23 December, 2015
Wong & Partners, the member firm of Baker & McKenzie International in Malaysia, advised Metrod Holdings Bhd ("Metrod Malaysia") on its acquisition of The Leela Goa.
The Leela Goa, previously owned by Hotel Leelaventure Ltd ("HLVL"), was acquired through a business transfer agreement between Ceres Hotel Private Limited ("Ceres"), MetTube International Pte Ltd ("MetTube Singapore") and HLVL for a total consideration of MYR467.4 million. The acquisition was part-financed by equity investments from Metrod Malaysia and MetTube Sdn. Bhd. ("MetTube Malaysia") (the substantial shareholder of Metrod Malaysia) into Ceres by way of a share subscription agreement for a total subscription price of MYR331.2 million.

This translates to Metrod Malaysia subscribing 51% shares and MetTube Malaysia subscribing to 49% shares in Ceres respectively. The rest of the purchase price for the acquisition was funded by external debt.
The subscription, totaling 100% equity interest in Ceres, was carried out through its respective wholly-owned subsidiaries, Metrod (Holdings) Singapore Pte Ltd ("Metrod Singapore") and MetTube Singapore.
Wong & Partners acted as lead transaction counsel. Partners Andre Gan and Ee Von Teo led the transaction, assisted by senior associate Adrian Wong and associates Jacklyn Lim, Clarice Ngan and Daniel Tan.
Baker & McKenzie.Wong & Leow, led by partner Kelvin Poa and senior associate Luyi Chan provided Singapore law advice relevant to the transaction. Khaitan & Co acted as the Indian transaction counsel for the transaction.
"We are honoured to have assisted with this cross-border acquisition, marking our clients' first investment into the leisure and hospitality industry, which was also the single largest asset acquisition in India's hospitality sector this year," said Andre.
"It was a pleasure to work with Andre, Ee Von and the team, who again turned out to be so consistent and full of commitment with the right advice, at the right time. It was a complex transaction and we are delighted to be ably supported by them," said Metrod Holdings President and Chief Executive Officer, Rajan Mittal.
The Leela Goa is one of India's leading luxury hotels, which blends Goa's unique Portuguese heritage with local Indian culture. The property's unique location, world-class facilities and outstanding service consistently makes it one of the finest hotels in India today.
