AZB & Partners has advised Investcorp and Public Sector Pension Investment Board on their acquisition of stake in PKF O’Connor Davies, including its Indian entity PKF O’Connor Davies. Partners Aarthi Sivanandh and Avinash Subramanian led the firm’s team in the transaction, which was completed on November 18, 2024.
AZB & Partners has also advised Capfloat Financial Services on its Rs1.6 billion (US$19m) sale of more than five percent stake to Amazon. Partner Srinath Dasari led the firm’s team in the transaction, which was completed on August 28, 2024.
Moreover, AZB & Partners are advising Footpath Ventures SPV VI on its acquisition of equity stake in Emerging Media Ventures, including its Indian subsidiary Royal Multisport. Partners Vaidhyanadhan Iyer and Vasudha Asher are leading the firm’s team in the transaction.
Chandler MHM has advised Lotus’s Retail Growth Freehold and Leasehold Property Fund (LPF) on its conversion to the Axtra Future City Freehold and Leasehold Real Estate Investment Trust (AXTRART). This groundbreaking conversion involves 23 Lotus shopping centers valued at over β32 billion (US$933m) across Thailand, establishing AXTRART as one of the four largest REITs to date. AXTRART commenced trading in Thailand on December 12, 2024, and is now ranked among the top four REITS by value on the Real Estate Mutual Fund and Property Investment Trust Index (PF&REIT). AXTRA Future City Property Reit, the REIT Manager of AXTRART, is a subsidiary of CP Extra (CPAXT), which focuses on the wholesale and retail business, and CP Future City Development Corporation (CPFC), dedicated to real estate development. This transaction resulted in AXTRART assuming all assets, liabilities, rights, obligations and contracts of LPF. The assets include approximately 340,000 square meters of leased space, of which 80 percent is Freehold and 20 percent is Leasehold. These shopping centers are situated in high-potential areas close to communities, featuring convenient transportation options and significant economic growth opportunities. The conversion to an REIT will enable the fund to raise capital for further real estate investments, thereby expanding its portfolio. As REITs are globally recognized investment vehicles with strict regulations and oversight, this transition is expected to attract both domestic and international investors. Partners Tananan Thammakiat and Koonlacha Charungkit-anant led the firm’s team of 28 lawyers in the transaction.
Clifford Chance is advising Australian healthcare-focused private equity firm Genesis Capital and its associated company Beam Dental Bidco on an off-market takeover offer to acquire Pacific Smiles Group, which operates 136 dental centres across Australia with over 800 dentists providing services to patients. Beam Dental Bidco has made a A$310 million (US$197m) offer for all shares of Pacific Smiles, pitched at A$1.95 (US$1.24) per share in cash, with shareholders able to elect an all-scrip alternative, or a mixed cash and scrip alternative. On November 11, 2024, as well as increasing the offer price from A$1.90 (US$1.20) to A$1.95 (US$1.24), Genesis Capital declared the offer unconditional. The board of Pacific Smiles has unanimously recommended that its shareholders accept the cash offer. As of November 13, 2024, Beam Dental Bidco acquired voting power of 85.31 percent in Pacific Smiles, delivering Beam Dental Bidco control of Pacific Smiles. Partner David Clee, supported by partner Elizabeth Hundt Russell, is leading the firm’s team in the transaction.
Clifford Chance has also advised Australian energy company Viva Energy on the successful ACCC merger clearance for its acquisition of the remaining 50 percent interest in LOC Global (Liberty Convenience) from New World Corporation (NWC). Viva Energy and Liberty Convenience successfully secured a positive decision from the ACCC by proposing a ‘fix-it-first’ remedy to address ACCC concerns, which involves the divestment of 14 retail fuel and convenience sites across South Australia, Victoria, Queensland and the Northern Territory to Solo Oil Corporation (Solo), a new subsidiary of NWC. With this proactive measure, the ACCC “considers the proposed acquisition is not likely to have the effect of substantially lessening competition in any market”. A joint venture between Viva Energy and NWC, Liberty Convenience was established in December 2019, leveraging the retail assets of Liberty Oil Holdings. With over 100 retail fuel and convenience sites across most states and territories in Australia, this transaction will expand Viva Energy’s retail fuel and convenience business nationwide. It will also facilitate further investment in the Liberty brand, enhancing the customer experience associated with Liberty Convenience. The landmark transaction builds on the firm’s role on Viva Energy’s successful A$1.15 billion (US$730m) acquisition of fuel and convenience retailer OTR Group, and Viva Energy’s acquisition of the Coles Express retail fuel and convenience business from Coles Group, both of which also received ACCC merger clearance. Partner Elizabeth Richmond led the firm’s team in the transaction, which represents the largest deal in the Australian fuel and convenience sector this year.
Dentons Hong Kong has advised on English and Hong Kong laws for the placing agents on Xichang Haihe Cultural Tourism Investment Development’s successful issue of US$100 million 7.00 percent guaranteed bonds due 2027, which were unconditionally and irrevocably guaranteed by a third-party professional guarantee service provider, Sichuan Development Financing Guarantee. The bonds are listed in Macao. The placing agents of this issue include Donghai International, Soochow Securities (Hong Kong), Hong Kong Main Fund Securities, Shenwan Hongyuan (HK), SDICSI Securities, Founder Securities (Hong Kong), Guotai Junan International, Blackwell Global Securities, Cathay Securities (HK), CF Securities, CMB International, CNI Securities Group, Dingxin (Securities), Far East Horizon International, Gransing Securities, Haitong International, Head & Shoulders Securities, Innovax Securities, Orient Securities, Raising International, Sino Partner International Securities, TF International and Tung Yat Securities. Xichang Haihe Cultural Tourism Investment Development conducts business primarily in Xichang City, Sichuan Province. The group’s operation and investment consists of six major segments, namely building materials sales, scenic spot operation and maintenance services, urban transportation services, house rental property and management services, travel services and other services. The guarantor, Sichuan Development Financing Guarantee, is a state-owned guarantee platform in China principally engaged in the guarantee and investment businesses. Capital markets partner Charles Yim led the firm’s team in the transaction.
JSA has advised SDG Corporation and its Indian subsidiary SDG Software India on the strategic investment by Recognize Partners, a private equity firm focused on investing in digital services business. SDG India is one of the leading computer software companies in India, and provides services pertaining to IT security and risk management, technology consulting, cybersecurity, digital transformation and other related services. Partner Upendra Nath Sharma, supported by partner May Julie John, led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for SDAX Financial on its US$50 million Series B2 round with Muscat Precious Metals Refining Company. SDAX operates the SDAX Exchange, an MAS-regulated digital assets investment and trading platform serving institutional, accredited and retail investors. Partner Terence Quek, assisted by partners Kala Anandarajah and Tanya Tang, led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Citigroup Global Markets Singapore, DBS Bank, Oversea-Chinese Banking Corporation, The Hongkong and Shanghai Banking Corporation Singapore Branch, UBS Singapore Branch, Goldman Sachs (Singapore) and RHB Bank, acting through its Singapore Branch, on a S$1.09 billion (US$807m) equity fund raising undertaken by Keppel DC REIT Management, as manager of Keppel DC REIT, to part-finance its acquisition of an interest in two data centres located at 82 Genting Lane, Singapore. Partners Raymond Tong and Jasselyn Seet led the firm’s team in the transaction.
Russin & Vecchi has acted as Vietnam counsel to New York-listed PropertyGuru, Southeast Asia’s leading prop-tech (property technology) platform, on the merger of PropertyGuru into BPEA Private Equity Fund VIII managed by EQT Private Capital Asia. PropertyGuru is valued at approximately US$1.1 billion. Following the merger, PropertyGuru’s stocks cease trading in New York. Leveraging experience with leaders in the digital marketplace and real estate classifieds sectors, EQT seeks to advance PropertyGuru’s strategic initiatives, and strengthen its position in Southeast Asia’s leading prop-tech sector. Founded in 2007 and headquartered in Singapore, PropertyGuru is a leading prop-tech platform connecting over millions of property seekers with thousands of agents across Singapore, Malaysia, Thailand and Vietnam. In 2022, the firm assisted PropertyGuru on the group’s IPO and its listing in New York. Partner Nhut Nguyen led the firm’s team in the transaction, while Freshfields and Allen & Gledhill acted as international counsels.
Shardul Amarchand Mangaldas has advised Sanraj Family Ventures on the strategic acquisition of ownership rights of “Holiday Inn” hotel situated at Andheri, Mumbai. Partners Nikhil Naredi and Bhoumick Vaidya led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Kotak Mahindra Capital, Jefferies India and JM Financial, as the book-running lead managers, on Torrent Power’s QIP aggregating to Rs35 billion (US$412m). Torrent Power is one of India’s leading private sector integrated power utility companies with an established presence across power generation, transmission and distribution. Torrent’s QIP was launched and closed on December 2, 2024 and December 5, 2024, respectively. Partner Nikhil Naredi led the firm’s team in the transaction.
Skadden is representing Axiata Group on the proposed merger of its subsidiary XL Axiata and Smartfren Telecom, a subsidiary of Sinar Mas Group, to create a combined group with an enterprise value of US$6.5 billion. Both listed in Indonesia, XL Axiata and Smartfren are among the largest providers of telecommunications services in Indonesia. The combined group will serve a mobile subscriber base of approximately 94.51 million, representing approximately 27 percent of the Indonesian market. Partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore), supported by partners Jisun Choi (tax-London), Bruce Goldner (intellectual property and technology-New York), Steve Kwok (white collar defense and investigations-Hong Kong) and Rory McAlpine (international litigation and arbitration-Hong Kong), are leading the firm’s team in the transaction, which is expected to close in the first half of 2025, subject to certain conditions, including regulatory and shareholder approvals.
Trilegal has advised Rebel and its founder on Temasek’s investments, via primary issuance of shares and acquisition of shares from existing shareholders of Rebel. Partners Prateek Lala, Veena Gopalakrishnan and Jyotsna Jayaram led the firm’s team in the transaction.
Trilegal has also advised Pixxel and its founders on its Series B extension fund raise of US$24 million from M&G Catalyst and Glade Brook Capital Partners in the US. Pixxel builds and operates high-resolution, hyperspectral earth observation satellites, and distributes the satellite imagery obtained from the same. It had earlier raised US$36 million in June 2023 in its Series B funding round from a group of investors consisting of Google, Radical, Lightspeed, Blume Ventures and others. With the completion of this Series B extension round, the total investment amount raised by Pixxel in its Series B funding round now stands at US$60 million. Corporate partner Abhishek Dubey led the firm’s team in the transaction.
TT&A has advised E2E Networks and its promoters on the acquisition of a 21 percent stake in E2E by Larsen & Toubro (L&T), and the commercial agreements between E2E and L&T. Under this alliance, L&T will integrate E2E Networks’ Cloud and AI Cloud platform with its expertise in data center management and cloud solutions towards empowering startups and enterprises. The collaboration aims to accelerate digital transformation for a diverse range of industries, fostering a technology-driven, sustainable future for India. The partnership marks the next step in the journey towards ‘Make in India’ for running production-grade traditional CPU workloads and GPU-led GenAI innovation in India. Partner Kunal Thakore led the firm’s team in the transaction. AZB & Partners advised Larsen & Toubro.
