Latest Deals from Law Firms and Legal Services Providers: 21st January 2026

AZB & Partners is advising Frime on its sale of 100 percent stake to CaptainFresh. Partners Srinath Dasari and Adoksh Shastry are leading the firm’s team in the transaction, which was signed on November 22, 2025 and is yet to be completed.

AZB & Partners has also advised Vista Equity Partners on its acquisition of Dentira, including its Indian subsidiary Dentira Tech India. Partners Ashwath Rau and John Raghav led the firm’s team in the transaction, which was completed on December 1, 2025.

A&O Shearman has acted as international counsel to the Singapore International Commercial Court (SICC)-appointed receivers from Deloitte Singapore on the landmark receivership of DyStar Global Holdings (Singapore). The receivers were appointed to undertake a court-supervised, competitive en bloc sale of the DyStar shares. This precedent-setting appointment – the first-time receivers were appointed by the SICC as a minority oppression remedy – marks a significant milestone in corporate governance and dispute resolution. The firm advised on the design and implementation of a robust, court-supervised sale framework tailored to a contested shareholder environment and DyStar’s complex global footprint. Following an intensive market canvass and due-diligence programme, the receivers executed the sale, via a series of bespoke contractual arrangements, of the minority stake in DyStar to the Zhejiang Longsheng Group. Based on DyStar’s implied valuation of approximately US$1.8 billion, the transaction is one of the largest receiverships in Singapore over the past decade. Partner Rishi Hindocha, supported by partners Tom Jokelson, Shuhui Kwok and Peter McDonald, led the firm’s team in the transaction.

JSA Advocates & Solicitors has advised Yum! Restaurants (India) and Yum! Brands on the commercial arrangements among Yum India, Devyani International, Sapphire Foods India and other related entities on the proposed merger between Devyani International and Sapphire Foods India. A part of the Yum! Brands group, Yum India is one of India’s leading quick-service restaurant operators in the chicken, pizza and Mexican-style food categories, operating under the KFC, Pizza Hut and Taco Bell brands. Devyani International and Sapphire Foods India, both listed in India’s stock exchanges, operate KFC and Pizza Hut restaurants in India and certain overseas markets, under franchise arrangements with the Yum group. Partner Shivpriya Nanda, supported by partners Gaurav G Arora, Vaibhav Choukse and Ela Bali, led the firm’s team in the transaction.

JSA Advocates & Solicitors has also advised Clean Max Tasman, a subsidiary of Clean Max Enviro Energy Solutions, on the external commercial borrowing, along with letter of credit (LC) facilities, standby LC facilities and a bridge LC facility, availed from a consortium of banks, comprising of BNP Paribas, Sumitomo Mitsui Banking Corporation and Société Générale. The financing has been undertaken for the construction and operation of a 140 MW (AC) wind power project in the state of Karnataka, India. The overall borrowing under the transaction stands at approximately US$124.6 million. Partners Karan Mitroo and Kartikeya Dubey led the firm’s team in the transaction.

Moreover, JSA Advocates & Solicitors has advised Xponentia Capital on its acquisition of stake in ASEGO Global Assistance, a flagship company of the ASEGO group and a leading name in the travel assistance and ancillary services space. Founded in 2018, Xponentia Capital manages approximately US$200 million of investor capital across Xponentia Opportunities Fund-1 and Xponentia Opportunities Fund-2. Partner Sidharrth Shankar, supported by partners Nandini Seth, Shringarika Priyadarshini, Vaibhav Choukse and Ela Bali, led the firm’s team in the transaction.

Rajah & Tann Singapore has advised CGS International Securities Singapore, as issue manager, on the secondary listing, via an introduction, of Concord New Energy Group (CNE Group) in Singapore. CNE Group has a primary listing in Hong Kong. With a market capitalisation of US$315.7 million, CNE Group is a globally recognised renewable energy company which principally develops and provides green power, such as wind and solar energy, and energy storage, and manages wind and solar plants across North America, Europe and Asia Pacific. Capital markets partners Tan Mui Hui and Tan Si Qi led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Aica Kogyo on its approximately US$225 million acquisition of up to 53.12 percent controlling stake in Stylam Industries. The acquisition involved secondary purchases from existing promoters, and a mandatory open offer to public shareholders, under the SEBI Takeover Regulations. Partners Jamshed Bhumgara and Kaustubh Verma, supported by managing partner Akshay Chudasama and partners Yogesh Chande, Ashoo Gupta, Mukul Baveja, Shreya Jain, Atika Vaz, Pooja Ramchandani, Kriti Kaushik, Aman Singh Sethi, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised Biocon on its Rs41.5 billion (US$460m) qualified institutions placement of equity shares. Undertaken in pursuance of Biocon’s strategy to fully integrate its subsidiary, Biocon Biologics, by combining businesses, the QIP witnessed participation from leading institutional investors. The QIP proceeds are proposed to be used for payment of cash consideration to Mylan for acquisition of shares of Biocon Biologics, and repayment of related debt availed by the company, repayment of debt availed in respect of the acquisition of compulsorily convertible debentures of Biocon Biologics held by affiliates of Edelweiss, and general corporate purposes. Capital markets national head Prashant Gupta and partner Ruth Chenchiah led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has advised Brij Hospitality, ANK Hotels, Pride Hospitality and their respective promoters on The Indian Hotels Company’s (IHC) acquisition of a controlling 51 percent stake in each of the three companies for an aggregate consideration of up to Rs4.29 billion (US$47m). In August 2025 and January 2026, IHC executed definitive agreements with Brij Hotels, ANK Hotels, Pride Hospitality and their respective promoters and other sellers to acquire, via primary and secondary transactions, majority stakes in Brij Hotels, ANK Hotels and Pride Hospitality, with the existing promoters retaining 49 percent shareholding in each company, and continuing to hold key managerial positions post-closing to ensure business continuity and long-term value creation for both groups of stakeholders. The transaction enables IHC to acquire the ‘Brij’, ‘The Clarks Hotels & Resorts’ and ‘Clarks Inn’ brands, among other brands, and includes an exclusive distribution arrangement for IHC with Brij Hotels, thereby strengthening IHC’s presence across boutique luxury and midscale hospitality segments, in line with its ‘Accelerate 2030’ growth strategy. Partners Jamshed Bhumgara and Kaustubh Verma led the firm’s team in the transaction.

Trilegal has advised lead investor Mynavi Corporation on its investment in healthcare edtech firm Virohan, as part of Virohan’s ongoing Series B fundraise. The round also saw participation from Virohan’s existing investors, including Blume Ventures, Rebright Partners and Bharat Inclusive Technologies, and several angel investors. Virohan operates as an industry partner to higher education institutions, enabling universities to offer undergraduate programmes in allied healthcare, nursing and healthcare management. Its partner institutions include UPES, BBD University, CMR University, Assam Don Bosco University, MIT University Shillong and GH Raisoni University. Alongside academic partners, Virohan collaborates with employers, such as Medanta, Dr Lal PathLabs, Healthians and Lenskart, to align curricula with industry requirements and create direct hiring pipelines. Partner Abhishek Dubey led the firm’s team in the transaction.

Trilegal has also advised Adani Enterprises and the lead managers on the public debt issuance by Adani Enterprises of non-convertible debentures with an issue size of Rs10 billion (US$109m). 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, and primary industry. This marks the third public debt issuance by Adani Enterprises. The firm also advised on its maiden public debt issue in 2024 and second issuance in 2025. The syndicate of lead managers comprises Nuvama Wealth Management, Trust Investment Advisors and Tipsons Consultancy Services. Partner Richa Choudhary, supported by partner Joseph Jimmy, led the firm’s team in the transaction.

Moreover, Trilegal has advised the book-running lead managers, comprised of Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services and Avendus Capital, on the IPO of Amagi Media Labs. The IPO comprised a fresh issue of equity shares aggregating to Rs8.16 billion (US$89m), and an offer for sale by institutional investors, including Premji Invest, Accel, Norwest and Avataar entities, and certain individual investors, aggregating to Rs9.73 billion (US$106m), resulting in a total offer size of approximately Rs18 billion (US$196m). Partner Vijay Parthasarathi led the firm’s team in the transaction.

WongPartnership is acting for Citigroup Global Markets Singapore and DBS Bank, as the joint book-runners and underwriters, on the IPO and listing of UltraGreen.ai in Singapore. Partners Gail Ong and Karen Yeoh are leading the firm’s team in the transaction.

WongPartnership has also acted as Singapore and China counsel to Meta Platforms on its acquisition of Manus AI, a leading artificial intelligence company. The transaction was effected via the acquisition of Butterfly Effect Holding, an entity incorporated in the Cayman Islands. This deal is a multi-jurisdictional transaction spanning Asia and the United States, bringing together one of the world’s leading technology platforms with cutting-edge autonomous general AI technology.  Partners Andrew Ang, Vivien Yui, Rachel Tan, Sue-Ann Phay, Miao Miao, Kylie Peh, Tan Shao Tong, Goh Ziluo, Jerry Tan, Hui Choon Yuen and Alvin Chia, together with partners Jenny Tsin and Suegene Ang, led the firm’s team in the transaction.