Latest Deals from Law Firms and Legal Services Providers: 6th August 2025

AZB & Partners has advised IIFL Capital Services (formerly known as IIFL Securities), DAM Capital Advisors, HSBC Securities and Capital Markets (India), as the book-running lead managers, on the issue by CG Power and Industrial Solutions of approximately 45.45 million equity shares with face value of Rs2.00 (US$0.023) each of its equity shares at Rs660.00 (US$7.52) per equity share, including a premium of Rs658.00 per equity share, aggregating to approximately Rs30 billion (US$342m). The equity shares were allotted on July 4, 2025. Partners Varoon Chandra, Lionel D’Almeida and Rahul Aggarwal led the firm’s team in the transaction.

AZB & Partners has also advised PeerCapital on its acquisition, along with other acquirers, of a more than five percent stake in House of Vaaree. Partner Daksh Trivedi led the firm’s team in the transaction, which was completed on July 12, 2025.

Moreover, AZB & Partners has advised Wave Beverages, along with the selling shareholders comprising of Mrs Jatinder Kaur Chadha, Mr Manpreet Singh Chadha, Mr Harmandeep Singh Kandhari, Mr Jasmeet Kandhari, Mr Gurdeep Singh Kandhari, Mr Govindeep Singh Kandhari and Mrs Inderjit Kaur, on the Rs10 billion (US$114m) sale of Wave Beverages to Kandhari Global Beverages. Partners Hardeep Sachdeva, Priyamvada Shenoy and Gaurav Priyadarshi led the firm’s team in the transaction, which was completed on July 9, 2025.

Baker McKenzie has advised JD.com, a leading global supply chain-based technology and service provider, on the announced public takeover offer for Ceconomy, a leading consumer electronics company in Europe. With this strategic investment partnership, JD.com and Ceconomy intend to build the leading European platform for next-generation consumer electronics. Since its founding in 2004, JD.com has established a strong brand reputation by providing an industry-leading integrated omnichannel shopping experience, and redefining logistics service standards. Listed on the Nasdaq since 2014 and in Hong Kong since 2020, JD.com is China’s largest retail company by revenue. CECONOMY is a European retail leader in consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in eleven countries. CECONOMY has approximately two billion customer contacts per year and 50,000 employees across all markets. Corporate/M&A partners Dirk Horcher (Munich) and Dr Christoph Wolf (Frankfurt), supported by partners Christian Atzler (corporate/M&A-Frankfurt), Zhi Bao (China joint operation partner FenXun-corporate/M&A-Beijing), Anahita Thoms (regulatory-Berlin), Dr Nicolas Kredel (regulatory-Düsseldorf), Jan Kresken (regulatory-Düsseldorf),  Laura Liu (FenXun-regulatory-Beijing), Simon Leung (banking & finance-Hong Kong), Gerry Wong (FenXun-banking & finance-Hong Kong), Matthias Töke (banking & finance-Frankfurt), Dr. Felix Diehl (employment & pensions-Frankfurt), Patrick Wilkening (IP-Düsseldorf), Florian Tannen (IT-Munich) and Dr. Tobias Höfling (IT-Frankfurt), led the firm’s team in the transaction.

Chandler Mori Hamada has advised Muangthai Capital on its establishment of a US$3 billion Global Medium Term Note Programme and the inaugural drawdown of US$350 million senior unsecured social notes under the GMTN Programme. The notes, with a coupon rate of 7.55 percent, followed the company’s earlier issuance of US$335 million Reg S social notes in 2024, which marked a milestone for the company in diversifying its foreign funding sources. Muangthai Capital is one of the largest non-bank financial institutions (NBFI) in Thailand, holding a significant market share in vehicle title loans. It was the first ASEAN NBFI to tap the US dollar market. Given the strong investor demand for the 2024 issuance, the establishment of the GMTN Programme has been a success, enhancing Muangthai’s liquidity and widening its offshore investor base, particularly among US-based institutional investors. This new issuance also demonstrates the company’s commitment to sustainable development, in line with its Social Bond Framework. The proceeds from the notes will be used to finance or refinance eligible social projects, such as supporting smallholder farmers, individual female entrepreneurs, individual female business owners, and/or self-employed women. The funds raised will support projects aimed at increasing agricultural productivity and income. Partner Doungporn Prasertsomsuk led the firm’s team in the transaction.

Clifford Chance has advised Australia and New Zealand Banking Group (ANZ) and Standard Chartered Bank, as placement agents, on the seventh issuance of Impact Investment Exchange (IIX)’s Women’s Livelihood Bond™ (WLB) Series – the US$60 million first tranche of Women’s Livelihood Bond 7 (WLB7). The bonds are issued in compliance with the Orange Bond Principles™. The proceeds will be used to extend loans to high impact enterprises, benefitting approximately 773,000-816,000 underserved women and girls from low-income, rural, or semi-urban, minority or otherwise disadvantaged communities) in India, Indonesia, the Philippines and Sri Lanka. Since its inception in 2017, the WLB Series has mobilised US$288 million, including WLB7. Orange Bonds – which draw their name from the orange hue of United Nations’ Sustainable Development Goal (UN SDG) 5: Gender Equality – are a class of sustainable financial instruments that aim to eliminate gender bias, and improve equality and living standards by mobilising new sources of capital for empowerment minorities to build a gender-empowered financing system. Partner Gareth Deiner led the firm’s team in the transaction, while partner Leng-Fong Lai acted for The Bank of New York Mellon, as the trustee.

Clifford Chance has also advised Mitsubishi Corporation on the acquisition of additional shares in Thailand-listed Thai Union Group (TU) to increase its stake from 6.19 percent to 20 percent, excluding treasury shares. TU manufactures and sells processed seafood products, including canned tuna, pet food and frozen seafood, in Asia, Europe, Africa and North America. A global conglomerate headquartered in Japan, Mitsubishi has been a shareholder of TU for over 30 years. As part of the above transaction, the firm has also advised Mitsubishi on the entry into a business alliance agreement with TU. Partner Amy Ho, supported by merger control and FDI partners Masafumi Shikakura (Tokyo) and Luciano di Via (Rome), led the firm’s team in the transaction.

JSA Advocates & Solicitors is acting as the sole advisor on competition aspects of Schneider Electric’s proposed acquisition of the remaining 35 percent stake of Schneider Electric India (SEI) from Temasek. Under the terms of the proposed acquisition, Schneider Electric will acquire the remaining 35 percent of SEI for an all-cash consideration of approximately €5.5 billion (US$6.4b). The proposed acquisition is subject to customary closing conditions, including the receipt of required regulatory approvals from the Competition Commission of India. Schneider Electric is committed to support India’s future expansion through its unique setup in India, which is Schneider Electric’s third largest market and one of its four hubs. Partner and competition chair Nisha Kaur Uberoi, supported by partner Pranav Satyam, is leading the firm’s team in the transaction, while AZB & Partners is advising on the corporate law aspects.

JSA Advocates and Solicitors has also advised Crédit Agricole Corporate and Investment Bank and Mizuho Bank on the financing of the 135 MWp commercial and industrial solar power project set up by a project company of AMPIN Energy Transition in Rajasthan. Partner Karan Mitroo, supported by partner Vishnu Sudarsan, led the firm’s team in the transaction.

Moreover, JSA has advised Mr Vivek Gupta, one of the promoters of Oswal Pumps, on the sale of his equity stake ahead of the company’s proposed IPO. Mr Gupta sold a total of more than five million equity shares, representing 5.04 percent of the pre-offer share capital of the company, to multiple buyers, including ValueQuest, Kotak, Quant and other corporates, individuals and funds. The total value of the transaction stood at approximately Rs3 billion (US$34.2m). Oswal Pumps is one of India’s fastest-growing, vertically integrated manufacturers in the solar pump segment, with a robust presence across domestic and international markets. Partner Anand Lakra led the firm’s team in the transaction.

Maples has acted as Cayman and BVI counsel to Yeahka on the placing of an aggregate of 19.15 million ordinary shares of par value US$0.000025 each in the share capital of the company in the Hong Kong stock exchange held by Creative Brocade International, and the top-up subscription of the same number of shares by Creative Brocade, under the general mandate to issue shares by the company. CLSA acted as the placing agent. The net proceeds from the subscription are estimated to be approximately HK$189.2 million (US$24m).

Maples has also acted as Cayman Islands counsel to DayOne Data Centres on its US$1 billion series B financing round led by Coatue Management. This transaction closed on December 31, 2024. DayOne is a data centre pioneer that develops and operates next-generation digital infrastructure for industry leaders who demand reliable, cost-effective and quickly scalable solutions. Headquartered in Singapore, DayOne’s data centres are located across Asia, including Singapore, Malaysia, Indonesia, Thailand, Hong Kong SAR and Japan. Hong Kong partner Asia corporate practice head Matt Roberts led the firm’s team in the transaction. White & Case also advised DayOne. Latham & Watkins advised the lead investor, Coatue Management.

Moreover, Maples has acted as BVI counsel to a consortium of seven financial institutions, namely DBS Bank, Deutsche Bank, Global Infrastructure Partners (a part of Blackrock), HSBC, International Finance Corporation, ING and Natixis CIB, on the secured financing of more than US$900 million to fund the construction and initial operation of Yondr Group’s 98MW data centre development in Johor, Malaysia. The project, situated on a 72.5-acre site and located in the city’s Sedenak Tech Park, is set to deliver 300MW of critical IT capacity. Once completed, it will be the largest hyperscale data centre campus in Southeast Asia. Yondr Group is a global developer, owner and operator of hyperscale data centers that delivers complex data centre capacity needs for the world’s largest technology companies. Asia regional managing partner Michael Gagie and finance partner Lorraine Pao led the firm’s team in the transaction.

Skadden has advised Everest Medicines, a biopharmaceutical company focused on the discovery, clinical development, manufacturing and commercialization of innovative therapeutics, on its placing of existing shares and top-up subscription of new shares under general mandate, raising approximately HK$1.57 billion (US$200m). Hong Kong partner and China practice co-head Paloma Wang led the firm’s team in the transaction, which was completed on August 1, 2025.

Trilegal has successfully represented Samsung SDI India before the Income Tax Appellate Tribunal (ITAT) Delhi on critical transfer pricing appeals relating to application of Berry Ratio as profit level indicator (PLI) for benchmarking the international transactions undertaken by a low-risk distributor. The ITAT decided in favour of Samsung SDI India, and held that it acts as a mere facilitator, without undertaking any risk in relation to inventory, warehousing, etc. Hence, the assessee is a low-risk distributor, and the Berry Ratio is a suitable PLI. Partner Himanshu Sinha led the firm’s team in the matter.

Trilegal has also advised on the successful listing of equity shares aggregating to approximately Rs4.6 billion (US$52.4m) by GNG Electronics. Operating under the brand “Electronics Bazaar”, GNG is India’s largest refurbisher of laptops and desktops, and is among the largest refurbishers of information and communication technology devices overall, both globally and in India, with significant presence across India, the USA, Europe, Africa and the UAE. It is among the select few companies operating under such a distinctive and differentiated business model. The IPO received an overwhelming response, with the qualified institutional buyer portion oversubscribed by 266.21 times, and the overall IPO subscribed by 147.93 times. It made a strong debut on the bourses, listing at a 50 percent premium to the offer price. The IPO proceeds will be used for repayment of its and its subsidiary’s outstanding borrowings. The syndicate of book-running lead managers comprised of Motilal Oswal Investment Advisors, JM Financial and IIFL Capital Services (formerly known as IIFL Securities). Partner Richa Choudhary led the firm’s team in the transaction.

Moreover, Trilegal has advised Asset Reconstruction Company (India) (ARCI) on its filing of the Draft Red Herring Prospectus with the Securities and Exchange Board of India, marking a key milestone in ARCI’s journey toward its IPO. A pioneer in the Indian asset reconstruction industry, ARCI was the first asset reconstruction company to be established in India. With this proposed IPO, ARCI could become the first ARC to be listed on the Indian stock exchanges, a potential milestone for India’s distressed asset sector. Established in 2002, ARCI is India’s first and one of the largest private asset reconstruction companies, with a diversified portfolio across corporate, SME and retail loans. It is sponsored by Avenue Capital and State Bank of India. The firm also advised the State Bank of India as sponsor and selling shareholder. Partners Bhakta Patnaik and Albin Thomas led the firm’s team in the transaction.