Allen & Gledhill has acted as transaction counsel to Novo Tellus Alpha Acquisition (NTAA) and its sponsor Novo Tellus PE Fund 2 on NTAA’s IPO and listing in Singapore. NTAA is a special purpose acquisition company incorporated to enter into a business combination. Novo Tellus Fund 2 is a private equity fund managed by Novo Tellus Capital Partners. Partners Tan Tze Gay, Jonathan Lee and Victoria Leong led the firm’s team in the transaction.

AZB & Partners has advised Waterfield Advisors on the acquisition by marquee single-family offices, ultra-high net worth individuals and existing investors of equity stake, via Series B funding round, in Waterfield Advisors. Partners Bahram Vakil and Bhuvana Veeraragavan led the firm’s team in the transaction, which was completed on February 03, 2022.

AZB & Partners has also advised Filter Capital (Mauritius), via Filter Capital Fund I, on its acquisition, along with other investors, of equity stake, via Series C equity funding round, in Loadshare Networks, a provider of a technology platform for transportation and logistics management services, and technology-enabled logistics distribution services. Partner Nanditha Gopal led the firm’s team in the transaction, which was valued at Rs3.1 billion (US$41m) and was completed on February 04, 2022.

Clifford Chance has advised Huitongda Network on its US$284 million IPO and listing in Hong Kong. Founded in late 2010, Nanjing-based Huitongda is a fast-growing commerce and service platform dedicated to serving business customers in China’s retail market. The company provides a comprehensive suite of supply chain services across an extensive network covering 21 provinces and over 20,000 townships throughout China. The joint sponsors on the deal are CICC, Citi and China Renaissance. China co-managing partner Tim Wang and partners Christine Xu and Fang Liu led the firm’s team in the transaction.

Dentons has advised New York-listed Victoria’s Secret & Co, the world’s largest intimates specialty retailer and owner of Victoria’s Secret and Pink stores, on a joint venture with Regina Miracle International (Holdings), a Hong Kong-listed lingerie manufacturer. Valued at US$100 million, this project is one of the largest franchise driven joint-ventures in the Asia Pacific market. The joint venture will operate all Victoria’s Secret stores and the related online business in China. Under the agreement, which is subject to regulatory clearance, Victoria’s Secret & Co will own 51 percent of the JV, with Regina Miracle retaining the remaining 49 percent. Partner Babette Marzheuser-Wood, global head of franchise group, led the firm’s team in the transaction, supported by partners Clemens Maschke (Frankfurt), Christiane Zedelius (Munich) and Emilia Shi (China).

IndusLaw has advised Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1 and Rhine Holdings (both part of the Kedaara group), as the investor selling shareholders, on the IPO of approximately 36.4 million equity shares of Vedant Fashions, raising approximately Rs31.5 billion (US$422m). Vedant Fashions is India’s most well-known wedding apparel brand, which markets itself under “Manyavar”, “Mohey” and “Mebaz” brands. Partner Manshoor Nazki led the firm’s team in the transaction, while Khaitan & Co advised the company and the promoter selling shareholder as to Indian law. Cyril Amarchand Mangaldas and Sidley Austin advised the book-running lead managers as to Indian law and international law, respectively.

IndusLaw has also advised CLSA, Edelweiss and Motilal Oswal, as the book-running lead managers, on the qualified institutional placement by the Burger King India Group, one of India’s most well-known QSR Brands, of approximately 108.5 million new shares to raise approximately Rs14 billion (US$187m). Partners Manan Lahoty and Manshoor Nazki led the firm’s team in the transaction, while Ashurst advised on US federal securities law. Cyril Amarchand Mangaldas advised Burger King India Group.

Khaitan & Co has advised Masu Brakes on the sale, via business transfer, of its railway friction business to Faiveley Transport Rail Technologies India, owned by Wabtec. MASU was incorporated in 1982 to become the leading supplier of brake pads and brake linings. Since then, MASU has carved a niche for itself in the friction material industry, and has grown into a group of companies that manufactures and exports a wide range of world-class friction products. Partner Kalpana Unadkat, supported by director Vinita Krishnan, led the firm’s team in the transaction, which was announced on January 4, 2022.

Khaitan & Co has also advised TVS Supply Chain Solutions and TVS Mobility, the promoter selling shareholder, on the filing of the draft red herring prospectus with SEBI, for the proposed IPO of equity shares of TVS Supply Chain Solutions, comprising of fresh issue aggregating to Rs20 billion (US$267m) and offer for sale by certain shareholders of the company. The book-running lead managers to the offer are JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Edelweiss Financial Services and Equirus Capital. Partners Aditya Cheriyan and Vivek Sriram led the firm’s team in the transaction, which was announced on February 11, 2022. Trilegal and Allen & Overy (Asia) acted as Indian counsel and international counsel, respectively, to the book-running lead managers.

L&L Partners has advised HPCL on its acquisition of the entire shareholding of BBlunt and its subsidiary BBlunt Spratt from their shareholders, including its majority shareholder Godrej Consumer Products. The overall value of the transaction is approximately Rs1.34 billion (US$18m). Partner Nitin Gera, supported by partner Subhash Bhutoria, led the firm’s team in the transaction.

L&L Partners has also advised Shree Ravi Trading & Manufacturing and its promoters on the strategic investment in SRTM by Oagri Farm. Oagri is promoted by OFB Tech, which operates a tech-enabled platform that facilitates raw material procurement and credit for SMEs. OFB is backed by various investors, including Tiger Global, SoftBank, Norwest and Matrix Partners. Partner Harish Kumar led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to GoGreen Investments on its IPO of 27.6 million units, including 3.6 million units issued upon exercise in full by the underwriters of the over-allotment option, and its listing in New York. GoGreen is a special purpose acquisition company formed to pursue business combination targets, which focuses on companies in the clean/renewable energy space. The offering, which closed on October 25, 2021, raised approximately US$276 million. Partner Juno Huang led the firm’s team in the transaction, while Ellenoff Grossman & Schole acted as US counsel. Cravath, Swaine & Moore acted as US counsel to the underwriters.

Maples and Calder has also acted as Cayman Islands and BVI counsel to CIFI Holdings (Group) and its BVI subsidiary on its issuance of US$150 million 4.45 percent senior notes due 2026, to be consolidated and form a single class with the US$350 million 4.45 percent senior notes due 2026 issued on May 17, 2021, guaranteed by certain non-China-incorporated subsidiaries of the issuer and be listed in Hong Kong, via debt issues to professional investors. The issuer also made an offer to purchase its outstanding 5.5 percent senior notes due 2022. Partner Lorraine Pao led the firm’s team in the transaction, while Sidley Austin acted as US and Hong Kong counsel, and Commerce & Finance Law Offices acted as Chinese counsel. Davis Polk & Wardwell acted as US counsel, while Jingtian & Gongcheng acted as Chinese counsel for the purchasers.

Paul Hastings has represented BNP Paribas, Crédit Agricole, JP Morgan Securities, MUFG Securities Asia and SMBC Niko Securities (Hong Kong), as the joint book-runners and joint lead managers, on a dual-tranche issuance by Hyundai Capital Services of US$400 million 2.125 percent senior bonds due April 2025 and US$300 million 2.5 percent senior green bonds due 2027, under the US$10 billion global medium term note program. The offering was conducted in reliance on Rule 144A and Regulation S of the US Securities Act of 1933, as amended. The firm has also advised Hyundai Capital Services on its update of US$10 billion global medium term note program. JP Morgan Securities acted as the arranger. BNP Paribas, Citigroup Global Markets, Crédit Agricole, HSBC, JP Morgan Securities, Merrill Lynch International, Société Générale, Standard Chartered Bank and UBS AG Hong Kong Branch acted as the dealers. Corporate partner Iksoo Kim led the firm’s team in the transaction.

Rajah & Tann Singapore has acted for the shareholders of Ming Chuan Transportation on the sale of 90 percent of their shares to ComfortDelGro MedCare for approximately S$8.5 million (US$6.3m). Partner Tan Mui Hui led the firm’s team in the transaction.

Rajah & Tann Singapore has also advised INE on its acquisition of the cloud-based hands-on lab platform, Pentester Academy, which is engaged in cyber security, networking, data science, cloud, and DevOps training. Partners Lawrence Tan, Loh Chun Kiat, Benjamin Cheong and Celeste Lee led the firm’s team in the transaction.

WongPartnership is acting for the vendors on Lendlease Global Commercial REIT’s acquisition of the remaining stake interest in Jem mall at an agreed property value of S$2.08 billion (US$1.5b). Partners Tan Teck Howe and Lee Si Min led the firm’s team in the transaction, together with partners Alvin Chia, Lam Chung Nian and Chan Sing Yee.

WongPartnership has also acted as transaction counsel to a global investment company and EDBI, and as Singapore counsel to Paul McCartney’s MPL Ventures on their investment in the US$100 million Series A funding round of Next Gen Foods, the creator of plant-based chicken alternative TiNDLE. The funding round represents the largest Series A deal size in the plant-based meat category globally. Partner Kyle Lee led the firm’s team in the transaction, together with partners Kylie Peh and Chan Jia Hui.

Allen & Gledhill has advised Group One Holdings, parent company of Asia’s largest global sports media platform, ONE Championship, on the US$150 million raised through an equity financing round, led by global investors Guggenheim Investments and Qatar Investment Authority. Partner Song Su-Min led the firm’s team in the transaction.

Allen & Gledhill has advised Housing and Development Board on the issue of S$950 million (US$707m) fixed rate notes due 2029, under its S$32 billion (US$24b) multicurrency medium term note program. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Internet Fund V, a fund managed by Tiger Global Management, and DF International Partners V and DF International Partners II, both funds managed by Dragoneer Investment Group, on their acquisition, along with other investors, of stake via Series D equity funding round in wealth management solutions provider Finzoom Investment Advisors. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was valued at approximately Rs5.6 billion (US$74.6m) and was completed on January 28, 2022.

AZB & Partners is also advising Filter Capital (Mauritius), via Filter Capital Fund I, on its acquisition, along with other investors, of equity stake, via Series C equity funding round, in Loadshare Networks, a provider of a technology platform for transportation and logistics management services and technology-enabled logistics distribution services. Partner Nanditha Gopal is leading the firm’s team in the transaction, which was valued at approximately Rs3.1 billion (US$41m) and is yet to be completed.

Baker McKenzie has acted for CLSA, AMTD Global Markets, China International Capital Corporation Hong Kong Securities and China Merchants Securities (HK), as underwriters, on Bank of Qingdao’s H share rights issue. Bank of Qingdao is the first main-board listed bank in Shandong Province, and the 11th bank in China with A+H dual listing in Shenzhen and Hong Kong. The bank mainly offers services and products, such as corporate and personal deposits, loans, payment and settlement, to its customers. The aggregate net proceeds raised under the issue amounted to approximately HK$5.084 billion (US$654m), which will be used to replenish the core tier-one capital, improve the capital adequacy ratio of the bank, support the sustainable and healthy development of future business, and enhance the capital strength and competitiveness of the bank. Beijing partner Wang Hang led the firm’s team in the transaction.

Baker & McKenzie has also advised the Japan Bank for International Cooperation, Deutsche Bank Tokyo Branch as the agent, Societe Generale Bank Tokyo Branch and Goldman Sachs Realty Japan on a US$871 million buyer’s credit facility for Irkutsk Oil Company (INK), a limited liability company incorporated in the Russian Federation. The commercial banks’ portion of the loan will be insured by Nippon Export and Investment Insurance (NEXI). The loan will be provided through INK to Irkutsk Polymer Plant, an INK subsidiary also incorporated in the Russian Federation, for the construction of a new ethylene and polyethylene production plant in the Irkutsk Region of the Russian Federation. The funds will be used to purchase plant equipment from Toyo Engineering and other vendors. This project is socially significant, as it will support INK’s efforts to promote decarbonization through effective use of associated petroleum gas, in line with INK’s strict global ESG policy. At the same time, it will create business opportunities in the Russian petrochemical sector by supporting Japanese companies’ exports, thereby improving the international competitiveness of Japanese industry. Tokyo partners Seishi Ikeda and Kosuke Suzuki led the firm’s team in the transaction.

Clifford Chance has advised private equity firm Navis Capital Partners on its disposal of its entire interest in QIMA, a leading provider of supply chain compliance solutions, to Canada-based global investment group Caisse de dépôt et placement du Québec (CDPQ). Founded in 2005, QIMA is a tech-enabled global testing, inspection and certification (TIC) company that supports corporates in supply chain matters to ensure compliance with quality, safety, hygiene and ESG standards. QIMA is a digital pioneer in the TIC sector with industry-leading technology, and operates its own supply chain quality management SaaS platform. QIMA has a global presence with more than 4,000 employees in 88 countries. Partners Valerie Kong and Bryan Koo led the firm’s team in the transaction.

Eversheds Sutherland has advised EuroEyes International Eye Clinic, a Hamburg-headquartered company listed in Hong Kong, on its £30 million (US$41m) acquisition of London Vision Clinic Partners (LVCP). London-based LVCP is a world-class laser eye surgery clinic principally providing premium vision correction services, including PRK, LASIK, SMILE, phakic lens (ICL) surgery and refractive cataract surgery. LVCP’s founders have won worldwide recognition for their inventions and major contributions to the field of refractive surgery. The acquisition of LVCP will enable EuroEyes to expand its footprint in the UK, and improve the group’s synergy and bring benefits to the group’s ophthalmic services. The firm has an existing relationship with EuroEyes, advising on its IPO and listing in Hong Kong in October 2019. With its plan to use part of the funds raised from its IPO to acquire additional clinic groups in Europe, the acquisition of LVCP is its first post-IPO acquisition. Hong Kong corporate partner Dickson Ng led the firm’s team in the transaction, which was announced on January 20, 2022.

Eversheds Sutherland has also advised Naked Brand Group on the China and Hong Kong aspects of its combination with Cenntro Automotive Group. The transaction is transformational for Naked Brand, with Cenntro shareholders controlling approximately 70 percent of the combined entity. As a result, Naked Brand has changed its name to Cenntro Electric Group. An Australian company listed on the Nasdaq, Naked Brand was a leading e-commerce business in intimate apparel prior to the acquisition. Cenntro is a commercial EV technology company with advanced, market-validated electric commercial vehicles. Cenntro’s product portfolio ranges from last-mile delivery to urban logistics, city service to sustainable farming, and grounds care. The transaction was announced to markets on November 8, 2021, approved by Naked Brand’s shareholders on December 21, 2021, and completed on December 30, 2021. With over US$250 million in cash at completion, the combined group will be strategically positioned and well-capitalized to accelerate and scale production. Cenntro has reaffirmed its 2022 delivery guidance to deliver a minimum of at least 20,000 vehicles. Corporate M&A partner Roderick Lai, supported by Asia head of international M&A Charles Butcher, Hong Kong banking and finance partner Jae Lemin and Shanghai managing partner Jack Cai, led the firm’s team in the transaction, while Graubard Miller and Mills Oakley acted as US counsel and Australian counsel, respectively.

Goodwin is acting as Hong Kong and US counsel to Trinity Acquisition Holdings, a special purpose acquisition company, with Mr Li Ning, LionRock Capital and Astrapto Capital as promoters. Trinity Acquisition is one of the first SPACs that has submitted a listing application in Hong Kong under the new Hong Kong SPAC listing regime. Private equity partners Douglas Freeman and Bosco Yiu, supported by partners Jocelyn Arel, Daniel Karelitz, Todd Pollock and Andy Barton, led the firm’s team in the transaction.

IndusLaw has represented Kotak Mahindra, JP Morgan, BofA Securities, Credit Suisse, ICICI Securities, HDFC Bank and BNP Paribas, as the book-running lead managers, on Adani Wilmar’s US$481 million IPO, which was oversubscribed approximately 17 times. Partners Ravi Dubey and Anjali Menon led the firm’s team in the transaction, while Sidley Austin acted as international counsel. Cyril Amarchand Mangaldas advised Adani Wilmar as to Indian law.

Khaitan and Co has advised Sheares Healthcare Group, thru Polaris Healthcare Investments, on its acquisition of majority stake in Medica Synergie, a leading healthcare company in Eastern India. The acquisition was conducted via secondary purchase of majority stake from Orilus Investment Holdings and certain other shareholders of Medica Synergie, and subscription to primary securities of Medica Synergie. The transaction also involved various internal group restructurings and consolidations. Senior partner Haigreve Khaitan and partners Aakash Choubey and Suhana Islam Murshedd, supported by partners Indruj Singh, Shabnam Shaikh, Anshul Prakash, Deepak Kumar, Supratim Chakraborty, Aditi Sharma, Gaurav Dasgupta and Anisha Chand, led the firm’s team in the transaction. AZB and Partners advised Orilus Investment Holdings and Medica Synergie.

Khaitan & Co is also advising F2 Fun and Fitness (India), via Gold’s Gym India and its shareholders, on the sale of majority stake in Gold’s Gym to Curefit Healthcare. Gold’s Gym and Curefit operate in the retail fitness industry, through the brands “Gold’s Gym” and “Cult.fit”, respectively. Partner Supratim Chakraborty, supported by partners Asim Choudhury, Anisha Chand and Shailendra Bhandare, are leading the firm’s team in the transaction, which is one of the largest majority acquisitions in the Indian fitness sector in recent years. Shardul Amarchand Mangaldas & Co also advised on the deal.

Maples and Calder has acted as Cayman Islands counsel to Genesis Growth Tech Acquisition on its IPO of 25.3 million units, including 3.3 million units issued upon exercise in full by the underwriter of the over-allotment option, and its listing on the Nasdaq. Genesis Growth Tech is a special purpose acquisition company formed to pursue business combination targets, which focuses on businesses including technology companies operating within the consumer internet industry. The offering, which closed on December 13, 2021, raised approximately US$220 million. Partner Everton Robertson led the firm’s team in the transaction, while Orrick Herrington & Sutcliffe acted as US counsel. Davis Polk & Wardwell acted as US counsel to Nomura Securities International, as the underwriter.

Maples and Calder has also acted as Cayman Islands counsel to TLGY Acquisition on its IPO of 20 million Class A ordinary shares, plus a 15 percent underwriter over-allotment option, and its listing on the Nasdaq. The issuer is a special purpose acquisition company formed to pursue business combination targets, which focuses on businesses including biopharma or technology-enabled business-to-consumer industries. The offering, which closed on December 3, 2021, raised approximately US$200 million, plus a 15 percent underwriter over-allotment option. Partner Matt Roberts led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton acted as US counsel. Greenberg Traurig acted as US counsel to Mizuho Securities USA, as the underwriter.

Rahmat Lim & Partners has advised JP Morgan Chase Bank and other finance parties on a US$2 billion senior secured term loan B facility, led by JPMorgan Chase Bank, granted to Grab, a Southeast Asian ride-hailing and food delivery company. The financing was the largest credit facility in Asia’s technology sector at the time of drawdown. Managing partner Azman bin Othman Luk led the firm’s team in the transaction.

Rahmat Lim & Partners has also advised OCBC Bank (Malaysia) and OCBC Al-Amin Bank, as the financiers, on the facilities granted to leading regional telecommunications infrastructure services company edotco Malaysia to, inter alia, finance its capital expenditure and working capital requirements, including the acquisition of telecommunication towers and infrastructures. The borrower is a wholly-owned subsidiary of edotco Group, a subsidiary of Malaysia-listed Axiata Group. Partner Kelvin Loh led the firm’s team in the transaction.

Rajah & Tann Singapore has acted for QAF on the S$110.3 million (US$82m) disposal by the QAF Group of its primary production business in Australia and, following completion of the disposal, the declaration of a special dividend of approximately S$11.5 million (US$8.6m) to QAF shareholders. Partners Cheng Yoke Ping and Cynthia Goh led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for Polychain Capital, as one of the two lead investors, on AscendEX’s Series B fundraising, which raised approximately US$50 million. Partner Brian Ng led the firm’s team in the transaction.

Simpson Thacher is advising Blackstone on its acquisition of a majority stake in ASK Investment Managers, one of India’s largest asset and wealth management companies, from Advent International and other sellers. Hong Kong M&A partner Ian Ho led the firm’s team in the transaction.

WongPartnership is acting for Keppel on the arbitration proceedings against Singapore Press Holdings (SPH), over a dispute stemming from Keppel’s acquisition and privatisation of SPH, excluding the newspaper publisher’s media business. Chairman and senior partner Alvin Yeo, senior counsel and partner Wendy Lin are leading the firm’s team in the matter, working with partners Jill Ann Koh and Leow Jiamin.

Allen & Gledhill has acted as transaction counsel to Chip Eng Seng, SingHaiyi Group and Chuan Holdings, as the borrowers, on the S$387.2 million (US$288m) term and revolving loan facilities to be granted to their joint venture companies, Maxwell Residential and Maxwell Commercial. The facilities were applied towards financing, among others, the en bloc acquisition of the properties located at 20 Maxwell Road (known as Maxwell House), and the construction costs on the development and construction of a mixed residential and commercial development on the property. Partner Aloysius Ng led the firm’s team in the transaction.

Allen & Gledhill has also advised Kiri Industries on valuation proceedings arising from an earlier buy-out order that was made, following the firm’s successful representation of Kiri for its minority oppression claim against the majority shareholder and the joint venture company before the Singapore International Commercial Court (SICC) and the Court of Appeal (CA). On December 8, 2021, the SICC rendered its decision on costs on a long-running litigation between Kiri and Senda International Capital, wherein Senda was held to have oppressed Kiri as a shareholder in the parties’ joint venture vehicle, DyStar Global Holdings (Singapore), and ordered to buy out Kiri’s shares in DyStar at US$481.6 million. In a 49-page judgment setting a new benchmark for principles relating to costs in SICC proceedings, the SICC awarded costs of S$4.96 million (US$3.7m) and disbursements of S$3.1 million (US$2.3m) to Kiri, totaling approximately S$8.1 million (US$6m), with interest of 5.33 percent per annum calculated from the date of the judgment. The dispute has generated 13 reported decisions from the Singapore courts, with eight coming from the SICC, four from the CA and one from the High Court. Partners Dinesh Dhillon, Margaret Joan Ling, Lim Dao Kai and Vignesh Vaerhn led the firm’s team in the transaction.

AZB & Partners has advised Internet Fund VII, a fund managed by Tiger Global Management, on its Rs6.07 billion (US$81.3m) acquisition, along with other investors, of equity stake in Refyne Holdings and Refyne Tech, via series B funding round. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on January 12, 2022.

AZB & Partners has also advised Addition Three, a fund managed by Addition Capital, on its Rs1 billion (US$13.4m) acquisition, along with other investors, of equity stake in SuperOps, including its Indian subsidiary SuperOps Technologies, via series A funding round. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on January 6, 2022.

JSA has advised Weatherford International on the India leg of the sale of its oilfield laboratories business to CSL Capital Management. Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. CSL Capital is a SEC-registered investment firm focused on energy services and equipment businesses in the US. Partner Trisheet Chatterjee, assisted by partners Sarvesh Kumar Saluja and Manish Mishra, led the firm’s team in the transaction, which had an international deal value of US$206 million.

JSA has also advised State Bank of India on the issue of US$300 Million Formosa Bonds, under the US$10 billion medium term note programme. The Formosa Bonds are listed in Taipei and India. The firm also assisted and facilitated the listing of SBI’s Formosa Bonds on the Global Securities Market of India International Exchange, India’s international stock exchange. Partner Dina Wadia, supported by partner Uttara Kolhatkar, led the firm’s team in the transaction, which is the first Formosa Bonds issue by an Indian Bank.

Khaitan & Co has advised Jio Platforms on the strategic partnership with Cashgrail (Zupee), under which Zupee will distribute its content to users of Jio phones. Zupee is seeking to capture the non-metro market with Jio’s low-priced 4G and 5G handsets. Zupee offers online real money gaming / gaming platform in the name of Zupee, including games such as skill-based ludo games and trivia games. Partner Surbhi Kejriwal led the firm’s team in the transaction, which was completed on January 19, 2022.

Khaitan & Co is also advising Nepean Investment Trust II, a Category II Alternative Investment Fund, on an approximately US$72 million investment in online gaming start-up Zupee (Cashgrail), which is valued at approximately US$600 million. The investment was part of a larger funding round aggregating to approximately US$120 million. Partners Surbhi Kejriwal and Shantanu Gupta, supported by partners Shailendra Bhandare and Susmit Pushkar, led the firm’s team in the transaction, which was announced on January 10, 2022 and is yet to be completed.

L&L Partners has 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. Post the transaction, Scaler Academy is valued at US$710 million. This fund raise is a part of Scaler Academy’s plan for expansion in the Indian and US market, as well as for inorganic growth opportunities. The investment round was led by Lightrock Capital. Sequoia Capital, Tiger Global, Global Founders Capital and Rocket Internet also participated in the investment round. Partner Nishant Singh led the firm’s team in the transaction.

Majmudar & Partners has acted as Indian counsel to Five Elms Capital Management, a leading global growth equity firm that invests in fast-growing B2B software businesses, on the US$8.5 million Series A funding round for Vajro, one of the fastest-growing mobile app builders for the eCommerce sector. M&A practice head partner Rukshad Davar led the firm’s team in the transaction, while Husch Blackwell advised on US law aspects.

Maples and Calder has acted as Cayman Islands counsel to Pearl Holdings Acquisition on its IPO of 17.5 million Class A ordinary shares, plus a 15 percent underwriter over-allotment option, and its listing in the Nasdaq. Pearl Holdings is a special purpose acquisition company formed to pursue business combination targets in global consumer-focused industries, including companies that participate in the lifestyle, technology, healthcare and wellness sectors. The offering, which closed on December 17, 2021, raised approximately US$175 million. Partner Juno Huang led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Simpson, Thacher & Bartlett acted as US counsel to Morgan Stanley & Co, as the underwriter.

Maples and Calder has also acted as Cayman Islands counsel to EVe Mobility Acquisition on its IPO of 25.3 million units, including 3.3 million units issued upon full exercise of the underwriters’ over-allotment option, and its listing in New York. Eve Mobility is a special purpose acquisition company formed to pursue business combination targets, which focuses on businesses operating in the automotive and mobility industry. The offering, which closed on December 17, 2021, raised approximately US$220 million. Partner Everton Robertson led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Ellenoff Grossman & Schole acted as US counsel to Cantor Fitzgerald & Co and Moelis & Company, as the underwriters.

Rajah & Tann Singapore has acted for Credit Suisse (Singapore) and DBS Bank, as the joint issue managers, joint global coordinators, joint book-runners and joint underwriters, on the IPO and listing of Novo Tellus Alpha Acquisition (NTAA), a special purpose acquisition company (SPAC), in Singapore. NTAA is Singapore’s third listed SPAC, and its units are offered outside of the US, via Regulation S of the US Securities Act of 1933. Partner Raymond Tong led the firm’s team in the transaction, with partner Hoon Chi Tern, who acted for DBS Trustee, the escrow agent holding the gross proceeds of the listing.

Rajah & Tann Singapore has also advised Pluang Technologies on its US$35 million Series B funding round led by Square Peg VC. Partners Brian Ng and Debbie Woo led the firm’s team in the transaction.

S&R Associates has represented Satin Creditcare Network, a leading listed microfinance company in India, on a preferential allotment of Rs250 million (US$3.3m) in equity shares to Aarti Agrifeeds, Adesh Agricare, Adesh Agrifarm and Trimudra Trade & Holdings, and for Rs2 billion (US$26.7m) in fully convertible warrants to Trishashna Holdings and Investments and Florintree Ventures. Partners Viral Mehta and Prachi Goel, assisted by competition practice head Simran Dhir, led the firm’s team in the transaction.

WongPartnership is acting for LJHB Capital (S) on its mandatory conditional cash offer for Keong Hong Holdings. Partners Audrey Chng and Chong Hong Chiang led the firm’s team in the transaction.

WongPartnership has also acted for Singapore GP on the seven-year contract renewal with the Formula One Group until 2028 for the Formula One Singapore Grand Prix hosted in Singapore. The Singapore Tourism Board and Singapore GP will work together to reduce the race’s carbon footprint, as part of a transition to more sustainable business models, and as part of Formula One’s sustainability goals. Partners Mark Choy and Milton Toon led the firm’s team in the transaction, together with partner Kylie Peh.

Allen & Gledhill has advised Singapore Airlines on the issue of US$600 million 3.375 percent notes due 2029, under its S$10 billion (US$7.4b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Citigroup Global Markets Singapore, UBS AG Singapore Branch, Oversea-Chinese Banking Corporation, China International Capital Corporation (Singapore) and UOB Kay Hian on the IPO and listing of Pegasus Asia in Singapore. Citigroup and UBS were appointed joint issue managers and global coordinators, and joint book-runners and underwriters. OCBC was appointed joint global coordinator, book-runner and underwriter, while CICC and UOB Kay Hian were appointed joint book-runners and underwriters. Pegasus Asia is a special purpose acquisition company incorporated to enter into a business combination. Tikehau Capital SCA, through a subsidiary Bellerophon Financial Sponsor 3 SAS; Financière Agache SA, through a subsidiary Poseidon Asia Financial Sponsor SAS; Diego De Giorgi and Jean Pierre Mustier are the sponsors of Pegasus Asia. Partners Tan Tze Gay led the firm’s team in the transaction.

AZB & Partners has advised Coinbase Ventures, through Coinbase Global, on its Rs158 million (US$2.1m) acquisition, along with other investors, of equity stake in Ippopay Technologies. Partners Ravi Bhasin, Rohan Bagai and Aprajita Rana led the firm’s team in the transaction, which was completed on January 11, 2022.

AZB & Partners has also advised Reliance Industries on its Rs11 billion (US$227m) acquisition, along with other investors, of stake in Dunzo Digital, such that Reliance will own 25.8 percent stake in Dunzo after the transaction. Partners Ashwath Rau, Jasmin Karkhanis, Nandan Pendsey and Aditya Bhat led the firm’s team in the transaction, which was completed on January 7, 2022.

Baker McKenzie has advised EQT on the sale of its interest in ELEVATE, a leading provider of ESG and supply chain services, to global assurance provider LRQA, via its EQT Mid Market Fund (EQT Private Equity). Under EQT Private Equity’s tenure, ELEVATE has developed into a differentiated market leading platform, which can support customers across their entire responsible sourcing and supply chain ESG management journey, with a footprint across more than 100 countries. M&A/private equity partners Robert Wright and Tracy Wut led the firm’s team in the transaction, which is subject to regulatory approvals, and is expected to close in 2022.

Bird & Bird ATMD has acted for United Overseas Bank, as the sponsor and issue manager for Alpina Holdings, on the company’s listing in Singapore, which raised approximately S$8.1 million (US$6m) in net proceeds for the company, and S$1.6 million (US$1.2m) for its controlling shareholders. Alpina Holdings is an established Singapore-based contractor specialising in providing integrated building services, mechanical and electrical engineering services and alteration and addition works. Jolie Gioux led the firm’s team in the transaction.

JSA has advised Rakesh Jhunjhunwala, Rare Enterprises and other investors on their investment in Syska LED Lights and Syska Group Companies. Rakesh Jhunjhunwala’s asset management firm Rare Enterprises and other investors completed a hybrid investment in India’s fast moving electrical goods industry. Leading lighting manufacturer Syska LED Lights and Syska group entities are promoted by the Uttamchandani family. Syska Group has diversified into segments such as LED, personal care appliances, mobile accessories and home appliances. Partner Aarthi Sivanandh, supported by partners Anjana Potti and Rajeev Reddy led the firm’s team in the transaction.

JSA has also advised Origin Learning Solutions on its acquisition by US-based learning solutions company, eLearning Brothers, backed by RLG Capital & Trinity Private Equity Group. eLearning Brothers is a leader in corporate learning technology and custom training development solutions. Its suite of products and services includes custom learning design and development, learning platforms, and development tools for creating interactive mobile learning, virtual reality, video-based coaching, and gaming learning experiences. Partners Bhavana Elizabeth Alexander and Aarthi Sivanandh led the firm’s team in the transaction.

Maples and Calder has advised Clover Biopharmaceuticals on its IPO and listing of 150 million ordinary shares in Hong Kong. Clover Biopharmaceuticals is a global clinical-stage biotechnology company committed to developing novel vaccines and biologic therapeutic candidates for infectious diseases, as well as cancer and autoimmune diseases. The offering, which closed on November 5, 2021, raised approximately HK$2.03 billion (US$260m). Partner Derrick Kan led the firm’s team in the transaction, while Kirkland & Ellis advised on Hong Kong and US laws, and Tian Yuan Law Firm advised on Chinese law. The joint sponsors, Goldman Sachs (Asia) and China International Capital Corporation Hong Kong Securities, and the underwriters were represented by Skadden, Arps, Slate, Meagher & Flom and affiliates as to Hong Kong and US laws, and by Commerce & Finance Law Offices as to Chinese law.

Mayer Brown has represented Hong Kong-listed alternative investment financial services institution Sun Hung Kai & Co on its Series B investment in Sygnum Bank, the world’s first digital asset bank. Sun Hung Kai & Co led the US$90 million Series B funding round for Sygnum, which was oversubscribed. A digital asset technology group with a Swiss banking license and a Singapore asset management license, Sygnum intends to use the proceeds from the latest funding round to accelerate the development of new institutional-grade Web 3.0 offerings, and expand into new global markets. Corporate and securities partner Mark Uhrynuk (Hong Kong) and intellectual property and IT partner Oliver Yaros (London) led the firm’s team in the transaction.

Paul Hastings has advised LG Energy Solution on its US$10.7 billion global offering and listing in Korea. Morgan Stanley and KB Securities acted as the joint lead managers. LG Energy Solution is one of the world’s leading battery manufacturers, producing batteries for electric vehicles, IT devices and energy storage systems. Seoul office chair partner Dong Chul Kim led the firm’s team in the transaction, which is the largest IPO in South Korean capital markets to date.

Rajah & Tann Singapore is acting for The Hongkong and Shanghai Banking Corporation Singapore Branch on its proposed US$150 million joint venture with Temasek Holdings, in a partnership to establish a debt financing platform dedicated to sustainable infrastructure projects with an initial focus on Southeast Asia. Partner Favian Tan is leading the firm’s team in the transaction, alongside partner Kala Anandarajah, who is advising on the competition/anti-trust aspects.

Rajah & Tann Singapore has acted for CGS-CIMB Securities (Singapore), as the sole placement agent, on the placement of new ordinary shares in the capital of iFAST to raise gross proceeds of S$105 million (US$78m). Partner Raymond Tong led the firm’s team in the transaction.

WongPartnership has acted for The Straits Trading on its private placement to raise gross proceeds of approximately S$80.9 million (US$60m). Partners Karen Yeoh and Loh Jen Vern led the firm’s team in the transaction.

Latest Deals from Law Firms and Legal Services Providers

Allen & Gledhill has acted as transaction counsel to venture capital firm Accel Management on leading the US$55 million series C round investment in Pluang Technologies. Pluang is an Indonesian fintech start-up providing digital micro-savings and wealth management services through a mobile app, which allows users to make investments in various asset classes. With over two million registered users, Pluang is also available through partnerships with Indonesian “super apps”, namely Gojek, Dana and Bukalapak. Partner Nicholas Soh led the firm’s team in the transaction.

Allen & Gledhill has also acted as Singapore antitrust counsel to Thermo Fisher Scientific on the US$17.4 billion acquisition of 100 percent of the shareholding of PPD. The acquisition aims to establish Thermo Fisher as one of the global leaders in the attractive high growth research services industry, as well as enhance Thermo Fisher’s value proposition for pharma and biotech companies, by adding highly complementary services. Partners Daren Shiau and Elsa Chen led the firm’s team in the transaction.

AZB & Partners has advised Stone Plant Investments, funds managed by Warburg Pincus, on the acquisition of 70 percent equity stake in Imperial Auto Industries. The CCI notification form was filed under the Green Channel route on January 12, 2022, and was accordingly deemed approved on the date of filing. Partner Bharat Budholia led the firm’s team in the transaction.

AZB & Partners has also advised Emerging India Credit Opportunities Fund I, a fund set up by Investec Capital India Private Services, on the Rs10 billion (US$134m) acquisition of stake by various investors in Emerging India Credit Opportunities Fund I. Partner Pallabi Ghosal led the firm’s team in the transaction, which was completed on September 24, 2021.

Baker McKenzie has advised Univenture BGP (UVBGP) on its β11.33 billion (US$343m) acquisition of Eastern Cogeneration (E-Cogen). The deal is one of the largest M&A deals in Thailand in 2021. UVBGP is a joint venture between Univentures and BGrimm Power. E-Cogen is an indirect subsidiary of Eastern Power Group, which, through its subsidiaries and affiliates, indirectly holds 100 percent of E-Cogen. With this acquisition, UVBGP indirectly acquired 74.5 percent of shareholding in PPTC, and 100 percent of shareholding in SSUT, which own and operate 120 MW and 240 MW combined cycle cogeneration power plants in Lat Krabang Industrial Estate and Bang Pu Industrial Estate, respectively. Corporate and M&A partner Sumet Orsirivikorn, supported by partners Vit Vatanayothin, Somika Phagapasvivat and Suksawat Watewai, led the firm’s team in the transaction.

Baker McKenzie has acted as special US counsel to Credit Suisse (Singapore), DBS Bank and Morgan Stanley Asia (Singapore), as the joint global coordinators, joint book-runners and joint underwriters, of Vertex Technology Acquisition Corporation (VTAC), a special purpose acquisition company which listed in Singapore on January 20, 2022 through a S$200 million (US$149m) offering. VTAC is the country’s first SPAC listing, since the announcement of the new rules in September 2021. Baker McKenzie Wong & Leow principal Ashok Lalwani, supported by partners Steven Canner and Carol Stubblefield, principal Kenny Kwan and local principal Caryn Ng, led the firm’s team in the transaction.

Bird & Bird ATMD has acted for Singapore-listed lubricant manufacturer United Global on the proposed voluntary unconditional offer made by DMW investments at an offer price of S$0.45 (US$0.335) for all the issued shares of United Global. The privatisation bid values the company at approximately S$140 million (US$104m). Partner Marcus Chow led the firm’s team in the transaction.

IndusLaw has advised AI infrastructure company Pyxis One (rebranded to ‘Pixis’) on the US$100 million Series C investment by Softbank, General Atlantic, Celesta Capital, Premji Invest and others. Partner Mayukh Datta led the firm’s team in the transaction. Softbank was advised by Latham and Watkins, General Atlantic was advised by Paul, Weiss, Rifkind, Wharton & Garrison, while Premji Invest and Celesta Capital were advised by Quillon Partners.

JSA has advised Deloitte Consulting (US) on its 100 percent acquisition, through its offshore India delivery centre Deloitte Consulting India, of Ad2Pro Global Creative Solutions and its Indian and overseas subsidiaries, known collectively as Madras Global. Madras Global is a content and creative technology company that works with leading brand and media clients across industries to develop solutions that combine creative thinking, technology and automation. Its approximately 1,000-member team delivers continuous content for clients across the globe. Madras Global has studios and offices in India, the US, the UK and Australia. Joint managing partner Vivek Chandy and partners Kuriyan KZ, Archana Tewary and Kumarmangalam Vijay, supported by partners Malini Raju and Karthik BM, led the firm’s team in the transaction, which was completed in late November 2021.

JSA has also advised the joint lead managers on the Rule 144A issue by Reliance Industries of US$4 billion senior unsecured three-tranche issuance of US$ bonds. Partner Dina Wadia, supported by partners Uttara Kolhatkar and Kumarmanglam Vijay, led the firm’s team in the transaction, which is the largest ever foreign currency bond issuance by an Indian conglomerate, and the largest international debt capital market transaction by an Indian corporate.

Majmudar & Partners has acted for Thrasio Holdings, a next generation, global consumer goods company, on a complex, high value acquisition of a significant majority stake in Lifelong Online Retail, a leading Indian online consumer brand backed by Tanglin Venture Partners and the Hero Group. With this acquisition, Thrasio has made its entry into the Indian market, and plans to invest approximately US$500 million in the future to acquire digital-first brands in India. Managing partner Akil Hirani, supported by partners Amrit Mehta (corporate) and Ravi Raghavan (tax), led the firm’s team in the transaction, while Cooley advised on the US law aspects. Rajaram Legal acted for Lifelong and its founders, Khaitan & Co acted for Tanglin Venture Partners, and AZB & Partners acted for the Hero Group.

Maples and Calder has acted as Cayman Islands counsel to Weibo on its global offering of 11 million ordinary shares and secondary listing in Hong Kong. Listed on the Nasdaq since April 2014, Weibo is China’s leading social media platform for people to create, discover and distribute content. The offering, which closed on December 8, 2021, raised approximately HK$3 billion (US$385m). Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and affiliates advised on Hong Kong and US laws, and TransAsia Lawyers advised on Chinese law. The joint sponsors, Goldman Sachs (Asia), Credit Suisse (Hong Kong), CLSA Capital Markets and China International Capital Corporation Hong Kong Securities, and the underwriters were advised by Simpson Thacher & Bartlett as to Hong Kong and US laws, and by Haiwen & Partners as to Chinese law.

Maples and Calder has also acted as Cayman Islands counsel to ANE (Cayman) on its IPO and the listing of 80.22 million ordinary shares in Hong Kong. ANE operates a leading express freight network in China’s less-than-truckload market. The offering, which closed on November 11, 2021, raised approximately HK$1.11 billion (US$142.6m). Partner Derrick Kan led the firm’s team in the transaction, while Davis Polk & Wardwell advised on Hong Kong and US laws, and Jingtian & Gongcheng advised on Chinese law.  The joint sponsors, JP Morgan Securities (Far East) and China International Capital Corporation Hong Kong Securities, and the underwriters were advised by Freshfields Bruckhaus Deringer as to Hong Kong and US laws, and by Han Kun Law Offices as to Chinese law.

Rajah & Tann Singapore has advised Synergy Supply Chain Management, Irelia Management, Tristan Management, Subtleway Management and Mr Toh Kok Soo on their mandatory unconditional cash offer for the shares and warrants of Singapore-listed Viking Offshore and Marine. Partners Danny Lim, Tan Mui Hui and Cheryl Tay led the firm’s team in the transaction.

Rajah & Tann Singapore and Christopher & Lee Ong are advising Esteel Enterprise on its M$135.88 million (US$32.4m) acquisition of Eden Flame from Malaysia-listed Lion Industries. Partners Danny Lim and Cynthia Wu from Rajah & Tann Singapore, are leading the transaction, alongside partners Yon See Ting and Looi Zhi Ming from Christopher & Lee Ong.

WongPartnership has acted for an investment firm on the purchase of US$80 million principal amount of convertible notes by Carsome Group, as part of a late stage funding round of US$290 million in Carsome. The funding round placed Carsome at a post-money valuation of US$1.7 billion. The funds will be invested in its talent, product and technology businesses. Partner Quak Fi Ling led the firm’s team in the transaction, together with partner Karen Yeoh.

WongPartnership has also acted for the issue managers and the underwriting banks on the IPO of Vertex Technology Acquisition Corporation (VTAC), sponsored by Vertex. Through VTAC, public market investors can participate in investment opportunities in value-creating businesses at a fast growth stage of their life cycle. Partners Gail Ong and James Choo led the firm’s team in the transaction

Latest Deals from Law Firms and Legal Services Providers

Allen & Gledhill, together with its associate firm in Malaysia Rahmat Lim & Partners, has advised URC Snack Foods (Malaysia) on its approximately M$2 billion (US$477m) “cash-free debt free” acquisition of a 100 percent stake in Crunchy Foods. Munchy Food Industries and Munchworld Marketing, subsidiaries of Crunchy Foods, are manufacturers of snacks and edible food in Malaysia. Munchy Food is Malaysia’s number one biscuit brand, and is also a recognised brand across the region. Partners Christian Chin and Mark Quek, together with partners Chen Lee Won, Kelvin Loh, Lee Yee Ling and Raymond Yong of Rahmat Lim & Partners, led their respective firm’s team in the transaction.

Allen & Gledhill has also advised SIX Group on its joint venture with SBI Digital Asset Holdings to engage in businesses related to the issuance, trading, settlement and custody (wallet solutions) of digital assets, including without limitation security tokens and cryptocurrencies, in the Asia Pacific region. Partners Chiam Tao Koon and Alexander Yap led the firm’s team in the transaction.

AZB & Partners has advised Internet Fund VII, a fund managed by Tiger Global Management, on its acquisition, along with other investors, of equity stake via series B equity funding round in Soul Vision Creations, the operator of an augmented reality platform for B2B operations d/b/a Avataar.Me. Partners Ashwath Rau, Srinath Dasari, Nanditha Gopal and Aditya Singh Chandel led the firm’s team in the transaction, which was valued at Rs3.3 billion (US$44.2m) and was completed on December 17, 2021.

AZB & Partners has also advised Healthcare At Home India on the acquisition of equity stake via Series B round by Impact Assets, a group company of ABC World Asia, in Healthcare At Home India. Partners Gautam Saha, Amrita Patnaik and Sachin Mehta led the firm’s team in the transaction, which was valued at Rs1.12 billion (US$15m).

Christopher & Lee Ong, a member firm of Rajah & Tann Asia, has acted as local counsel for One Rock Capital Partners on its acquisition of Eastman Chemical’s tire additives business, which is valued at approximately US$800 million. The acquisition aims to further strengthen and drive the company’s portfolio of product and service offerings as an independent company. Partner Yau Yee Ming, supported by partner Ooi Ju Lien, led the firm’s team in the transaction.

Clifford Chance has acted as international counsel to EQT Mid Market fund (EQT Private Equity) on the sale of its majority stake in CFB Group, a Chinese multi-brand food and beverage platform operator incorporated in the Cayman Islands, to Fountainvest Partners. In 2013, EQT Private Equity acquired a majority stake in CFB Group, and had since grown and diversified CFB Group from a two-brand master franchisee to a leading multi-brand platform operator. Today, CFB Group has a portfolio of brands, including ice-cream brand Dairy Queen, pizza brand Papa John’s, Brut Eatery, XiaoMian and San Dao Ru Chuan, and has more than 1,100 stores across China. M&A and private equity partner Bryan Koo led the firm’s team in the transaction.

Clifford Chance has also advised APG Asset Management, the largest pension provider in the Netherlands, on the establishment of a joint venture with Wang On Properties, a listed real estate developer in Hong Kong, to engage in the acquisition of residential properties in Hong Kong for development and re-development for sale. The joint venture aims to enable affordable housing, urban regeneration and urbanisation in Hong Kong. Under the partnership, APG and Wang On will jointly acquire and develop residential properties across urban locations in Hong Kong, with an initial total commitment of HK$4.66 billion (US$598m). M&A and private equity partner Bryan Koo also led the firm’s team in the transaction.

HHP Law Firm has acted as Indonesia counsel to CK Hutchison Holdings (CKHH Group) and Hutchison 3 Indonesia (H3I) on their landmark approximately US$6 billion merger with Indosat, the Indonesia telecom business of Ooredoo. The deal was completed on January 4, 2022, having received all required shareholder and regulatory approvals. The newly merged entity, which will be known as Indosat Ooredoo Hutchison, will have increased annual revenues, and is expected to realise significant operational synergies that will deliver cost efficiencies and facilitate deeper innovation and network enhancements. Senior partners Daniel Pardede and Mita Guritno, supported by senior partners Iqbal Darmawan (capital markets), Andi Kadir (dispute resolution), Ponti Partogi (tax) and Daru Lukiantono (intellectual property), and associate partners Alvira Wahjosoedibjo (employment), Wiku Anindito (intellectual property) and Mochamad Fachri, led the firm’s team in the transaction, working with Baker McKenzie Wong and Leow in Singapore and Baker McKenzie Hong Kong.

Howse Williams has acted as Hong Kong counsel to CMBC Capital, as the sole sponsor, CMBC Securities, as the sole global coordinator and joint book-runner, and other underwriters, on the HK$139 million (US$17.8m) listing of the shares of Vanov Holdings in Hong Kong. Vanov is a high and new technology enterprise that designs, manufactures and sells papermaking felts. It is ranked fourth of the leading papermaking felts manufacturers in China in 2020. Papermaking felts are fabrics used in the papermaking machines for dewatering, pressing, forming and drying of paper in the papermaking process. The shares commenced trading in Hong Kong on January 11, 2022. Partners Brian Ho and Denise Che led the firm’s team in the transaction.

IndusLaw has advised Juspay Technologies on its US$60 million Series C funding, led by SoftBank and existing investors VEF and Wellington Management and others. Partner Anindya Ghosh led the firm’s team in the transaction. Morrison & Foerster, led by partner Amit Kataria, advised SoftBank, while Touchstone Partners, led by partner Yashasvi Mohanram, advised Wellington Management.

IndusLaw has also advised Addverb Technologies, India’s leading warehouse automation company, on the US$132 million investment by Reliance Retail Ventures, the retail unit of Reliance Industries. Reliance is now the largest shareholder in Addverb. This strategic partnership will help Addverb scale and deliver more advanced and affordable robots globally. Senior partner Avimukt Dar and partner Anubha Sital, supported by tax and regulatory partner Ritesh Kumar, led the firm’s team in the transaction. Khaitan & Co advised Reliance.

JSA has advised a consortium of 12 lenders, comprising of Bank of India, Bank of Maharashtra, Punjab National Bank, Union Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Indian Overseas Bank, UCO Bank, Central Bank of India, Export Import Bank of India, led by State Bank of India, on a secured rupee term loan facility for approximately Rs189 billion (US$2.53b) extended to Numaligarh Refinery, a subsidiary of Oil India. The facility will be utilised for part-financing the cost of expanding the refinery capacity of the borrower to triple its refining capacity from 3 MMTPA to 9 MMTPA. As part of the project, the borrower is also laying a 1,640 km crude oil pipeline from Paradip, Odisha to Numaligarh, Assam, along with a crude oil import terminal at Paradip for receipt of imported crude. This is the largest project being implemented by a corporate in north-east India, and is being pursued as part of India’s North-East Hydrocarbon Vision 2030. Partner Dina Wadia, supported by partner Soumitra Majumdar, led the firm’s team in the transaction.

Khaitan & Co has advised Supriya Lifesciences and promoter selling shareholder Dr Satish Waman Wagh on the IPO of equity shares by Supriya Lifescience. Executive director Sudhir Bassi and partners Madhur Kohli and Abhishek Rastogi led the firm’s team in the transaction, which was valued at Rs7 billion (US$94m) and was completed on December 28, 2022. IndusLaw also advised on the deal.

Khaitan & Co has also advised Axis Bank, as the lender, on HT Media’s issue of rupee-denominated senior, rated, listed, secured and redeemable non-convertible debentures, via private placement pursuant to Section 42 of Companies Act 2013, aggregating up to Rs960 million (US$13m). Partner Siddharth Srivastava led the firm’s team in the transaction, which was completed on December 31, 2021.

L&L Partners has advised HDFC Bank on the financial assistance aggregating up to Rs5 billion (US$67m) to Green Gas, a joint venture of GAIL (India) and Indian Oil Corporation, for the takeover/refinance of outstanding existing facilities and part financing the ongoing and future capex of Green Gas for City Gas Distribution network and infrastructure in the authorized geographical areas, including Faizabad, Unnao, Agra and Lucknow. Partner Girish Rawat led the firm’s team in the transaction.

L&L Partners has also advised State Bank of India on the financial assistance aggregating up to Rs9.7 billion (US$130m) to Renew Solar Power, a subsidiary of Renew Power, for refinancing existing term loans and the non-fund based facility from its existing lenders, in relation to a 250 MW AC solar power project at Bikaner in the state of Rajasthan. Partner Karan Mitroo led the firm’s team in the transaction.

Maples & Calder has acted as Cayman Islands counsel to Sirnaomics on its IPO of 7.54 million shares and the listing in Hong Kong. Sirnaomics is an RNA therapeutics biopharmaceutical company with product candidates in preclinical and clinical stages that focuses on the discovery and development of innovative drugs for indications with medical needs and large market opportunities. The offering, which closed on December 30, 2021, raised approximately HK$497 million (US$63.8m). Partner Juno Huang led the firm’s team in the transaction, while Clifford Chance advised on Hong Kong and US laws, and Commerce & Finance Law Offices advised on Chinese law. The sole sponsor, CICC, and the underwriters were advised by Wilson Sonsini Goodrich & Rosati as to Hong Kong and US laws, and by Jingtian & Gongcheng as to Chinese law.

Maples & Calder has also acted as Cayman Islands counsel to Qingci Games on its IPO of 85 million shares and the listing in Hong Kong. Qingci Games is an established mobile game developer and publisher in China. The offering, which closed on December 16, 2021, raised approximately HK$952 million (US$122m). Partner Derrick Kan led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton (Hong Kong) advised on Hong Kong and US laws, and JunHe advised on Chinese law. The joint sponsors, CICC and CITIC Securities, and the underwriters were advised by Wilson Sonsini Goodrich & Rosati as to Hong Kong and US laws, and by Global Law Offices as to Chinese law.

WongPartnership is acting for ESR-REIT on the sale of an industrial building at 28 Senoko Drive to Tat Seng Packaging Group. The net proceeds will be used to repay borrowings and to fund asset enhancements, acquisitions, unit buy-backs and working capital requirements. Partner Serene Soh led the firm’s team in the transaction.

WongPartnership has also acted for ProBatus Capital, as the lead investor, on the US$9 million Series A funding round of Indonesia-based insurance marketplace Lifepal. Partner Kyle Lee led the firm’s team in the transaction.

Law firms can submit their deals directly to thebriefing@inhousecommunity.com to be include in our latest deals report and to be in contention for our annual Deals of the Year Awards.

Allen & Gledhill has advised Allianz Real Estate on its subscription of interests in GBTC II, a platform managed by the Godrej group, as part of Allianz’s strategy to invest in fast-growing markets, such as China and India. The platform targets the development of premium Grade-A offices in tier one cities in India. Partners Richard Young, Ko Xiaozheng, Jonathan Lee and Lee Bik Wei led the firm’s team in the transaction.

Allen & Gledhill has also advised CIMB Bank Singapore Branch, DBS Bank, Oversea-Chinese Banking Corporation, Standard Chartered Bank (Singapore) and United Overseas Bank, as the dealers, on the issue of S$300 million (US$222m) 3.29 percent notes due 2026 by GLL IHT, under its S$3 billion (US$2.22b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Assegaf Hamzah & Partners has acted as Indonesian counsel to Morgan Stanley Asia (Singapore), UBS (Singapore Branch), Credit Suisse (Singapore) and DBS Bank, as the international selling agents, and Mandiri Sekuritas, Morgan Stanley Sekuritas Indonesia and Credit Suisse Sekuritas Indonesia, as the underwriters, on Avia Avian’s IPO, which raised approximately Rp5.8 trillion (US$405.8m). Avia Avian is of one of Indonesia’s largest paint producers. Partners Bono Daru Adji and Intan Paramita led the firm’s team in the transaction, which is the biggest IPO in Asia by a paint manufacturer.

AZB & Partners has advised Gleneagles Development, an indirect wholly-owned subsidiary of IHH Healthcare, on the sale of its 62.5 percent equity stake in Continental Hospitals to Dr Gurunath Reddy and affiliates. Partner Daksh Trivedi led the firm’s team in the transaction, which was completed on December 4, 2021.

AZB & Partners is also advising the consortium of KGK Realty and Dhoot Group on its Rs4.5 billion (US$61m) acquisition, via the IBC route, of 100 percent stake in SARE Gurugram, formerly known as Ramprastha SARE Realty. Partners Hardeep Sachdeva, Ravi Bhasin and Priyamvada Shenoy are leading the firm’s team in the transaction, which was signed on December 27, 2021 and is yet to be completed.

Gatmaytan Yap Patacsil Gutierrez & Protacio is acting for Ayala Land, Inc (ALI) on its merger with four of its subsidiaries/affiliates. ALI has a market capitalisation of more than US$10 billion, and is the largest land developer in the Philippines. The merger involves two publicly-listed companies (including ALI, the surviving entity), and was recently approved by the Securities and Exchange Commission. Founding partner Norma Margarita (Norge) Patacsil and partner Andrea Katipunan are leading the firm’s team in the transaction.

JSA has advised Honasa Consumer on its Rs2.84 billion (US$38.4m) capital fund raise from Sequoia Capital Growth Fund III-US/India Annex Fund. This was Honasa’s Series F fund raise, which resulted in it attaining the coveted Unicorn status, after achieving valuation of over US$1 billion. Honasa manufactures and sells goods and products under the brand name ‘Mamaearth’ and ‘The Derma Co’. Partner Lalit Kumar led the firm’s team in the transaction. AZB & Partners, led by partner Sachin Mehta, advised Sequoia Capital Global Growth Fund III-US/India Annex Fund.

JSA has also advised Symphony Technology Group (STG) on the India-related aspects of its acquisition of eProductivity Software (EPS) from Electronics for Imaging. STG is a leading private equity firm specialising in partnering with market leading companies in data, software and analytics. With more than 4,000 mid-market and enterprise customers globally, across all key verticals within packaging and print, EPS is a leading global provider of Enterprise Resource Planning, and business and production software technology for the packaging and print industries. STG’s backing is proposed to accelerate EPS’ growth as a standalone company through organic and inorganic initiatives to deepen and broaden the company’s capabilities, and further enhance its market leading position in the industries it serves. Joint managing partner Vivek Chandy and partner Shafaq Sapre, supported by partner Minu Dwivedi, led the firm’s team in the transaction.

Khaitan & Co has acted as Indian counsel to CMS Info Systems on its IPO comprising of an offer for sale of equity shares by the promoter selling shareholder, Sion Investments, for cash aggregating up to Rs11 trillion (US$149m). CMS is India’s largest cash management company, based on number of ATM points and number of retail pick-up points, as of March 31, 2021, as well as one of the largest ATM cash management companies worldwide, based on number of ATM points, as of March 31, 2021. This is the second time that the company filed its DRHP. The firm represented the company on both filings. Executive director Sudhir Bassi led the firm’s team in the transaction, which was completed on December 31, 2021. J Sagar Associates acted as India counsel to Sion Investments. IndusLaw acted as Indian counsel, while Ashurst acted as international counsel to Axis Capital, DAM Capital Advisors, Jefferies India and JM Financial, as the book-running lead managers.

Khaitan & Co has also advised Vectus Industries and its promoters on the sale by the promoters of Vectus Industries equity shares to Wavin, an Orbia group company, and the acquisition of 100 percent of the equity share capital of two Indian subsidiaries of Wavin by Vectus Industries, resulting in a post transaction aggregate of approximately 67 percent of the share capital of Vectus Industries being held by Wavin, on a fully diluted basis. Partner Bharat Anand, supported by partner Pranjal Prateek, led the firm’s team in the transaction, which was announced on December 24, 2021.

L&L Partners has advised Venus Pipes & Tubes and SMC Capitals, as the book-running lead manager, on the filing of the draft offer document in relation to the proposed IPO of the equity shares of Venus. The issue comprises a fresh issue of approximately 5.1 million equity shares of Venus, aggregating up to Rs1.75 billion (US$23.7m). Venus Pipes & Tubes intends to use the proceeds of the issue for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet their long-term working capital requirements, and other general corporate purposes. Partner Geeta Dhania and partner designate Prashaant Vikram Rajput led the firm’s team in the transaction.

L&L Partners has also advised NIIF Infrastructure Finance on the financial assistance aggregating up to Rs1.85 billion (US$25m) to TVS Industrial & Logistics Parks, a group company of TVS Supply Chain Solutions, the logistics arm of the TVS Group, for refinancing of indebtedness incurred / investments made in relation to the operating warehouses of the borrower spread across four locations, namely Chakan in Maharashtra, Vaipoor in Tamil Nadu, Hosur in Tamil Nadu, and Bhubaneshwar in Odisha. Partner Girish Rawat led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to ACEN Finance on its establishment of US$1.5 billion medium term note programme, and issuance of US$400 million four percent senior guaranteed undated notes under the programme, each guaranteed by AC Energy, a provider of integrated power solutions, power generation and electricity supply, renewable energy, and resource exploration and development, and a subsidiary of Ayala Corporation, one of the largest and most diversified conglomerates in the Philippines. The programme and the notes are listed in Singapore. Partner Lorraine Pao led the firm’s team in the transaction. Milbank and Angara Abello Concepcion Regala & Cruz acted as English counsel and Philippine counsel, respectively, for the managers for the programme and the notes.

Maples and Calder has also acted as Cayman Islands counsel to an online community platform on the US$33 million series C round financing invested by Alibaba. The online platform is mainly engaged in the business of online housing, furniture community, designers platform and marketing strategy for advertisement. Partner Everton Robertson led the firm’s team in the transaction.

Rajah & Tann Singapore is advising OUE Lippo Healthcare on the S$163.5 million (US$121m) divestment of its interests in two wholly-owned subsidiaries, which together hold 100 percent of the interest in 12 nursing homes located across Japan, to Perpetual (Asia), as trustee of First Real Estate Investment Trust. Partners Sandy Foo and Penelope Loh are leading the transaction.

Rajah & Tann Singapore and Christopher & Lee Ong have acted for Trans-China Automotive Holdings, a leading retailer of premium automobiles in China, on its S$19.55 million (US$14.5m) IPO and listing in Singapore. Partners Chia Kim Huat and Tan Mui Hui from Rajah & Tann Singapore led the transaction, alongside partner Por Chuei Ying from Christopher & Lee Ong.

WongPartnership has advised the National University of Singapore (NUS) on the new NUS Guangzhou Research Translation and Innovation Institute located in China-Singapore Guangzhou Knowledge City. Over S$550 million (US$406m) has been committed to the institute, and more than 3,200 talents will be trained over the next ten years to promote innovation and enterprise gateway between Singapore and China. Partners Miao Miao and Liang Weitan led the firm’s team in the transaction.

WongPartnership has also acted for Singapore Island Country Club on the memorandum of agreement and accompanying documentation relating to Keppel Club’s takeover of Sime golf course at the Bukit location of Singapore Island Country Club. Keppel Club will operate the new hybrid members-public facility until December 31, 2030. Partners Angela Lim and Annabel Kang led the firm’s team in the transaction.

Allen & Gledhill has advised SIA Engineering on the establishment of its S$1 billion (US$738m) euro medium term note program. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Medco Energi Internasional on the issue of US$400 million 6.95 percent senior notes due 2028. Partner Glenn Foo led the firm’s team in the transaction.

AZB & Partners has advised Michael & Susan Dell Foundation on its acquisition of equity stake in Arthan Finance. Partners Hardeep Sachdeva and Priyamvada Shenoy led the firm’s team in the transaction, which was signed on December 15, 2021 and completed on December 20, 2021.

AZB & Partners has also advised PAG Asia Capital affiliates PAGAC Ariane and Asia Pragati Strategic Investment Fund on their Rs10.54 billion (US$141.3m) acquisition of a more than 50 percent controlling stake in Acme Formulations. Partners Ashwath Rau, Atreya Bhattacharya and Jasmin Karkhanis led the firm’s team in the transaction, which was completed on September 30, 2021.

Baker McKenzie has acted as international counsel to CITIC Group on its investment into China Huarong Asset Management, pursuant to a Rmb42 billion (US$6.6b) capital increase exercise undertaken by China Huarong. Besides CITIC, China Huarong has also received investments from other investors, including China Insurance Investment, China Cinda, China Life Insurance and ICBC Investment. China Huarong is one of the four major state-owned financial asset management companies in China. Its main business covers distressed asset management, financial services, and asset management and investment, with distressed asset management as its core business. As a result of this investment, CITIC will become one of the key shareholders of China Huarong. M&A partner Bee Chun Boo, supported by banking and finance partners Simon Leung (Hong Kong) and Cui Duan (Beijing), capital markets partners Christina Lee (Hong Kong) and Wang Hang (Beijing), financial services regulatory partner Karen Man (Hong Kong) and US compliance and regulatory partner Sylwia Lis (Washington DC), led the firm’s team in the transaction.

Clifford Chance has advised China Huarong Asset Management on its Rmb42 billion (US$6.6b) recapitalization and strategic equity investment. The strategic investment involves the issuance of approximately 39.2 billion domestic shares and approximately 1.96 billion H shares to state-owned Chinese investment firms CITIC Group, China Insurance Investment, China Cinda, China Life Asset Management and ICBC Investment. China co-managing partner Tim Wang, supported by partner Yufei Liao, led the firm’s team in the transaction, while Haiwen & Partners acted as Chinese law counsel.

Maples and Calder has acted as Cayman Islands counsel to HPHT Finance (21) (II) on its issuance of US$500 million 1.5 percent guaranteed notes due 2026, unconditionally and irrevocably guaranteed by Hutchison Port Holdings Trust, acting through its trustee-manager (initially Hutchison Port Holdings Management), and by HPHT. Partner Everton Robertson led the firm’s team in the transaction, while Linklaters acted as English and Hong Kong counsel. Allen & Overy acted as English and Hong Kong counsel to the lead managers, including Merrill Lynch (Asia Pacific), DBS Bank, The Hongkong and Shanghai Banking Corporation and Standard Chartered Bank (Hong Kong).

Maples and Calder has also acted as BVI counsel to New Lion Bridge on its US$150 million 5.8 percent guaranteed notes due 2022, unconditionally and irrevocably guaranteed by Lionbridge Capital. The notes are listed in Hong Kong. New Lion Bridge and its group entities focus on providing financing solutions to their customers in China’s commercial vehicle market. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Davis Polk & Wardwell advised on US and Hong Kong laws, and JunHe advised on Chinese law. The initial purchasers were advised by Simpson Thacher & Bartlett as to US law and by Global Law Office as to Chinese law.

Rajah & Tann Singapore has acted for the purchasers on the S$1.28 billion (US$944m) acquisition of One George Street, a Grade A office tower in the central business district of Singapore, from One George Street. The firm also acted for the purchasers on the financing of the acquisition via a loan facility. Partners Norman Ho, Ng Sey Ming, Tan Mui Hui, Gazalle Mok and Ho Mei Shi led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for Japfa on its strategic partnerships with three existing customers of its subsidiary, AustAsia Investment Holdings, involving a US$146 million sale of an aggregate of 12.5 percent of the issued shares of AustAsia to a subsidiary of Genki Forest Technology Group Holdings, Honest Dairy Group and New Hope Dairy. Partners Evelyn Wee and Goh Jun Yi led the firm’s team in the transaction.

Simpson Thacher is advising Chervon Holdings on its IPO and Rule 144A and Regulation S offering. Chervon offered approximately 72 million shares, prior to the exercise of the underwriters’ overallotment option. The base offering size was HK$3.14 billion (US$403m). The shares of Chervon are listed in Hong Kong. Partners Christopher Wong and Yi Gao led the firm’s team in the transaction.

WongPartnership has acted for a global investment firm on the US$99.5 million funding round of One Championship. The fundraise met the condition for One Championship to turn approximately 42 percent of its new shares, which are worth US$174 million, from redeemable convertible loan notes to preference shares. Upon release of its new shares, One Championship’s valuation has increased to US$1.2 billion. Partners Mark Choy and Kyle Lee led the firm’s team in the transaction.

WongPartnership has also acted for EDBI on the US$25 million extended Series A funding round of Sleek. Partner Kyle Lee led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to United Overseas Bank and CIMB Bank Singapore Branch, as lenders, on the S$380 million (US$280m) term and revolving credit facilities to Empress Investments, a vehicle sponsored by CapitaLand Mall Asia. The facilities will be used to finance the acquisition of a data center campus, comprising data center buildings with a total planned gross floor area of up to 75,000 square meters located at Minhang District, Shanghai. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill (Vietnam) has advised Manhattan Resources on the US$4.3 million sale and purchase agreement to acquire the entire issued and paid-up share capital of Athena Energy Holdings, a renewable energy company with 4MW of operating and 30MW commitment in rooftop commercial and industrial solar projects in Vietnam, and a strong pipeline of renewable energy projects. This acquisition is a key milestone for Manhattan Resources, as it will strengthen its ability to accelerate growth in the renewable energy business. Managing partner Oh Hsiu-Hau and partners Phan Vinh Nhan and Jonathan Lin led the firm’s team in the transaction.

AZB & Partners has advised Anand Rathi Wealth on its IPO of equity shares with face value of Rs5 (US$0.067) each, via an offer for sale by the selling shareholders of 12 million equity shares for cash at Rs550 (US$7.36) per equity share, aggregating to Rs6.59 billion (US$88.2m). The equity shares were listed in the stock exchanges on December 14, 2021. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction.

AZB & Partners has also advised Apax Partners on the acquisition by Azentio Software Singapore, which is wholly-owned by private equity funds advised by Apax Partners, of 100 percent of the share capital of Beyontec 2nABLE Solutions. Partners Ashwath Rau, Divya Mundra and Pranav Atit led the firm’s team in the transaction, which was completed on December 9, 2021.

Clifford Chance has advised Oslo-listed Prosafe SE, the world’s premier owner and operator of marine vessels, on the successful restructuring of its US$1.6 billion facilities and a NOK2.5 billion (US$283.6m) bond debt. Under the restructuring, Prosafe will swap US$1.1 billion of debt for 99 percent of Prosafe’s equity, reinstate US$250 million of a US$1 billion credit facility and US$93 million of a smaller facility. All other remaining debt maturities are set to be extended to December 2025. The financial restructuring was implemented via the use of Singapore moratoria recognized in Brazil, where the vessels were located, inter-conditional schemes of arrangement in Singapore launched by Prosafe and its Singapore subsidiary, Prosafe Rigs, which were sanctioned in October 2021, and a parallel Norwegian reconstruction process sanctioned in November 2021. The Singapore schemes of arrangement were subsequently recognized in Brazil. The restructuring, which involves 13 European lenders and an Asian export credit agency, became effective on December 17, 2021. Singapore partner Shaun Langhorne, supported by partners Scott Bache (Hong Kong), John MacLennan (London), Philip Hertz (London) and Jelle Hofland (Amsterdam), led the firm’s team in the transaction, with Singapore litigation representation provided by Cavenagh Law led by partner Elan Krishna.

HHP Law Firm, together with Baker McKenzie Tokyo, has advised Toyota Tsusho Corporation’s newly-established operating company Patimban International Car Terminal (PICT) on its participation in the automobile terminal operation business at Patimban New International Port, the first private-public partnership in the Indonesian port sector. PICT will be responsible for the operation of the automobile terminal. The port which is located in Subang Regency, West Java, will provide new port facilities for vehicle export-import, and is a key part of Indonesia’s flagship proposal to enhance its maritime connectivity. The operation of the Patimban New International Port in the eastern part of the Jakarta Metropolitan Area will disperse cargo from Tanjung Priok Port, alleviating traffic congestion and improving logistics functions in the Jakarta Metropolitan Area. It is also expected to lower logistics costs and enhance Indonesia’s export competitiveness. Norman Bissett and partner Nadia Soraya led the firm’s team in the transaction.

JSA has advised A91 Partners on its Series A investment in Alphavector (India), owner and operator of bicycle brand “Ninety One”. Alphavector raised Rs2.25 billion (US$30m) in this round led by A91. Ninety One has emerged as one of India’s fastest growing bicycle brands, with a premium position in the market, an e-commerce platform, extensive distribution and strong manufacturing capabilities. Partner Probir Roy Chowdhury, supported by partner Rakesh Warrier, led the firm’s team in the transaction.

Khaitan & Co has advised Friwo Gerätebau on its joint venture with Minda Industries to combine their manufacturing prowess and technical expertise to manufacture and supply various electric vehicle components in the SAARC region. Minda Industries and Friwo Gerätebau will hold 50.1 percent and 49.9 percent, respectively, in the JV company. The parties have signed the JV agreement, and the closing is subject to completion of conditions precedent, including procuring regulatory approvals from the Reserve Bank of India. Partner Prasenjit Chakravarti, supported by partners Pranjal Prateek and Shailendra Bhandare, led the firm’s team in the transaction, which was announced on December 10, 2021. DSK Legal also advised on the deal.

Khaitan & Co has also advised Fulllife Healthcare, manufacturer of effervescent technology for healthcare and nutraceutical products, on the US$22 million Series C funding by Morgan Stanley Private Equity Asia, one of the funds managed by Morgan Stanley, into Fullife Healthcare. Partner Anand Mehta led the firm’s team in the transaction, which was completed on December 7, 2021. Cyril Amarchand Mangaldas advised Morgan Stanley Private Equity Asia.

Kudun and Partners has represented The Erawan Group, one of the most renowned and longest-standing Thailand-listed real estate developers in Thailand, on its divestiture of the Renaissance Koh Samui Resort and Spa and Ibis Samui Bophut Hotel to Infinity Hospitality Holding and Infinity North Samui, affiliates of Thailand-listed Siamgas and Petrochemicals, for approximately β925 million (US$27.6m). Co-head of corporate and M&A practice partner Kudun Sukhumananda led the firm’s team in the transaction.

Kudun and Partners has also represented TRV Rubber Products, one of the leaders in the manufacture and distribution of molded rubber products for automotive and electrical appliances, on its IPO on the Market for Alternative Investment, an alternative stock market for small and medium-sized enterprises, with a market capitalization of β483 million (US$14.7m). On the first day of trading, the company received a 105.22 percent increase in its IPO subscription price, from β2.30 (US$0.069) per share to β4.72 (US$0.14) per share. Partner Kom Vachiravarakam led the firm’s team in the transaction.

L&L Partners has advised Indian Renewable Energy Development Agency on the up to Rs1.28 billion (US$17m) financial assistance to Dinkar Technologies, a wholly- owned subsidiary of Adani Green Energy, for refinancing of indebtedness incurred /investments made in relation to the operating and construction of the 24.94 MWac solar power project situated at Palvacha Village, Tekamal Mandal, Medak District in the state of Telangana. Partner Girish Rawat led the firm’s team in the transaction.

L&L Partners has also advised ICICI Bank and Axis Bank on the up to Rs9.85 billion (US$132m) financial assistance to Poondiankuppam-Sattanathpuram Section, a subsidiary of Oriental Tollways, for part financing of the augmentation of the existing road from Km 67 to Km 123.8 (approximately 56.8 km) on the Poondiankuppam-Sattanathpuram section of National Highway No. 45A (New NH-332) in the state of Tamil Nadu by four-laning thereof on DBOT Annuity/ Hybrid Annuity basis. Partner Girish Rawat also led the firm’s team in the transaction.

Maples and Calder has acted as BVI counsel to Future Diamond and Seazen Resources Capital Group, and as Cayman Islands counsel to Seazen Group on Future Diamond’s issuance of US$200 million 4.25 percent guaranteed senior notes due 2022, guaranteed by Seazen Group and Seazen Resources Capital Group. The notes are listed in Singapore. Partner Lorraine Pao led the firm’s team in the transaction, while Davis Polk & Wardwell acted as US counsel for the issuer and the Seazen Resources Capital Group, Shearman & Sterling acted as the US counsel for Seazen Group, and Shu Jin Law Firm acted as Chinese counsel for the issuer and the guarantors. Paul Hastings acted as US counsel, while Commerce & Finance Law Office acted as Chinese counsel for the initial purchasers.

Maples and Calder has also acted as Cayman Islands counsel to eHi Car Services on its issue of US$300 million seven percent senior notes due 2026. The notes are listed in Hong Kong. The issuer and its group entities are a leading car rental service provider in the mobility-as-a-service industry in China that specializes in self-drive car rentals and chauffeured car services to individuals, businesses and institutional customers. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while O’Melveny & Myers acted as international counsel, and Grandall Law Firm (Shanghai) acted as Chinese counsel. The joint lead managers were advised by Shearman & Sterling as international counsel, and by Commerce & Finance Law Offices as Chinese counsel.

Rajah & Tann Singapore, Christopher & Lee Ong and R&T Asia (Thailand) have acted for ShawKwei & Partners on the S$131 million (US$96.7m) acquisition of CR Asia, the Singapore holding company of CR Asia Group. Partners Tan Mui Hui and Alroy Chan from Rajah & Tann Singapore acted as transactional counsel and Singapore local counsel, alongside partners Por Chuei Ying from Christopher & Lee Ong and Dussadee Rattanopas from R&T Asia (Thailand).

Rajah & Tann Singapore has acted for CGS-CIMB Securities (Singapore), as the placement agent, on the S$28.5 million (US$21m) placement of new shares and S$11.4 million (US$8.4m) placement of vendor shares in Grand Venture Technology. Partner Hoon Chi Tern led the firm’s team in the transaction.

WongPartnership has acted for OCBC, as facility agent, original lender and mandated lead arranger, on the financing of up to S$120 million (US$88.6m) on the acquisition of an increased stake in JEM by Lendlease Global REIT. Partner Christy Lim led the firm’s team in the transaction.

WongPartnership has also acted for the publisher, ViLabs, on the creation of the virtual model, Rae, as well as related engagements. Partner Lam Chung Nian led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel for Digital Core REIT Management on the US$977 million IPO of Digital Core REIT. The firm was also appointed as Singapore independent tax adviser for the IPO. Digital Core REIT holds a portfolio of ten institutional quality, 100 percent freehold data centres located in the US and Canada, with an appraised value of approximately US$1.3 billion. It is the only pure-play data centre Singapore REIT sponsored by a global-listed data centre owner and operator, Digital Realty. The IPO was strongly supported by 26 cornerstone investors, and was 19.4 times over-subscribed. This is the largest IPO of 2021 in Singapore, and is the first time a Singapore REIT acquired any investment located in Canada. In relation to the IPO, the firm also acted as Singapore counsel for Digital Core REIT Management on the grant of US$550 million term and revolving credit facilities. Partners Jerry Koh, Teh Hoe Yue, Lim Pek Bur and Ong Kangxin led the firm’s team in the transactions.

Allen & Gledhill has also acted as transaction counsel for Haiyi Treasure on the S$492.8 million (US$360m) voluntary conditional cash offer made by United Overseas Bank, for and on behalf of Haiyi Treasure, for all the shares in SingHaiyi Group. Partner Lee Kee Yeng led the firm’s team in the transaction.

AZB & Partners has advised SCI Growth Investments III, a private equity fund managed by Sequoia Capital, on Sequoia Capital’s Rs5.6 billion (US$74m) acquisition, along with other investors, of equity stake in Manash Lifestyle, which provides online personal care products distribution services on Purplle.com, among other businesses. Partners Gautam Saha and Sachin Mehta led the firm’s team in the transaction, which was signed on October 6, 2021 and was completed on November 8, 2021.

AZB & Partners has also acted as Indian counsel to FIH Mauritius Investments (FIHM) and Anchorage Infrastructure Investments Holdings on the approximately Rs9.5 billion (US$125m) FIHM’s sale of shares, constituting 11.5 percent of the share capital of Anchorage, to 2726247 Ontario, a group company of OMERS Capital Markets, a division of OMERS Administration, which is an administrator of the Ontario Municipal Employees Retirement System primary pension plan and trustee of the pension funds thereunder. Partners Darshika Kothari and Arvind Ramesh led the firm’s team in the transaction, which was completed on September 16, 2021.

Baker McKenzie has advised Chinese toll road operator Yuexiu Transport Infrastructure on the spin-off and listing in Shenzhen, through the establishment of an REIT as a closed-ended publicly-listed infrastructure securities investment fund, of the Wuhan-Xiaogan Expressway. As a result of the spin-off, Yuexiu Transport’s interest in Hubei Han Xiao Highway Construction and Operations, the company that owns Wuhan-Xiaogan Expressway, reduces from 100 percent to 30 percent. The REIT holds the project indirectly through an ABS scheme and the project company. The expressway consists of the main line that connects Taoyuan in Wuhan to Yangdian Town in Xiaogan City and the airport north connection line, which runs from Ganxia Bay to the north gate of Wuhan Tianhe Airport. Hong Kong M&A partner Dorothea Koo and Beijing capital markets partner Hang Wang led the firm’s team in the transaction.

Bird & Bird has advised China National Biotech Group (CNBG) on its investment to establish with Innova Medical Group in Singapore a joint venture to produce and distribute CNBG’s COVID-19 vaccines in Singapore and in ASEAN countries. A subsidiary of China National Pharmaceutical Group (SinoPharm), CNBG is one of the world’s largest vaccine manufacturers and is the first manufacturer of vaccines and blood products in China. As part of CNBG’s global COVID-19 vaccine strategy, this JV company will be its first investment in Singapore. Setting up a production plant is the first step, and both sides will continue to explore the possibility of setting up further R&D and production facilities to cover vaccine registration, marketing and selling, sub-packaging and packaging. Beijing partners John Shi and Shan Lai, Singapore partner Marcus Chow and partner Aden Chen, a member of the firm’s team within Lawjay Partners in Shanghai, led the firm’s team in the transaction, which was signed on November 11, 2021.

Clifford Chance has advised the joint lead managers, including Barclays Capital Asia, BNP Paribas, MUFG Securities Asia, SMBC Nikko Capital Markets and Société Générale, on Wesfarmers’ €600 million (U$676m) 0.954 percent sustainability-linked fixed-rate notes due October 21, 2033, under its €3 billion (US$3.4b) euro medium term note programme. This is Wesfarmers’ first euro-denominated sustainability-linked bond issuance in the European debt capital markets. The notes are structured with a direct link to progress against specific energy and emissions targets. Partner Mark Chan led the firm’s team in the transaction.

Clifford Chance has also advised SF Intra-City Industrial on its IPO and listing in Hong Kong. A group member of Shenzhen-listed SF Holding, SF Intra-City Industrial is a leading intra-city on-demand delivery service platform in China, with comprehensive service offerings spanning delivery of food, retail goods and e-commerce solutions. Partners Fang Liu (Hong Kong) and Tianning Xiang (Beijing) led the firm’s team in the transaction.

JSA has advised Chakr Innovation on its Series B fund raise from Neev Fund II, a fund managed by SBICap Ventures. Chakr Innovation is a technological startup which has developed a device that mitigates pollution at its source, and captures harmful particulate matter emissions. Partner Lalit Kumar, supported by partner Bharati Joshi, led the firm’s team in the transaction.

JSA has also advised ON Mauritius (Omidyar Network) on its primary investment in CloudSEK Research, an artificial intelligence (AI)-based digital risk management and cybersecurity platform provider. The investment round also saw participation from MassMutual Ventures, 100X Entrepreneur, individual investors Firoz Meeran and Navas Meeran (Meeran Group), and CRED founder Kunal Naresh Shah’s QED Innovation Labs, along with investments from pre-Series A investors Exfinity Venture Partners, IDFC Parampara and Aaruha Technology Fund. Partners Archana Tewary and Aishwarya Gupta led the firm’s team in the transaction, which was valued at US$7 million.

Khaitan & Co has acted as sole Indian counsel for Texmaco Rail and Engineering on the issue of its up to approximately 71.53 million fully paid-up equity shares, aggregating up to Rs1.65 billion (US$22m), on a rights basis to the eligible equity shareholders. The firm also acted as the sole counsel to ICICI Securities and SKP Securities, as the book-running lead managers. Executive director Sudhir Bassi and partner Madhur Kohli led the firm’s team in the transaction, which was completed on December 6, 2021. Dentons acted as the international counsel to the issue.

Khaitan & Co has also advised Samvardhana Motherson International on the acquisition by Motherson Sumi Systems of a majority stake in CIM Tools and certain identified affiliates. Partners Rajiv Khaitan and Aravind Venugopal, supported by partners Vinay Joy, Kabir Bogra, Smita Jha, Shailendra Bhandare, Sudheer Madamaiah and Ajay Bhargava, led the firm’s team in the transaction.

Maples and Calder has acted as BVI counsel to Panther Ventures, and Cayman Islands counsel to CK Asset Holdings on Panther Ventures’ issuance of S$300 million (US$219m) 3.38 percent guaranteed senior perpetual capital securities, guaranteed by CK Asset Holdings. The securities are listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, which closed on September 30, 2021. Clifford Chance acted as English law counsel for the lead manager.

Maples and Calder has also acted as BVI counsel to State Elite Global on the update of its US$2.7 billion medium term note programme, guaranteed by China Construction Bank Hong Kong Branch and arranged by CCB International Capital, and on its issue of US$700 million 1.5 percent fixed rate notes due 2026, under the programme listed in Hong Kong. Partner Everton Robertson led the firm’s team in the transaction, which was completed on September 29, 2021. Freshfields Bruckhaus Deringer acted as English counsel to the issuer and guarantor, while Global Law Office acted as the Chinese counsel. Linklaters acted as English counsel to the arranger and dealers.

Rajah & Tann Singapore is acting for GIC (Realty) on the establishment of a co-investment platform with ESR Cayman and APG Strategic Real Estate Pool to invest in warehousing and industrial mixed-use properties in China. The platform has an initial capital commitment capped at US$1 billion. Partners Chia Kim Huat, Chen Xi, and Goh Jun Yi are leading the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for RECO Qibao, a subsidiary of an Asia-based sovereign wealth fund, on the Rmb3.2 billion (US$503m) disposal to Link REIT, Asia’s largest real estate investment trust, of its entire 50 percent equity interest in the holding company of Shanghai’s Qibao Vanke Plaza. Partners Chia Kim Huat, Chen Xi, and Goh Jun Yi also led the firm’s team in the transaction.

Wong & Partners has advised Infineon Technologies on the acquisition of 100 percent of the equity interest in Syntronixs Asia, a Melaka-based electroplating company. Infineon Technologies is a world leader and global player in semiconductor solutions, with over 50,000 employees worldwide, as of September 2021, and a revenue of €11.06 billion (US$12.5b) in fiscal year 2021. Precision electroplating is a key process in the assembly process of semiconductors; Infineon’s strategic acquisition of Syntronixs Asia will bolster its manufacturing capabilities globally, and secure its supply chain. Partner Brian Chia led the firm’s team in the transaction, which was completed on November 25, 2021.

WongPartnership has acted as Singapore counsel for ESR Cayman on its US$5.2 billion acquisition of ARA Asset Management. Partners Andrew Ang, Audrey Chng and Tian Sion Yoong led the firm’s team in the transaction.

WongPartnership is also advising United Overseas Bank, the financial adviser to Apricus Global, a consortium comprising 65 Equity Partners and Tower Capital Asia, on Apricus Global’s pre-conditional voluntary conditional general offer for corporate-services provider Boardroom, which is valued at approximately S$312 million (US$228m). Partner Dawn Law led the firm’s team in the transaction.

Zul Rafique & Partners has advised HSBC Amanah Malaysia on the issuance of Malaysia’s first sustainability-linked sukuk wakalah by Yinson Holdings, pursuant to its Islamic medium term notes programme of up to M$1 billion (US$236m) in nominal value. The initial issue size of M$700 million (US$165m) was upsized to M$1 billion (US$236m) due to overwhelming demand, with an orderbook of M$1.66 billion (US$392m). The landmark issuance leverages on Yinson’s Sustainability-Linked Financing Framework and Climate Goals Roadmap, supporting Yinson’s efforts to achieve its climate transition strategy, and reinforce its commitment towards a low emission future by achieving carbon neutrality by 2030 and net zero by 2050. HSBC Amanah is acting as the sole principal adviser, lead arranger, lead manager and shariah adviser for the sukuk wakalah programme, and as sustainability-linked structuring agent for the framework. Banking and finance partner Celine Rangithan led the firm’s team