Latest Deals from Law Firms and Legal Services Providers:2nd July 2025

Allen & Gledhill has advised Medco Energi Internasional, through its indirectly wholly-owned Singapore-incorporated subsidiary Medco Cypress Tree, on the issue of US$400 million 8.625 percent senior notes due 2030. The notes are guaranteed by Medco and certain subsidiaries. Partner Glenn David Foo led the firm’s team in the transaction.

AZB & Partners has advised Citigroup Global Markets India and Goldman Sachs (India) Securities on the approximately Rs129.4 billion (US$1.5b) sale of 2.50 percent stake by Tobacco Manufacturers (India) in ITC. Partners Varoon Chandra, Lionel D’Almeida and Rahul Aggarwal led the firm’s team in the transaction, which was completed on May 29, 2025.

AZB & Partners has also advised Roppen Transportation Services (Rapido) on the approximately Rs1.25 billion (US$14.6m) acquisition of stake in Rapido by Nexus Ventures VII Holdings. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on June 18, 2025.

Moreover, AZB & Partners is advising InCred Techinvest on its acquisition of a significant stake in South Asia Stocks. Partner Anand Shah is leading the firm’s team in the transaction, which was signed on June 14, 2025 and is yet to be completed.

Clifford Chance has advised artificial intelligence company Unisound AI Technology on its IPO and listing in Hong Kong. Unisound provides AI and speech recognition solutions, which are built on its proprietary central technology platform “UniBrain”, and serves as the foundation of a wide range of applications, from intelligent customer service, healthcare diagnostics to multilingual conversational assistants. Partners Fang Liu and Tianning Xiang led the firm’s team in the transaction.

Clifford Chance has also advised CITIC Securities (Hong Kong) and CLSA, as the sole sponsor and sole overall coordinator for coconut water company IFBH, on IFBH’s IPO and listing in Hong Kong, raising approximately HK$1.16 billion (US$148m). Incorporated in Singapore, IFBH is a Thai ready-to-consume beverage and food company. IFBH is the second largest coconut water beverage company globally. Its flagship brand of ready-to-drink, natural coconut water is the top-selling coconut water beverage in China and Hong Kong. Partners Jean Thio and Virginia Lee led the firm’s cross-border team in the transaction.

Davis Polk has advised Horizon Robotics on its placing of existing shares and top-up subscription of 681 million new shares. The gross proceeds from the placing were approximately HK$4.674 billion (US$595m). A leading advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions provider for passenger vehicles, Hong Kong-listed Horizon Robotics is committed to democratizing intelligent driving with its ADAS and AD technologies, and making intelligent driving accessible to all. Partners Li He, Jason Xu and Ran Li led the firm’s cross-border team in the transaction.

Davis Polk has also advised Medtide on its IPO and listing in Hong Kong, and its international offering pursuant to Regulation S. The gross proceeds of the offering were approximately HK$411.2 million (US$52.4m). Medtide is a peptide-focused CRDMO that offers full-cycle services ranging from early-stage discovery, preclinical research and clinical development to commercial-stage production. Partners Xuelin (Steve) Wang and Jason Xu led the firm’s cross-border team in the transaction.

JSA Advocates and Solicitors has represented Biocon on its qualified institutions placement of equity shares amounting to Rs45 billion (US$526m). Kotak Mahindra Capital, BofA Securities India and Goldman Sachs (India) Securities acted as book-running lead managers to the QIP. Partner Madhurima Mukherjee Saha, supported by partner Sagar Batra, led the firm’s team in the transaction.

JSA Advocates and Solicitors has also advised IIFL Capital Services (formerly known as IIFL Securities), Axis Capital, CLSA India, JM Financial and Nuvama Wealth Management, as the book-running lead managers, on Oswal Pumps’ IPO of approximately Rs17 billion (US$198m), including the secondary sale of approximately Rs3 billion (US$35m) by the promoter selling shareholder. The prospectus was filed on June 17, 2025, while the equity shares commenced trading on the stock exchanges on June 20, 2025. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.

Moreover, JSA has advised IndiGrid on its Rs21 billion (US$245m) acquisition of Koppal-Narendra Transmission (KNT) and Renew Surya Aayan (RSA), a 300 MW solar project. KNT is a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System project located in Karnataka, which has been operational since October 2023. KNT comprises approximately 276 circuit kilometers of transmission lines and approximately 2,500 MVA of transformation capacity. A 300 MW (AC) project located in Barmer, Rajasthan and operational since March 2024, RSA has a 25-year Power Purchase Agreement with SECI at a fixed tariff of Rs2.37 (US$0.028) per unit. The acquisition of RSA will be in line with the regulatory conditions stipulated under the PPA. KKR-sponsored and listed in the Indian stock exchanges, IndiGrid is India’s first listed power sector Infrastructure Investment Trust (InvIT) established in 2016. It owns, operates and manages power transmission, renewable generation and energy storage assets that deliver reliable power throughout India. This acquisition aligns with IndiGrid’s strategy to own assets with long-term contracts, and ensure stable distributions to unitholders. Partner Vishnu Sudarsan, supported by partners Shashank Vikram Singh, Kartikeya GS, Poonam Verma Sengupta, Upendra Nath Sharma, Bharat Bushan Sharma, Vaibhav Choukse and Ela Bali, led the firm’s team in the transaction.

Latham & Watkins has advised the initial purchasers on FinVolution Group’s offering pursuant to Rule 144A under the US Securities Act of US$150 million in aggregate principal amount of convertible senior notes due 2030, including the initial purchasers’ full exercise of its option to purchase an additional US$20 million in aggregate principal amount of the notes. FinVolution Group is a leading fintech platform in China, Indonesia and the Philippines. Hong Kong corporate partner Posit Laohaphan, supported by New York partner Elena Romanova on tax matters, led the firm’s team in the transaction.

Maples acted as Cayman Islands counsel to Horizon Space Acquisition II on its IPO of up to six million units and its listing on the Nasdaq. Horizon Space Acquisition II is a special purpose acquisition company formed to pursue business combination targets. The offering, which closed on November 15, 2024, raised approximately US$60 million. Hong Kong corporate partner Juno Huang led the firm’s team in the transaction, while Robinson & Cole acted as US counsel. Loeb & Loeb acted as US counsel to the underwriters.

Maples has also acted as Cayman Islands counsel to Cayman Islands special purpose acquisition company Bukit Jalil Global Acquisition 1 (BUJA) on its business combination with Global IBO Group (GIBO), resulting in GIBO Holdings becoming a US-publicly listed company listed on the Nasdaq. The transaction completed on May 8, 2025, and the business combination values GIBO at US$8.3 billion. GIBO is an integrated AI-generated content animation streaming platform in Asia with over 72 million registered users. Hong Kong corporate partner Juno Huang led the firm’s team in the transaction, while Robinson & Cole advised on US law and DLA Piper UK advised on US law and Hong Kong law.

Moreover, Maples acted as Cayman Islands counsel to Aquila Acquisition, a Cayman Islands special purpose acquisition company listed in Hong Kong, and ZG Group, on the de-SPAC transaction involving a business combination between Aquila Acquisition and ZG. ZG operates China’s largest digital platform for third-party steel transactions, as measured by online steel transaction volume in 2023. Through connecting key participants in the steel transactions industry, ZG currently offers a one-stop integrated suite of B2B services. ZG has a negotiated value of approximately HK$10 billion (US$1.27b). Aquila Acquisition is the first SPAC listed in Hong Kong, with Maples acting as its Cayman Islands counsel in March 2022. The de-SPAC transaction completed on March 10, 2025. Upon the completion of the de-SPAC transaction, ZG commenced trading of its shares and warrants in Hong Kong, and Aquila ceased to be a publicly traded company. ZG is also the first company to receive China Securities Regulatory Commission approval for listing in Hong Kong via a de-SPAC transaction. Asia corporate head partner Matt Roberts led the firm’s team in the transaction, which is the second completed de-SPAC transaction in Hong Kong. Freshfields acted as Hong Kong and US counsel to Aquila Acquisition, while Kirkland & Ellis acted as Hong Kong and US counsel and Shihui Partners acted as Chinese counsel to ZG. Allen Overy Shearman Sterling acted as Hong Kong and US counsel, while JunHe acted as Chinese counsel to the joint sponsors. Paul Hastings acted as Hong Kong counsel to the promoters.

Paul Hastings has advised Zhou Liu Fu Jewellery on its HK$1.29 billion (US$164m) global offering and listing in Hong Kong. Zhou Liu Fu is a jewelry company in China that primarily offers gold and diamond-set jewelry products through offline stores and online sales channels. China International Capital Corporation Hong Kong Securities and China Securities (International) Corporate Finance acted as the joint sponsors. Founding partner and Greater China chair Raymond Li and corporate partners Chaobo Fan, Steven Hsu and Crystal Liu led the firm’s team in the transaction.

Paul Hastings has also advised China International Capital Corporation and Haitong International, as the joint sponsors, sponsor-overall coordinators, overall coordinators, joint global coordinators, joint book-runners and joint lead managers, and other underwriters on the HK$320 million (US$41m) global offering and listing of Unisound AI Technology in Hong Kong. Unisound is an AI solution provider focusing on the sale of conversational AI products and solutions for daily life and healthcare in China. Founding partner and Greater China chair Raymond Li and corporate partners Peter Cheng and Steven Hsu led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised EAAA India Alternatives, a wholly-owned subsidiary of the Edelweiss group, on its investment, along with other lenders, in unlisted, zerocoupon, secured, non-convertible debentures issued by a Shapoorji Pallonji Group (SP Group) entity. Involving 12 investors and valued at approximately US$3.4 billion, the deal is the largest private credit deal in India. The proceeds will be used, among others, to refinance existing debt and meet other requirements of the SP Group entities. The deal involves multiple obligor entities of the SP Group, including the holding and intermediate holding companies of its real estate and energy operations. Partner Veena Sivaramakrishnan, supported by partners Jay Gandhi, Ashoo Gupta and Rohit Garg, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised the Committee of Creditors (CoC) of Vadraj Cement (VC), led by Punjab National Bank, on its corporate insolvency resolution process, culminating in the successful implementation of an Rs18 billion (US$210m) resolution plan for VC. The resolution plan was fully implemented on June 20, 2025, with the payouts released to the creditors on the same date. The resolution applicant, Nirma Group entity Nuvoco Vistas Corporation (NVC), undertook the acquisition through its wholly-owned subsidiary Vanya Corporation. This acquisition increases NVC’s total cement production capacity to approximately 31 million mtpa, making it the fifth largest cement producer in India, and further consolidates its presence in the sector. The deal marked the successful resolution of a long-standing distressed asset, and demonstrated the effectiveness of coordinated legal and commercial strategy in complex insolvency proceedings. Partners Soummo Biswas and Parth Gokhale, supported by partner Misha, led the firm’s team in the transaction. Pulkit Gupta, the resolution professional, was advised by AZB & Partners, while Khaitan & Co advised Nuvoco Vistas Corporation, the resolution applicant.

Skadden has advised CaoCao, a leading ride hailing platform in China, on its IPO and listing in Hong Kong, raising approximately HK$1.85 billion (US$236m). Trading commenced on June 25, 2025. China practice co-heads Haiping Li and Paloma Wang, together with partner Shu Du, led the firm’s team in the transaction.

Skadden has also advised FinVolution Group, a leading fintech platform in China, Indonesia and the Philippines, on its US$150 million offering of convertible senior notes due 2030. Corporate partners Haiping Li and Jonathan Stone, supported by partners Alec Jarvis (tax-New York), Moshe Spinowitz (tax-Boston) and Michael Hoffman (investment management-New York), led the firm’s team in the transaction, which closed on June 24, 2025.

Saraf and Partners has advised OfBusiness on its acquisition of the entire business of Elixir Extracts, a Kerala-based manufacturer and exporter of spice oleoresins, essential oils, herbal extracts and encapsulated powders. The acquisition was structured as a slump sale for an undisclosed deal amount. The transaction marks OfBusiness’ entry into the food ingredients and nutraceuticals sector, expanding its footprint in the B2B raw material ecosystem. OfBusiness is a leading B2B platform that facilitates raw material procurement across sectors like metals, chemicals and agriculture, while also offering financial services and government contract support. The transaction provides OfBusiness with access to ‘Elixir Extracts’ solvent extraction, essential oils, oleoresins and herbal products and R&D capabilities, further strengthening its vertical integration and product diversification in the B2B raw materials procurement space. Partners Sahil Arora and Akshay Jain, supported by senior partner Saroj Jha and partner designate Vikram Gupta, led the firm’s team in the transaction.

S&R Associates has represented Oswal Pumps, a vertically integrated solar pump manufacturer, and its promoter selling shareholder Vivek Gupta on its Rs13.87 billion (US$162m) IPO. Partner Juhi Singh led the firm’s team in the transaction.