Latest Deals from Law Firms and Legal Services Providers:16th July 2025
Allen & Gledhill has advised the Housing and Development Board on the issue of S$875 million (US$683m) fixed rate green notes due 2030, under its S$42 billion (US$32.8m) multicurrency medium term note programme. The notes are an issuance of green bonds, proceeds of which are intended to be used to finance or refinance Eligible Green Projects under the Project Category of Green Buildings, and for such other purposes as set out in the Green Finance Framework of HDB. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising L&T Semiconductor Technologies on the Rs1.1 billion (US$13m) acquisition by Kaynes Semicon production lines of the business of Fujitsu General Electronics. Partners Aarthi Sivanandh and Bhavana Alexander are leading the firm’s team in the transaction, which was signed on June 9, 2025 and is yet to be completed.
AZB & Partners is also advising L&T Semiconductor Technologies on its Rs1.1 billion (US$13m) acquisition of power module assets (prototype and IP), along with the customer relationships, of Fujitsu General Electronics. Partners Aarthi Sivanandh and Bhavana Alexander are also leading the firm’s team in the transaction, which was signed on June 9, 2025 and is yet to be completed.
Moreover, AZB & Partners has advised Warburg Pincus, through its affiliate Currant Sea Investments BV, on its Rs75.6 billion (US$881m) acquisition of stake in IDFC First Bank. The merger notification was filed with the Competition Commission of India on April 25, 2025, and was approved on June 3, 2025. Partner Bharat Budholia led the firm’s team in the transaction.
Carey Olsen has acted as Cayman Islands counsel to leading China-based asset management firm Jupiter Research Capital (Asia) on the launch of a Cayman Islands master feeder structure. The structure comprises Jupiter Global Master Fund as the master fund, Jupiter Global Fund as the offshore feeder for US tax-exempt investors and non-US taxable investors, and Jupiter Global US Feeder Fund as the onshore feeder for US taxable investors. Jupiter Research Capital will be deploying a systemic trading strategy in managing the fund, which represents the investment manager’s first US$-denominated structure, having previously managed Rmb-denominated funds focused on the domestic China market. Hong Kong corporate partner Michael Padarin led the firm’s team in the transaction. Sidley Austin Hong Kong acted as lead counsel on the fund launch.
Clifford Chance has advised Goldman Sachs and Morgan Stanley, as the overall coordinators on behalf of the several underwriters, on Kanzhun’s follow-on share offer and listing. Kanzhun’s global issuance of 34.5 million Class A ordinary shares in Hong Kong raised approximately HK$2.28 billion (US$290m). Kanzhun operates BOSS Zhipin, a leading online recruitment platform, which pioneered and adopted the “direct recruitment model” in the online recruitment industry. China practice chair and partner Tim Wang and partners Jean Thio and Virginia Lee led the firm’s team in the transaction.
Clifford Chance has also advised Merrill Lynch, UBS, Mizuho, Citigroup and DBS, as the joint book-runners and underwriters, on the IPO and listing of NTT DC REIT in Singapore, sponsored by NTT, a subsidiary of Japan’s NTT DATA Group. The IPO, which raised approximately US$773 million, marks the largest REIT listing in Singapore in over a decade. NTT DC REIT’s portfolio comprises six premium data centre assets located across the US, Austria and Singapore, representing 90.7 MW capacity with a total appraised value of US$1.6 billion. Collectively, these assets form part of NTT’s global data centre platform, which spans over 20 countries and regions, and delivers 2,200 MW of IT power capacity globally. Partner Jean Thio led the firm’s team in the transaction.
Davis Polk has advised Beijing Geekplus Technology on its IPO and listing of H shares in Hong Kong, in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$2.71 billion (US$345m), after giving effect to the exercise of the offer size adjustment option and before the exercise of the over-allotment option. The first H-share company with a weighted voting rights structure to be listed in Hong Kong, Geekplus is a leading global provider of autonomous mobile robot (AMR) solutions for warehouse fulfillment and industrial material transport. In 2024, Geekplus was the world’s largest warehouse fulfillment AMR solution provider by revenue, marking the sixth consecutive year it held this position. The company provides the most extensive range of warehouse fulfillment AMR solutions in the industry, covering a wide variety of use cases and technology approaches. Partners Li He, Jason Xu and Ran Li led the firm’s team in the transaction.
JSA has advised Mr Bhrugesh Amin, the Resolution Professional of Smaaash Entertainment, on the Corporate Insolvency Resolution Process (CIRP) of Smaaash under the Insolvency and Bankruptcy Code 2016. Smaaash operates 13 gaming and entertainment centres across India involving immersive and interactive games ranging from arcade games, bowling, go-karting and paint ball to virtual reality and simulation games, including its flagship centre in Kamla Mills Compound in Mumbai. The firm advised end-to-end on the entire CIRP, and successfully represented the Resolution Professional before the National Company Law Tribunal Mumbai on obtaining approval of the resolution plan submitted by Nazara Technologies, which was approved by the Smaaash committee of creditors. The firm also successfully defended a number of ancillary proceedings, including objections filed by the erstwhile promoter, invalidated a move to transfer the Smaaash brand from Smaaash to an erstwhile promoter-owned entity, and infringement of its trademark by another allegedly promoter-owned entity which was running competing gaming centres. Partners Varghese Thomas and Tirthankar Datta, supported by partners Fatema Kachwalla, Kunal Kaul and Aditi Sehgal, led the firm’s team in the matter.
JSA has also advised Havells India on its proposed strategic minority investment of Rs6 billion (US$70m) in Goldi Solar, as part of Goldi’s Rs13 billion (US$151.5m) fundraise to support its ongoing capacity expansion and backward integration initiatives. As part of the investment, Havells will acquire an 8.90 percent to 9.24 percent stake in Goldi Solar, subject to the final round size. The transaction also provides Havells with a board seat and customary investor rights in the company. The deal marks a notable regulatory milestone, as the Competition Commission of India assessed the solar modules and solar cell markets for the first time, reflecting the growing significance of the renewable energy sector. The CCI granted its approval on June 10, 2025, within 42 calendar days. Partner Siddharth Mody, supported by partners Anurag Shrivastav (private equity), Vaibhav Choukse (competition) and Ela Bali (competition), led the firm’s team in the transaction.
Moreover, JSA has advised MUFG Bank and Crédit Agricole Corporate and Investment Bank on the approximately Rs82 billion (US$955m) rupee term loan facilities availed by Enren-II Energy, a project company of Engie, to finance the development of a 200 MW (AC) solar photovoltaic power generation facility at GSECL’s Khavda Solar Park in village Khavda, Taluka Bhuj, District Kutch, Gujarat. Partner Karan Mitroo, supported by partner Purvi Dabbiru, led the firm’s team in the transaction.
Maples has acted as BVI counsel to China Great Wall International Holdings VI on its issue of US$450 million 5.25 percent guaranteed bonds due 2028. The bonds are guaranteed by China Great Wall AMC (International) Holdings and listed in Hong Kong. The guarantor is a direct wholly-owned subsidiary of China Great Wall Asset Management, one of the four leading asset management companies and a leading provider of comprehensive financial services and innovative products in China. The issue of the bonds was completed on April 23, 2025. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Clifford Chance advised on English law and King & Wood Mallesons advised on Chinese law. The joint lead managers were advised by Davis Polk & Wardwell as to English law, and by JunHe as to Chinese law.
Maples has also advised Amber DWM Holding on the business combination between Amber DWM and iClick Interactive Asia Group. The business combination was completed via merger between Amber DWM and iClick ‘s wholly-owned subsidiary, with Amber DWM being the surviving company and becoming a wholly-owned subsidiary of iClick. The transaction was completed on March 12, 2025. Upon completion of the business combination, iClick changed its name to “Amber International Holding”, and continues to be listed on the Nasdaq. The transaction values Amber DWM at US$360 million and iClick at US$40 million by equity value on a fully diluted basis, assuming completion of certain restructuring as set forth in the relevant merger agreement. Amber DWM is the holding entity of Amber Group’s business, known as Amber Premium, a leading digital wealth management platform offering private banking-level solutions tailored for the dynamic crypto economy. Asia corporate practice head and partner Matt Roberts led the firm’s Hong Kong team in the transaction, while Simpson Thacher & Bartlett acted as US counsel. Cleary Gottlieb Steen & Hamilton acted as US counsel to iClick.
Moreover, Maples has advised BEST on its take-private transaction, which was completed on March 7, 2025, and implied an equity value of approximately US$54.2 million. The take-private was completed as a Cayman Islands statutory merger, under which BEST’s existing shareholders had their shares cancelled in exchange for the merger consideration of US$0.144 per share or US$2.88 per American depositary share of BEST. As a result of the merger, BEST has become a privately held company, and has ceased to be a publicly traded company. The buyer group comprises of BEST’s management, Alibaba, Cainiao, IDG and certain other investors. BEST is a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-add services, including freight delivery, supply chain management and global logistics services. Asia corporate practice head and partner Matt Roberts also led the firm’s Hong Kong team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel to the Special Committee of the board of directors of BEST. Fangda Partners acted as US counsel and lead counsel to the buyer group.
Simon Reid-Kay & Associates has acted as Hong Kong real estate counsel to the syndicate of banks on the landmark HK$88.2 billion (US$11.2b) financing transaction for New World Development. This significant undertaking, involving the refinancing and alignment of existing bank financings, positions the New World Development group to optimise its ongoing business and financial needs. The transaction, which represents the largest re-financing of its kind executed in Hong Kong, required extensive experience and specialised knowledge. Cindy Au led the firm’s team in the transaction.
S&R Associates has represented Sambhv Steel Tubes, a key manufacturer of electric resistance welded steel pipes and structural tubes (hollow section) in India, and the selling shareholders on its Rs5.4 billion (US$62.8m) IPO. Partner Juhi Singh led the firm’s team in the transaction.
Trilegal has advised Safex Chemicals (India) on its filing of the draft red herring prospectus. The IPO consists of a fresh issue of Rs4.5 billion (US$52.3m) and an offer for sale of more than 35.7 million equity shares by the selling shareholders. Safex Chemicals is a specialty chemicals company focused on agrochemicals, with a presence across the agrochemical value chain. It operates through three business verticals – branded formulations, specialty chemicals, and contract development and manufacturing (CDMO) – catering to the needs of farmers and global agrochemical companies. Capital markets partner Vinay Sirohia led the firm’s team in the transaction.
Trilegal is also advising Emmvee Photovoltaic Power on the IPO of equity shares aggregating up to Rs30 billion (US$349m), with fresh issue portion of up to Rs21.44 billion (US$249m) and offer for sale portion of up to Rs8.56 billion (US$99.5m). The firm is also advising the promoter selling shareholders, namely Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi, on their offering of up to Rs8.56 billion (US$99.5m) in the proposed IPO. Partner Vijay Parthasarathi led the firm’s team in the transaction.
Moreover, Trilegal has advised Adani Enterprises and the lead managers, comprising of Nuvama Wealth Management, Trust Investment Advisors and Tipsons Consultancy Services, on the successful listing of non-convertible debentures pursuant to public debt issue aggregating to Rs10 billion (US$116.5m) by Adani Enterprises. The funds are proposed to be used for repayment of indebtedness availed by Adani Enterprises. The Adani group is among India’s top business houses with an integrated energy and infrastructure platform. Adani Enterprises is one of India’s largest listed business incubators focused on core industry sectors, such as energy and utility, transportation and logistics, consumer and primary industry. This marks the second public debt issuance by Adani Enterprises, which was oversubscribed by approximately three times. The firm previously advised on Adani group’s maiden public debt issue in 2024. Partners Richa Choudhary and Joseph Jimmy led the firm’s team in the transaction.