AZB & Partners is advising KFintech Technologies on its Rs2.8 billion (US$33m) acquisition of a 51 percent stake in Ascent Fund Services. Partners Divya Mundra and Devika Nayak are leading the firm’s team in the transaction, which was signed on April 16, 2025 and is yet to be completed.
AZB & Partners is also advising Bain Capital on its more than US$2 billion acquisition from Blackstone of HealthEdge Group and its subsidiary HealthEdge Software, including its Indian subsidiaries HealthEdge Technologies India and HealthEdge Software. Partners Ashwath Rau and John Raghav are leading the firm’s team in the transaction, which was signed on April 6, 2025 and is yet to be completed.
Moreover, AZB & Partners has advised Trivest Partners V and GetixHealth Group on the acquisition by HIG Capital and its affiliates of GetixHealth Group and its subsidiaries, including its Indian subsidiary GetixHealth India, from Trivest Partners. Partners Ashwath Rau and John Raghav also led the firm’s team in the transaction, which was completed on March 31, 2025.
Baker McKenzie is advising Hong Kong-listed China Ruyi Holdings on the proposed issuance of HK$2.34 billion (US$302m) convertible bonds due 2030, with a coupon rate of 3.95 percent per annum. The proceeds from the bond issuance will be used for the growth and expansion of the business of the group, including content production, purchasing drama scripts and copyrights, acquiring copyrights of films and TV programs, as well as for general working capital purposes. CLSA, Deutsche Bank Hong Kong Branch, Goldman Sachs (Asia), Macquarie Capital and Merrill Lynch (Asia Pacific) are the joint global coordinators, joint book-runners and joint lead managers in this deal. Capital markets partners Christina Lee and Brian Wong, supported by partner James Tanner, led the firm’s team in the transaction.
Baker McKenzie and Chinese law firm FenXun, through their joint operation platform Baker McKenzie FenXun, have advised XVC, China’s leading venture capital company, on its investment in Chagee Holdings, as part of Chagee’s IPO and listing on the Nasdaq. The Chinese bubble tea chain has offered 14.68 million American depositary shares at US$28 each, raising US$411 million. With the full exercise of the over-allotment option, the total proceeds could exceed US$470 million, marking the largest US IPO by a China-based company so far this year. XVC is the largest investor in Chagee. Capital markets partners Dan Ouyang from Baker McKenzie and Ronnie Li and Zhenzhen Bao from FenXun led their firm’s respective team in the transaction.
Clifford Chance has advised renewable energy company GreenYellow, a portfolio company of Ardian, on the sale of a significant minority interest in an important commercial and industrial asset platform, which operates in Thailand and Vietnam, to development finance institutions STOA and DEG (Deutsche Investitions-und Entwicklungsgesellschaft). Headquartered in France and with operations in 17 countries, GreenYellow is a leading energy transition company with expertise in decentralised photovoltaics production, energy efficiency projects and battery storage assets. In Asia, GreenYellow is a leading solar energy PPA (Power Purchase Agreement) provider in Thailand and Vietnam, catering to all industries. Partner Melissa Ng led the firm’s team in the transaction.
Economic Laws Practice (ELP) has advised Canpac Trends on its acquisition of the packaging business of Saptagiri Packagings. This acquisition has expanded Canpac’s geographical footprint, and solidified Canpac’s presence in the packaging sector. With this acquisition, Canpac will also introduce blister backer cards to Canpac’s product line-up. Partner Abhishek Sanyal led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Engie Energy Marketing India (EEMI) on securing Category I Inter-State Power Trading License from the Central Electricity Regulatory Commission. The license was granted to EEMI on December 3, 2024. The deal allows EEMI to diversify its renewable energy activities in India, and carry out power trading activities inter-state. Further, Category I license allows EEMI to trade in the highest volumes of electricity (more than 7,000 million units in a financial year) and, accordingly, signifies EEMI’s commitment to expand its green power initiatives in India. Partners VR Neelakantan and Samridha Neupane led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised NTPC on a power purchase agreement and implementation agreement for a 50 MW solar power plant at Sri Lanka. The project is a strategic partnership with the government of Democratic Socialist Republic of Sri Lanka, enhancing India’s presence in the energy landscape in the neighboring countries. Pursuant to the transaction, Trincomalee Power, a 50-50 joint venture between NTPC and Ceylon Electricity Board of Sri Lanka, shall undertake the development of the 50 MW solar power project, along with certain transmission infrastructure, in Sri Lanka. Partner Prashant Sirohi, supported by partners Anoop Rawat and Sagar Dhawan, led the firm’s team in the transaction, which was signed on April 5, 2025 and is valued at US$100 million.
Skadden has represented Victory Securities on successfully securing regulatory approval from the Securities and Futures Commission of Hong Kong (SFC) to provide discretionary account management services via regulated exchanges, and invest in spot and derivative positions of virtual assets for retail and professional investors. This groundbreaking development marks Victory Securities as the first licensed broker in Hong Kong authorized to provide discretionary account management services via regulated exchanges. Investment management partner Geoffrey Chan led the firm’s team in the transaction.
