Allen & Gledhill has advised DBS Bank, Malayan Banking Singapore Branch, Oversea-Chinese Banking Corporation and United Overseas Bank, as global coordinators, on the S$12 billion (US$9b) term and revolving loan facilities to Marina Bay Sands. The facilities will be used to finance the expansion of the Marina Bay Sands integrated resort, which will comprise a fourth tower, luxury suites, a 15,000-seat entertainment arena and additional MICE space. Partners Lim Wei Ting and Eudora Tan led the firm’s team in the transaction, which is the largest Singapore dollar syndicated loan to date.
Allen & Gledhill has also advised DBS Bank, acting through its Australia branch, on the issue of A$1.5 billion (US$942m) floating rate notes due 2028, under its US$30 billion global medium term note programme. Partner Glenn David Foo led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised Bangkok Bank on the US$835 million term and bank guarantee facilities to Dhilmar Canada. The facilities will be used to finance the acquisition of the Éléonore gold mine in Northern Québec, Canada from Newmont. Partner Lim Wei Ting led the firm’s team in the transaction.
AZB & Partners is advising OSM Thome and its Indian subsidiaries OSM Thome India, OSM Fleet Management India, OSM India Crew Management and Thome Shipping (India), on the acquisition by JP Morgan of stake in OSM Thome, including in its Indian subsidiaries, from Brookfield Oaktree. Partners Divya Mundra, Anuja Tiwari, Kritika Agarwal and Mallika Anand are leading the firm’s team in the transaction, which was signed on February 21, 2025 and is yet to be completed.
AZB & Partners has also advised Addition Three, a fund managed by Addition Capital, on its Rs2.1 billion (US$24m) acquisition, along with Addition Capital, March Capital and Matrix Partners India Investment Holdings (also known as Z47), of more than five percent stake in SuperOPs. Partners Srinath Dasari, Nanditha Gopal and Bharat Budholia led the firm’s team in the transaction, which was completed on January 30, 2025.
Moreover, AZB & Partners are advising Cellcure Cancer Centre (MOC) on the Rs1.5 billion (US$17m) acquisition of stake in MOC by Elevation Capital VIII. Partners Anand Shah and Shriram Shah are leading the firm’s team in the transaction, which was signed on February 19, 2025 and is yet to be completed.
A&O Shearman has advised the Republic of Indonesia on its US SEC-registered offering of US$900 million 5.25 percent bonds due 2030, €700 million (US748m) 3.875 percent bonds due 2033, US$1.1 billion 5.60 percent bonds due 2035, and €700 million (US748m) 4.125 percent bonds due 2037. Partner Felipe Duque led the firm’s team in the transaction, which is the first foreign-currency bond by an Asian sovereign in 2025.
A&O Shearman has also advised the underwriters on the US SEC-registered offering by the Republic of the Philippines of €1 billion (US$1.01b) 3.625 percent global bonds due 2032, US$1.25 billion global bonds due 2035 and US$1 billion 5.90 percent global bonds due 2050. The Philippines intends to invest an amount equal to the net proceeds from the 2032 and the 2050 global bonds into projects that qualify as eligible expenditures under its Sustainable Finance Framework. Partner Felipe Duque also led the firm’s team in the transaction, which is the first time that the Philippines has issued a sustainability bond offering and signifies its return to the euro bond markets since April 2021.
Moreover, A&O Shearman has advised the initial purchasers on the Government of Mongolia’s Rule 144/Reg S offering of US$500 6.625 percent bonds due 2030, and the dealer managers on the government’s concurrent tender offer for its nearest-maturity bonds (due 2026) and bonds due 2028. Mongolia, which was recently upgraded by all three main international credit rating agencies, achieved exceptionally tight pricing for an emerging market issuer. Partner Felipe Duque also led the firm’s team in the transaction.
Baker McKenzie (Thailand and Vietnam) has advised Liberty Mutual Insurance on the sale of its Thailand and Vietnam Operations to Chubb. The Thailand leg is expected to close by the second quarter of 2025, while the Vietnam leg is expected to close in 2026, subject to certain closing and regulatory conditions. The sale includes LMG Insurance, a top ten motor and non-life insurer in Thailand, and Liberty Insurance (Liberty Insurance), the leading foreign retail motor insurer in Vietnam. The majority of each company’s written premiums is motor insurance, and both also offer accident and health and other property casualty products through multiple distribution channels. This transaction allows Liberty Mutual to focus on its portfolio in Asia Pacific, projected to be the largest property and casualty insurance market by 2045. The company will continue to execute on its strategy to capitalize on the greatest opportunities in the region through its remaining operations in Australia, China, Malaysia, Hong Kong, Singapore and India. M&A partners Sumet Orsirivikorn (Thailand) and Lan Phuong Nguyen (Vietnam), supported by Thailand partners Amnart Pitakgorn (insurance), Jarae Sithiwong (insurance), Nopporn Charoenkitraj (tax) and Sirirasi Gobpradit (tax), led the firm’s 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 RM10 billion (US$2.26b) proposed establishment of a commercial papers programme. Banking and finance partner Jennifer Lee led the firm’s team in the transaction.
Christopher & Lee Ong has also acted for AmInvestment Bank, as the principal adviser and lead arranger, on a RM4 billion (US$903m) proposed establishment of a commercial papers programme. Banking and finance partner Jennifer Lee also led the firm’s team in the transaction.
Clifford Chance has advised Deutsche Bank, HSBC, Guotai Junan International, JP Morgan, Soochow Securities (Hong Kong) and UBS, as underwriters, on the issuance by Greentown China Holdings of US$500 million 8.45 percent senior notes due 2028, and the concurrent tender offers for two series of its existing debt securities. The US$500 million issuance consisted of an initial offering of US$350 million, followed by an additional offering of US$150 million, forming a single series. Proceeds from the issuance will be used to refinance existing indebtedness, including but not limited to funding the concurrent tender offers. Partner Alan Yeung led the firm’s team in the transaction.
Clifford Chance is also advising leading Web3 company Animoca Brands on the formation of a joint venture with Standard Chartered and HKT, which aims to be one of the first entities to obtain a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA) under the Hong Kong Stablecoins Bill. The consortium of Animoca Brands, Standard Chartered and HKT has been involved in the HKMA’s stablecoin initiative since as early as March 2024, when it was one of three applicants accepted into the HKMA stablecoin issuer sandbox. The sandbox provides institutions intending to develop a stablecoin issuance business in Hong Kong with a platform to trial their stablecoin operations, and engage in two-way regulatory discussions. Partners Emma Davies and Rocky Mui are leading the firm’s team in the transaction.
JSA has advised JQR Sports (India) on the US$25 million investment by Singapore-based private equity fund Venturi to subscribe to shares of JQR Sports (India). The investment is proposed to be undertaken in two tranches, and the first tranche investment by Venturi has been completed. Partner Sidharrth Shankar, supported by partner Nandini Seth, led the firm’s team in the transaction.
Morrison Foerster has represented CMIC Holdings on its strategic capital alliance, in respect of CMIC, with funds managed by Blackstone. CMIC is Japan’s leading clinical research organization. CMIC Holdings and Blackstone will hold a 40 percent and 60 percent stake, respectively, in the business conducted by CMIC. Tokyo corporate partner Nozomi Oda led the firm’s team in the transaction, which is expected to close in May 2025.
Shardul Amarchand Mangaldas & Co has advised CL Educate on the acquisition of 100 percent share capital of NSEIT from NSE Investments. The deal is valued at approximately Rs2.3 billion (US$26.4m). A step-down subsidiary of the National Stock Exchange of India, NSEIT is involved in digital examination business comprising end-to-end digital examination services, including recruitment and promotion for digital examinations, professional and vocational certification digital examination services, pre-exam period preparation, conducting of digital exams and post-exam period assessment. The acquisition marks a significant step in CL Educate’s strategic diversification within the education and tech sector, and expansion into the digital assessment space. Partner Sadia Khan, supported by partners Shubhangi Garg, Manjari Tyagi and Natashaa Shroff, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also represented French company Gyma International, one of the co-defendants as the buyer in a sale contract, on a civil suit filed by Kannu Exports in the Delhi High Court. Kannu claimed breach of terms and wrongful rejection of the letter of credit (LC) opened by France-registered Banque Nationale de Paris (BNP), at the instance of Kannu. The LC was dishonored based on allegedly incorrect shipping documents supplied by Kannu. Other defendants in the suit included the LC’s negotiating bank and the advising bank. The proceedings in the suit culminated in it being decreed only against the bank, directing payment of monies under the LC, along with interest, costs and court fee, to Kannu. Gyma contended that instruments, such as LCs, constitute an independent contract between the seller and the issuing bank, distinct and autonomous from the underlying contract between the buyer and the seller. Since the suit was for breach of the LC, and Kannu failed to demonstrate a sale contract between itself and Gyma, any claims/reliefs should lie only against the LC issuing bank. After the Delhi High Court ordered Kannu to clarify how reliefs in the suit could jointly and severally be claimed against Gyma, Kannu clarified that it was not pressing any reliefs against Gyma, considering the suit was founded on breach of the LC by the bank. Accordingly, the Delhi High Court dismissed the suit as it pertained to Gyma International. Partner Ajoy Roy led the firm’s team on the matter.
Simpson Thacher is advising Blackstone on the definitive agreement by Blackstone-managed private equity funds to acquire a majority stake in CMIC, Japan’s leading contract research organization that provides comprehensive end-to-end services across clinical trial phases and therapeutic areas. Blackstone will acquire a 60 percent stake, while CMIC Holdings will retain the remaining 40 percent stake in the company. New York partner Anthony King led the firm’s team in the transaction.
Trilegal has advised Venturi Partners on their US$25 million Series A investment in JQR Sports (India), a rapidly emerging brand in the affordable footwear segment. This marks the first venture capital funding for JQR Sports (India), with Venturi acquiring a minority stake. Partners Pratyush Singh and Kirti Balasubramanian led the firm’s team in the transaction.
TT&A has advised N2G Worldwide Insurance Services, a leading provider of a variety of insurance products around the world, on the establishment of its global capability center in India. Partner Deepa Christopher led the firm’s team in the transaction.
