Milbank LLP advised Teleport Everywhere Pte. Ltd. (Teleport), the air logistics arm of Malaysia-based Capital A Berhad, in connection with a US$50 million investment from HPS Investment Partners (HPS), a part of BlackRock, valuing Teleport at US$500 million on a pre-money basis. The transaction is a key milestone for both Teleport and HPS. The growth capital will support Teleport’s expansion plans at an important time in its development. This investment marks HPS’s first private credit transaction in Asia following BlackRock's acquisition of HPS last year.
The transaction involves the issuance of redeemable convertible perpetual securities (RCPS) by Teleport to HPS. The bespoke RCPS structure allows Teleport to access flexible growth capital, while allowing HPS to participate in the company's future value creation.
Founded in 2018, Teleport is Southeast Asia's largest logistics operator by volume. Its innovative approach involves partnering with third-party airlines to expand capacity rather than owning assets. This growth capital will be used to fund network expansion with partner airlines and to accelerate the growth of its asset-light cross-border ecommerce model in high-growth corridors between China, Asia and the Middle East.
The Singapore-based Milbank team was led by Milbank’s Asia Managing Partner David Zemans, senior associates Hua Chan and Zhen Kua, and associates An Guo and Wei Sheng Lee, all from Milbank’s Singapore office.
