Allen & Gledhill has advised PSA International and PSA Treasury on the issue of S$650 million (US$486.8m) 2.88 percent notes due 2027, under their US$5 billion global medium term note program. PSA International is the guarantor for the notes. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Sembcorp Industries (SCI) on the issue of S$300 million (US$216.3m) 3.735 percent sustainability-linked notes due 2029 by Sembcorp Financial Services (SFS), under the S$3 billion (US$2.16b) multicurrency debt issuance program established by SCI and SFS. Including the notes, Sembcorp Group will have successfully raised approximately S$1.4 billion (US$1b) of green and sustainable financing within a year to support its strategic transformation from brown to green. Partner Bernie Lee led the firm’s team in the transaction.

AZB & Partners is advising Shell Overseas Investments, a wholly-owned subsidiary of Shell, on its Rs119 billion (US$1.54b) acquisition from Actis Solenergi of 100 percent shareholding in Solenergi Power, direct shareholder of the Sprng Energy group of companies in India. Partners Ashwath Rau, Atreya Bhattacharya, Anuja Tiwari, Veena Gopalakrishnan, Nikunj Maheshwari, Hemangini Dadwal and Aditya Singh Chandel are leading the firm’s team in the transaction, which was signed on April 29, 2022 and is yet to be completed.

AZB & Partners has also advised WestBridge AIF I, along with co-investors MMPL Trust and Konark Trust, on its Rs2.3 billion (US$29.8m) acquisition, along with other investors, of stake via series B funding round in The WoodenStreet Furnitures. Partners Gautam Saha and Amrita Patnaik led the firm’s team in the transaction, which was completed on April 27, 2022.

Clifford Chance has advised a consortium, comprising of Bain Capital Credit, Arcadia Capital and affiliates of the leadership team of Bridger Aerospace Group, on the consortium’s acquisition and recapitalization of Aviation Training Holdings, the global operator of flight simulation training services provider Ansett Aviation Training (AAT). AAT is a global provider of flight simulation training services, and simulator housing and maintenance services. It has facilities in Brisbane, Melbourne, Milan and Taiwan, and is the largest independent provider of simulation services in Australia. The funds provided by the consortium were applied to acquire 100 percent of the shares in AAT, and facilitated a recapitalization of its balance sheet, including both a reduction of its existing debt levels and the investment of additional capital. That recapitalization involved the repayment or amendment of six separate financing arrangements across Australia, Italy and Taiwan. Partner Andrew Crook, with Australia partners Mark Gillgren and Elizabeth Hundt Russell, led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised listed company Adani Wilmar on its acquisition of the renowned Basmati rice brand ‘Kohinoor’ from McCormick Switzerland. The transaction will give Adani Wilmar exclusive rights over the brand ‘Kohinoor’ in the Basmati rice category, including ‘Ready to Cook’, ‘Ready to Eat’ curries and meals portfolio under the Kohinoor Brand umbrella in India. Adani Wilmar is a joint venture incorporated in 1999 between the Adani Group, a multinational diversified business group with significant interests across transport and logistics, and energy and utility sectors, and the Wilmar Group, one of Asia’s leading agribusiness groups, which was ranked as the seventh largest listed company by market capitalization in Singapore, as of September 30, 2021. Partner Smruti Shah led the firm’s team in the transaction, which closed on May 3, 2022.

Harneys has acted as BVI and Cayman counsel on instructions from Winston & Strawn, to Saitech on its US$188 million de-SPAC transaction with TradeUP Global. Saitech is a global energy-saving bitcoin mining operator and a clean-tech company that integrates Bitcoin mining, heating and power industries, while TradeUP Global is a publicly traded special purpose acquisition company (SPAC). The transaction values the company, which generated revenue of approximately US$8 million in the first half of 2021, at US$188 million. The company expects to use the proceeds from the transaction to invest in Saitech’s growth initiatives and recycled energy technologies, and to provide additional working capital, in addition to covering transaction-related costs. Estimated cash proceeds to Saitech from the transaction are expected to consist of TradeUP Global’s US$44.9 million of cash in trust (assuming no redemptions). In connection with the closing of the transaction, TradeUP Global will change its name to SAI.TECH Global; its Class A ordinary shares and warrants commenced trading on the Nasdaq on May 2, 2022. Partner George Weston, supported by partner Christopher Hall, led the firm’s team in the transaction, which was completed on April 29, 2022.

Harneys has also acted as Cayman Islands counsel to Luckin Coffee on the provisional liquidation proceedings in the Cayman Islands, and the holistic restructuring of Luckin Coffee’s liabilities, including the restructuring of New York law-governed US$460 million 0.75 percent convertible senior notes due 2025 via a scheme of arrangement in the Cayman Islands, and a US$175 million settlement of a US Federal Class Action commenced by certain purchasers of the company’s Nasdaq-listed American Depositary Receipts. This was an innovative and complex restructuring, considering that Luckin Coffee was balance-sheet solvent, but had difficulties around repayment due to illiquid onshore assets and foreign exchange restrictions in China preventing the transfer of sufficient funds offshore. Global restructuring practice head Chai Ridgers and Cayman Islands litigation, insolvency and restructuring head and managing partner Nick Hoffman, supported by partner Jayson Woods and Hong Kong partners Paul Sephton and Raymond Ng, led the firm’s team in the transaction, while Davis Polk acted as international adviser.

IndusLaw is advising Gem Paints on the acquisition by Astral of 51 percent controlling stake in the operating paint business of Gem Paints in an all-cash deal. The balance 49 percent equity stake will be acquired in tranches by Astral over a period of five years. Partners Pallavi Kanakagiri and Ankita Gupta are leading the firm’s team in the transaction, which was initially valued at Rs1.94 billion (US$25m). Astral was represented by Khaitan & Co.

JSA has advised Mindtree on its merger with Larsen & Toubro Infotech. At their respective meetings on May 6, 2022, the Boards of Directors of both independently listed IT services companies approved a composite scheme of amalgamation of both entities under the Larsen & Toubro Group. The proposed integration will see them join strengths to create an efficient and scaled up IT services provider exceeding a valuation of US$22 billion. The name of the combined entity will be LTIMindtree, leveraging the advantages of both the brands and creating value for all the stakeholders. Partner Aarthi Sivanandh, supported by partner Niruphama Ramakrishnan, led the firm’s team in the transaction, which is subject to shareholder and regulatory approvals.

JSA has also advised Sentinel One, a cybersecurity platform company delivering autonomous security for endpoints, containers, cloud workloads and IoT devices, on its acquisition of Attivo Networks and its Indian subsidiary Attivo Network Security India in a cash and stock transaction. Attivo is a leading identity security and lateral movement protection company. Joint managing partner Vivek Chandy and partner Pallavi Puri, supported by direct tax practice head Kumarmanglam Vijay and partner Shareen Gupta, led the firm’s team in the transaction, which was valued at US$616.5 million.

Khaitan & Co is advising Astral (formerly known as Astral Poly Technik) on its subscription to Rs1.94 billion (US$25m) optionally convertible debentures of Gem Paints. Partners Anand Mehta and Rajeev Vidhani are leading the firm’s team in the transaction, which was signed on April 29, 2022 and is estimated to be completed on March 31, 2023.

Khaitan & Co is also advising Upgrad Education on its acquisition, via secondary sale by existing shareholders, of 53.73 percent share capital of INSOFE Education, payable partly by cash and partly by share swap, and on the terms and conditions for the subsequent merger of INSOFE Education with UpGrad Education. INSOFE Education is promoted by Kaizen Private Equity II of Singapore. Partners Monika Srivastava and Sanchit Agarwal, supported by partners Pranjal Prateek and Shailendra Bhandare, led the firm’s team in the transaction, which was announced on May 2, 2022.

Paul Hastings has advised leading Chinese real estate developer Sino-Ocean Group Holding, as the guarantor, on the issuance of US$200 million 3.8 percent credit enhanced green notes due 2025, by its wholly-owned subsidiary Sino-Ocean Land Treasure IV. HSBC, China Zheshang Bank Hong Kong Branch and China Minsheng Banking Corp (Hong Kong Branch) acted as the joint global coordinators, joint lead managers and joint book-runners; ABC International acted as the joint lead manager and joint book-runner, while HSBC acted as the sole green structuring bank for this transaction. Recently, the firm also advised Sino-Ocean Land Treasure IV on its issuance of US$200 million 2.7 percent guaranteed green notes due 2025, and the issuance of US$320 million 2.7 percent guaranteed green notes due 2025, both guaranteed by Sino-Ocean Group. Corporate partner Vivian Lam led the firm’s team in the transaction.

Rajah & Tann Singapore has advised Lion City Rentals and M&T Investments on the establishment of a S$500 million (US$360m) secured medium term note program, and the issuance of two series of sustainability-linked notes. This is the first auto asset-backed securitization in Singapore, and the notes are the first sustainability-linked asset-backed securities in Singapore. Partners Lee Xin Mei and Eugene Lee led the firm’s team in the transaction.

Rajah & Tann Singapore is also advising the judicial managers of Singapore-listed Sen Yue Holdings on its S$9 million (US$6.5m) placement of shares to investors, coupled with creditors’ schemes of arrangement, as part of the company’s resumption of trading proposal. Capital markets and M&A partners Danny Lim and Cheryl Tay are leading the firm’s team in the transaction, together with restructuring and insolvency partner Sim Kwan Kiat.

Simpson Thacher is representing Kohlberg Kravis Roberts & Co on the tender offer by its affiliate, and subsequent related transactions to acquire Hitachi Transport System (HTS), a supply chain solutions provider for customers who outsource logistics functions, such as logistics system integration, inventory and order control, logistics center operations, factory logistics, and transportation and delivery services. In connection with the tender offer, the offeror has entered into an agreement with Hitachi whereby, following a share consolidation after the successful completion of the tender offer, HTS will acquire Hitachi’s 39.91 percent holding in a share buyback. Thereafter, Hitachi will reinvest by acquiring 10 percent of shares with voting rights in the parent company of the offeror, while KKR will retain ownership of the remaining 90 percent. The planned acquisition contemplates a tender offer price of ¥8,913 (US$68.49) per share, and a share buyback price of ¥6,632 (US$50.97) per share. The commencement of the tender offer is subject to the fulfillment of certain regulatory approvals and other conditions. Partners Noritaka Kumamoto (Tokyo-M&A), Ian Ho (Hong Kong-M&A), Makiko Harunari (Hong Kong), Étienne Renaudeau (London) and Marcy Geller (New York-tax) led the firm’s team in the transaction.

Simpson Thacher has also represented J-Star on the formation of the J-Star No.5 Series Funds, a ¥75 billion (US$576.4m) Japan-focused buyout fund series. The J-Star No.5 Series Funds are the fifth Japan buyout fund series managed or served by J-Star. Partners David Azcue (Tokyo) and Adam Furber (Hong Kong), Nancy Mehlman (New York-tax), Makiko Harunari (Tokyo), Owen Lysak (London-private funds) and Rony Rothken (New York-private funds) led the firm’s team in the transaction.

S&R Associates has represented Goldman Sachs (India) Securities on the delivery of a fairness opinion on the share exchange ratio to the Board of Directors of listed IT services company Mindtree in the proposed merger of Larsen & Toubro Infotech and Mindtree. Partners Rajat Sethi and Sudip Mahapatra led the firm’s team in the transaction.

WongPartnership is acting for virtual care and digital medicine company Biofourmis on its US$300 million Series D investment round, led by growth equity firm General Atlantic. The funding round increases Biofourmis’ valuation to US$1.3 billion, surpassing unicorn status. With this investment, Biofourmis plans to scale up its virtual care offerings. Partner Kyle Lee is leading the firm’s team in the transaction.

WongPartnership has also acted for CIMB Bank, DBS Bank, The Hongkong & Shanghai Banking Corporation and United Overseas Bank on Keppel Infrastructure Trust’s proposed issuance of S$250 million (US$180m) notes with an interest rate of 4.11 percent per annum due 2027, under its S$2 billion (US$1.44b) multicurrency debt issuance program. Partner Trevor Chuan led the firm’s team in the transaction.

Allen & Gledhill has advised Ascendas Funds Management (S), as manager of Ascendas Real Estate Investment Trust, on the issue of S$208 million (US$151m) 3.468 percent green fixed rate notes due 2029, under the S$7 billion (US$5b) euro medium term securities programme established by HSBC Institutional Trust Services (Singapore), as trustee of Ascendas REIT. Partner Margaret Chin led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on the S$529.7 million (US$384m) term and revolving green loan facilities to SPRINT Plot 1 TM, as trustee-manager of the SPRINT Plot 1 Trust, a joint venture between CapitaLand Group and Ascendas REIT. The proceeds of the facilities were used to, among others, partially finance the land and development cost of a business park development in Singapore. Partner Kok Chee Wai led the firm’s team in the transaction.

Ashurst has acted as Hong Kong, New York and Singapore counsel to Hong Kong-listed and Cayman Islands-incorporated MIE Holdings on its successful debt restructuring. This transaction is one of the major restructurings completed in the Hong Kong market this year. The restructuring was implemented via a scheme of arrangement in relation to MIE’s Singapore-listed and New York law-governed notes, along with a fully consensual and inter-conditional restructuring of four separate Hong Kong law-governed secured loan facilities. Hong Kong restructuring partner Sophie Lyall and global head of high yield debt partner Anna-Marie Slot, supported by partners Rob Child, James Comber and Frank Bi, led the firm’s team in the transaction, working closely with Walkers, Stroock, Stroock & Lavan and Paul Hastings in respect of recognition of the Cayman Scheme under the Chapter 15 in the US.

AZB & Partners is advising KKR, via Tangent Asia Holdings II, on its more than US$100 million acquisition of 9.99 percent of the share capital of Shriram General Insurance from Shriram Capital. Partners Ashwath Rau, Kashish Bhatia and Arvind Ramesh are leading the firm’s team in the transaction, which was signed on April 11, 2022 and is yet to be completed.

AZB & Partners has also advised Bundl Technologies on its Rs54 billion (US$704m) acquisition, along with other investors, of equity stake via series B round of funding in UrbanPiper Technology. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 9, 2022.

Clifford Chance has advised the Ministry of Finance of the Arab Republic of Egypt on its inaugural issuance of US$496 million samurai bonds due 2027. Issued on a private placement basis, the bonds mark the first sovereign samurai bond issued by a country from the African continent or from the Middle East. The bonds were also issued with an original and first credit enhancement scheme. The bonds are guaranteed by Sumitomo Mitsui Banking Corporation (SMBC), while Nippon Export and Investment Insurance provides an insurance to SMBC for its payments under its guarantee obligation. SMBC Nikko Securities acted as the lead arranger. Tokyo co-managing partner Reiko Sakimura led the firm’s team in the transaction.

Clifford Chance has also advised Credit Suisse, JP Morgan, CICC and CMB International, as the joint sponsors, and the underwriters on the US$106 million IPO and dual primary listing of Chinese question-and-answer platform Zhihu in Hong Kong. New York-listed Zhihu operates a series of online content communities in China, including the largest Chinese Q&A website, and provides service offerings, such as advertising, professional training courses and e-commerce activities. Zhihu is the first Chinese internet firm to seek a dual primary listing in Hong Kong and the US with a weighted voting rights structure on the bourse. China co-managing partner Tim Wang and partners Amy Lo, Fang Liu and Yufei Liao led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised Indian Renewable Energy Development Agency (IREDA) on the financial assistance provided to Renew Wind Energy (Rajasthan One), Narmada Wind Energy and Molagavalli Renewable, all of which are promoted by Renew Power, for premature redemption of the rupee bonds issued by these entities. Partner Yash Jain led the firm’s team in the transaction, which was completed on March 25, 2022.

IndusLaw has advised Xpressbees, IND Holdings and Elevation Capital on their approximately US$297 million investment into Xpressbees from investors, including Blackstone, TPG, ChrysCapital, Norwest Venture Partners and Alibaba, making its way into the much-coveted unicorn club. Partner Winnie Shekhar led the firm’s team in the transaction. Blackstone was represented by Cyril Amarchand Mangaldas, led by partner S Harish, while ChrysCapital and Norwest Venture Partners were represented by Shardul Amarchand Mangaldas & Co, led by partners Karun Prakash and Manita Doshi. Investcorp was represented by Anagram Partners, led by partner Simone Reis, while TPG was represented by AZB & Partners, led by partner Roxanne Anderson. Alibaba was represented by Trilegal.

IndusLaw has also advised Edtech startup Classplus on the US$70 million Series E investment into Classplus in a funding round co-led by Alpha Wave Global and Tiger Global. Other investors include RTP Global and Chimera. Partner Pratyush Khurana led the firm’s team in the transaction. Tiger Global was represented by Gunderson Dettmer and Nishith Desai and Associates, while AWI was represented by Shardul Amarchand Mangaldas & Co.

JSA has advised Axis Capital, IIFL Securities, Jefferies India, JM Financial and SBI Capital Markets on the qualified institutions placement of Indiabulls Real Estate. It filed a placement document on February 12, 2022 for issue of equity shares to qualified institutional buyers aggregating to approximately Rs8.65 billion (US$113m). Indiabulls Real Estate is a prominent real estate developer in the Mumbai Metropolitan Region and the National Capital Region of India. On August 18, 2020, the board of directors of the company approved a scheme of amalgamation, pursuant to which NAM Estates and other Embassy Entities will merge with the company. NAM Estates, Embassy One, Summit, Embassy East and EOCDPL, in addition to their respective subsidiaries, are engaged in construction and development of real estate projects, as well as related consulting and management services. Partner Arka Mookerjee, supported by partner Siddhartha Desai, led the firm’s team in the transaction.

JSA has also advised Microsoft on the US$225 million fund raising round of Udaan, a B2B e-commerce platform which was launched in October 2021. The securities issued will be converted into equity when Udaan raises its fund in the next round or during its planned IPO. Udaan’s platform enables supply chain and logistics operations focused on B2B trade for daily delivery across more than 900 cities and 12,000 pin codes through udaanExpress. It enables financial products and services to small businesses, manufacturers and retailers through udaanCapital to grow their business. Partners Lalit Kumar and Bharati Joshi, supported by partner Vaibhav Choukse, led the firm’s team in the transaction.

Khaitan & Co has advised Zoo Digital Group and its affiliates on their 100 percent acquisition of the award-winning media services and localisation businesses of Mumbai-based Vista India Digitek and Vista Tanweer Studios, together with a 35 percent investment in the aggregation services business of California-based Vista India Digital Media. Partner Sarthak Sarin, supported by partner Ritu Shaktawat, led the firm’s team in the transaction, which was completed on March 21, 2022.

Khaitan & Co has also advised CPC Diagnostics, a subsidiary of Everlife, on the transfer of the business undertaking of the distribution of fluorescence lateral flow-based POCT instruments from Weldon Biotech (India) and SM Biotech to CPC Diagnostics. Partner Vineet Shingal, supported by partners Shailendra Bhandare and Supratim Chakraborty and executive director Dinesh Kumar Agrawal, led the firm’s team in the transaction, which was completed on April 12, 2022.

Majmudar & Partners has acted as Indian counsel to N Harris Computer, a wholly-owned subsidiary of Constellation Software, on its acquisition of Allscripts Healthcare Solutions. N Harris Computer signed an agreement with Allscripts to purchase Allscript’s hospitals and large physician practices business. The deal is valued at US$700 million, including a continent performance-linked price of up to US$30 million. Transactions head managing partner Akil Hirani, supported by partner Ravishankar Raghayan, led the firm’s team in the transaction.

Rajah & Tann Singapore is advising Hong Kong-listed Theme International Holdings on its US$12.7 million acquisition of SK Chemical Trading (HK) and Fox-Chem. Partners Danny Lim and Cynthia Wu are leading the firm’s team in the transaction.

Rajah & Tann Singapore is also advising Singapore-listed Viking Offshore and Marine on its composite corporate actions comprising S$14.8 million (US$10.7m) rights issue of shares and warrants, S$15 million (US$11m) placement of shares, diversification of business to include supply chain management and lifestyle retail businesses, change of name to “9R Limited” and disposal of interest in its wholly-owned subsidiaries Viking Airtech and Viking HVAC. Partners Danny Lim and Tan Mui Hui are leading the firm’s team in the transactions.

S&R Associates is representing the Flipkart group on the acquisition of ANS Commerce, a full-stack e-commerce enabler that helps brands sell online. Partners Rajat Sethi and Sudip Mahapatra led the firm’s team in the transaction, which is subject to customary closing conditions.

Tiang & Partners has acted as international lead counsel to IDEG Asset Management on the successful launch of its first Ethereum Enhanced Portfolio, an actively managed fund tracking the price of Ether. IDEG is a BVI-based professional asset manager dedicated to offering institutionalised financial services in the digital asset market. The newly released ETH-focused fund uses a futures arbitrage strategy to enhance returns and flatten volatility. Investment funds head partner Gaven Cheong led the firm’s team in the transaction.

Tiang & Partners has also advised LiZen Asset Management, a Securities and Futures Commission of Hong Kong (SFC)-regulated entity licensed for Type 4 (advising on securities) and Type 9 (asset management), on securing approval from the SFC for an uplift of its Type 9 (asset management) licence to manage a portfolio of 100 percent “virtual assets”. LiZen launched two segregated portfolios, including Cygnus Special Situation Fund SP under Cygnus Global Equity Fund SPC in 2020. With the uplift, it is expected that approximately 40 percent of Cygnus Special Situation Fund SP’s gross asset value will be invested in virtual asset-linked instruments, where such relevant virtual assets include Bitcoin and Ethereum. With this approval, LiZen joins the ranks of a select few regulated managers in Hong Kong who are now able to manage virtual assets funds under the supervision of the SFC. Investment funds head partner Gaven Cheong also led the firm’s team in the transaction.

WongPartnership has acted for Mr Ong Wei Jian on the corruption case involving SP PowerGrid gas mains tender. Partner Melanie Ho led the firm’s team in the matter.

Allen & Gledhill has acted as transaction counsel to Mizuho Bank on the ¥20 billion (US$159m) term loan facility to GLP. Mizuho Bank was appointed facility agent, mandated lead arranger and book-runner, and sustainability coordinator. Partner Kok Chee Wai led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Singapore Post and SingPost Group Treasury on the issue of S$250 million (US$183m) 4.35 percent subordinated perpetual securities by SingPost Group Treasury, under its S$1 billion (US$733m) multicurrency debt issuance program. SingPost is the guarantor of the program. Partners Margaret Chin, Ong Kangxin and Sunit Chhabra led the firm’s team in the transaction.

Ashurst has advised Sumitomo Forestry, one of the largest real estate developers in Japan, on its formation of a joint venture with Bywater Properties, a prominent property developer in the UK. As its first project, the joint venture company will develop an office building in Lambeth, London, which will be primarily using timber structure and will have an extruded terracotta façade, which is quite unique for a large-scale commercial building in the UK. Sumitomo Forestry is also a distributor of high-quality timbers and building materials. London corporate partner and head of European Japanese practice Hiroyuki Iwamura, supported by real estate partners Jamie Chapman and Ben Patton and tax partner Paul Miller, led the firm’s team in the transaction.

Ashurst has also represented Hong Kong-listed Far East Consortium International, an international company mainly engaged in property development and investment, hotel operations and management, on the acquisition of R&F Properties VS (UK), owner of the 133,000 sqm gross floor area mixed use development site at Vauxhall Square in Vauxhall, London. Situated on the southern banks of the River Thames, Vauxhall Square is designated for residential, hotel, office, retail and leisure use. The transaction represents a disposal by R&F Properties of a major property development asset in London. R&F Properties will have the option to repurchase the entire issued share capital of R&F Properties VS (UK) and related intercompany loans from Far East Consortium on or before six months after completion. Global co-head of finance, funds and restructuring partner Jini Lee and partners Daniel Lau, Chin Yeoh and Li Jiang (Hong Kong) and Melanie Jordan (UK) led the firm’s team in the transaction.

AZB & Partners has advised United States International Development Finance Corporation on its long term loan facility via external commercial borrowing of up to US$50 million extended to Motilal Oswal Home Finance. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction, which was signed on February 8, 2022 and was completed on March 30, 2022.

AZB & Partners is also advising Warburg Pincus, via its affiliate South Elm Investments, on its Rs15.9 billion (US$209m) acquisition of equity stake in Micro Life Sciences. Partner Bharat Budholia is leading the firm’s team in the transaction, which was approved by the Competition Commission of India on March 15, 2022 and is yet to be completed.

Baker McKenzie has advised Hong Kong Securities and Futures Commission (SFC)-licensed blockchain and virtual assets manager MaiCapital on securing approval from the SFC to manage portfolios that comprise up to 100 percent virtual assets. MaiCapital is a leading alternative investment manager in Hong Kong, and a pioneer in applying institutional investment practices to the innovative cryptocurrency space. Since securing licenses from the SFC to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities in 2018, the company has been operating two actively managed blockchain-themed hedge funds — the Blockchain Opportunity Fund and the Bitcoin Plus Investment Fund. The funds deploy a range of investment strategies, including systematic and quantitative trading, market-making and arbitrage algorithmic trading across a range of instruments, including cryptocurrency futures and derivatives, contracts for difference and the top 50 liquid coins. The funds are supported by leading global service providers, including Coinbase, OSL and trading venues for cryptocurrency futures contracts that are regulated by the UK’s Financial Conduct Authority. Joy Lam and Ryan Chan led the firm’s team in the transaction.

IndusLaw has represented Mr Sanjay Krishnan, promoter of Lithium Urban Technologies (LUT), a company engaged in clean-fuel-powered transportation services, on its partnership with Eversource Capital, as part of a primary and secondary transaction that allows for a majority stake in LUT. This comes with an exit for Lightrock India and other investors. Senior partner Srinivas Katta and partner Rashi Saraf led the firm’s team in the transaction, which was valued at US$47 million. Cyril Amarchand Mangaldas represented Green Growth Equity Fund, while Trilegal represented Lithium Urban Technologies.

IndusLaw has also advised Rebel Foods on its acquisition of a majority stake in Bliss Chocolates India (Smoor), and has added high quality chocolates and dessert offerings to Rebel Foods’ portfolio of food brands. The investment by Rebel Foods will help Smoor to expand its presence in India and abroad, and also strengthen its physical presence in nine cities across India. Partner Anubha Sital led the firm’s team in the transaction. Magnah Law Partners also advised on the deal.

JSA has advised Lupin on the acquisition of a portfolio of 343 brands, including all rights and interests associated with their products, from Anglo French Drugs & Industries (AFDI) and its associates. An innovation-led transnational pharmaceutical company headquartered in Mumbai, Lupin offers branded and generic formulations, biotechnology products and active pharmaceutical ingredients. AFDI develops, manufactures, markets and distributes the formulations of various drugs in the skin and respiratory sector. Partner Shivpriya Nanda, supported by partners Zain Pandit and Gaurav Arora, led the firm’s team in the transaction, which was valued at Rs3.25 billion (US$43m).

Khaitan & Co is advising a consortium led by Bandhan Financial Holdings on its proposed acquisition of a controlling stake in IDFC Asset Management and IDFC AMC Trustee. The consortium comprised of Bandan Financial Holdings, GIC and ChrysCapital. The consortium was selected through a highly competitive divestment process, which witnessed strong participation from strategic players and financial investors. This has been a highly tracked acquisition, and will be the largest deal in the Indian asset management industry to date. Announced on April 6, 2022 and valued at Rs45 billion (US$591m), the proposed acquisition is subject to necessary regulatory approvals and customary closing conditions. Partners Saswat Subasit and Shourya Sengupta (Partner) and director Sumit Chakraborty, supported by partners Dipen Chatterjee, Supratim Chakraborty, Anshul Prakash, Siddharth Shah and Vivek Mimani, are leading the firm’s team in the transaction, while Trilegal advised GIC and ChrysCapital and acted as co-counsels. Cyril Amarchand Mangaldas advised IDFC.

Khaitan & Co has also advised Bank of Baroda on the merger of the Baroda Mutual Fund and BNP Paribas Mutual Fund. The transaction involves the merger of the Baroda Asset Management and Trustee Companies managing the Baroda Mutual Fund schemes with the Asset Management and Trustee Companies of BNP Paribas managing the BNP Paribas Mutual Fund schemes in India. The merged companies have total assets under management of Rs222.5 billion (US$2.9b). The joint venture has been consummated by a court-approved merger, and does not involve exchange of consideration. Gautam Suseel and Probal Bose, supported by partners Atul Pandey and Anisha Chand, led the firm’s team in the transaction, which was completed on March 14, 2022. AZB and Partners also advised on the deal.

Paul Hastings has acted as sole international counsel on Hana Bank’s update of its US$10 billion global medium term note program, and the issuance of US$600 million 3.2 percent senior unsecured sustainability notes due 2027 under the program. As the flagship company of Hana Financial Group, Hana Bank is a leading South Korean commercial bank engaged in a broad range of banking activities and services for individual, corporate and governmental customers. JP Morgan acted as the arranger in the update of US$10 billion program. BNP Paribas, Citigroup, Crédit Agricole, Daiwa Capital Markets, Hana Financial Investment, HSBC, ING Bank, JP Morgan, KEB Hana Global Finance, Merrill Lynch, Mizuho Securities, MUFG Securities, Société Générale, Standard Chartered Bank and UBS acted as the dealers. As for the US$600 million issuance of notes, JP Morgan, Merrill Lynch, MUFG Securities, Société Générale and Standard Chartered Bank acted as the joint book-runners and joint lead managers, while Hana Financial Investment and KEB Hana Global Finance acted as the co-managers. In 2021, the firm also advised on Hana Bank’s update of its US$10 billion global medium term note program and the issuance of US$600 million senior secured sustainability notes. Corporate partner Iksoo Kim led the firm’s team in the transaction.

Rajah & Tann Singapore is acting for DBS Trustee, as trustee of Mapletree North Asia Commercial Trust (MNACT), on the S$4.2 billion (US$3b) proposed merger of Mapletree Commercial Trust (MCT) and MNACT, thru an acquisition by MCT of all issued and paid-up units of MNACT held by unitholders via a trust scheme of arrangement. This is the first REIT merger which is structured with two scheme consideration options offered for MNACT unitholders, who may elect to receive consideration in a combination of cash-and-units in MCT or scip only. Partners Sandy Foo and Favian Tan are leading the firm’s team in the transaction.

Rajah & Tann Singapore and Christopher & Lee Ong had acted for Citigroup Global Markets Singapore, DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on a S$648.8 million (US$475m) equity fund raising, which comprised a private placement to raise approximately S$400 million (US$293m), and a preferential offering to raise approximately S$248.8 million (US$182.3m), undertaken by Lendlease Global Commercial REIT, to part-finance its acquisition of the remaining 68.2 percent effective interest in an integrated office and retail property known as Jem. Partners Raymond Tong and Cynthia Wu from Rajah & Tann Singapore led the firm’s team in the transaction, alongside partners Yon See Ting and Looi Zhi Min from Christopher & Lee Ong.

S&R Associates has represented multinational telecommunications company Vodafone Group on the Rs33.7 billion (US$443m) acquisition by Vodafone Group entities of equity shares of India-listed telecom company Vodafone Idea, as part of Vodafone Idea’s Rs45 billion (US$591m) preferential allotment of equity shares to its promoters. Partners Rajat Sethi, Tanya Aggarwal and Lakshmi Pradeep led the firm’s team in the transaction.

Tiang & Partners has advised on the successful launch of an Open-ended Fund Company (OFC), with its first sub-fund structured as a typical closed-ended PE fund, to provide a novel approach which allows the client to take advantage of both the OFC subsidy from the Securities and Futures Commission, and Carried Interest Concession under the Hong Kong Inland Revenue Ordinance. Investment funds head partner Gaven Cheong led the firm’s team in the transaction.

WongPartnership is acting for Chip Eng Seng and Haiyi Group on the acquisition of a minority interest in 8 Shenton Way (AXA Tower). The project will add to the pipeline of Chip Eng Seng’s property development projects in Singapore, and will enable the company to mitigate its financial and execution risks through participating in a large-scale redevelopment project with other partners. Partner Chan Sing Yee is leading the firm’s team in the transaction, together with partner Angela Lim.

Allen & Gledhill has advised United Overseas Bank and DB International Trust (Singapore) on the establishment of a S$500 million (US$366m) secured medium term note program, and issue of S$109 million (US$80m) 2.85 percent Class A1 sustainability-linked notes due 2026 and S$36 million (US$26.3m) 3.65 percent Class A2A sustainability-linked notes due 2026 by M&T Investments. The notes are backed by proceeds received from the sale, deregistration and/or lease of vehicles sold by Lion City Rentals, making them the first auto asset-backed securitization in Singapore. The notes are also the first sustainability-linked asset-backed securities in Singapore. UOB acted as sole arranger and program dealer in respect of the program, and the dealer for the notes. DB International Trust acted as note trustee and security trustee. Partners Magdalene Leong, Fabian Tan, Andrew Chan, Jo Tay, Kelvin Wong and Daselin Ang led the firm’s team in the transaction.

Allen & Gledhill has also advised CLI Treasury and CapitaLand Investment on the issue of S$400 million (US$293m) 3.33 percent notes due 2027 by CLI Treasury, under its S$6 billion (US$4.4b) euro medium term note program. The notes are unconditionally and irrevocably guaranteed by CapitaLand Investment. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

Assegaf Hamzah & Partners has acted for GoTo Gojek Tokopedia, the largest technology group in Indonesia, through the Gojek, Tokopedia and GoTo Financial brands, on its IPO. The total amount raised from the group’s IPO is approximately US$1.1 billion, comprising US$954.7 million in proceeds, plus US$146.3 million from treasury shares for over-allotment, representing a market capitalization of approximately US$28 billion. Partners Bono Daru Adji and Intan Paramita (Mita) led the firm’s team in the transaction.

AZB & Partners has advised Welspun, via its wholly-owned subsidiary Mahatva Plastic Products and Building Material, on its Rs11 billion (US$144m) acquisition of Sintex BAPL from existing lenders of Sintex BAPL. Partners Nohid Nooreyezdan, Darshika Kothari, Nilanjana Singh, Suharsh Sinha, Qais Jamal, Avinash Subramanian and Nandan Pendsey led the firm’s team in the transaction, which was completed on March 31, 2022.

AZB & Partners is also acting as Indian law counsel to JM Financial, Ambit, DAM Capital Advisors (formerly IDFC Securities), Equirus Capital and HSBC Securities and Capital Markets (India), as the book-running lead managers, on BIBA Fashion’s IPO, comprising a fresh issue of equity shares aggregating up to Rs900 million (US$11.8m) and an offer for sale of equity shares by General Atlantic Singapore Fund, the selling shareholder. The Draft Red Herring Prospectus was filed with the SEBI on April 11, 2022. Partners Varoon Chandra and Agnik Bhattacharyya are leading the firm’s team in the transaction, which is yet to be completed.

JSA has advised Oman India Joint Investment Fund II on its primary investment in Senco Gold, the largest organized jewelry retail player in the eastern India. Senco Gold is a pan-India, omni channel, jewelry retailer with over 120 showrooms and a catalogue of more than 70,000 unique designs for gold jewelry and more than 30,000 unique designs for diamond jewelry. Partner Sidharrth Shankar, supported by partners Prakriti Jaiswal and Vaibhav Choukse, led the firm’s team in the transaction.

JSA is also advising Senco Gold on its IPO. Senco has filed a DRHP with SEBI in respect of its proposed IPO of equity shares. The IPO will consist of a fresh issue of shares and an offer for sale by SAIF Partners India IV. Senco Gold is a pan-India jewelry retail player with a history of more than five decades, and is the largest organized jewelry retail player in the eastern region of India, based on number of stores. Among eastern India-based jewelry retailers, Senco Gold has the widest geographical footprint in non-eastern states. IIFL Securities, Ambit and SBI Capital Markets are acting as the book-running lead managers to the IPO. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.

Khaitan & Co has acted as Indian counsel to Ruchi Soya Industries on a further public offering (FPO) of equity shares aggregating to Rs43 billion (US$562m). Ruchi Soya’s FPO is India’s first public offering made by any company after undergoing corporate insolvency resolution process to the meet minimum public shareholding. Executive director Sudhir Bassi and partner Madhur Kohli led the firm’s team in the transaction, which was completed on March 31, 2022. AZB & Partners acted as domestic counsels to the book-running lead managers, while Vaish Associates advised the promoters and the company.

Khaitan & Co has also acted as sole and lead counsel for Tata Realty and Infrastructure (TRI) on setting up of potentially one of India’s largest joint venture platforms in the commercial real estate space with Canada Pension Plan Investment Board (CPPIB), and investment by CPPIB and sale of stake by TRI to CPPIB in two of TRI’s existing assets (Intellion Park, Chennai and Intellion Park, Gurgaon). Partners Siddharth Shah, Aashutosh Sampat and Tanushree Bhuwalka, supported by partners Anisha Chand, Manisha Shroff, Avnish Sharma, Sudheer Madamaiah and Kshitij Bishnoi, led the firm’s team in the transaction, which was valued at US$700 million and was announced on April 8, 2022. Torys acted as offshore counsel, while Trilegal acted as India counsel to Canada Pension Plan Investment Board.

Rajah & Tann Singapore is advising Yangzijiang Shipbuilding (Holdings) on its S$4.25 billion (US$3.1b) spin-off and introductory listing of Yangzijiang Financial Holding in Singapore, based on its book value and net tangible assets. Partners Danny Lim and Tan Mui Hui are leading the transaction.

WongPartnership is acting for Nera Telecommunications on the grant of option and potential sale of the Defu Lane property for S$6.3 million (US$4.6m). The sale of the property is subject to a few conditions, including Nera Telecommunications getting approval from Jurong Town Corporation for De Tian’s proposed use of the property and the sale of the property to De Tian. Partner Serene Soh is leading the firm’s team in the transaction.

WongPartnership has also acted for Lendlease REIT on the issuance of S$200 million (US$146m) perpetual securities with an initial rate of 5.25 percent per annum for the first three years. Net proceeds from this round of issuance will be used to finance potential acquisition and investment opportunities, including the proposed acquisition of the remaining interests in Jem mall. Partner Trevor Chuan led the firm’s team in the transaction.

Allen & Gledhill has advised the Housing and Development Board (HDB) on the issue of S$1 billion (US$736m) fixed rate notes due 2027, under its S$32 billion (US$23.5b) multicurrency medium term note programme. The issue was HDB’s inaugural 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 HDB’s Green Finance Framework. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Manulife Investment Management on its investment in GLP Vietnam Development Partners, a logistics development fund with an investment capacity of US$1.1 billion. The fund, which focuses on developing modern and environmentally-friendly logistic facilities in Greater Hanoi and Greater Ho Chi Minh City, is seeded with six development sites with a total land area of close to 900,000 square metres, and has a robust development pipeline of further opportunities. The fund is also set to be one of the largest logistics development funds in Southeast Asia. Partner Foong Yuen Ping (Singapore) and managing partner Oh Hsiu-Hau (Vietnam) led their firm’s respective team in the transaction.

AZB & Partners has advised Internet Fund VII, a fund managed by Tiger Global Management, on its Rs3.9 billion (US$51m) acquisition, along with other investors, of equity stake, via Series C funding round, in Infifresh Foods, an India-based software-financial technology online credit platform d/b/a “Captain Fresh”. Partners Ashwath Rau and Srinath Dasari led the firm’s team in the transaction, which was completed on March 9, 2022.

AZB & Partners has also advised Lighthouse India Fund III and Lighthouse India III Employee Trust on the Rs2 billion (US$26m) acquisition of equity stake in Ferns N Petals. Partner Ananya Sharma led the firm’s team in the transaction, which was completed on March 11, 2022.

Clifford Chance has advised Tencent as lead investor in Scalapay’s Series B round equity financing round, pursuant to which Scalapay raised US$497 million in aggregate. Based in multiple markets across Southern Europe, Scalapay is an innovative payment solution for e-commerce merchants that enables customers to “buy now and pay later” without interest. Partner Bryan Koo, supported by partners Claudio Cerabolini, Lucio Bonavitacola (Milan), Frédérick Lacroix, Laurent Schoenstein (Paris) and Marc Benzler (Frankfurt), led the firm’s team in the transaction.

Clifford Chance has also advised Morgan Stanley, UBS and other underwriters on Arrail Group’s approximately US$87 million IPO and listing in Hong Kong. Arrail Group is the largest player in the premium private dental service market in China. Partners Fang Liu and Virginia Lee led the firm’s team in the transaction.

JSA has advised fintech SaaS company Software is Correct (Clear) on its acquisition of supply chain financing technology firm Xpedize Ventures. As part of the transaction, Clear has purchased securities held by the founders of Xpedize, as well as angel and financial investors, such as HDFC Capital and YourNest. Partner Sidharrth Shankar led the firm’s team in the transaction.

JSA has also represented Green Infra Wind Solutions on a batch of writ appeals before the High Court of Andhra Pradesh. Almost three years after the State of Andhra Pradesh decided to reopen existing Power Purchase Agreements (PPAs) and reduce tariff, the Andhra Pradesh High Court upheld the sanctity of PPAs and quashed proceedings initiated to redetermine tariff of existing PPAs. While setting aside the order of the judge which had relegated the parties to the regulatory commission, and imposed an interim tariff almost 50 percent lower the PPA tariff, the judgment underscored the importance of certainty in contracts by rejecting the plea that PPAs can be reopened on the ground of financial hardship. Partner Vishrov Mukerjee led the firm’s team representing the client on the matter.

Khaitan & Co has advised Kongsberg Automotive (KA), a leading European automotive manufacturer, on the India leg of the global sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation. The ICS business unit supplies seat climate and comfort systems to major car and seat manufacturers. Kongsberg Automotive is a global automotive technology player that provides cutting-edge technology to the vehicle industry across several countries, and drives the global transition to sustainable mobility by putting engineering sustainability and innovation into practice. Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear and KA entered into a master sale agreement on October 28, 2021, and the transaction closed on February 28, 2022 for a value of €175 million (US$193m). With this transaction, approximately 3,800 KA employees from Asia (including employees in India), Europe and North America will join the Lear Group. Partner Anshul Prakash, supported by partners Radhika Agarwal, Shabnam Shaikh, Sudipta Bhattacharjee, Shailendra Bhandare and Supratim Chakraborty, led the firm’s team in the transaction, which was completed on February 28, 2022. Squire Patton Boggs, led by Paris partner Tony Reed, also advised on the deal.

Khaitan & Co has also advised Kalpataru Power Transmission and JMC Projects (India) on the amalgamation of JMC Projects (India) with Kalpataru Power Transmission, pursuant to a scheme of amalgamation. Partner Mehul Shah, supported by partners Anisha Chand and Sharad Abhyankar, led the firm’s team in the transaction, which was valued at Rs15.18 billion (US$200m) and was announced on February 19, 2022.

L&L Partners has advised Australia-listed iSelect on its acquisition of 49 percent share in CIMET Holdings and Vconnex. The transaction was particularly important for iSelect, as it represents more than half of its 52-week average market capitalisation. iSelect is an Australia-based online product comparison company. It provides comparison services through its website, where its users compare and purchase insurance, utilities and personal finance products. It operates through four segments: health (private health insurance), life and general insurance, energy and telecommunications. CIMET provides a white-label platform to its customers that creates opportunities to compare energy, broadband, removalists and several other products and services from various service providers. Vconnex provides the technology infrastructure, support and development to CIMET. Partner Shinoj Koshy led the firm’s team in the transaction, which was valued at A$26.6 million (US$19.8m).

L&L Partners has also advised Virescent Renewable Energy Trust on the private placement of up to 6,500 secured, rated, listed, redeemable, non-convertible debt securities aggregating up to Rs6.5 billion (US$85.3m) in two series. Partner Karan Mitroo, supported by partner Purvi Dabbiru, led the firm’s team in the transaction.

Maples and Calder has acted as BVI counsel to Taishan Finance International Business, an indirect wholly-owned subsidiary of Tai’An Municipality Taishan Finance and Investment Group, on its issuance of US$300 million 3.5 percent guaranteed bonds due 2024, guaranteed by Tai’An Municipality Taishan Finance and Investment Group. The bonds are listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, while Allen & Overy acted as English law counsel and Deheng Law Offices acted as Chinese law counsel. Linklaters acted as the English law counsel to the managers and the trustee, while Jingtian & Gongcheng acted as Chinese law counsel for the managers.

Maples and Calder has also acted as BVI counsel to Summer Spring Project on its issue of US$68 million five percent guaranteed bonds due 2022, unconditionally and irrevocably guaranteed by Changde Economic Construction Investment Group and listed in Hong Kong. The guarantor and its subsidiaries act as a primary development, construction and operation platform, via which Changde Municipal Government carried out urban and municipal development in Changde, China. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while King & Wood Mallesons advised the issuer and guarantor as to English law, and W&H Law Firm advised the issuer and guarantor as to Chinese law. Linklaters advised the managers and trustee as to English law, while Deheng Shanghai Law Office advised the managers as to Chinese law.

Rajah & Tann Singapore has acted for Sunseap Group on the S$1.1 billion (US$810m) sale of a 91 percent stake by certain shareholders, including Thai energy firm Banpu and Singapore’s Temasek Holdings, to leading renewable energy company EDPR. Partners Chia Kim Huat and Hoon Chi Tern (capital markets/M&A), alongside partners Lee Xin Mei and Adzfar Alami (banking and finance), and partner Kala Anandarajah (competition & antitrust and trade), led the firm’s team in the transaction.

Rajah & Tann Singapore is also acting as counsel to Singapore Trade Data Exchange Services (SGTraDex) on the development of a supply chain common data infrastructure platform to streamline the sharing of information and data across global supply chain ecosystem partners. This infrastructure is intended to allow the trusted exchange of data, connect supply chain ecosystems, both locally and globally, and support ecosystem-wide digital transformation. Partners Evelyn Wee and Favian Tan (capital markets/M&A), alongside partner Rajesh Sreenivasan (technology, media and telecommunications), are leading the firm’s team in the transaction.

WongPartnership has acted for Northstar Group on the funding round of Indonesian edutech startup Zenius. The funding will support the development of Zenius’ learning ecosystem by enhancing adaptive learning technology and gamifying the platform to boost students’ motivation. Partner Kyle Lee led the firm’s team in the transaction.

WongPartnership has also acted for the insurance technology startup Igloo on its US$19 million Series B fundraising round led by global venture capital firm Cathay Innovation. The funds will be invested in Igloo’s full insurance stack capabilities, which ranges from cybersecurity insurance, e-wallet insurance and transit and travel insurance. The funds will also be allocated to innovate its risk assessment and artificial intelligence-powered claims assessment tools. Partner Kyle Lee also led the firm’s team in the transaction, together with partner Kylie Peh.

Zul Rafique & Partners has represented RHB Investment Bank on Cenviro’s inaugural sustainability-linked sukuk of up to M$500 million (US$118.4m) in nominal value. The sustainability-linked sukuk is in line with principles prescribed by the International Capital Market Association (ICMA) and Cenviro’s commitment towards the sustainability agenda, particularly in the reduction of greenhouse gas emissions intensity. Banking and finance partners Loh Mei Mei and Ashela Ramaya led the firm’s team in the transaction.

Ashurst has represented Canon Medical Systems on its acquisition of Nordisk Røntgen Teknik (NRT), a Danish company headquartered in Aarhus, with advanced technology for the development and manufacture of diagnostic X-ray systems. Through this acquisition, Canon Medical opens up access to European-based technology, development and manufacturing for advanced multipurpose and motorized digital radiographic imaging solutions. London corporate partner and head of European Japanese practice Hiroyuki Iwamura led the firm’s team in the transaction.

AZB & Partners is advising Reliance Industries, via its subsidiary Reliance Strategic Business Ventures, on its Rs16.7 billion (US$218m) acquisition of 50.1 percent equity stake in Sanmina SCI India, the Indian arm of Sanmina Corporation, by creating a 50.1/49.9 joint venture. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team I n the transaction, which was signed on March 3, 2022 and is yet to be completed.

AZB & Partners has also advised Omnicom Group on its 100 percent acquisition of TechAspect Solutions. Partners Gautam Saha, Swati Chauhan and Nikhil Bahl led the firm’s team in the transaction, which was completed on February 25, 2022.

Baker McKenzie has advised National United Resources Holdings (NURH) on its successful resumption of trading of its shares in Hong Kong starting March 10, 2022. As directed by the Securities and Futures Commission (SFC) pursuant to the Securities and Futures (Stock Market Listing) Rules, NURH was suspended from trading since August 2016. The trading resumption on March 10, 2022 marks a significant achievement for NURH, which obtained the SFC’s permission to recommence trading of its shares after being suspended for over five years. NURH is an investment holding company principally engaged in car rental and shuttle bus services. Hong Kong dispute resolution partner Bryan Ng led the firm’s team in the transaction.

Bird & Bird ATMD has acted for Singapore-listed Starburst Holdings on the pre-conditional voluntary offer by Phillip Securities, for and on behalf of Nordic Flow Control, for all issued and paid-up ordinary shares in the capital of Starburst Holdings. Based on the offer price, the market capitalization of Starburst Holdings is approximately S$60 million (US$44m). Singapore capital markets partner Marcus Chow led the firm’s team in the transaction.

Davis Polk has advised the joint lead managers and joint book-runners on the debut SEC-registered takedown offering by Honda Motor of senior notes, which consisted of US$1 billion principal amount of 2.271 percent senior notes due 2025, US$1 billion principal amount of 2.534 percent senior notes due 2027, and US$750 million principal amount of 2.967 percent senior notes due 2032. The net proceeds of the offering will be allocated to new “Eligible Green Projects”, as set forth in Honda’s “Sustainable Finance Framework.” This was Honda’s inaugural US dollar green bond issuance. Japan-based Honda is a leading global producer of automobiles, motorcycles and power products. The company strives to strengthen its automobile business through efficient Mono-zukuri (the art of making things) and the Honda Architecture. Honda also provides related financial services worldwide, with major finance subsidiaries in the US, Japan, Canada, the UK, Germany, Brazil and Thailand. Honda was incorporated in 1948 as a successor to the unincorporated enterprise established in 1946 by the late Soichiro Honda. Corporate partner Jon Gray led the firm’s team in the transaction.

Khaitan & Co is advising Insight Venture Management and its affiliates on the subscription, as the lead investor of the Series B round of investment, of 5.81 percent shares of CredAvenue, which operates a technology-based infrastructure platform for discovery of debt securities / loans / securitizations / supply chain finance / co-origination of loans; connecting borrowers / issuers and lenders / investors; and providing portfolio and risk management monitoring and other forms of support services to borrowers / issuers and lenders / investors, under the respective platforms CredLoans, Plutus, CredSCF, CredPool and CredCo. Insight’s subscription amounted to approximately Rs5.7 billion (US$74.5m), while the total Series B round of investment amounted to approximately Rs10.3 billion (US$135m). Partner Mayank Singh, supported by executive director Dinesh Agarwal and partners Ritu Shaktawat and Shailendra Bhandare, is leading the firm’s team in the transaction, which was signed on February 23, 2022 and is yet to be completed.

Khaitan & Co has also advised Space Teleinfra on the sale of 100 percent shareholding by the existing shareholders to Data Infrastructure Trust, thru its trustee Axis Trustee Services, for US$117.32 million and additional milestone-based consideration. Data Infrastructure Trust is backed by Brookfield, GIC and British Columbia. Partner Prasenjit Chakravarti, supported by executive director Sudhir Bassi and partners Prasenjit Chakravarti, Harsh Walia, Vivek Mimani and Atul Pandey, led the firm’s team in the transaction, which was completed on March 10, 2022. AZB and Partners advised Data Infrastructure Trust.

L&L Partners has advised Virescent Renewable Energy Trust on the private placement of up to 6,500 secured, rated, listed, redeemable, non-convertible debt securities aggregating up to Rs6.5 billion (US$85m) in two series. Partner Karan Mitroo, supported by partner Purvi Dabbiru, led the firm’s team in the transaction.

L&L Partners has also advised InterviewBit Technologies (Scaler Academy), an edtech start-up that offers courses to working professionals in India and abroad to upgrade their skills, on raising US$55 million in its Series B financing round. Partner Nishant Singh led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to CIMC Enric Holdings on its issue of HK$1.68 billion (US$215m) zero coupon convertible bonds due 2026. The notes are convertible into CIMC’s ordinary shares with nominal value of HK$0.01 (US$0.0013). A subsidiary of Hong Kong-listed China International Marine Containers (Group), CIMC provides key equipment, engineering service and integrated solutions for transportation, storage and processing for the clean energy, chemical and environmental and liquid food sectors, and has become a leading integrated business service provider and key equipment manufacturer in the industry. Partner Everton Robertson led the firm’s team in the transaction, while Freshfields Bruckhaus Deringer advised on Hong Kong and English laws. Morgan Stanley & Co International, the manager of the notes, was advised by Linklaters on Hong Kong and English laws and by Commerce & Finance Law Offices on Chinese law.

Maples and Calder has also acted as BVI counsel to China Great Wall International Holdings V on its issue of US$300 million 2.875 percent guaranteed senior bonds due 2026. 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. 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 Allen & Overy on English law, and by JunHe on Chinese law.

Paul Hastings has advised Zhongyuan Bank on its Rmb28.47 billion (US$4.5b) merger by absorption of three city commercial banks, namely Bank of Luoyang, Bank of Pingdingshan and Bank of Jiaozuo China Travel Services. The firm also advised on its placing of not less than 3.105 billion H shares, in a total subscription amount of not less than Rmb3.1 billion (US486m). Zhongyuan Bank is the largest city commercial bank in Henan province in China. Upon the completion of the merger, Zhongyuan Bank will acquire all the shares in each of the target banks from the selling shareholders via issuance of the consideration shares. The target banks will also be de-registered. Global partner and chair of Greater China Raymond Li and corporate partner Chaobo Fan led the firm’s team in the transaction.

Rajah & Tann Singapore is acting for Cuscaden Peak, a company formed by a consortium of investors comprising Hotel Properties, CLA Real Estate Holdings and Mapletree Investments, to undertake a proposed acquisition for all the issued ordinary shares in the capital of Singapore Press Holdings (SPH), via a competing scheme of arrangement (Cuscaden Scheme) that values SPH up to approximately S$3.9 billion (US$2.85b). The Cuscaden Scheme marks the first takeover for a Singapore-listed company via competing schemes of arrangement. Partners Sandy Foo and Favian Tan are leading the transaction, alongside partners Lee Xin Mei who is acting on the financing aspects, Lee Eng Beng, Chew Xiang and Priscilla Soh who are acting on the court-related aspects, and Kala Anandarajah, Tanya Tang, Anne Yeo and Carmen Lee who are acting on the regulatory aspects of the transaction.

Rajah & Tann Singapore has also advised DBS Bank on the renounceable underwritten rights issue of up to 18.83 billion new ordinary shares in the capital of Sembcorp Marine to raise gross proceeds of approximately S$1.5 billion (US$1.1b). DBS Bank was appointed as the sole financial adviser, manager and underwriter for the rights issue. Another team in the firm also acted for Startree Investments, a substantial shareholder of Sembcorp, on the rights issue by Sembcorp and the mandatory general cash offer by Startree for all the issued and paid-up ordinary shares in the capital of Sembcorp. Partners Raymond Tong, Lawrence Tan and Cynthia Wu advised DBS Bank on the rights issue, while partners Sandy Foo, Hoon Chi Tern and Goh Jun Yi acted for Startree on both the rights issue and mandatory general cash offer.

S&R Associates is representing Dilip Buildcon, a listed construction and infrastructure development company, on the proposed sale of 100 percent equity held by Dilip Buildcon and its subsidiary DBL Infra Assets and their affiliates in a portfolio of ten hybrid annuity model road projects to Shrem InvIT, an infrastructure investment trust registered with SEBI, acting through its investment manager, Shrem Financial. The total equity valuation of the ten projects is approximately Rs23.49 billion (US$307m), subject to certain valuation adjustments. Partners Mohit Gogia and Shivaji Bhattacharya are leading the firm’s team in the transaction.

WongPartnership is acting for Go-Ventures, the venture capital arm of Gojek, on the US$6 million pre-series A round of Indonesia-based Agriaku, an agritech startup. Partner Kyle Lee led the firm’s team in the transaction.

WongPartnership is also acting for Citibank, DBS and OCBC, as mandated lead arrangers, on the S$860 million (US$629m) syndicated sustainability-linked loan financing relating to the acquisition of a remaining stake interest in Jem mall by Lendlease Global Commercial REIT. Citibank, DBS and OCBC are also the sustainability coordinators. The unsecured sustainability-linked loan financing is the largest among Asia-Pacific REITs to date. Partners Christy Lim and Bernadette Tan led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to DBS Bank on its joint venture with Singapore Exchange, Standard Chartered Bank (Singapore) and Temasek Holdings to establish Climate Impact X (CIX), a global exchange and marketplace for high-quality carbon credits. CIX is an initiative from Singapore’s Emerging Stronger Taskforce’s Alliance for Action (AfA) on Sustainability. The AfA on Sustainability aims to position Singapore as a hub for carbon-related services and nature-based solutions. CIX comprises The Exchange, a digital platform that enables buyers and suppliers to trade large volumes of high-quality carbon credits, and the Project Marketplace, a digital platform for buying high-quality carbon credits directly from specific projects. Partners Lim Pek Bur, Adrian Ang, Elsa Chen, Alexander Yap and Jessie Lim led the firm’s team in the transaction.

AZB & Partners is advising Reno Asia Holdings II on its Rs14 billion (US$182m) acquisition, along with other investors, of equity stake in Livspace. Partners Roxanne Anderson and Gaurav Bansal are leading the firm’s team in the transaction, which was signed on February 4, 2022 and is yet to be completed.

AZB & Partners has also advised Unidays on its acquisition of Wynaut Webventures, operator of “Student Identify”, an online student verification service for couponing, discounts and offers by merchants. Partners Roxanne Anderson and Nandan Pendsey led the firm’s team in the transaction, which was completed on January 31, 2022.

Clifford Chance has advised the Commonwealth Bank of Australia (CBA) and a syndicate of nine banks on a syndicated A$800 million (US$585m) sustainability-linked agricultural inventory borrowing base facility for Viterra, one of Australia’s leading grain companies. This marks Australia’s first syndicated inventory financing structure to tie sustainability performance targets to the origination of domestic, sustainably grown grain. Designed to drive better sustainability outcomes for the Australian and international agriculture sectors, the new facility supports sustainable farming practices among local growers by linking Viterra’s cost of capital to its performance against agreed sustainability targets throughout its supply chain over a four-year period. Partner Mark Gillgren led the firm’s team in the transaction.

JSA has advised Global Car Group on its Series G round of equity financing. The round saw participation by its existing investors, which included SoftBank and Alpha Wave Ventures. Trifecta Capital also invested. Global Car Group operates ‘Cars24.com’, one of India’s leading platforms for the purchase and sale of used vehicles. Partner Trisheet Chatterjee, supported by partners Zain Pandit and Vaibhav Choukse, led the firm’s team in the transaction, which was valued at US$350 million at a valuation of US$3.3 billion.

Khaitan & Co has acted as Indian counsel for Crestview Partners on its majority investment in MBA Tech at the US level. Classic Systems, the Indian subsidiary of MBA Tech, provides engineered solutions for manufacturing automation. Gibson, Dunn & Crutcher acted as transaction co-counsel. Partner Mayank Singh, supported by partners Ritu Shaktawat and Shailendra Bhandare, led the firm’s team in the transaction, which was completed on February 28, 2022.

Khaitan & Co has advised Crompton Greaves Consumer Electricals on its acquisition of up to 55 percent of the shareholding of Butterfly Gandhimathi Appliances. Crompton Greaves Consumer Electricals is a leading manufacturer of consumer products in India with a more than 90 years old brand legacy. Butterfly Gandhimathi Appliances manufactures, markets, distributes and supplies household appliances under the brand name of “Butterfly”. The acquisition amounted to Rs20.46 billion (US$266m), comprising of secondary purchase worth Rs13.8 billion (US$180m) from promoters and open offer worth Rs6.7 billion (US$87m). Executive director Sudhir Bassi and partner Aravind Venugopal, supported by partners Arindam Ghosh, Arva Merchant, Shailendra Bhandare, Vinay Joy and Anisha Chand, led the firm’s team in the transaction.

L&L Partners has represented VLCC Healthcare on obtaining a favorable decision before the NCLT, where the permission to initiate insolvency of VLCC was rejected by the tribunal. The timing of the decision could not be better for the client, considering that the client is in the process of launching its IPO. Partner Shiv Sapra led the firm’s team on the matter.

L&L Partners has also advised Tata Cleantech Capital, Tata Capital Financial Services, NIIF Infrastructure Finance and India Infradebt on the financial assistance to Alfanar Energy, a subsidiary of Alfanar (based in Saudi Arabia) and Alfanar Power (based in England), for refinancing existing term loans availed from its existing lenders and financing the additional project cost in relation to operations and maintenance of a 301.40 MW operational wind power plant in Bhuj district in the state of Gujarat, India along with the associated transmission and substation infrastructure. Partner Karan Mitroo led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to Lai Fung Holdings for the establishment of US$2 billion medium term note programme, guaranteed by Lai Fung Holdings. The programme is listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, while Allen & Overy acted as Hong Kong and English law counsel. Clifford Chance acted as English law counsel, while Global Law Office acted as Chinese law counsel for the dealers.

Maples and Calder has also acted as BVI counsel to MingYang Smart Energy (BVI) on its issue of US$200 million 1.6 percent Credit-Enhanced Green Bonds due 2024, with the benefit of an irrevocable standby letter of credit issued by Bank of China Guangdong Branch and a keepwell deed provided by Shainghai-listed MingYang Smart Energy Group. The bonds are listed in Chongwa (Macao) Financial Asset Exchange. The issuer’s group is one of the world’s largest wind turbine manufacturers with strong independent research and development capabilities, and a provider of integrated clean energy solutions. Partner Juno Huang led the firm’s team in the transaction, while King & Wood Mallesons advised as to English, Hong Kong and Chinese laws, and STA-Lawyers advised as to Macau law. The joint lead managers were advised by Linklaters as to English and Hong Kong laws, by FC Law as to Macau law, and by Jingtian & Gongcheng as to Chinese law.

Rajah & Tann Singapore is acting for the Singapore Exchange on its joint venture with DBS Bank, Standard Chartered and Temasek Holdings to develop Climate Impact X, which is envisioned to be a carbon exchange and marketplace to provide organisations with high-quality carbon credits to address hard-to-abate emissions. Partners Sandy Foo and Favian Tan are leading the firm’s team in the transaction, alongside partner Kala Anandarajah, who is advising on the competition aspects.

Rajah & Tann Singapore has also acted on the S$286.9 million (US$210.4m) disposal of the entire issued and paid-up share capital of a special purpose vehicle, which is the registered proprietor of 55 Market Street, Singapore. The property, strategically located in the heart of the Central Business District, has a leasehold tenure of 999 years, and is zoned commercial with a gross plot ratio of 15.0. Partners Norman Ho, Hoon Chi Tern and Gazalle Mok led the firm’s team in the transaction.

S&R Associates is representing multinational telecommunications company Vodafone Group on the proposed sale of 127.1 million equity shares, representing 4.7 percent of outstanding share capital, of Indus Towers to Bharti Airtel. Partners Rajat Sethi, Tanya Aggarwal and Lakshmi Pradeep led the firm’s team in the transaction.

WongPartnership has acted for a global investment company on the sale of its entire 12 percent stake in Sunseap, part of a total 91 percent stake in Sunseap that was sold to EDP Renewables for S$1.1 billion (US$807.3m). Partner Mark Choy led the firm’s team in the transaction.

WongPartnership has also acted as Singapore counsel to Audax Private Equity and Mobileum on the sale of Mobileum to HIG Technology Partners. Partner Kyle Lee led the firm’s team in the transaction, together with partners Kylie Peh and Chan Jia Hui.