AZB & Partners has advised Connedit Business Solutions on the Rs3.5 billion (US$41m) acquisition of more than five percent stake in Connedit Business by Catterton Management and DSG Consumer Partners. Partners Hardeep Sachdeva, Priyamvada Shenoy and Shivang Sargoch led the firm’s team in the transaction, which was completed on May 8, 2025.
AZB & Partners is also advising United Co Rusal OAO on its Rs20.7 billion (US$242m) acquisition of stake in Pioneer Aluminium Industries from Penna Cement Industries and Rescom Holdings. Partners Hardeep Sachdeva, Priyamvada Shenoy and Kamal Shanka are leading the firm’s team in the transaction, which was signed on March 13, 2025 and is yet to be completed.
Moreover, AZB & Partners is advising KKR & Co on its Rs264 billion (US$3.1b) acquisition of OSTTRA Group from S&P Global and CME Group. Partners Darshika Kothari and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on April 12, 2025 and is yet to be completed.
Clifford Chance has advised Hong Kong’s leading Exchange Traded Funds (ETF) provider Premia Partners on the successful launch and listing of Premia BOCHK Saudi Arabia Government Sukuk ETF in Hong Kong. The Premia BOCHK Saudi Arabia Government Sukuk ETF is Asia’s first investment-grade government Sukuk ETF. It provides investors with access to Saudi Arabia’s capital markets via Saudi Riyal-denominated Saudi-listed Sukuk securities issued by the government of the Kingdom of Saudi Arabia and US Dollar-denominated Sukuk issued by the KSA government and agencies issuers. Partner Rocky Mui led the firm’s team in the transaction.
Clifford Chance has also advised Pemba Capital Partners on the acquisition of Hunter Premium Funding, Allianz’s insurance premium funding business in Australia and New Zealand. In addition to the acquisition, the firm advised on the associated acquisition financing, regulatory approvals and co-investment arrangements. Australia managing partner Mark Currell, supported by partners Elizabeth Hundt-Russell (debt finance) and Elizabeth Richmond (antitrust and regulatory issues), led the firm’s team in the transaction.
JSA has advised Searchspring Holdings, a global leader in online product discovery and a portfolio company of PSG Equity, on its acquisition of Klevu, an AI-driven search and discovery company headquartered in Finland. The combination of Searchspring and Klevu has resulted in the formation of a new, rebranded platform called Athos Commerce. Searchspring specializes in site search, product merchandising and ecommerce personalization. Klevu provides search optimization services for online retailers, and operates globally, including in the UK, the US, Australia, Sweden and India. Partner Rohan Kumar led the firm’s team in the transaction.
Latham & Watkins has advised the initial purchasers on the proposed offering, pursuant to Rule 144A under the Securities Act of 1933, of US$550 million aggregate principal amount of convertible senior notes due 2032 by GDS Holdings, a leading developer and operator of high-performance data centers in China. Concurrently with the Rule 144A offering of the notes, JP Morgan Securities, as underwriter, offered in a separate SEC-registered offering six million American Depositary Shares borrowed from GDS to facilitate hedging transactions by some of the initial investors in the notes. Additionally, GDS offered 5.98 million ADSs in an SEC-registered follow-on offering underwritten by JP Morgan Securities, Merrill Lynch (Asia Pacific), Morgan Stanley Asia and UBS Hong Kong Branch, as underwriters. Hong Kong corporate partners Posit Laohaphan and Benjamin Su, supported by New York partner Bora Bozkurt, led the firm’s team in the transaction.
Rajah & Tann Singapore has advised Clime Capital, acting through Southeast Asia Clean Energy Fund II Master, and UOB Venture Management, acting through Asia Impact Investment Fund II (Singapore), on their Series A equity investment in Nymble Holdings, the Singapore holding company of Stride, a cleantech business providing low-cost clean energy solutions to residential and small and medium-sized enterprises customers in Vietnam. Partners Tracy-Anne Ang (M&A) and Cherie Tan (restructuring & insolvency) led the firm’s team in the transaction.
Rajah & Tann Singapore has also advised Merrill Lynch (Singapore), as the lead financial adviser, and Maybank Securities and Oversea-Chinese Banking Corporation, as financial advisers to the offeror, Frasers Property Hospitality Trust Holdings, on the S$515 million (US$399m) acquisition, via a trust scheme of arrangement, of all the stapled securities of Frasers Hospitality Trust held by the stapled securityholders of Frasers Hospitality Trust. M&A partners Favian Tan and Goh Jun Yi and banking & finance partners Lee Xin Mei and Enoch Long led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Power Finance Corporation on the term loan facility granted to Juniper Green Beta, in relation to setting-up and implementing a solar wind hybrid renewable energy project comprising of 280 MW/392 MWp solar capacity and 132 MW wind capacity, in Jodhpur District of Rajasthan and Devbhumi Dwarka District, Gujarat. Valued at Rs20.52 billion (US$240m), the deal was signed on December 4, 2024 and is expected to close by June 30, 2025. Partner Anurag Dwivedi led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Aditya Birla Capital on the grant of a term loan facility to Juniper Green Ray Two. The funding supports the development of a 150 MWAC/218 MWDC solar photovoltaic power plant located in Solapur District, Maharashtra. Valued at approximately Rs5.33 billion (US$62m), the deal was signed on November 17, 2024 and is expected to close by June 30, 2025. Partner Anurag Dwivedi also led the firm’s team in the transaction.
Skadden has advised Medco Energi Internasional on a US$400 million 144A / Regulation S offering of 8.625 percent senior notes due 2030 by its subsidiary, Medco Cypress Tree. The notes were listed in Singapore. The net proceeds from the offering will be used, among other things, to tender for, refinance or repay existing indebtedness or replace committed but currently undrawn facilities. Based on market capitalization, Medco Energi Internasional is Indonesia’s largest independent publicly listed oil and gas exploration and production company. Partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore), supported by partner Sean Shimamoto (Palo Alto), led the firm’s team in the transaction.
Skadden has also represented Medco Energi Internasional on tender offers for any and all of the outstanding 7.375 percent senior notes due 2026 by Medco Oak Tree, and any and all of the outstanding 6.375percent senior notes due 2027 by Medco Bell. Partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore), supported by partner Sean Shimamoto (Palo Alto), also led the firm’s team in the transaction.
Trilegal has advised a syndicate of book-running lead managers, comprising of Axis Capital, HSBC Securities and Capital Markets (India), Jefferies India and SBI Capital Markets, on the IPO of equity shares by Belrise Industries, comprising a fresh issue of equity shares aggregating to Rs21.5 billion (US$251m). Belrise Industries is an automotive component manufacturing company offering a diverse range of safety critical systems and other engineering solutions. It specializes in precision sheet metal pressing and fabrication, and has a diversified customer base globally, including Bajaj Auto, Jaguar Land Rover and Tata Motors. The IPO was oversubscribed 41 times and the equity shares saw approximately 11 percent listing premium. The IPO proceeds will be used for repayment and/or prepayment of debt and general corporate purposes. Partners Richa Choudhary and Murtaza Zoomkawala led the firm’s team in the transaction.
Trilegal has also advised the fund managed by Kotak Alternate Asset Managers and the target company on the sale of Prius Platinum, a premium Grade A office space in South Delhi’s Saket District Centre, to Prime Offices Fund, a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management. Partners Sai Krishna Bharathan and Sibani Saxena, supported by partners Tine Abraham, Rahul Arora and Apeksha Mattoo, led the firm’s team in the transaction.
TT&A has advised on the financing, via unrated, unlisted, secured, zero coupon, redeemable non-convertible debentures with nominal value of Rs10 million (US$116,760.00) each, aggregating up to Rs286 billion (US$3.34b), by Porteast Investment, a promoter group entity of the Shapoorji Pallonji group (SP Group), for refinancing of existing debt of the issuer and other SP Group entities, and to fund group entities for their capital requirements. The debentures were secured by, among others, the SP groups’ shareholding in its oil and gas vertical and real estate vertical, and 50 percent of SP group’s shareholding in Tata Sons. The private credit deal attracted significant interest from onshore and offshore private credit investors. Partners Sonali Mahapatra and Tanay Agarwal led the firm’s team in the transaction, which is the largest private credit deal in India. Desai & Diwanji advised Porteast Investment.
