Latest Deals from Law Firms and Legal Services Providers: 10th September 2025
Allen & Gledhill has also advised DBS Bank and United Overseas Bank, as mandated lead arrangers, on the S$840 million (US$655m) term loan facility to IOI Consolidated (Singapore). The facility will be used to finance the acquisition of 50.1 percent of the share capital of Scottsdale Properties, whose wholly-owned subsidiary, South Beach Consortium, is the registered proprietor of the iconic South Beach mixed-used integrated development. Following completion, IOI holds 100 percent equity interest in Scottsdale. Partners Lim Wei Ting and Andy Chee led the firm’s team in the transaction, which was completed on September 1, 2025.
Moreover, Allen & Gledhill has advised CapitaLand Ascendas REIT Management, as manager of CapitaLand Ascendas REIT, on the issue of S$700 million (US$545m) 2.343 percent green notes due 2032, under the S$7 billion (US$5.45b) euro medium term securities programme established by HSBC Institutional Trust Services (Singapore), as trustee of CapitaLand Ascendas REIT Management. The notes were issued under CapitaLand Ascendas REIT’s Green Finance Framework. The framework is line with the International Capital Market Association’s Green Bond Principles 2021, and the Loan Market Association, the Asia Pacific Loan Market Association and the Loan Syndications and Trading Association’s Green Loan Principles 2023. The framework guides CapitaLand Ascendas REIT in the allocation and management of the proceeds raised from the issuance, as well as future green financing transactions. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised Amansa Investments on its Rs2.5 billion (US$28.4m) acquisition of stake in Rubicon Research from General Atlantic Singapore RR. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on August 12, 2025.
AZB & Partners has also advised Neo Asset Management on its Rs13.8 billion (US$157m) acquisition of Solararise India Projects from Asian Energy Impact Trust. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on August 20, 2025.
Moreover, AZB & Partner advised Premji Invest affiliate PI Investment Advisory, Claypond Capital and 360 ONE Alternates Asset Management on their Rs11.3 billion (US$128m) acquisition of stake in SNV Aviation (Akasa Air). Partners Divya Mundra, Devika Nayak and Sarah Rufus led the firm’s team in the transaction, which was completed on August 19, 2025.
DLA Piper has advised Ping An subsidiary Yun Chen Capital Cayman on the sale of approximately 43 percent of ordinary shares in Autohome to Haier Group subsidiary Cartech Holding, establishing Cartech as the largest Autohome shareholder. The deal was signed on February 20, 2025, and completed on August 27, 2025, after receiving the necessary antitrust and Overseas Direct Investment approvals. Amounting to US$1.8 billion, the transaction is one of China’s largest and most notable M&A transactions in 2025, highlighting the robust growth potential of the country’s technology sector. Autohome is a leading online platform serving automobile consumers in China. Dual-listed in Hong Kong and New York, the company leverages advanced technology to streamline decision-making, and reduce transaction costs across the entire auto industry. Its platform features a comprehensive vehicle database and extensive listings, supporting the entire car ownership lifecycle, with content generated by professionals, users and AI. Corporate partner James Chang (Beijing) and Asia and co-country managing partner and senior partner Roy Chan (Shanghai), supported by Greater China capital markets compliance head Vivian Liu, Asia tax co-head Windson Li and US corporate partner Andrew Ledbetter, led the firm’s team in the transaction, working alongside Shanghai Kaiman Law Firm.
Johnson Stokes & Master (JSM) has advised Hong Kong Young Women’s Christian Association (YWCA) on the successful HK$335 million (US$43m) sale of Bonham Residence Hong Kong at 38C Bonham Road, West Mid-Levels. Bonham Residence Hong Kong is a 27-storey, fully serviced hostel building with a gross floor area of 36,660 sq ft, comprising 96 units. Strategically located near the University of Hong Kong and major transport links, and just minutes from the central business district, the property is set to be transformed by the purchaser into an approximately 200-bed private student accommodation facility. The sale and conversion taps into surging demand for quality student housing, and supports the 2024 Policy Address goal of positioning Hong Kong as a global education hub. Real estate partner Alvin Yeung led the firm’s team in the transaction, which highlights growing investor confidence in the city’s emerging student accommodation sector.
JSA has advised A91 Partners on its investment in SASMOS HET Technologies, a leading global manufacturing, design and development company in the Aerospace & Defence sector. Headquartered in Bangalore, with a strong international footprint across the UK, Europe and the US, SASMOS specializes in designing and manufacturing wiring harnesses, electromechanical assemblies and fiber optic solutions for global and domestic OEMs. Its solutions are deployed across platforms developed by marquee industry leaders, such as Boeing, Lockheed Martin, IAI, L&T, BEL and several others. Through this transaction, A91 acquired a significant minority stake in SASMOS. The investment is expected to accelerate SASMOS’ growth trajectory across R&D, new product development, global expansion and other strategic initiatives. Partner Probir Roy Chowdhury, supported by partner Yajas Setlur, led the firm’s team in the transaction.
JSA has also advised Veritas Prime on its acquisition of a majority stake in Adaptoid Labs India from the existing shareholders, pursuant to which Veritas acquired 100 percent ownership of the company. Headquartered in the US, Veritas Prime is a leading consulting firm specializing in operations support, human capital management, HR consulting and advisory services. Hyderabad-based Adaptoid is known for its expertise in human experience management technology and SAP SuccessFactors software solutions. Partner Rajul Bohra led the firm’s team in the transaction.
Moreover, JSA has successfully represented Rain Cements on an appeal before the High Court of Telangana. The brief issue involved is whether Cross Subsidy Surcharge can be levied on a generator/consumer, who is exempted under the Ministry of Power (Removal of Difficulties) 2nd Order 2005 while operating under a valid consent granted by competent government under the Electricity (Supply) Act 1948. Despite presentation by Rain Cements of valid consent granted under the Electricity (Supply) Act 1948, the Southern Telangana Discom issued Demand Notices levying Cross Subsidy Surcharge for FY 2005-06 to FY 2014-15. Rain Cements filed a Writ Petition before the Single Judge, seeking such Demand Notices to be quashed, alongside interim protection from disconnection of electricity supply. The Single Judge of the High Court of Telangana, in its order dated August 26, 2025, granted protection against disconnection of electricity supply, but imposed a condition on Rain Cements to deposit 50 percent of the impugned levy of Cross Subsidy Surcharge. Rain Cements challenged the order before the Division Bench of High Court of Telangana, contending that once a generator / consumer is covered by the Ministry of Power’s Electricity (Removal of Difficulties) 2nd Order 2005, then it is fully exempted from payment of Cross Subsidy Surcharge. In its order dated September 3, 2025, the Division Bench of High Court of Telangana set-aside the Single Judge’s Order, including the condition imposed to deposit 50 percent of the impugned levy of Cross Subsidy Surcharge, granted a status quo for two weeks, and remanded the matter to the Single Judge to consider all submissions, and pass a reasoned / speaking order. Out of several similarly placed consumers in Telangana, only Rain Cements is now protected with full exemption from payment of any Cross Subsidy Surcharge, as an interim measure, while appeals filed by other consumers were dismissed by the Division Bench of the High Court. Partner Poonam Verma Sengupta led the firm’s team in the matter.
Paul Hastings has advised Nasdaq-listed Smithfield Foods and its shareholder, WH Group, on the upsized US$522 million sale in a secondary offering by SFDS UK Holdings of Smithfield common stock. BofA Securities, Barclays and Morgan Stanley acted as joint lead book-running managers. Founded in 1936, Smithfield is a US food company with a leading position in value-added packaged meats and fresh pork products, a diverse brand portfolio, and strong relationships with US farmers and customers. Securities and capital markets co-chair Colin Diamond and founding partner and Greater China chair Raymond Li, supported by partners Brandon Bortner (US), Dan Hirschovits (London) and Peter Cheng, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has acted as one of the lead counsels to Samvardhana Motherson International (SAMI) on its proposed acquisition, through its wholly-owned indirect subsidiary Motherson Global Investments (MGI), of an 81 percent shareholding in Yutaka Giken, a Tokyo-listed subsidiary of Honda Motor. The cash consideration for the 81 percent stake is approximately US$184 million. Simultaneously, MGI will acquire an 11 percent stake in Shinnichi Kogyo (in which Yutaka Giken already holds 62 percent), and SAMI, either directly or through a wholly-owned subsidiary, will acquire 100 percent of the shares and voting rights in Yutaka Autoparts India. Signed on August 29, 2025, the deal spans nine manufacturing jurisdictions (Japan, China, the US, Thailand, Brazil, India, Indonesia, Mexico and the Philippines), and remains subject to successful completion of the tender offer process and merger control approvals in Japan, the US, China, Brazil and Mexico. Partner Rudra Kumar Pandey led the firm’s team in the transaction, while Mori Hamada & Matsumoto acted as Japan local counsel.
Shardul Amarchand Mangaldas & Co has also advised General Catalyst and Avataar on the maiden investment round of PB Healthcare Services. The round involved a primary investment of US$218 million, which was led by General Catalyst and participated by Avataar and other investors. Partners Manish Gupta, Ashish Ahluwalia and Manav Nagaraj led the firm’s team in the transaction.
S&R Associates has represented Penguin Random House India, India’s leading trade publisher, on its strategic investment in Maple Press, one of India’s fastest growing children’s publishing companies. Partner Rachael Israel, supported by competition head Simran Dhir and partner Akshat Kulshrestha, led the firm’s team in the transaction.
Trilegal has successfully represented Religare Finvest on a petition before the Delhi High Court against 14 commercial banks for wrongful classification of Religare’s accounts as ‘Fraud’ under the Reserve Bank of India’s Master Directions on Frauds – Classification and Reporting by Commercial Banks and Select FIs 2016. In the proceedings, the firm argued that such classification was made in violation of the principles of natural justice, as Religare was neither given a notice nor an opportunity to be heard before the said actions were taken. The firm also argued that Religare had anyway made necessary efforts to rectify past mismanagement by its ex-promoters, had repaid all its dues, and received ‘No Due Certificates’ from all the respondent banks – thereby, making and continuing the ‘Fraud’ classification unjustified on merits, as well. The Delhi High Court set aside the wrongful and arbitrary classification of Religare’s accounts as ‘Fraud’ by a consortium of banks, holding that the action was taken without affording Religare an opportunity to be heard. The Court highlighted that the respondent banks’ decision contravened the principles of natural justice, as read into the Master Directions of Fraud, by the Supreme Court. This matter was critical for Reigare, as the ‘Fraud’ classification had penal consequences, and was causing severe and direct prejudice to Religare’s business and functioning. Further, this order will assist Religare in re-establishing its reputation. Dispute resolution partner Shankh Sengupta led the firm’s team in the matter.
Trilegal is also advising Angel One, India’s leading listed fintech platform, on its joint venture with LivWell, a Singapore-based insurtech platform, to establish a digital-first life insurance joint venture, and facilitate its entry into the Indian insurance market. LivWell is backed by Olympus Capital and global industry experts, including Wilf Blackburn, former regional CEO of Prudential Asia. The proposed joint venture will prioritise technology-driven automation and personalisation to deliver insurance solutions that are affordable, accessible and aligned with real-world customer needs. LivWell focuses on lifestyle and wellness, seamlessly integrating everyday health management with simple and accessible insurance solutions. With operations in Vietnam and India, LivWell empowers individuals to lead healthier lives, while accessing protection through its tech-enabled ecosystem. Corporate partner Sanjam Arora, supported by financial regulatory partner Anubhav Ghosh, is leading the firm’s team in the transaction, which is subject to applicable regulatory approvals. JSA, led by partners Sidharrth Shankar and Shivangi Sharma Talwar, is advising LivWell.
Moreover, Trilegal has advised Tessolve Semiconductor and Hero Electronix on an investment of approximately US$150 million by leading global private equity firm TPG. TPG has entered into definitive agreements to invest in Tessolve via a combination of primary issuance and secondary share purchase. Tessolve is a prominent player in the semiconductor design and testing space, and this investment marks a significant milestone in its growth journey. Partners Amit Khansaheb, Vishruta Kaul and Kirti Balasubramanian, supported by partners Aparna Mehra (competition), Vishruta Kaul (due diligence), Kanishka Maggon (due diligence) and Kirti Balasubramanian (due diligence), led the firm’s team in the transaction.