Herbert Smith Freehills has advised Shanghai-listed Jiangsu Changjiang Electronics Technology Co., Ltd. (JCET) as international counsel on its proposed S$1 billion takeover offer of SGX-listed semiconductor company STATS ChipPAC Ltd, one of the largest M&A deals in Singapore so far this year.

Semiconductor producer JCET formed a consortium with Semiconductor Manufacturing International Corporation and China's National Integrated Circuit Industry Investment Fund to acquire STATS ChipPAC.

STATS ChipPAC is a leading provider of advanced semiconductor packaging and test services, headquartered in Singapore with manufacturing facilities in South Korea, Singapore, China and Taiwan. STATS ChipPAC is currently ultimately controlled by Temasek Holdings Inc.

Singapore corporate partner Michael Walter led the team advising JCET, working with partner Nicola Yeomans and associate Cui Xian Yap. Drew and Napier LLC advised JCET on Singapore law issues while Deutsche Bank, CICC and DBS acted as financial advisers to JCET.

The corporate team was assisted by the firm's Asia Head of Competition Mark Jephcott, associate Grace Aylward and senior associate Adelaide Luke on antitrust aspects of the transaction, Hong Kong banking partner Alex Aitken and associate Katherine Huang on financing aspects, and Singapore capital markets partner Siddhartha Sivaramakrishnan on debt capital markets issues.

"This is a seminal deal in the Singapore public takeovers market given its complexity and high profile, and we are delighted to have played a leading role," said Michael.

"Chinese companies have been very acquisitive in South East Asia, particularly in cross-border deals and in the technology sector, and I believe that this trend will continue in the second half of 2015."