Latest Deals from Law Firms and Legal Services Providers: 17th December 2025

Allen & Gledhill has advised the Agricultural Bank of China Singapore Branch on the issue of US$300 million floating rate notes due 2028, under its US$15 billion medium term note programme. Partner Glenn David Foo led the firm’s team in the transaction.

Allen & Gledhill has also advised Nanshan Life on the issue of US$395 million 5.875 percent Tier 2 subordinated dated capital bonds due 2041, and the tap issue of US$258 million 5.875 percent Tier 2 subordinated dated capital bonds due 2041, which are consolidated and form a single series with the existing bonds. The bonds are irrevocably and unconditionally guaranteed by Nan Shan Life Insurance. Nanshan Life is a Singapore-incorporated wholly-owned subsidiary of Nan Shan Life Insurance. Partners Bernie Lee, Jo Tay and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners is advising Innomotics India on its Rs22 billion (US$242m) acquisition of the low voltage motors business from Siemens. Partners Zia Mody, Divya Mundra and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on December 8, 2025 and is yet to be completed.

AZB & Partners is also advising Global Infrastructure Partners, a part of BlackRock, on its Rs33 billion (US$365m) acquisition of stake in Aditya Birla Renewables. Partners Zia Mody, Ashwath Rau, Atreya Bhattacharya and Aditya Periwal are leading the firm’s team in the transaction, which was signed on December 10, 2025 and is yet to be completed.

Moreover, AZB & Partners is advising Tata Consultancy Services on its Rs63 (US$697m) acquisition of Coastal Cloud Holdings and its subsidiaries from Sverica Capital Management and Salesforce Ventures. Partners Ashwath Rau and Prerak Ved are leading the firm’s team in the transaction, which was signed on December 10, 2025 and is yet to be completed.

Baker McKenzie has acted as Hong Kong and US counsel to Hong Kong-listed TechStar Acquisition on the successful completion of its de-SPAC transaction with Hong Kong-listed Seyond Holdings, marking the third completed de-SPAC transaction in Hong Kong and the largest by deal size. The transaction involved TechStar entering into a business combination agreement with Seyond, resulting in Seyond becoming the publicly-traded successor with a valuation of approximately HK$12.99 billion (US$1.67b). Concurrent with the transaction, approximately HK$1.04 billion (US$133.6m) in gross proceeds was raised through related private equity financings. The transaction closed on December 10, 2025, with TechStar’s shares and warrants delisted, and Seyond’s shares commencing trading in Hong Kong on the same day. TechStar is a special purpose acquisition company (SPAC) focused on merging with businesses in high-growth new economy sectors. Seyond principally designs, develops and produces automotive-grade LiDAR solutions, and ranks fourth globally, in terms of sales revenue for advanced driver assistance system (ADAS) LiDAR solutions. Partner and Asia Pacific & China capital markets co-chair Dan Ouyang and partner Winfield Lau, alongside Zhenzhen Bao from FenXun’s international capital markets practice, led the firm’s team in the transaction. Baker McKenzie established a Joint Operation Office with FenXun in China as Baker McKenzie FenXun in 2015.

Christopher & Lee Ong, member firm of Rajah & Tann Asia, is acting for Dr Kee Kirk Chin and Apex Holdings, two of the joint ultimate offerors, on the conditional voluntary general offer by Pharmora Investment Holdings to acquire all the ordinary shares in Apex Healthcare for approximately MYR1.9 billion (US$464m). The firm is also acting for WHSP Holdings, a substantial shareholder of Apex Healthcare, on the disposal via voluntary general offer of its shareholding in Apex Healthcare. M&A partners Adrian Chee and Jacyn Phuah are leading the firm’s team in the transaction.

Christopher & Lee Ong is also acting for Genting Malaysia on its take-over offer to acquire all remaining ordinary shares in Genting Malaysia not already held by the company for approximately MYR6.74 billion (US$1.65b). M&A partners Adrian Chee and Jacyn Phuah are also leading the firm’s team in the transaction.

CMS IndusLaw has advised Lightrock on a series of secondary share sale transactions involving multiple purchasers in Porter, one of India’s leading on-demand logistics platform. These transactions formed part of a broader multi-investor secondary transactions by global and domestic investors, such as Tiger, Footpath, Vitruvian, Wellington, Elev8, Nita Mirchandani and Kael. Partner Winnie Shekhar led the firm’s team in the transaction.

Davis Polk has advised Seyond Holdings on its business combination with TechStar Acquisition. The business combination values Seyond at a pre-money equity value of HK$11.7 billion (US$1.5b), accompanied by a concurrent private placement exceeding HK$900 million (US$115.6m). Seyond is a global leader in the design, development and production of automotive-grade grade light detection and ranging (LiDAR) solutions. The company provides automotive-grade LiDAR solutions for autonomous driving and other automotive and non-automotive application scenarios. Hong Kong-listed TechStar is a special purpose acquisition company (SPAC) focusing its efforts on identifying high-growth enterprises in the “new economy” sector in China. Partners Li He, Jason Xu and Ran Li led the firm’s cross-border team in the transaction.

Davis Polk has also advised HashKey Holdings on its IPO and Rule 144A and Regulation S listing in Hong Kong. The gross proceeds from the offering amounted to approximately HK$1.6 billion (US$205.6m), before the exercise of the over-allotment option. HashKey offers a licensed digital asset platform to provide transaction facilitation services, on-chain services and asset management services. HashKey is the largest regional onshore digital asset transaction facilitation platform in Asia by trading volume. Partners Li He and Jason Xu led the firm’s cross-border team in the transaction, which is the first crypto exchange IPO in Hong Kong.

JSA Advocates and Solicitors has acted as sole counsel to Schneider Electric on securing an unconditional approval from the Competition Commission of India (CCI) in relation to Schneider Electric’s proposed acquisition of the remaining 35 percent stake of Schneider Electric India from Temasek for an all-cash consideration of approximately US$6.4 billion. Schneider Electric is committed to support India’s future expansion through its unique setup in India, which is Schneider Electric’s third largest market and one of its four hubs. This was an acquirer only, long form (Form II) merger notification filing made by Schneider Electric, which was cleared unconditionally by the CCI in 88 days from filing. Partner and competition chair Nisha Kaur Uberoi, supported by partner Pranav Satyam, led the firm’s team in the transaction, while AZB & Partners and WongPartnership advised Schneider Electric on the corporate law aspects of the proposed acquisition.

JSA has also advised the mandated lead arranger bank and other members of the lender syndicate on a green field project financing of approximately Rs24.17 billion (US$267m) granted to Solarcraft Power India 16, a special purpose vehicle owned by BluPine Energy, a renewable energy platform sponsored by Actis. The facility was extended for the financing, construction and operation of a 150 MW (AC) firm and dispatchable renewable energy (FDRE) generation project, comprising a combination of solar, wind and battery energy storage system, being set up at Aland, Karnataka. Solarcraft Power India 16 has executed a long-term power purchase agreement with SJVN. Partner Tirthankar Datta, supported by partner M Arun Kumar, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Meesho on its landmark Rs54.21 billion (US$597.5m) IPO, comprising of a fresh issue and an offer for sale by promoters Vidit Aatrey and Sanjeev Kumar and other selling shareholders, including affiliates of Elevation Capital, Peak XV, Y Combinator and others. The offering is among the most oversubscribed IPOs in India by a new-age company, garnering an overall subscription of over 79 times, including QIB demand of over 120 times, non-institutional investor demand of over 38 times, and retail investor demand of over 19 times. Capital markets national head Prashant Gupta and partner Ruth Chenchiah, supported on securities regulatory matters by partner Manjari Tyagi, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised Steadview Capital Mauritius on its pre-IPO secondary purchase of equity shares of Wakefit Innovations from Verlinvest. The transaction forms part of a broader pre-IPO round ahead of Wakefit’s proposed public listing, for which the company filed its red herring prospectus with the Registrar of Companies, Karnataka at Bengaluru, and the Securities and Exchange Board of India. Partner Harshita Srivastava, supported by partner Rahul Yadav on the tax aspects, led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas has advised the Committees of Creditors of Arshiya, NCR Rail Infrastructure and Arshiya Northern FTWZ (ANF) on the Corporate Insolvency Resolution Processes of the Arshiya Group. The matter involved the sale of key non-core, encumbered land parcels of Arshiya at Khurja, Uttar Pradesh to the successful resolution applicants of ANF and NCR Rail. The sale was critical for ensuring operational continuity, regulatory viability and value maximisation across the interlinked assets of the Arshiya Group. Partners Misha and Soummo Biswas led the firm’s team in the transaction.

Skadden has advised JD.com subsidiary JingDong Industrials, a leading industrial supply chain technology and service provider in China, on its IPO of approximately 211.2 million shares and listing in Hong Kong on December 11, 2025. The total offering size is nearly HK$3 billion (US$385m), subject to the over-allotment option. Hong Kong partners Shu Du and Paloma Wang, supported by partners Kevin Hardy (Chicago- investment management) and Sean Shimamoto (Houston-tax), led the firm’s team in the transaction.

S&R Associates has represented the broker on the Rs16.7 billion (US$185m) sale of 12.8 million equity shares of One97 Communications (Paytm), a listed digital payments and financial services company, by funds managed by Elevation Capital on the Indian stock exchanges. Partner Jabarati Chandra led the firm’s team in the transaction.

S&R Associates has also represented the broker on the Rs47.3 billion (US$523m) sale of 18 million equity shares of Mphasis, a listed information technology and consulting services provider, by an affiliate of Blackstone on the Indian stock exchanges. Partner Jabarati Chandra also led the firm’s team in the transaction.

Moreover, S&R Associates is representing IndoSpace, India’s largest developer of Grade A industrial and logistics real estate, on the US$300 million sale of six industrial and logistics parks located in India’s key logistics markets, including Bengaluru, Chennai, Delhi, Mumbai and Pune, to IndoSpace Core, a joint venture between IndoSpace and CPP Investments. Partner Raya Hazarika led the firm’s team in the transaction.

Trilegal has advised Kotak Mahindra Capital, Elara Capital (India), Jefferies India, JM Financial and 360 ONE WAM, as the book-running lead managers, on the qualified institutions placement of approximately 109.4 million units by Brookfield India Real Estate Trust, aggregating to Rs35 billion (US$386m). The REIT will deploy a portion of QIP proceeds to partially fund one of India’s largest REIT acquisitions. Partner Vijay Parthasarathi led the firm’s team in the transaction.

TT&A has advised Jefferies India, as the broker, on the secondary sale by TotalEnergies Renewables Indian Ocean of up to approximately 28.64 million equity shares at face value of Rs10 (US$0.11) each in Adani Green Energy. The sale, amounting to approximately Rs28 billion (US$308.6m), was done via one or more share sales on India’s stock exchanges. Partner Abhinav Kumar led the firm’s team in the transaction, while Ashurst acted as international counsel. Latham & Watkins advised TotalEnergies Renewables Indian Ocean.

TT&A has also advised Axis Capital, IIFL Capital Services (formerly IIFL Securities) and Nomura Financial Advisory and Securities (India), as the book-running lead managers, on the IPO of Wakefit Innovations. The IPO included a fresh issue of equity shares aggregating to approximately Rs3.8 billion (US$41.9m), and an offer for sale of approximately 46.75 million equity shares by the company’s promoters and certain existing shareholders. Wakefit Innovations is a home and furnishings company in India offering a wide range of products, including mattresses, furniture and furnishings, through their omnichannel presence. Partner Abhinav Kumar led the firm’s team in the transaction, while Hogan Lovells (Middle East) acted as international counsel. Trilegal advised Wakefit Innovations and selling shareholders Ankit Garg, Nitika Goel, Chaitanya Ramalingegowda, SAI Global India Fund I, and Paramark KB Fund I, while S&R Associates advised selling shareholders Peak XV Partners Investments VI, Redwood Trust and Verlinvest.