Allen & Gledhill has advised the Housing and Development Board on the issue of S$700 million (US$526m) fixed rate notes due 2032, under its S$32 billion (US$24b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised CIMB Bank Singapore Branch and The Bank of New York Mellon Hong Kong Branch on the US$200 million dual currency revolving credit facilities to Mapletree China Logistics Investment Trust. Proceeds from the facilities will be used to finance Mapletree China Logistics Investment Trust’s acquisition and/or development of logistics real properties in China. Partner Lim Wei Ting led the firm’s team in the transaction.
AZB & Partners is advising Birla Estates and Vardhita Properties on the Rs5.6 billion (US$65m) acquisition by Birla Estates and Mitsubishi Estate of 49 percent stake in Vardhita Properties, a wholly-owned subsidiary of Birla Estates. Both the parties are contributing operational assets, such as Intellectual Property, software and proprietary know-how, as well as infrastructure and human resources, among others, to the joint venture. Partners Nandish Vyas, Malaveeka Chakraborty, Shivanand Nayak and Ruhit Parikh are leading the firm’s team in the transaction, which was signed on January 24, 2025 and is yet to be completed.
AZB & Partners has also advised PAG Group on its US$200 million acquisition of a significant stake in Pravesha Industries. Partners Ashwath Rau and Kashish Bhatia led the firm’s team in the transaction, which was completed on January 13, 2025.
Moreover, AZB & Partners is advising Greenpark Hotels and Resorts on its Rs536m (US$6.2m) acquisition of Duet India Hotels (Duet Chennai OMR) from SAMHI Hotels. Partners Bhuvana Veeraragavan and Malini Raju are leading the firm’s team in the transaction, which was signed on February 10, 2025 and is yet to be completed.
Baker McKenzie has advised China Ruyi Holdings on raising HK$3.875 billion (US$499m) through the placement of new shares. The net proceeds from the share sale and placement will be used for the growth and expansion of the group’s business, including content production, purchasing drama scripts and copyrights, acquiring copyrights of films and TV programs, and integrating upstream and downstream resources of the group’s businesses, as well as for general working capital purposes. The placement of new shares is conducted through placing by placing agent TFI Securities and Futures and subscriptions by certain investors, among which is a major life insurance company. Hong Kong capital markets partners Christina Lee and Brian Wong led the Baker McKenzie and FenXun team in the transaction.
Christopher & Lee Ong, member firm of Rajah & Tann Asia, has acted for CIMB Investment Bank, as the principal adviser and lead arranger, on a MYR billion (US$2.25b) proposed establishment of an Islamic commercial papers programme. Banking and finance partner Jennifer Lee led the firm’s team in the transaction.
Davis Polk has advised Guotai Junan Securities on its merger, absorption and a share-for-share exchange with Haitong Securities. Based on a single exchange ratio, Guotai Junan Securities issued Guotai Junan A shares and Guotai Junan H shares to all the holders of Haitong A shares and Haitong H shares, respectively, in exchange for all of the issued shares of Haitong Securities. Upon completion of the merger and share exchange, Guotai Junan Securities assumed all assets, liabilities, businesses, employees, contracts, qualifications and all other rights and obligations of Haitong Securities, which will subsequently be cancelled and deregistered. The firm also advised Guotai Junan Securities on its concurrent placement of A shares with gross proceeds of approximately Rmb10 billion (US$1.38b). Both Guotai Junan Securities and Haitong Securities are large comprehensive financial institutions, with leading positions in capital scale and profitability. Listed separately in Shanghai (A shares) and Hong Kong (H shares) since 2015 and 2017, respectively, Guotai Junan Securities engages primarily in wealth management, investment banking, institutional and trading business, investment management and international business. Haitong Securities’ primary businesses are wealth management, investment banking, asset management, trading and institutional client services and financial leasing. Before its withdrawal of listing in March 2025 as a result of the merger, its shares had been listed in Shanghai (A shares) and Hong Kong (H shares) since 2007 and 2012, respectively. Partners Miranda So, James Lin and Jason Xu led the firm’s Hong Kong and Beijing team in the transaction.
DLA Piper has advised TCL Technology Group on its Olympic TOP Programme sponsorship agreement, in which TCL will be an official Worldwide Olympic and Paralympic Partner through to 2032. Founded in 1981, TCL is a leading global tech brand in display panels, TVs, home comfort and mobile devices. TCL operates its manufacturing and R&D centers worldwide, and has products and services in more than 160 countries. After more than 40 years, TCL Industries and TCL Technology are now focusing on three core industries: consumer electronics, display technology and clean energy. TCL is one of the top TV brands. Other TCL consumer electronics products, such as air conditioners and RayNeo’s smart glasses, are also leading global markets with their innovative features. In 2024, TCL’s display arm, TCL CSOT, ranked second globally in TV panel market share. The TOP Programme is the highest level of Olympic sponsorship providing exclusive, global marketing rights to the Olympic and Paralympic Games, and Olympic teams to a select group of international sponsors. As such, there are only a small number of collaborations globally. Asia IPT co-head and China co- managing partner Horace Lam, supported by partners Benjamin Mulcahy (IPT-Los Angeles) and Alexander Steinberg (corporate-New York), led the firm’s team in the transaction.
JSA has advised Chemfield Cellulose and its Promoters on the divestment of a strategic stake in the company to Oji Holdings. The transaction is proposed to be undertaken in multiple tranches, and is subject to receipt of regulatory approvals. Chemfield Cellulose is India’s first and leading manufacturer of high-quality and consistent Microcrystalline Cellulose for the pharmaceutical industry. Partner Vikram Raghani led the firm’s team in the transaction.
JSA has also advised MUFG Bank on the acquisition of stake in Shiprocket, which raised Rs2.19 billion (US$25.3m) in an extension of its Series E funding round. Along with MUFG, KDT Ventures (the lead investor), Tribe Capital, SAI Global and Huddle Collective also participated in this round. Japanese bank MUFG Bank is the core banking subsidiary of the Mitsubishi UFJ Financial Group, which is a leading global financial services group and one of the largest banking institutions in Japan. Shiprocket is an e-commerce enablement platform providing digital retailers an end-to-end customer experience platform, including but not limited to shipping, fulfilment, customer communication and marketing tools, as well as providers for SMEs, D2C retailers and social commerce retailers in India. Partner Lalit Kumar, supported by partners Bharati Joshi, Kumarmanglam Vijay (direct tax head), Vaibhav Choukse and Ela Bali, led the firm’s team in the transaction.
Moreover, JSA has acted as the sole and lead Indian counsel to Peabody, acting through its newly incorporated special purpose vehicles Peabody MNG and Peabody SMC, on securing an unconditional approval from the CCI in relation to the acquisition of a portion of the assets and business of Anglo and its subsidiaries’ steel-making coal portfolio in Australia. The proposed transaction was valued at approximately US$3.775 billion. Competition head partner Nisha Kaur Uberoi, and partner Pranav Satyam, supported by partners Vishnu Sudarsan and Kartikeya GS, led the firm’s team in the transaction, while Jones Day acted as international counsel.
Latham & Watkins has advised Warburg Pincus on its joint agreement with SK D&D and its subsidiary asset management arm D&D Investment to invest in the senior housing market in South Korea. This partnership will focus on acquiring and developing senior housing for the senior population in the Greater Seoul Area. The venture marks Warburg Pincus’ first investment in the living sector in South Korea, and includes three strategically located assets in Seoul’s most amenitized districts. SK D&D is one of South Korea’s largest multifamily operators and developers. Hong Kong corporate partner Richard Watkins, supported by Bay Area partner Christopher Frey, led the firm’s team in the transaction.
Latham & Watkins has also advised leading global private aviation group VistaJet on a definitive agreement for an equity investment of US$600 million from a consortium of investors led by RRJ Capital, a leading Asian investment firm. Partners Sanjev Warna-kula-suriya (London), Hector Sants (London), Keith Halverstam (New York), Andrew Baker (New York) and Eyad Latif (Dubai) led the firm’s cross-border team in the transaction.
Rajah & Tann Singapore has advised Shanghai Jinjiang Amusement Park on its collaboration with Warner Bros. Entertainment to construct, fit out and operate the “Warner Bros. Studio Tour Shanghai – The Making of Harry Potter” at the Jinjiang Action Park in Shanghai, China. Set to open in 2027, it is expected to become the largest Harry Potter studio tour in the world. Corporate commercial partner Linda Qiao and TMT partners Benjamin Cheong and Glen Chiang led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Mr Sumit Binani, the resolution professional in the corporate insolvency resolution process (CIRP) of KSK Mahanadi Power (KMP) and the monitoring agent during the implementation of the resolution plan submitted by JSW Energy. KMP had total claims of approximately Rs394 billion (US$4.55b), out of which approximately Rs349 billion (US$4b) was admitted. Ten applicants submitted resolution plans. JSW Energy’s resolution plan was approved by members of KMP’s committee of creditors holding 100 percent voting share. A challenge process mechanism was undertaken to improve manifold the expected recovery to creditors, potentially yielding recovery of even portions of interest charged by lenders during the CIRP period. Although KMP’s CIRP was riddled with several complexities and peculiarities, it became one of the first such CIRPs where the National Company Law Tribunal allowed interim distribution of surplus cash to the creditors, in line with the distribution waterfall under Section 53 of the Insolvency and Bankruptcy Code 2016. Carried out within 48 hours from receipt of necessary approvals, the successful implementation of JSW’s resolution plan led to the recovery of more than 100 percent of the admitted debt. The transaction is the largest acquisition of a thermal power asset under the IBC process in India. With this transaction, JSW Energy added 1,800 MW of operational capacity, and another brownfield expansion of balance 1,800 MW, surpassing significant milestone of 10 GW operational capacity. This marked a strategic acquisition for JSW Energy, as KMP supplies power to three major states in India, namely Uttar Pradesh, Chhattisgarh and Tamil Nadu. Partner Anoop Rawat, supported by partners Vaijayant Paliwal and Rohan Jain, led the firm’s team in the matter. The Committee of Creditors of KMP was advised by Cyril Amarchand Mangaldas, while JSW Energy was advised by AZB & Partners.
Skadden has advised Baidu, a leading AI company with a strong Internet foundation, on its US$2 billion offering of zero coupon exchangeable bonds due 2032. Holders of the bonds may exchange the bonds into cash only upon the satisfaction of certain contingencies. Subject to certain conditions, Baidu may elect to deliver Trip.com Group’s Hong Kong-listed ordinary shares held by Baidu, in lieu of cash or a combination of cash and Trip.com shares. The bonds were listed in Frankfurt. Corporate partners Shu Du, Jonathan Stone and Paloma Wang led the firm’s team in the transaction, which was completed on March 12, 2025.
Skadden has also advised Meiji Yasuda Life Insurance, one of the largest private life insurance companies in Japan, on its issuance of US$2.1 billion 6.10 percent step-up callable subordinated notes due 2055. The notes were listed in Singapore. The offering was completed on March 11, 2025. Tokyo corporate partner Kenji Taneda, supported by Houston tax partner Sean Shimamoto, led the firm’s team in the transaction.
S&R Associates has advised Roadstar Infra Investment Trust, an infrastructure investment trust which owns and operates road assets, and its sponsor Roadstar Infra and Roadstar Investment Managers on the distribution and listing in India of 455.4 million InvIT units with face value of Rs100 (US$1.15) each at an enterprise valuation of Rs85.76 billion (US$991m). This unit distribution, pursuant to a private placement by IL&FS Transportation Networks and certain other IL&FS group entities to their respective creditors, is part of the debt resolution framework for Infrastructure Leasing & Financial Services approved by the National Company Law Appellate Tribunal in its orders dated March 12, 2020 and May 31, 2022. Partners Sudip Mahapatra and Swapneil Akut, supported by competition head Simran Dhir and partner Akshat Kulshrestha, led the firm’s team in the transaction.
Trilegal has advised as sole counsel on SGBS Unnati Foundation’s (Unnati) public issuance of zero-coupon-zero-principal instruments (ZCZPs) which were listed in India. This was the first ZCZP issuance after the introduction of UPI as a bidding mechanism for ZCZPs, and saw substantial retail participation, which is a significant milestone for SSE. This also follows the previous public issue of ZCZPs by Unnati, which was the first social stock exchange fund raise undertaken in India, on which the firm advised. Unnati is a Bangalore-based not-for-profit organisation focused on training underprivileged youth and helping them seek gainful employment. The proceeds from the ZCZP issuance are proposed to be deployed towards Unnati’s learning and empowerment program, with the potential to positively impact the lives of approximately 3,000 young individuals. Capital markets partner Richa Choudhary, supported by TMT partner Rahul Matthan, led the firm’s team in the transaction.
TT&A has advised for ORIX Corporation on its investment in convertible notes issued by AM Green (Luxembourg), the parent company of AM Green (AMG), and on the sale of minority interest in Greenko Energy Holdings to AM Green Power, a wholly-owned subsidiary of AMG. Partners Dushyant Bagga and Sonam Mathur led the firm’s team in the transaction, while Linklaters acted as corporate counsel. Cyril Amarchand Mangaldas acted as corporate and competition counsel.
