Latest Deals from Law Firms and Legal Services Providers: 23rd July 2025

Allen & Gledhill has advised Mizuho Bank, Sumitomo Mitsui Banking Corporation Singapore Branch and United Overseas Bank, as the lenders, and ESR Sunview, as the borrower, on the S$248 million (US$193.5m) secured committed facilities granted to ESR Sunview to finance the acquisition and development costs for the construction of a multi-storey warehouse and container depot at Sunview Way. Partners Kok Chee Wai and Aloysius Ng led the firm’s team in the transaction.

AZB & Partners is advising CleanMax on the agreement to acquire a 51 percent stake in the joint venture between CleanMax and Toyota Tsusho, with Toyota Tsusho holding the remaining 49 percent in the new JV. Other than investing cash, both the parties are contributing operational assets, such as intellectual property, software, proprietary know-how, infrastructure and human resources, among others, to the JV. Partner Niladri Maulik is leading the firm’s team in the transaction, which was signed on March 7, 2025 and is yet to be completed.

AZB & Partners has also advised ICICI Securities, JM Financial and Nomura Financial Advisory and Securities (India), as the book-running lead managers, on Kalpataru’s IPO, comprising a fresh issuance of more than 38.4 million equity shares with face value of Rs10.00 (US$0.116) each, aggregating up to Rs15.9 billion (US$184m). The shares were allotted on June 27, 2025. Partners Varoon Chandra, Lionel D’Almeida and Rahul Aggarwal led the firm’s team in the transaction.

Moreover, AZB & Partners has advised Apax Partners on its sale of more than five percent stake in Fractal Analytics. Partners Ashwath Rau, Divya Mundra and Vasudha Asher led the firm’s team in the transaction, which was completed on July 10, 2025.

Baker McKenzie has advised Jasmine International (JAS) on securing the exclusive English Premier League (EPL) and The Emirates FA Cup football broadcasting and streaming rights in Thailand, Laos and Cambodia for six seasons, with a total consideration of β19.17 billion (US$595m). The EPL and The Emirates FA Cup content will be distributed through the TV channel Mono29 and the streaming platform Monomax, operated by its sister companies under Mono Group. JAS also plans to explore partnerships with other platforms, such as 3BB GIGATV and AIS Play, while retaining exclusive distribution rights under the current agreement. Bangkok partners Naris Asavathongkul and Nitikan Ramanat and London partner Steve Holmes (EMEA IP, technology and data teams co-head), supported by Bangkok partners Panya Sittisakonsin (tax), Nitikan Ramanat (tax) and Pattaraphan Paiboon (IP tech), led the firm’s cross-border, multidisciplinary deal team in the transaction.

Baker McKenzie has also advised on the listing in of NTT DC REIT, a platform of six stabilised data center assets in the US, Austria and Singapore. NTT DC REIT was listed in Singapore on July 14, 2025. The portfolio of data center assets is valued at US$1.5 billion. US$773 million was raised from new investors, including GIC as a cornerstone investor, on the IPO, and a US$585 million financing, led by Bank of America and Mizuho Bank as lead arrangers, was also provided. NTT retained a stake in the REIT, and will manage it on an ongoing basis. The transaction provides a way for NTT to monetise its market-leading stabilised data centers, and provides investors with exposure to the growing asset class. The firm acted on the carve out, acquisition and financing of the data center assets, and as international counsel to the offering. London corporate partners Charles Whitefoord and James Adams, supported by partners Adam Farlow (London-capital markets), Oliver Jefferies (London-finance), Alistair Craig (London-tax), Maher Haddad (Chicago-tax), Carol Stubblefield (New York-capital markets), Emmanuel Hadjidakis (Singapore-finance), Weiling Lee (Singapore-finance), Richard Needham (London-carve out), and Anne Petterd (Sydney-operating agreements), led the firm’s team in the transaction.

Moreover, Baker McKenzie is advising Vistra, a leading global provider of essential business services, on the proposed sale of Madison Pacific to Kroll, a prominent independent provider of global financial and risk advisory solutions. Madison Pacific Group is a premier independent provider of a comprehensive range of trustee, agency, escrow, custodial and directorship services, with a presence across key financial markets, including Hong Kong, Singapore and London. The proposed deal will combine Madison Pacific’s regional expertise and specialized services with Kroll’s global platform and client-centric approach, enabling the delivery of integrated domestic and cross-border solutions to clients worldwide. Corporate M&A and private equity partner Robert Wright led the firm’s team in the transaction, which is subject to regulatory approvals.

Clifford Chance has advised CVC Capital Partners on its investment in Airalo. The transaction represents a significant milestone for Airalo in reportedly bringing its valuation to over US$1 billion, following a period of rapid expansion. Founded in 2019, Airalo provides eSim services in more than 200 countries and regions to over 20 million users globally. Partner Tom Lin, supported by partners Don McCombie (IP & tech), Devika Kornbacher (IP & tech), Richard Blewett (competition), Alastair Windass (employment), Reuven Falik (employment), Robert Houck (compliance) and Neil Barlow (private equity M&A), led the firm’s global, cross-practice team in the transaction.

Clifford Chance has also advised APG and two other co-investors on their investments in the newly-established Goodman Hong Kong Data Centre Partnership (GHKDC), a US$2.7 billion dedicated data centre investment vehicle. GHKDC is the only private institutional investment platform focused exclusively on Hong Kong’s data centre market. Once complete, GHKDC’s portfolio of six assets, including four fully stabilised data centres and two under construction, will deliver 325 MVA of primary utility power over a 2.3 million sq ft area. This equates to more than 180MW of IT load, and accounts for approximately 30 percent of Hong Kong’s data centre market by power capacity. Partner Bryan Koo led the firm’s team in the transaction.

JSA has successfully represented Mr Rajesh Mokashi, former Managing Director of CARE Ratings, before the Securities Appellate Tribunal Mumbai (SAT) on challenging an order dated April 20, 2023 passed by the Whole Time Member of the Securities and Exchange Board of India (SEBI). The order restrained Mr Mokashi from associating with any SEBI-registered intermediary for two years, based on allegations of interference in the rating process relating to Dewan Housing Finance. In its final order on June 27, 2025, the SAT allowed Mr Mokashi’s appeal and set aside the impugned order. The SAT imposed a cost of Rs500,000.00 (US$5,797.30) on SEBI, observing that:  1. Justice B N Srikrishna’s independent report had exonerated Mr Mokashi of all charges, finding no evidence of interference with the rating process;  2. SEBI erred in misconstruing the findings of the Srikrishna report;  3. The evidence did not support SEBI’s conclusion; and, 4. SEBI’s actions were reprehensible and caused colossal loss of judicial time and resources, irreparable damage to Mr Mokashi’s reputation, and significant financial loss and loss of opportunity. Partner Pulkit Sukhramani led the firm’s team in the matter.

JSA is also advising SBI Capital Markets, Ambit Capital and IIFL Capital Services (formerly known as IIFL Securities) on Rayzon Solar’s proposed IPO of its equity shares, comprising a fresh issue aggregating up to Rs15 billion (US$174m). Rayzon Solar has filed its draft red herring prospectus with the SEBI and the stock exchanges. Partner Arka Mookerjee, supported by partner Siddhartha Desai, led the firm’s team in the transaction.

Moreover, JSA Advocates and Solicitors has advised Kotak Securities on Timex Group India’s offer, via the stock exchange, for sale of equity shares by its promoter, Timex Group Luxury Watches Netherlands, valued at US$33.10 million. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, also led the firm’s team in the transaction.

Latham & Watkins has advised Hanwha Life Insurance on its Rule 144A and Regulation S offering of US$1 billion 6.30 percent Tier II Subordinated Capital Securities, which were listed in Singapore. Established in 1946, Hanwha Life is Korea’s oldest insurance company, and part of the Hanwha Group, one of the country’s largest business conglomerates. Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank, The Hongkong and Shanghai Banking Corporation, Merrill Lynch International and Morgan Stanley & Co International acted as joint lead managers. Hong Kong corporate partner Steve Kang and Singapore partner Stacey Wong, supported by partners Aaron Bernstein (New York-tax) and Laura Ferrell (Chicago-US Investment Company Act), led the firm’s team in the transaction.

Maples has acted as Cayman Islands counsel to Mongolian Mining Corporation (MMC) on the issue of the US$350 million 8.44 percent Guaranteed Senior Notes due 2030 by Energy Resources and MMC. The issue of new notes closed on April 3, 2025. MMC is a leading Asian coking coal producer engaged in the open-pit mining and processing of coking coal sourced from its Ukhaa Khudag and Baruun Naran deposits in Mongolia’s South Gobi Province. Hong Kong corporate partner Karen Zhang Pallaras led the firm’s team in the transaction, while Allen Overy Shearman Sterling, Davis Polk & Wardwell and Snowhill Consultancy advised on US law, Hong Kong law and Mongolian law, respectively. The initial purchasers, The Hongkong and Shanghai Banking Corporation and Morgan Stanley & Co International, were represented by Linklaters Singapore as to US law and Melville Erdenedalai as to Mongolian law.

Maples has also acted as Cayman Islands counsel to Soar Wise on its issues of US$300 million 4.625 percent guaranteed notes due 2028 and US$500 million floating rate guaranteed notes due 2030, each guaranteed by AVIC International Leasing. Partner Lorraine Pao led the firm’s team in the transaction. Deacons acted as English law counsel, while Beijing Dacheng Law Offices (Shanghai) acted as Chinese law counsel to Soar Wise and AVIC International Leasing. The joint global coordinators were advised by Linklaters and King & Wood Mallesons on English law and Chinese law, respectively.

Moreover, Maples has advised Baidu on two significant bond issuance transactions, which were both completed on March 12, 2025. Baidu is a Chinese multinational technology company specialising in internet-related services and products, as well as in AI. Founded in 2000, Baidu operates the largest search engine in China, and offers a wide range of services, including cloud computing, autonomous driving and AI-powered solutions. Asia corporate head Matt Roberts led the firm’s team in the transaction.

Paul Hastings (Hong Kong) has advised Fortior Technology (Shenzhen) on its HK$2.2 billion (US$280m) global offering and listing in Hong Kong. The firm also assisted Fortior Tech in drafting the prospectus for its global offering and listing. Shanghai-listed Fortior Tech is an integrated circuit (IC) design company focused on BLDC motor control ICs. China International Capital Corporation Hong Kong Securities acted as the sole sponsor. Founding partner and Greater China chair Raymond Li and corporate partners Steven Hsu and Crystal Liu, supported by litigation partner Phoebe Yan, led the firm’s team in the transaction.

Paul Hastings (Hong Kong) has also advised CITIC Securities (Hong Kong), as the sole sponsor; CLSA, as the sponsor-overall coordinator; CLSA and Merrill Lynch (Asia Pacific), as the overall coordinators, joint global coordinators, joint book-runners and joint lead managers; and other underwriters on the US$611 million global offering and listing of Lens Technology in Hong Kong. The listing was completed within 100 days after the application submission on March 31, 2025. Shenzhen-listed Lens Technology is an integrated one-stop precision manufacturing solution provider, focusing on technological innovation and smart manufacturing. Founding partner and Greater China chair Raymond Li and corporate partners Chaobo Fan, Steven Hsu and Crystal Liu led the firm’s team in the transaction.

Rajah & Tann Singapore has acted as Singapore counsel to HPS Investment Partners on the US$12 billion acquisition of HPS by BlackRock, creating a US$190 billion private financing platform at BlackRock. This represents a strategic expansion of BlackRock’s private credit capabilities, enabling the firm to offer integrated public and private market solutions at scale. Partner Anne Yeo from the Funds & Investment Management Practice led the firm’s team in the transaction.

RPC has advised Seraya AQX, a Tokyo-based digital infrastructure investment platform owned by Seraya Partners, on its acquisition of SPTel, a Singapore-based enterprise fibre network operator. The deal marks a key step in AQX’s connectivity growth strategy, enhancing its presence in the SG+ digital infrastructure space, and supporting its ambition to scale SPTel into a leading provider of enterprise and data centre connectivity. Singapore corporate M&A partner Kenneth Leong, supported by partner Nicholas Lauw, led the firm’s team in the transaction.

Saraf and Partners has advised Gaja Capital on the US$20 million Series C investment round in Nupa Technologies, an egg supply chain company operating under the brand name ‘Eggoz’. The funding round was led by Gaja, with participation from existing investors IvyCap Ventures and Rebright Partners. For Gaja, the transaction was a mix of primary and secondary investments. As part of the secondary investment, Gaja acquired securities from various stakeholders, including promoters, individual shareholders and institutional investors. Partner Vivek Pareek led the firm’s team in the transaction.

Saraf and Partners has also advised 22 prominent investors, companies and funds advised by Trust Investment Advisors, as well as funds managed by WhiteOak Capital Management, Gaja Capital and Neo Asset Management, on a partial secondary acquisition from Apax Partners managed fund Quinag Bidco of securities in Fractal Analytics, a global provider of enterprise AI solutions. Pursuant to the transaction, the clients acquired equity shares in Fractal representing approximately six percent of its fully diluted share capital for an aggregate consideration of US$150 million, valuing Fractal at approximately US$2.44 billion. Together with its subsidiaries, Fractal provides end-to-end AI and analytics solutions across sectors. Its offerings encompass decision support, data engineering, predictive analytics and machine learning, enabling clients to integrate AI at scale. Fractal’s portfolio includes Asper.ai (interconnected decision-making for revenue growth) and Analytics Vidhya (a leading global data science community). Fractal also incubated Qure.ai, a prominent healthcare AI platform for the identification and management of tuberculosis, lung cancer and stroke. Founded by Pranay Agrawal and Srikanth Velamakanni, Fractal counts TPG, Apax Partners and OLMO Capital as its marquee investors. Founder and managing partner Mohit Saraf and partner Dhruv Chatterjee, supported by partner Akshayy Nanda on completion law matters, led the firm’s team in the transaction. AZB & Partners and Kirkland & Ellis advised Apax Partners, while Shardul Amarchand Mangaldas & Co advised Fractal Analytics.

Shardul Amarchand Mangaldas & Co has advised Rane (Madras) on the strategic sale of its land parcel measuring approximately 3.48 acres, out of a total of 4.5 acres, located in Velachery, Chennai, Tamil Nadu to Canopy Living, a joint venture between Prestige Estates Projects and Arihant Foundations & Housing, for a total consideration of more than Rs3.6 billion (US$42m). The deal was signed on June 26, 2025. Rane has retained the balance portion of the total 4.5 acre land at Velachery, where it plans to construct a new office facility to integrate city offices of various divisions. Partner Dorothy Thomas led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised Travel Food Services on the IPO, via an offer for sale, of its equity shares valued at approximately US$233 million by Kapur Family Trust, the promoter selling shareholder that is part of the larger flagship brand K Hospitality Group. The equity shares of Travel Food Services were listed on the Indian stock exchanges on July 14, 2025. Travel Food Services is a market leader in India’s fast-growing airport quick service restaurant (QSR) and lounge segments. It operates the largest network of travel QSR outlets and private airport lounges across the country. The company is also backed by SSP Group, a UK-headquartered travel food and beverage operator, acting through its wholly-owned step-down subsidiaries. As part of the pre-IPO restructuring, a secondary transfer of shares was undertaken by Kapur Family Trust in favour of the SSP Group to enable group-level financial consolidation. Kotak Mahindra Capital, HSBC Securities and Capital Markets (India), ICICI Securities and Batlivala & Karani Securities India were the book-running lead managers. Partners Manjari Tyagi, Abhishek Parekh, Natalee Nanda, Pooja Ramchandani and Kriti Kaushik led the firm’s team in the transaction. Latham & Watkins advised on the international aspects.

Simpson Thacher is representing the Special Committee on Zeekr Intelligent Technology Holding’s agreement and plan of merger with Geely Automobile Holdings and its indirect wholly-owned subsidiary, Keystone Mergersub. Pursuant to the merger agreement and subject to the terms and conditions thereof, Keystone will merge with and into Zeekr, with Zeekr continuing as the surviving entity and becoming a wholly-owned subsidiary of Geely. Beijing partner Yang Wang led the firm’s team in the transaction.

Skadden has advised NTT Finance, the financing subsidiary of the NTT Group, on approximately US$17.5 billion in concurrent US dollar- and euro-denominated notes offerings. The US dollar-denominated notes were issued in seven tranches in aggregate principal amounts of US$1.25 billion 4.567 percent senior notes due 2027, US$1.5 billion 4.62 percent senior notes due 2028, US$2.5 billion 4.876 percent senior notes due 2030, US$2.5 billion 5.171 percent senior notes due 2032, US$2.5 billion 5.502 percent senior notes due 2035, US$500 million senior floating rate notes due 2028, and US$500 million senior floating rate notes due 2030. The euro-denominated notes were issued in four tranches in aggregate principal amounts of €1.5 billion (US$1.75b) senior floating rate notes due 2027, €1 billion (US$1.17b) 2.906 percent senior notes due 2029, €1.5 billion (US$1.75b) 3.678 percent of senior notes due 2033, and €1.5 billion (US$1.75b) 4.091 percent senior notes due 2037. The notes were listed in Singapore, while the senior notes offering was completed on July 16, 2025. This is the largest offering by an Asian corporate in the global debt market, and the second largest dollar-denominated notes this year in the US high-grade market. The firm has previously advised NTT Finance and NTT Group on more than US$12 billion in international notes offerings since 2021. Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction.

Skadden has also advised Hong Kong-listed Trip.com Group, a leading global one-stop travel platform, on its approximately US$3 billion sale of a portion of the Class B ordinary shares that the company holds in MakeMyTrip. The transaction was completed in July. To fund the repurchase, MakeMyTrip issued convertible senior notes pursuant to Rule 144A under the U.S. Securities Act of 1933, and a concurrent underwritten public offering of ordinary shares. Partner and China practice co-head Haiping Li led the firm’s team in the transaction.

Trilegal has advised the Maker Group entity on the successful licensing of its premium retail premises in the iconic Maker Maxity, Bandra Kurla Complex (BKC) to Tesla India. This transaction marks a significant milestone in the Indian automotive and retail landscape, as it facilitates Tesla’s long-anticipated debut in the world’s third-largest automobile market. The presence of Tesla at Maker Maxity at Mumbai’s elite financial district sets a precedent for the growing influx of international marquee names entering the Indian market. Real estate partner Monika Bhonsale led the firm’s team in the transaction.

Trilegal has also advised Anthem Biosciences, along with the promoter and other selling shareholders, on its IPO of equity shares aggregating to Rs33.95 billion (US$394m). Anthem is an innovation-driven and technology-focused contract research, development and manufacturing organization (CRDMO), with fully integrated operations spanning across drug discovery, development and manufacturing. Anthem is also one of the youngest Indian CRDMO companies, and the fastest Indian CRDMO to achieve a milestone of Rs10 billion (US$116m) of revenue within 14 years of operations. The IPO is a pure offer for sale, and provides a partial exit to investors, such True North and Daavos Chemical Corporation. The IPO was oversubscribed 63.86 times, recording the highest institutional subscription for a more than Rs10 billion (US$116m) IPO in 2025. Anthem listed with a strong debut, delivering a 27 percent premium on the bourses. The syndicate of book-running lead managers comprised JM Financial, Citigroup Global Markets India, JP Morgan India and Nomura Financial Advisory and Securities (India). Partner Richa Choudhary led the firm’s team in the transaction.

Moreover, Trilegal is acting as Indian law counsel to JM Financial, IIFL Capital Services (formerly known as IIFL Securities) and Nomura Financial Advisory and Securities (India), as the book-running lead managers, on the proposed IPO of equity shares by Capillary Technologies India. A global market leader in loyalty and engagement management, Capillary Technologies is a software product company offering AI-based cloud-native SaaS products and solutions globally. It has filed its draft red herring prospectus with the SEBI on June 18, 2025. The proposed IPO comprises equity shares with face value of Rs2.00 (US$0.023) each, including a fresh issue aggregating up to Rs4.3 billion (US$50m) by Capillary Technologies, and an offer for sale of up to 18.33 million equity shares by the selling shareholders. Capital markets partner Vijay Parthasarathi is leading the firm’s team in the transaction.

WongPartnership has acted for China Railway Tunnel Group (Singapore Branch), a China-headquartered company registered as a foreign company in Singapore, and one of the largest tunneling contractors worldwide, on its successful defence against three corruption charges brought in relation to monies that had been lent to a former senior LTA official, Foo Yung Thye Henry, as well as in successfully resisting an appeal brought by the Prosecution against this first instance acquittal. In upholding the acquittal, a court of three judges sitting in the High Court declined to accept the arguments of both the Prosecution and an appointed Young Independent Counsel that the extant legal test for corporate attribution of criminal liability should be amended for offences under the Prevention of Corruption Act, and agreed with the firm’s submission that the prevailing legal test should remain in place. Partner Paul Loy led the firm’s team in this matter.

WongPartnership is also acting for the claimants, Kevin Rahim and Jessica Tjitra, on the lawsuit against PropNex Realty, PropNex’s sales agent and CK Tan Law Corporation for negligent misrepresentations and/or breach of duty of care in relation to the use of the 2-Step 99-1 method in purchasing a property. Partner Gavin Neo is leading the firm’s team in the matter.

Zul Rafique & Partners has advised Maybank Investment Bank and United Overseas Bank (Malaysia), as joint principal advisers, joint lead arrangers and joint lead managers, on the successful establishment of Perbadanan Bekalan Air Pulau Pinang’s (PBAPP) inaugural RM5 billion (US$1.18b) Islamic Medium-Term Notes (IMTN) Programme. This landmark issuance marks a historic first for the state of Penang, as PBAPP becomes the first Penang state-linked entity to launch both a Sukuk Programme and a Sustainable Finance Framework. The Sukuk, structured under the Shariah-compliant Wakalah principle, enables PBAPP to access sustainable, long-term financing from Malaysia’s capital markets to support its strategic infrastructure initiatives. Maybank Investment Bank also served as the sole sustainability structuring adviser for PBAPP’s Sustainable Finance Framework, which adheres to the Securities Commission Malaysia’s Sustainable and Responsible Investment Guidelines and other regional and international standards. Proceeds from the Sukuk will be used to finance PBAPP’s Water Contingency Plan 2030, which supports the State’s objective to ensure long-term water security, while addressing challenges posed by climate change and rising demand. Banking and finance partners Loh Mei Mei and Jayden Chuah led the firm’s team in the transaction.