asia Limited on its issue of US$258 million convertible bonds.

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