Latest Deals from Law Firms and Legal Services Providers: 14th January 2026

AZB & Partners is advising Internet Fund V, a fund managed by Tiger Global Management and an existing investor in Wow Momo Foods, on the negotiation and drafting of the agreement for Singularity AMC’s acquisition of stake in Wow Momo Foods. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on December 16, 2025 and is yet to be completed.

AZB & Partners has also advised TMF Group on its acquisition of 100 percent stake of JSS Pro Services. Partner Nandita Govind led the firm’s team in the transaction, which was completed on December 18, 2025.

Moreover, AZB & Partners is advising Warburg Pincus on its acquisition of stake in Haier India from Haier Group. Partners Anil Kasturi, Niladri Maulik, Akhilesh Kumar Rai, Hemangini Dadwal, Nitin Saluja and Jatinder Singh Saluja are leading the firm’s team in the transaction, which was signed on December 24, 2025 and is yet to be completed.

Baker McKenzie has acted as Hong Kong and US counsel to Hongxing Coldchain (Hunan) on its global offering and listing in Hong Kong. The gross proceeds of the global offering is approximately HK$285.2 million (US$36.5m), based on the offer price of HK$12.26 (US$1.57) per H share for approximately 23.3 million H shares. The company’s H shares commenced trading on January 13, 2026. Hongxing Coldchain is a leading frozen food storage services and frozen food space leasing services provider in Hunan Province. Proceeds from the offering are to be primarily used to construct a new processing plant and new frozen food storage warehouses, upgrade existing equipment, IT infrastructure and software, including investing in AI technology, and pursue strategic acquisitions and partnerships to enhance industry integration and strengthen the company’s position throughout the cold chain ecosystem. Partner and Asia Pacific and China capital markets co-chair Dan Ouyang and partner Winfield Lau, alongside Ronnie Li and Zhenzhen Bao from FenXun’s international capital markets practice, led the firm’s team in the transaction.

Clifford Chance has advised the joint sponsors and underwriters, including Morgan Stanley, GF Capital, GF Securities, CICC, CLSA and CMBC Securities, on the IPO and listing of advanced surgical robotics company Shenzhen Edge Medical Company (Edge Medical) in Hong Kong, under the Exchange’s Chapter 18A Listing Rules for Biotech Companies. The listing is expected to raise approximately HK$1.2 billion (US$154m), backed by several cornerstone investors, including Abu Dhabi Investment Authority, UBS, Tencent, OrbiMed and ChinaAMC (Hong Kong). Founded in 2017 in Shenzhen, Edge Medical is an advanced surgical robotics company in the medical device industry, dedicated to designing, developing and manufacturing surgical robots for minimally invasive surgery, as well as non-invasive surgery. It is the first company in China and second globally to receive registration approvals of all of its multi-part endoscopic, single-port endoscopic and natural orifice surgical robots. Partners Fang Liu and Virginia Lee led the firm’s team in the transaction.

Clifford Chance has also advised CICC and Huatai Financial Holdings (Hong Kong), as joint sponsors, and the underwriters on the IPO and listing of GigaDevice Semiconductor’s H shares in Hong Kong, raising approximately US$600 million. GigaDevice is a fabless semiconductor company that develops a wide range of chips, systems and solutions, including corresponding algorithms and software, used in the consumer electronics, automotive, industrials, computing and network communications sectors. GigaDevice has been listed in Shanghai since 2016. Partners Tianning Xiang and Jean Thio led the firm’s team in the transaction.

Moreover, Clifford Chance has advised Brookfield, alongside a global sovereign wealth investor, on a €1 billion (US$holdco financing for DayOne Data Centers, a Singapore-headquartered developer and operator of hyperscale data centres. The seven-year facility, secured by DayOne’s Finland platform, will support the rollout of its hyperscale developments in Lahti and Kouvola, which will provide nearly 300MW of planned capacity across Finland. Structured as a secured holdco financing facility of €500 million (US$583m), expandable to €1 billion (US$1.17b) with mutual agreement, the proceeds will also support DayOne’s global expansion across the EU and APAC, with flexibility to allocate to other key growth markets, as required. Partner Tom England, supported by partners Matthew Buchanan and Shaun Langhorne, led the firm’s team in the transaction.

CMS IndusLaw has successfully represented Bharti Airtel before the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) New Delhi on a matter challenging an Order-in-Original passed by the Principal Commissioner of Customs. The Customs Department sought to reclassify certain router components imported by the client, and raised demands for differential customs duty, along with interest, penalties and confiscation, all of which were successfully defended. The matter involved complex technical and legal issues concerning router and internet architecture, functional dependency of components, interpretation of the Customs Tariff Act, and the distinction between “parts” and standalone “apparatus” under Heading 85.17. Partner Shashi Mathews, supported by partner Abhishek Boob, led the firm’s team in the matter.

CMS IndusLaw has also advised RTP Global on its investment in Ionic Professional, as part of the company’s Series A funding round led by RTP, with participation from M G Investments, All-In Capital, Rohit Bansal, Kunal Bahl, Kitty Aggarwal and Puneet Mundhara. Ionic Professional is an emerging beauty and personal care brand offering professional-grade products designed for Indian consumers. Partner Minhaz Lokhandwala led the firm’s team in the transaction.

Moreover, CMS IndusLaw has advised Shriram Pistons & Rings on its 100 percent acquisition of three companies from Grupo Antolin, a leading global automotive interiors supplier. The transaction has an aggregate consideration of approximately €159 million (US$185m). The deal expands Shriram Pistons & Rings’ capabilities beyond its traditional powertrain portfolio into automotive lighting and interior components, and strengthens its presence across the automotive components value chain. Founding and senior partner Avimukt Dar and partners Shantanu Jindel and Shweta Gupta, supported by partners executive director Ruhi Jain and partner Unnati Agrawal, led the firm’s team in the transaction.

Davis Polk has advised MiniMax Group on its IPO and listing in Hong Kong, under Chapter 18C of the Listing Rules, and its Rule 144A and Regulation S international offering. The gross proceeds of the offering were approximately HK$4.8 billion (US$615m), prior to the exercise of the over-allotment option. MiniMax is a global AI foundation model company committed to advancing the frontiers of artificial intelligence toward artificial general intelligence through its mission, Intelligence with Everyone. MiniMax’s proprietary multimodal models – including MiniMax M2, Hailuo 2.3, Speech 2.6 and Music 2.0 – feature advanced coding capabilities, high agentic performance and ultra-long context processing. These models can understand, generate and integrate a wide range of modalities, such as text, audio, images, video and music. They power MiniMax’s major AI-native products, including MiniMax Agent, Hailuo AI, MiniMax Audio, Talkie and the enterprise- and developer-facing Open API Platform. Collectively, these offerings deliver intelligent, dynamic experiences designed to enhance productivity and improve quality of life for users worldwide. Partners Li He and Jason Xu led the firm’s cross-border team in the transaction.

Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) and Rajah & Tann Singapore, member firms of Rajah & Tann Asia, have acted for Arch Capital Management, a Hong Kong-based fund manager, on the sale of its indirect stake in Pinnacle Cold Storage, via the sale of the entire issued and paid-up capital in Summit Point Holdings to Peregrine Cold Logistics, a new cold chain logistics platform in Asia Pacific and the Gulf Cooperation Council (GCC), backed by Stonepeak. Strategically located in Calamba, Laguna, just south of Metro Manila and with direct access to the South Luzon Expressway, Pinnacle Cold Storage serves as a key node within the Greater Metro Manila logistics corridor. M&A partners Loh Chun Kiat (R&T Singapore) and Norma Margarita Patacsil (C&G Law) led the firm’s team in the transaction.

JSA Advocates & Solicitors has acted as sole advisor to Nippon Steel on securing an unconditional approval from the Competition Commission of India (CCI) for its proposed acquisition of the entire remaining 53.4 percent stake of Krosaki Harima. Under the terms of the proposed acquisition, Nippon Steel will acquire the entire remaining 53.4 percent of Krosaki via a tender offer and potential squeeze-out, as applicable. Valued at approximately ¥75.8 billion (US$478m), the proposed acquisition will expand Nippon Steel’s footprint across the steel-making value chain in India. This was an acquirer only, long form (Form II) merger notification filing made by Nippon Steel, which was cleared unconditionally by the CCI in 81 calendar days from filing. Partner and competition chair Nisha Kaur Uberoi, supported by partner Vikram Raghani on the Indian corporate law and FDI aspects, led the firm’s team in the matter, while Nishimura & Asahi (Gaikokuho Kyodo Jigyo) acted as global counsel. Anderson Mori & Tomotsune acted as global counsel for Krosaki Harima.

JSA Advocates & Solicitors has also advised WestBridge Capital on its investment, via a primary capital infusion, in Ivypods Technology (SpeakX). Founded in 2020 by Arpit Mittal, SpeakX offers a personalised AI-driven learning platform that enables users to practice and refine their English skills in real-time. Partner Siddharth Mody, supported by partner Anurag Shrivastav, led the firm’s team in the transaction.

Moreover, JSA Advocates & Solicitors has advised Axis Bank and ICICI Bank on the refinancing of a portion of the existing debt availed for the upgrade, operation and maintenance of the Hyderabad–Bangalore section of NH7 (from Km 534.72 to Km 556.84) in the State of Karnataka. The project is being implemented on a design, build, finance, operate and transfer (DBFOT) basis by Devanahalli Tollway, a part of the Cube Highways group. Partner Karan Mitroo, supported by partner Kartikeya Dubey, led the firm’s team in the transaction.

Latham & Watkins has advised Black Spade Acquisition III, a special purpose acquisition company (SPAC) sponsored by an affiliate of Black Spade Capital, on its IPO of 17.25 million units, including 2.25 million units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at US$10.00 per unit, resulting in aggregate gross proceeds to the company of US$172.5 million. The units began trading in New York on January 6, 2026. Singapore partners Sharon Lau and Stacey Wong led the firm’s team in the transaction.

Rajah & Tann Singapore has acted for Altallo Core Fund VCC on the acquisition of the entire issued and paid-up share capital of Ang Mo Kio, Bukit Merah, Toa Payoh and Clementi, as well as the financing of the acquisition. The properties comprise large-format HDB commercial units anchored by strong, high‑footfall tenants, including NTUC FairPrice and Courts Singapore. Corporate real estate senior partner Norman Ho and partners Gazalle Mok (corporate real estate) and Loh Chun Kiat (M&A) led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised a consortium of lenders led by Canara Bank, comprising of Canara Bank, Punjab & Sind Bank and Bank of Baroda, on the resolution of the debt of Karanja Terminal & Logistics, via transfer of the lenders’ entire loan exposure to Prudent ARC under the Reserve Bank of India (Transfer of Loan Exposures) Directions 2021. The transaction is notable for the successful structuring and execution of a multi-layered Swiss challenge process for the assignment of a complex, infrastructure-backed debt portfolio, in strict compliance with the RBI guidelines. The mandate also involved intensive litigation before the Delhi High Court, where the firm successfully defended the lenders against challenges to the bid process, enabling timely closure of the transaction without any stay or disruption. Partner and restructuring and insolvency national head Anoop Rawat led the firm’s team in the matter.

Shardul Amarchand Mangaldas & Co has also advised a consortium of NCD investors and a working capital lender, Kotak Mahindra Bank, on the Rs23 billion (US$255m) twin financing to Jayaswal Neco Industries (JNI). The NCD investors include Tata Capital, Investec, DSP Finance, Nippon India Credit Opportunities AIF, Piramal Finance, Vivriti Funds, Hero FinCorp, Oxyzo Financial Services, Kotak Mutual Fund and Arka Fincap. Vistra ITCL acted as the debenture trustee/security trustee in relation to the financings. The transaction involved the subscription by the NCD investors to unlisted, secured, non-convertible debentures aggregating to Rs18 billion (US$199.4m), with the balance existing indebtedness refinanced via internal accruals. In parallel, Kotak Mahindra Bank extended Rs5 billion (US$55.4m) in working capital facilities. The facilities were secured by first-ranking pari passu charges over the borrower’s movable and immovable assets, supported by personal guarantees from the promoters, with the NCDs additionally secured by an exclusive pledge over identified promoter shareholding. The twin deals are significant, as they are the second refinancing for JNI, post its restructuring of debt, with significant reduction in interest rates, improvement in credit rating and a re-entry into the banking system. The deal reflects that restructuring of debt outside of formal insolvency process, and with the cooperation of existing promoters, can indeed be successful. Partner and banking and finance co-head Veena Sivaramakrishnan and partner Dhananjai Charan, supported on due diligence matters by partners Aditya Malhotra and Mihir Deshmukh, led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has acted as Indian counsel to the 18-banks syndicate on the IPO of ICICI Prudential Asset Management (ICICI Prudential AMC), comprising an offer for sale of equity shares aggregating to Rs106 billion (US$1.2 b) by Prudential Corporation, the promoter selling shareholder. The equity shares of ICICI Prudential AMC were listed in India’s stock exchanges on December 19, 2025. This was the largest syndicate for an Indian IPO, comprising of Citigroup Global Markets India, ICICI Securities, Morgan Stanley India, Goldman Sachs (India) Securities, BofA Securities India, Avendus Capital, Axis Capital, BNP Paribas, CLSA India, HDFC Bank, IIFL Capital Services (formerly known as IIFL Securities), JM Financial, Kotak Mahindra Capital, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, SBI Capital Markets and UBS Securities India. The IPO witnessed strong investor demand, and closed with an overall subscription of 39.17 times across categories. As of September 30, 2025, ICICI Prudential AMC was the largest asset management company in India by active mutual fund quarterly average assets under management, with a market share of 13.3 percent, and the most profitable AMC in the country, in terms of operating profit before tax for FY 2025. Partners Nikhil Naredi and Abhiroop Amitava Datta led the firm’s team in the transaction.

S&R Associates is representing CapitaLand India Trust, a business trust listed in Singapore, on the divestment of its 20.20 percent stake held through its wholly-owned Indian subsidiary in each of the data centre assets located in Chennai, Mumbai and Hyderabad, India to wholly-owned subsidiaries of CapitaLand India Data Centre Fund. Partner Raya Hazarika led the firm’s team in the transaction.

S&R Associates has also represented multinational telecommunications company Vodafone Group on its agreement with Vodafone Idea, a listed Indian telecom company, on the final amount payable by Vodafone Group under the contingent liability adjustment mechanism agreed at the time of the 2017 merger between Vodafone India and Idea Cellular, and settlement by Vodafone Idea of outstanding Vodafone Group service charges. Partners Rajat Sethi and Meher Mehta led the firm’s team in the transaction.

Trilegal has acted as exclusive counsel to Premji Invest and TPG NewQuest on their partial exit from iD Fresh Foods (India) to Apax Partners. Apax Partners acquired approximately 35 percent stake in iD Fresh Foods (India), via a combination of secondary share purchases and a primary investment in the company, for approximately Rs15 billion (US$166m). Partner Ankit Kejriwal, supported by partners Ankit Kejriwal, Kirti Balasubramanian and Kanishka Maggon on due diligence matters, led the firm’s team in the transaction. JSA Advocates & Solicitors, led by partners Sidharrth Shankar and Prakriti Jaiswal, advised iD Fresh Foods (India).

TT&A has advised Lohia Aerospace Systems on a fundraise of up to Rs1 billion (US$11m) from Singularity AMC, via subscription of Series A CCPS for an aggregate stake of 16.69 percent, in two tranches. Partners Gautam Saha and Shivranjani Ralawata led the firm’s team in the transaction. Trilegal advised Singularity.