Latest Deals from Law Firms and Legal Services Providers: 27th August 2025

Allen & Gledhill has advised Temasek Financial (I) and Temasek Holdings on the issue of US$750 million 3.75 percent guaranteed notes due 2027, and US$750 million guaranteed floating rate notes due 2027, under their US$25 billion guaranteed global medium term note programme. The notes are unconditionally and irrevocably guaranteed by Temasek Holdings. Partners Yeo Wico, Wu Zhaoqi, Kern Wong and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Temasek Financial (I) and Temasek Holdings on the issue of offshore Rmb1.5 billion (US$209m) 1.85 percent guaranteed notes due 2030, offshore Rmb2 billion (US$279m) 2.05 percent guaranteed notes due 2035, and offshore Rmb2 billion (US$279m) 2.55 percent guaranteed notes due 2055, under their US$25 billion guaranteed global medium term note programme. The notes are unconditionally and irrevocably guaranteed by Temasek Holdings. Partners Yeo Wico, Wu Zhaoqi, Kern Wong and Sunit Chhabra also led the firm’s team in the transaction.

Moreover, Allen & Gledhill has advised DBS Bank on the issue of Rmb3.5 billion (US$488m) 1.92 percent senior unsecured notes due 2028, under its US$30 billion global medium term note programme. Partners Glenn David Foo and Maree Quinn (foreign law) led the firm’s team in the transaction.

AZB & Partners is advising existing investor TPG on participating, along with other investors, in the Rs14.7 billion (US$167m) acquisition of stake in Fractal Analytics. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri are leading the firm’s team in the transaction, which was signed on July 1, 2025 and is yet to be completed.

AZB & Partners has also advised Electrolux Home Products (Electrolux AB) on its sale of Kelvinator to Reliance Retail. Partners Darshika Kothari, Rajendra Barot and Kritika Agarwal led the firm’s team in the transaction, which was completed on June 30, 2025.

Moreover, AZB & Partners is advising Tata AutoComp Systems on its acquisition, together with Ichikoh Industries and Tata Sons, of stake in Valeo India from Valeo SE. Partners Aarthi Sivanandh and Bhavana Alexander are leading the firm’s team in the transaction, which was signed on August 1, 2025 and is yet to be completed.

A&O Shearman has advised the arranger on the financing for the proposed take-private of Kangji Medical by a consortium led by global private equity firm TPG. China-headquartered and Hong Kong-listed Kangji Medical is a leading medical device manufacturer which specializes in designing and producing minimally invasive surgical instruments, which are distributed globally. The proposed take-private transaction values Kangji Medical at approximately HK$11.17 billion (US$1.43b). Hong Kong leveraged finance partner Daniel Tan, supported by partners Yvonne Ho (Beijing) Lina Lee (Hong Kong) and Jonathan Hsui (Hong Kong), led the firm’s team in the transaction.

A&O Shearman has also advised the Republic of Indonesia on establishing its Australian dollar debt issuance programme, and its inaugural drawdown of Regulation S AU$500 million (US$323m) 4.40 percent notes due 2030 and AU$300 million (US$194m) 5.30 percent notes due 2035. This landmark transaction marks Indonesia’s first entry into the Australian dollar bond market, positioning the country among a select group of sovereign issuers that have accessed this important funding channel. The issuance highlights the strengthening financial and economic ties between Indonesia and Australia, following the introduction of a comprehensive strategic partnership framework between the countries for their bilateral advancement. The firm has a longstanding relationship with the Republic of Indonesia, and has acted on its cross-border financings for over two decades. Partners Felipe Duque, Karolina Popic and Minesh Patel led the firm’s team in the transaction.

Baker McKenzie has advised the underwriter on the IPO and listing of American depositary shares (ADSs) representing Class A ordinary shares of Yimutian on the Nasdaq. Trading of Yimutian’s ADSs commenced on August 19, 2025, and the offering closed on August 20, 2025. Yimutian is a leading agricultural B2B platform based in mainland China. Net proceeds from the offering will be used for the enhancement and expansion of its digital agricultural commerce services of its apps, the development of technological infrastructure and product operations in relation to its new business initiatives, the expansion of its agricultural sourcing and trading services, and working capital and general corporate purposes. Asia Pacific and China capital markets co-chair Dan Ouyang, working alongside Ke (Ronnie) Li and Zhenzhen Bao of the firm’s China Joint Operation Office partner FenXun, led the firm’s team in the transaction.

Clifford Chance has advised FountainVest, one of the most established independent private equity firms in Asia, on signing a sale and purchase agreement with Euro Management Services (EMS) for the transfer of a shareholding representing 45.7 percent of the share capital of EuroGroup Laminations (EGLA), and on a co-investment agreement for the re-investment by EMS of 50 percent of the proceeds of sale in a new holding company that will indirectly hold the shares in EGLA. Tikehau Capital, the second largest shareholder of EGLA, also expressed its support for the deal, and entered into a share purchase agreement for the transfer of its entire stake in EGLA. The closing is expected within the first half of 2026, subject to obtaining authorizations required by competent antitrust and foreign direct investment authorities. Upon closing, FountainVest and EMS will hold, through the new holding company, 55.3 percent of the voting share capital of EGLA. Following the closing, a mandatory tender offer will be launched for all the remaining company’s shares at a price of €3.85 (US$4.50) per share, with the aim of achieving the delisting of EGLA in Milan. The aggregate price under the sale and purchase agreement is approximately €295 million (US$344m). The price of €3.85 (US$4.50) per share implies a market capitalization of the EGLA of approximately €626 million (US$726m). This collaboration between EMS and FountainVest aims at strengthening EGLA’s international leadership position in the global energy transition value chain, focusing on e-mobility, industrial applications and infrastructures, through the acceleration of the growth of the group in Asia, especially in China, the world’s largest electric vehicles market, leveraging on FountainVest’s deep industry knowledge and relationships with leading Asian players and OEMs. Partners Paolo Sersale, Terence Foo, Filippo Isacco, Giuseppe De Palma, Yong Bai, Luciano Di Via and Simonetta Candela, supported by Shanghai He Ping Law Firm, the firm’s Joint Operation Partner in the China (Shanghai) Pilot Free Trade Zone, led the firm’s cross-border team in the transaction.

Clifford Chance is also advising JP Morgan, as exclusive financial advisor, on the proposed take-private of Hong Kong-listed Kangji Medical by a consortium led by TPG, Qatar Investment Authority (QIA) and Kangji Medical’s co-founders Mr Zhong Ming and Ms Shentu Yinguang. The proposal values Kangji Medical at US$1.4 billion. This transaction is one of the largest private equity-led take-private transactions in Asia this year, and underscores continued investor interest in China’s healthcare sector. Hangzhou-based Kangji Medical is a leading Chinese medical device manufacturer, which designs and manufactures minimally invasive surgical instruments. M&A partner Alex Bidlake, supported by partners Liyong Xing and Michael Pallaras, led the firm’s team in the transaction.

JSA is advising JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets and Centrum Capital on the proposed IPO of equity shares of OnEMI Technology Solutions. The IPO consists of a fresh issue aggregating up to Rs10 billion (US$114m), and an offer for sale of up to 8.9 million equity shares from the investor selling shareholders. OnEMI Technology Solutions filed the draft red herring prospectus dated August 18, 2025 with the SEBI on August 19, 2025. Partner Arka Mookerjee, supported by equity capital markets partner Siddhartha Desai, led the firm’s team in the transaction.

JSA has also advised Avendus Future Leaders Fund III on its acquisition of a stake, via secondary purchase, from Reddy Investment Trust in Aragen Life Sciences (formerly known as GVK Biosciences). The secondary round also involved investment into Aragan by SBI Life Insurance, which acquired a stake in Aragen from Reddy Investment Trust. Aragen is one of India’s leading fully integrated contract research, development and manufacturing organizations (CRDMOs), providing contract services across the cycle of drug development (discovery to commercial manufacture) for both small molecules and biologics. Partner Sidharrth Shankar, supported by partner Prakriti Jaiswal, led the firm’s team in the transaction.

Moreover, JSA has advised Axis Capital and Kotak Mahindra Capital, as the lead managers, on the successful initial offering of units of TVS Infrastructure Trust (InvIT), a pioneering infrastructure investment trust in the warehousing and logistics sector. Aggregating to Rs13 billion (US$148m), the offering marks a significant milestone as one of the first InvIT listings in this sector, and the largest of its kind in India. As part of the transaction, the InvIT acquired 18 infrastructure parks from TVS Industrial & Logistics Parks, further solidifying its position as a major player in the logistics infrastructure landscape. The units of the InvIT were listed in India’s stock exchanges on July 8, 2025. Partner Arka Mookerjee, supported by equity capital markets partners Pracheta Bhattacharya and Anshu Bansal, led the firm’s team in the transaction.

Saraf and Partners has advised on the issue of more than 23.1 million fully paid-up equity shares, aggregating to approximately Rs2.5 billion (US$28m) on a rights basis, in the ratio of one rights equity share for every eleven fully paid-up equity shares, by JTEKT India at an issue price of Rs108.10 (US$1.23). The company’s promoters, namely JTEKT Corporation, JTEKT Column Systems Corporation and Maruti Suzuki India, subscribed 100 percent to their rights entitlement. The proceeds from the issue will be used towards funding for construction of infrastructure for setting up a production facility in Gujarat, capital expenditure towards purchase of equipment and machinery for the Dharuhera, Haryana plant, and repayment of certain borrowings. Systematix Corporate Services acted as an advisor and underwriter to the issue. Partner Mathew Thomas led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has acted as Indian counsel to WNS (Holdings), a digital-led business transformation and services company, on its proposed acquisition by Capgemini, a global business and technology transformation partner. Valued at approximately US$3.3 billion, the transaction will be effected via members’ scheme of arrangement under the Companies (Jersey) Law 1991, as amended. Partners Gouri Puri and Rahul Yadav, supported by partners Suruchi Kumar, Shweta Shroff Chopra, Supritha Prodaturi and Devesh Pandey, led the firm’s team in the transaction. WNS was also advised by Latham & Watkins and Deloitte. Capgemini was advised by Khaitan & Co and Skadden.

Skadden has advised Yimutian, a leading agricultural B2B platform in mainland China, on its IPO of more than five million American depositary shares on the Nasdaq on August 19, 2025. The total offering size is approximately US$20.54 million, assuming the underwriter does not exercise its option to purchase additional ADSs. Partner Shu Du, supported by partners Brian Breheny (SEC reporting and compliance-Washington DC), Kevin Hardy (Chicago-investment management) and Sean Shimamoto (Houston-tax), led the firm’s team in the transaction.

Trilegal has advised Jefferies, as the placement agent, on the block trade of Bharti Airtel’s equity shares by Indian Continent Investment, raising approximately Rs112 billion (US$1.28b) through the sale of equity shares. Capital markets partner Albin Thomas led the firm’s team in the transaction, which ranks among the largest block trades in India in 2025.

Trilegal has also advised Mahindra Logistics on its Rs7.5 billion (US$85m) rights issue, among the largest rights issues in India’s logistics sector in recent years, and among the first major rights issues completed under SEBI’s revised rights-issue framework. Mahindra Logistics is a tech-enabled integrated logistics and mobility solutions providers, and a part of the Mahindra group, one of India’s leading conglomerates. The proceeds from the rights issue will be utilised towards repayment of loans and general corporate purposes. Partners Bhakta Patnaik and Albin Thomas led the firm’s team in the transaction.

Moreover, Trilegal has advised the syndicate of book-running lead managers, comprising of JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital and PhillipCapital (India), on the successful listing of Vikram Solar’s equity shares, pursuant to its IPO, aggregating to approximately Rs21 billion (US$239m). Vikram Solar is one of the largest manufacturers of solar photovoltaic modules in India. Oversubscribed by 56.42 times, the IPO comprised a fresh issue of equity shares, and an offer for sale by certain existing shareholders. The net proceeds from the fresh issue will be utilised for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility, and expansion of an existing solar module manufacturing facility from 3,000 MW to 6,000 MW. Capital markets partner Richa Choudhary led the firm’s team in the transaction.

TT&A has advised DFC on its secured foreign currency loan to Banyan Sustainable Waste Management. The loan will be used by Banyan for the design, development, construction and commercial operation of a new plastic waste recycling facility, with an installed capacity of 12,000 tons per annum, in the State of Karnataka. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction. Wadia Ghandy is acting as Indian counsel, Silicon Counsel as US counsel, and Gabell Beaver as Delaware counsel to Banyan Sustainable Waste Management.