Allen & Gledhill has advised ST Engineering RHQ (STE UK-Co) and Singapore Technologies Engineering (ST Engineering) on the issue of US$750 million 4.25 percent notes due 2030, under their S$5 billion (US$3.88b) global medium term note programme. The notes are unconditionally and irrevocably guaranteed by ST Engineering. The net proceeds raised from the issue of the notes will be used by STE UK-Co to refinance existing borrowings. Partners Tan Tze Gay, Bernie Lee, Sunit Chhabra and Daren Shiau led the firm’s team in the transaction.
Allen & Gledhill has also advised Deutsche Bank Singapore Branch on the S$400 million (US$311m) term loan facility to Lyon Investments. The facility will be used to finance the general offer and privatisation of Sinarmas Land. Partners Lim Wei Ting, Andy Chee and Lee Kee Yeng led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised GLP on the issue of US$300 million 9.75 percent senior notes due 2028, under its US$5 billion euro medium term note programme. This is the fifth series of notes issued under the programme. The net proceeds raised from the issue of the notes will be used to partially finance the redemption of GLP’s outstanding US$1 billion 3.875 percent senior notes due 2025. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised Internet Fund VII, a fund managed by Tiger Global Management, on its Rs10.9 billion (US$128m) acquisition of stake, along with other acquirers, in Valuedrive Technologies (Spinny). Partners Ashwath Rau and Jasmin Karkhanis led the firm’s team in the transaction, which was completed on April 2, 2025.
AZB & Partners has also advised MediaMint on its acquisition of DataBeat Consulting. Partner Bhavana Alexander led firm’s team in the transaction, which was completed on May 14, 2025.
Baker McKenzie has advised CITIC Securities (Hong Kong), as the financial adviser to Skyworth Group, on its voluntary cash offer to buy back approximately 341 million shares at HK$3.11 (US$0.40) per share. The cash consideration payable by Skyworth is approximately HK$1.06 billion (US$135m). Skyworth principally manufactures and sells smart TV, home access systems, photovoltaic products, smart white appliances, intelligent manufacturing, internet value-added services, property development, property holding, modern services, and the trading of other products. Asia Pacific capital markets co-chair Christina Lee and partner Brian Wong led the firm’s team in the transaction.
Clifford Chance has advised Affin Bank on the establishment of its US$2 billion Euro Medium Term Note Programme and its debut US dollar offering of US$300 million 5.112 percent notes due 2030. The notes listed in Singapore. Affin Bank and the notes are rated A3 by Moody’s Investor Services. Affin Bank is the second Malaysian bank to enter the US dollar bond market in 2025. Earlier this year, the firm advised the joint lead managers on AmBank’s US$300 million debut bond issuance in the US dollar bond market. Partner Gareth Deiner led the firm’s team in the transaction.
Desai & Diwanji has advised Porteast Investment, a promoter entity of the Shapoorji Pallonji Group (SP Group), on a landmark Rs286 billion (US$3.34b) financing transaction. Structured as unrated, unlisted, secured, zero-coupon, redeemable non-convertible debentures, the financing was executed to refinance existing debt and support capital needs across the SP Group. Exclusively arranged by Deutsche Bank, this issuance represents the first large-scale corporate bond placement following changes in Foreign Portfolio Investor (FPI) norms, which now permit offshore investment under the general limit route, instead of the more restrictive Voluntary Retention Route (VRR). Partners Natasha Treasurywala and Shireen Langrana and associate partner Vishal Mali, supported by senior partner Apurva Diwanji, led the firm’s team in the transaction, which marks the largest private credit transaction outside the US.
Greenberg Traurig has advised Lumine Group, a global buy-and-hold forever acquirer of communications and media software businesses, on entering into an agreement to acquire Datafusion Systems. Lumine Group acquires, strengthens and grows vertical market software businesses in the communications and media industry. The acquisition will enhance Lumine’s presence in the signaling and security sector, broadening the ecosystem’s product offerings and market reach. With Datafusion headquartered in Dubai, this will mark Lumine Group’s first acquisition in the UAE, once the transaction closes, which is expected by early Q3, following customary Dubai Development Authority review and approval. Datafusion Systems has more than 30 years of experience in the field of communication and data analytics solutions. Its field-proven products are based on state-of-the-art developments at the forefront of communication analysis technologies. Its mission is to provide data intelligence to both law enforcement authorities and enterprise customers. Corporate shareholders Chadi Salloum and Dr. Oliver Markmann, supported by shareholder Thilo Ullrich, led the firm’s cross-border, multidisciplinary team in the transaction.
JSA has advised Snitch Apparels and its Founder on the successful closing of its approximately US$40 million Series B funding round, led by 360 ONE Asset, with participation from existing investors SWC Global and IvyCap Ventures, along with leading angel investors, including Ravi Modi, Founder of Vedant Fashions (Manyavar-Mohey). The transaction involved both primary and secondary investments. The firm has been advising Snitch Apparels on various corporate matters, including its previous Series A round. The Series B round marks a key milestone in Snitch Apparels’ growth trajectory. Known for its trend-forward, omnichannel men’s fashion offerings under the ‘SNITCH’ brand, the company currently operates over 59 offline stores, and has recorded a remarkable 120 percent YoY growth. Partner Rishabh Gupta led the firm’s team in the transaction.
JSA has also advised FleetX Technologies, a software as a servive (SaaS) fleet management platform, on its Series C round of equity financing involving its existing investors, IndiaMART Intermesh and Beenext, through its Accelerate Fund, totalling to approximately US$13 million. This round also involved a secondary acquisition of shares by Indiamart and Beenext in Fleetx. FleetX operates at the intersection of AI and IoT, providing cutting-edge solutions in fleet management, fuel analytics, video telematics, transport ERP and transportation management systems (TMS). The company has grown four times in scale, post its last funding round early on in 2022. Partner Archana Tewary led the firm’s team in the transaction.
Moreover, JSA has advised A91 Partners on their investment, via acquiring a 15.24 percent stake, in Citykart Ventures, a company that owns and operates a chain of value fashion retail stores. The transaction involved a primary, as well as a secondary, component, providing a 100 percent exit to Investcorp, one of Citykart’s early backers, and a partial exit to India SME Fund. Partner Probir Roy Chowdhury, supported by partner Yajas Setlur, led the firm’s team in the transaction.
Paul Hastings has advised China International Capital Corporation Hong Kong Securities, as the sole sponsor, overall coordinator, joint global coordinator, joint book-runner and joint lead manager, and other underwriters on the HK$242 million (US$31m) global offering and listing of MetaLight in Hong Kong. MetaLight operates Chelaile, a mobile app that applies big data analytics to deliver real-time, accurate bus arrival information. Founding partner and chair of Greater China Raymond Li and corporate partners Chaobo Fan and Steven Hsu led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised British American Tobacco (BAT) on a strategic divestment, via secondary transfer on the stock exchanges, of its wholly-owned subsidiary, Tobacco Manufacturers (India), of approximately 2.50 percent stake held by Tobacco Manufacturers in ITC, one of the largest FMCG conglomerates in India. This transaction follows BAT’s earlier sale of a 3.50 percent stake in ITC in March 2023, which was among the largest on-market divestments by a majority non-public shareholders in a prohibited sector. Citibank acted as the authorized dealer bank for repatriating proceeds, and as the custodian for BAT. Citigroup Global Markets India and Goldman Sachs (India) Securities were the brokers on the transaction. Partners Mithun V Thanks and Manjari Tyagi led the firm’s team in the transaction, which was valued at approximately US$1.4 billion. Herbert Smith Freehills advised BAT on the governance / corporate procedures under the laws of the United Kingdom. Cains Advocates (Isle of Man) acted as local counsel to Tobacco Manufacturers (India) to undertake the divestment. AZB & Partners advised Citigroup Global Markets India and Goldman Sachs (India) Securities on the Block Trade Agreement, while Ashurst also advised on certain overseas aspects of the block trade.
Shardul Amarchand Mangaldas & Co has also advised leading Indian fintech unicorn Razorpay Group on its restructuring and redomiciling from the US to India. This deal marks the first fast-track cross-border merger schemes approved in India, setting a historic precedent in the fintech and legal landscape. This significant development facilitates Razorpay’s strategic shift to deepen its India-first growth approach. Partners Puja Sondhi and Manita Doshi led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised Schloss Bangalore (The Leela Palaces, Hotels and Resorts), on the largest IPO in the Indian hospitality sector. The IPO comprised a fresh issue and an offer for sale of equity shares, aggregating to Rs35 billion (US$409m), which were listed in India on June 2, 2025. The firm also advised Project Ballet Bangalore Holdings (DIFC), one of Schloss Bangalore’s promoters, on its participation in the offer for sale in the IPO. Prior to the IPO, the firm also advised on the restructuring process, comprising multiple acquisitions, for consolidation of value under Schloss Bangalore. Such restructuring facilitated Schloss Bangalore to take the entire “The Leela” portfolio public. Schloss Bangalore is promoted by private equity funds managed and/or advised by affiliates of Brookfield, one of the world’s largest alternative asset managers, with over US$1 trillion in assets under management. As of March 31, 2025, Schloss Bangalore is among the largest luxury hospitality companies in India by number of keys, with 3,553 keys across 13 operational hotels, under the brands The Leela Palaces, The Leela Hotels, and The Leela Resorts. The book-running lead managers to the IPO were JM Financial, BofA Securities India, Morgan Stanley India, JP Morgan India, Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India, IIFL Securities, ICICI Securities, Motilal Oswal Investment Advisors and SBI Capital Markets. Capital markets partners Nikhil Naredi and Rohit Tiwari, general corporate partners Jay Gandhi, Neelam Pathak and Kaustubh Verma, real estate partners Mrinal Kumar and Arjun K Perikal, and employment partners Pooja Ramchandani and Kriti Kaushik led the firm’s team in the transaction.
Skadden has advised The Generation Essentials Group (TGE) on its business combination with Black Spade Acquisition II (Black Spade II), a publicly-traded special purpose acquisition company founded by Black Spade Capital. The de-SPAC transaction was completed on June 4, 2025. TGE focuses on global strategies and developments in multi-media, entertainment and cultural affairs, as well as hospitality and VIP services, worldwide. The combined company retains TGE’s name, and its Class A ordinary shares and warrants commenced trading in New York on June 5, 2025. Partner Shu Du, supported by partners Brian Breheny (Washington DC- SEC reporting and compliance), Victor Hollender (New York-tax), Sean Shimamoto (Houston-tax), Kevin Hardy (Chicago-investment management) and Ken Kumayama (Palo Alto-intellectual property & technology).
S&R Associates has represented logistics company SENKO Group on the Indian aspects of its acquisition of 51 percent of the share capital of PDS International, an end-to-end supply chain solutions company. Partner Sanjeev Adlakha led the firm’s team in the transaction.
S&R Associates has also represented Hitachi Payment Services, an end-to-end payments and commerce solutions provider, on its strategic investment in Spydra Technologies, an enterprise blockchain platform. Partner Sanjeev Adlakha also led the firm’s team in the transaction.
Trilegal has advised Nexus Select Trust, a real estate investment trust, on its maiden issuance of sustainability-linked listed, secured, redeemable non-convertible debentures aggregating to Rs5.50 billion (US$64m) to institutional investors. The proceeds were utilised towards funding the acquisition of the MBD Complex in Ludhiana, Punjab. Sponsored by Blackstone, Nexus Select Trust is India’s first retail-focused real estate investment trust with a portfolio spanning across 15 cities in India. Partner Joseph Jimmy led the firm’s team in the transaction.
TT&A has advised an Indian development finance institution on its subscription to listed, senior, secured non-convertible debentures, aggregating to Rs14.75 billion (US$172m), issued by Summit Digitel Infrastructure. Partner Nikhil Bahl led the firm’s team in the transaction. JSA advised Summit Digitel Infrastructure.
WongPartnership has acted for Ant International on the US$4.62 million series seed funding round of Gprnt, a local sustainability reporting and data platform company launched by the Monetary Authority of Singapore (MAS) as a digital platform of the Global Finance and Technology Network (GFTN). Gprnt has launched the world’s first nationwide utility for companies in Singapore, especially SMEs, to automatically generate basic sustainability metrics using government-sourced utilities data. Partners Kyle Lee and Jolynn Lim led the firm’s team in the transaction.
WongPartnership has also acted as transaction counsel to United Overseas Bank, as original lender, sole coordinator, mandated lead arranger, underwriter and book-runner, on the syndicated financing relating to the acquisition of two business parks and an industrial building by Brookfield Asset Management from Mapletree Industrial Trust, a Singapore-listed REIT. This deal marks the first foray by Brookfield Asset Management into the industrial properties market in Singapore, and is also the largest industrial transaction. Partners Christy Lim, Clarence Kang and Angela Lim led the firm’s team in the transaction.
