Latest Deals from Law Firms and Legal Services Providers: 17th September 2025

Allen & Gledhill has advised IOI Consolidated (Singapore), a wholly-owned subsidiary of IOI Properties Group, on the acquisition by IOI from Ascent View Holdings, a wholly- owned subsidiary of City Development, of a 50.10 percent interest in Scottsdale Properties, the registered proprietor of the commercial components of the South Beach mixed-use integrated development. The acquisition completed on September 1, 2025. Following completion, IOI holds 100 percent equity interest in Scottsdale. The purchase consideration is based on Scottdale’s consolidated net assets, which factors in an agreed property value of S$2.75 billion (US$2.15b) for the South Beach Property. Partners Jerry Koh, Richard Young, Ho Kin San, Teh Hoe Yue, Ong Kangxin, Shalene Jin, Zhao Jiawei and Victoria Leong led the firm’s team in the transaction.

Allen & Gledhill has also advised Oversea-Chinese Banking Corporation on the issue of US$1 billion 4.55 percent subordinated notes due 2035, under its US$30 billion global medium term note program. Partner Glenn David Foo led the firm’s team in the transaction.

Moreover, Allen & Gledhill has advised DBS Bank and Oversea-Chinese Banking Corporation on the issue of S$300 million (US$234m) 2.65 percent notes due 2035 by NetLink Treasury, under its S$1 billion (US$781m) multicurrency debt issuance programme. The notes are unconditionally and irrevocably guaranteed by NetLink NBN Management, as trustee-manager of NetLink NBN Trust. Partners Margaret Chin, Delwin Singh and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners is advising Pacific Avenue Capital Partners on its acquisition of Pick Your Part (PYP), including its Indian entity PYP India, from LKQ Corp and LKQ India. Partner Nandita Govind is leading the firm’s team in the transaction, which was signed on August 25, 2025 and is yet to be completed.

AZB & Partners is also advising The Carlyle Group on its Rs16.6 billion (US$189m) acquisition from Invesco of Intellifo, including its Indian entities Intelliflo Software India and Intelliflo Fintech India. Partners Anil Kasturi and Nandita Govind are leading the firm’s team in the transaction, which was signed on August 26, 2025 and is yet to be completed.

Moreover, AZB & Partners is advising Avenue India Resurgence, one of the promoter selling shareholders, on the IPO, via offer for sale, of approximately 105.5 million equity shares of Asset Reconstruction (India) by Avenue India Resurgence, State Bank of India (promoter selling shareholder), Lathe Investment (investor selling shareholder) and The Federal Bank (other selling shareholder). Partners Varoon Chandra, Lionel D’Almeida and Janhavi Seksaria are leading the firm’s team in the transaction, which was signed on August 1, 2025 and is yet to be completed.

Baker McKenzie has advised Hong Kong-listed Shoucheng Holdings on raising approximately HK$600 million (US$77m) through the placement of new shares. The net proceeds from the share placement will be used for the rollout of its technology experience stores, and the expansion of new business lines in asset operation, as well as for general working capital purposes. Guotai Junan Securities (Hong Kong) acted as the sole overall coordinator and placing agent for the transaction. This transaction marks the second fundraising that the firm has assisted Shoucheng Holdings with this year. The firm also advised Shoucheng Holdings on the issuance of US$180 million convertible bonds due 2026, with a coupon rate of 0.75 percent per annum. Capital markets partners Christina Lee from Baker McKenzie and Yolanda Zheng from FenXun, supported by partner Yingfei Yang from FenXun, led the firms’ team in the transaction. FenXun is a premier Chinese law firm that established a joint operation office with Baker McKenzie in China under the name Baker McKenzie FenXun in 2015.

Baker McKenzie has also acted as lead counsel to Navis Capital Partners on the strategic sale of dzcard Group to TOPPAN Security. dzcard is Southeast Asia’s leading fully integrated secure payment and smart card solution provider headquartered in Bangkok, with operations across six countries. Since Navis’ acquisition of dzcard in 2018, dzcard has expanded its operations in existing markets, and moved into new product segments, including digital solutions for payment technologies, and into new markets in both Southeast Asia and Africa. TOPPAN’s acquisition of dzcard is expected to significantly expand TOPPAN’s footprint by doubling its banking cards manufacturing capacity and network of personalization centers. Singapore M&A principal Xiao Hui Ting led the firm’s cross-border team in the transaction.

Economic Laws Practice has advised Motilal Oswal Investment Advisors, the book-running lead manager, on the IPO of Gem Aromatics, which successfully raised approximately Rs4.5 billion (US$51m). The IPO comprised a fresh issue of equity shares aggregating to Rs1.75 billion (US$20m), and an offer for sale of 8.5 million equity shares aggregating to Rs2.76 billion (US$31m). The IPO attracted strong investor interest, underlining market confidence in the company’s growth trajectory and sectoral potential. Gem Aromatics is an established manufacturer of specialty ingredients, including essential oils, aroma chemicals and Value-Added Derivatives, in India with a track record of over two decades. It offers a diversified portfolio of products, ranging from the Mother Ingredients to its various Value-Added Derivatives. The company’s track record, diverse product portfolio and brand recall have helped them establish several leadership positions within its product portfolio. Partners Geeta Dhania and Prashaant Vikram led the firm’s team in the transaction.

JSA is advising IIFL Capital Services (formerly known as IIFL Securities), Axis Capital and JM Financial on Shivalaya Construction’s proposed IPO of equity shares. The proposed IPO comprises of a fresh issue aggregating up to Rs4.5 billion (US$51m), and an offer for sale of up to 24.9 million equity shares by certain promoters and members of the promoter group. Shivalaya Construction filed its draft red herring prospectus dated September 5, 2025 with the Securities and Exchange Board of India on September 6, 2025. Partner Arka Mookerjee, supported by partner Siddhartha Desai, is leading the firm’s team in the transaction.

JSA has also advised Bharat Value Fund, managed by Wealth Company Asset Management (formerly Pantomath Capital Management), on its Rs4.6 billion (US$52m) investment in Amnex InfoTechnologies. Headquartered in Ahmedabad, Amnex InfoTechnologies is a leading provider of comprehensive technology solutions with expertise in design, development and system integration. The company leverages hardware, software and data analytics to deliver innovative services across multiple sectors, including transportation, traffic management, utilities, mining, logistics, urban infrastructure and agriculture. Partner Siddharth Mody led the firm’s team in the transaction.

Moreover, JSA has advised Nisus Finance Services on its acquisition, through its subsidiary Nisus Finance Projects, of a majority stake in New Consolidated Construction Company (NCCC). The transaction was executed as an all-cash, management-led buyout. As part of the transaction, NCCC’s Managing Director & CEO, Mahesh Mudda, has been appointed as promoter, with the existing leadership team continuing in place. This strategic acquisition strengthens Nisus Finance’s infrastructure financing platform, enhances its execution capabilities through NCCC’s legacy strength in the construction sector, and positions it to capture infrastructure-led growth opportunities. Founded in 1946 and headquartered in Mumbai, NCCC is one of India’s oldest and most respected EPC companies. With over 500 completed projects covering more than 200 million sq ft, and an order book exceeding Rs26 billion (US$295m), its portfolio spans residential, commercial, hospitals, pharma plants, IT parks, industrial facilities, retail and data centers. Its clientele includes leading developers, such as Prestige Group, L&T, Phoenix Mills and Bagmane. Promoted by Amit Goenka and Mridula Goenka, Nisus Finance Services focuses on urban infrastructure financing and capital markets across multiple entities, including Nisus Finance Projects. Partner Siddharth Mody, supported by partner Anurag Shrivastav, led the firm’s team in the transaction.

Saraf and Partners has advised Dassault Aviation on its proposed acquisition of an additional stake from Reliance Aerostructure in their joint venture company, Dassault Reliance Aerospace (DRA). As part of the acquisition, Dassault (an existing 49 percent shareholder) shall acquire two percent shareholding of DRA from Reliance, thereby becoming DRA’s majority (51 percent) and controlling shareholder. The proposed acquisition by Dassault shall be undertaken via secondary purchase of shares for approximately Rs1.75 billion (US$20m). Dassault Aviation is a leading French company engaged in the businesses of military and business jets, and is the integrator of Rafale & Falcon aircraft, as well as a manufacturer of airframes and subsystems of these aircraft. Senior partner Vaibhav Kakkar and partners Snigdhaneel Satpathy and Debarpan Ghosh led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Transbnk Solutions on its US$25 million Series B fund raise, led by Bessemer Venture Partners, with participation from Arkam Ventures, Fundamentum Partnership, 8i Ventures, Accion Venture Lab and GMO Venture Partners. Partner Nikita Goyal led the firm’s team in the transaction. Bessemer Venture Partners was advised by Cyril Amarchand Mangaldas. Arkam Ventures and Fundamentum Partnership were advised by Argus Partners, while 8i Ventures was advised by Samvad Legal.

Shardul Amarchand Mangaldas & Co has also advised Keyaro Edutech (Seekho) on its recently closed US$28 million Series B funding round, led by Bessemer Venture Partners and Goodwater, with participation from existing investors Elevation Capital and Lightspeed India Partners. Partner Manish Gupta led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has represented Meditab Specialities, a wholly-owned subsidiary of Cipla, on a long-standing dispute concerning allotment of land in a Special Economic Zone (SEZ) in Goa. The matter was settled for Rs330 million (US$3.74m) before the Supreme Court of India on August 29, 2025. Meditab had originally been allotted land by the Goa Industrial Development Corporation (GIDC) for development within an SEZ. However, this allotment, along with others, was struck down by the Bombay High Court at Goa in 2010. Meditab challenged the ruling before the Supreme Court, where the matter remained under consideration for several years. Partner Manu Nair led the firm’s team in the matter.

Simpson Thacher has represented Morgan Stanley Real Estate Investing, the private real estate investment arm of Morgan Stanley Investment Management, on the final close for its inaugural North Haven Real Estate Japan Strategy Fund I, exceeding the original fundraising target of ¥75 billion (US$509m), and raising ¥131 billion (US$889m). Partners Jason Herman (New York), David Azcue (Tokyo) and David Whelan (New York), supported by partner Nancy Mehlman (New York), led the firm’s team in the transaction.

Simpson Thacher is also representing Vantage Data Centers on its expansion to the Johor, Malaysia market with the acquisition of Yondr Group’s more than 300 MW hyperscale data center campus in Sedenak Tech Park. The campus is one of the largest hyperscale data center campuses in Southeast Asia. Vantage has also secured a US$1.6 billion investment from an affiliate of GIC, a global institutional investor, and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The investment from GIC and ADIA will support Vantage’s acquisition of the Johor campus, with additional capital earmarked for further growth of Vantage’s APAC platform. Partners Gabriel Silva (New York), Ian Ho (Hong Kong) and Alvin Kwong (Hong Kong) led the firm’s team in the transaction.

Skadden has advised the underwriters, led by Citigroup Global Markets, JP Morgan Securities and Goldman Sachs & Co, on Mitsubishi Corporation’s Rule 144A / Regulation S offering of US$1.6 billion aggregate principal of 4.00 percent senior notes due 2028, 4.125 percent due 2030, 4.875 percent due 2035 and senior floating rate notes due 2028. The notes were listed in Singapore. Mitsubishi Corporation develops and operates businesses across multiple industries globally. Partner and Tokyo office head Kenji Taneda led the firm’s team in the transaction.

Skadden has also advised AI company Baidu on its Rmb4.4 billion (US$619m) Regulation S senior notes offering, which consists of aggregate principal amount of 1.90 percent senior unsecured notes due 2029. The offering was closed on September 15, 2025, and the notes are listed in Hong Kong. Partners Shu Du, Jonathan Stone and Paloma Wang led the firm’s team in the transaction.

Trilegal has advised HDFC Capital Advisors on the formation and fund raise by HDFC Capital Development of Real Estate Affordable and Mid-income Fund (HDream Fund) from various investors, both domestic and international, including International Finance Corporation (IFC) as an anchor investor. HDream Fund is among the first private credit funds globally focused on increasing sustainable affordable and mid-income housing in urban India. It is one of the largest sustainability-led affordable housing funds in India with a target size of US$1 billion, and among the largest globally. It also marks the biggest supply-side financing initiative in this segment. Partners Sai Krishna Bharathan and Pallabi Ghosal led the firm’s team in the transaction.

Trilegal has also advised Bain Capital on setting up a platform with Sattva Group to acquire land parcels and develop purpose-built assets for co-living accommodation across India, which will be operated and managed by coliving spaces provider Colife Advisory under the ‘Colive’ brand. As part of the partnership, Bain Capital has also spearheaded Colive’s strategic fundraise of US$20 million, backed by the Sattva Group, an existing investor in Colive. This platform will be one of its kind in the co-living accommodation space, which is seen as a new-age alternative to traditional residential accommodation options, especially in large urban cities. The platform has already completed initial land acquisitions in Pune and Bengaluru, with nearly half a million sq ft of co-living spaces under development. Partners Shivani Kabra, Mridul Kumbalath, Sadaf Shaikh, Kirti Balasubramanian, Jyotsna Jayaram and Apeksha Mattoo led the firm’s team in the transaction.

Moreover, Trilegal has advised Timex Group Luxury Watches Netherlands on its offer for sale via the stock exchange of equity shares of Timex Group India. The offer for sale aggregated to approximately 15.14 million equity shares, representing 15 percent of the total issued and paid-up equity share capital of the company, with face value of Rs1.00 (US$0.011) each, for a total consideration of approximately Rs3.15 billion (US$35.8m). Partner Abhinav Maker led the firm’s team in the transaction.

TT&A has advised PMG Sports, a partnership among Madison Group, Selvel One Group and Sunil Gavaskar, on the joint venture among Sportfive, Sachin Tendulkar and PMG Sports for launching the International Masters League, a multi-nation T20 league championship played by retired international cricket players. The inaugural season of the league took place between February 25 to March 16, 2025, featuring six teams from India, Australia, South Africa, West Indies, England and Sri Lanka. PMG Sports provides services for the commercial and operational aspects of the league, including sourcing franchise partnerships, commercial rights partnerships and on-ground execution. Partners Feroz Dubash and Pratika Shankar led the firm’s team in the transaction. Law NK advised Sportfive, while AZB & Partners advised Sachin Tendulkar.

WongPartnership has acted as Singapore counsel to Terraform Labs in the Singapore International Commercial Court (SICC) on the first reported Singapore decision awarding costs incurred by a foreign debtor due to intentional violation of a recognition order, which included an injunction against proceedings involving compromised claims. The SICC awarded full costs against non-parties who, despite their claims being compromised under the Plan, sought to join ongoing proceedings to upgrade their treatment under a Chapter 11 Plan, in wilful and flagrant breach of the recognition order. The case underscores the strict observance required of such orders, and clarifies the serious costs consequences for intentional violations, reinforcing the effectiveness of Singapore’s cross-border insolvency regime. Partners Smitha Menon, Ho Soon Keong, Ling Pei Lih and GOH Ziluo led the firm’s team in the matter.