Allen & Gledhill has acted as transaction counsel to DBS Bank, BNP Paribas, Oversea-Chinese Banking Corporation, United Overseas Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch and MUFG Bank Singapore Branch on the €300 million (US$321m) term loan facilities and €740 million (US$791m) term loan facilities to SATS Treasury. DBS, BNP, OCBC and UOB were appointed as mandated lead arrangers of the €300M (US$321m) facility, while DBS, HSBC, MUFG and OCBC were appointed as mandated lead arrangers of the €740M (US$791m) facility. The facilities will be used to fund Promontoria Holding 264, a wholly-owned subsidiary of SATS, on its redemption and purchase of certain fixed and floating rate notes. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill has also advised Oversea-Chinese Banking Corporation, acting through its Sydney Branch, on the issue of A$1 billion (US$659m) floating rate green notes due 2026, under its US$30 billion global medium term note programme. OCBC, Australia and New Zealand Banking Group Singapore Branch, National Australia Bank and Westpac Banking were appointed joint lead managers in respect of the notes. Partner Glenn David Foo led the firm’s team in the transaction.

Moreover, Allen & Gledhill has acted as transaction counsel to Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust (KIT), on its S$299.6 million (US$221.6m) equity fund raising, comprising of a private placement of new units in KIT to institutional and other investors, and a non-renounceable underwritten preferential offering of new units to entitled unitholders of KIT. The net proceeds from the private placement and preferential offering will be used towards the partial repayment of bridge facilities, totalling S$590 million (US$436m), which were used to initially fund acquisitions by KIT in green infrastructure segments across Norway, Sweden, the UK, Germany and South Korea. The acquisitions will grow KIT’s exposure to the global green infrastructure sector, allowing KIT to meet the growing global demand for renewables, clean energy and decarbonisation solutions. The acquisitions will also reinforce KIT’s commitment to ESG targets, and support the global climate agenda. Partners Bernie Lee, Kern Wong and Jessie Lim led the firm’s team in the transaction.

Further, Allen & Gledhill has advised Bayfront Infrastructure Management on the issue of US$500 million 4.257 percent notes due 2026, guaranteed by the Government of Singapore. The Hongkong and Shanghai Banking Corporation Singapore Branch and Standard Chartered Bank (Singapore) were appointed joint lead managers of the notes. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction.

Allen & Overy has advised the underwriters on the IPO and listing of ADNOC Logistics & Services (ADNOC L&S) in Abu Dhabi. ADNOC L&S is the maritime logistics arm of the ADNOC Group, and is the largest fully-integrated shipping and logistics company in the region, supporting the energy supply chain through three major business segments:  shipping, integrated logistics and marine services. The final offer price for the shares in ADNOC L&S offered by Abu Dhabi National Oil Company (ADNOC) via the IPO was set at the top end of the price range, raising approximately US$769 million and implying a market capitalization (at the time of listing) of ADNOC L&S of approximately US$4.05 billion. The IPO saw significant demand from both local and international investors, with total gross demand amounting to over US$125 billion, implying an oversubscription level in excess of 163 times, the highest ever oversubscription level for a UAE IPO. Abu Dhabi partner Khalid Garousha and US securities partner Adam Wells led the firm’s cross-border team involving lawyers in the UAE, London, the US and Belfast in the transaction.

AZB & Partner has advised VR Dakshin on its financing, through the issue of listed non-convertible debentures, of Rs7.5 billion (US$91m) with a maturity date of 12 years from Standard Chartered Bank and Deutsche Bank. Partners Hardeep Sachdeva and Ravi Bhasin led the firm’s team in the transaction, which was completed on April 19, 2023.

AZB & Partners has also advised Amazon on its approximately Rs1.65 billion (US$20m) acquisition, along with other investors, of stake in Hit The Mark. Partners Hardeep Sachdeva and Ravi Bhasin also led the firm’s team in the transaction, which was completed on May 24, 2023.

Moreover, AZB & Partners has advised WestBridge Crossover Fund, ICP Holdings I (Saama Capital) and ON Mauritius (Omidyar Network) on the acquisition of a majority stake in Vistaar Financial Services by Aqua Lagoon Investment, an affiliate of Warburg Pincus, from WestBridge, Saama Capital, Omidyar Network, Elevar Equity Mauritius and other investors. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which had its first closing on May 12, 2023 and its second closing on May 25, 2023.

Further, AZB & Partners has advised Filter Capital India Fund I on its acquisitions of stake in Sekhmet Technologies. Partners Nanditha Gopal and Gautam Rego led the firm’s team in the transaction, which was completed on March 31, 2023.

Cyril Amarchand Mangaldas has advised Aditya Birla Fashion and Retail (ABFR) on its acquisition of 51 percent stake in TCNS Clothing, via share purchase from TCNS promoters, followed by a conditional open offer to TCNS public shareholders, and subsequent merger of TCNS in ABFR. Credit Suisse acted as investment banker for TCNS. Partners Nivedita Rao (corporate deputy head), partners Ruetveij Pandya and Anand Jayachandran, supported by partners Avaantika Kakkar (competition head), Kirthi Srinivas and Pallavi Rao, led the firm’s team in the transaction, which was signed on May 5, 2023 and will close within 9-12 months.

Cyril Amarchand Mangaldas has also advised Kotak Mahindra Capital, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India, as the book-running lead managers, on the IPO of Mankind Pharma. The IPO comprised an offer for sale of more than 40 million equity shares aggregating to Rs43.26 billion (US$524m) by the promoter selling shareholders, namely Ramesh Juneja, Rajeev Juneja and Sheetal Arora, and the investor selling shareholders, namely Cairnhill CIPEF and Cairnhill CGPE (Capital International Group affiliates), and Beige and Link Investment Trust (ChrysCapital affiliates). The transaction, which was signed on April 28, 2023 and closed on May 4, 2023, was India’s largest IPO in 2023, and the third largest since 2022. Partners Yash Ashar (capital markets head) and Gokul Rajan (northern region markets head) led the firm’s team in the transaction, while Sidley Austin acted as international counsel.

WongPartnership is acting for Cercano Management, as lead investor, on the US$25 million Series B1 funding of Singapore-based social music creation platform BandLab. Partner Kyle Lee is leading the firm’s team in the transaction.

WongPartnership is also advising Aleph Tav on its voluntary unconditional cash offer for Penguin International, as well as the financings relating to such offer. This is a consortium made up of Penguin International’s Executive Chairman, Managing Director and a special purpose vehicle under private equity firm Dymon Asia, which is making its second attempt to take the company private. They are offering shareholders 82 cents per share, higher than the previous offer price of 65 cents per share. Partners Andrew Ang and Anna Tan are leading the firm’s team in the transaction, together with partners Christy Lim and Bernadette Tan.

Allen & Gledhill has advised DBS Bank on the consent solicitation in relation to the outstanding S$175 million (US$130m) 4.05 percent notes due 2025, under the S$500 million (US$371m) multicurrency debt issuance programme, and the update of the programme, to inter alia, increase the programme limit from S$500 million (US$371m) to S$1 billion (US$742m), by Thomson Medical Group. DBS was appointed sole solicitation agent of the consent solicitation and sole arranger of the updated programme. Partners Margaret Chin and Delwin Singh led the firm’s team in the transaction.

AZB & Partners has advised Sika on its acquisition of MBCC group and Master Builders Solutions India, including the divestment of certain divisions of the MBCC Group to Cinven. Partners Nohid Nooreyezdan and Kunal Kumbhat led the firm’s team in the transaction, which was completed on May 2, 2023.

AZB & Partners has also advised Plutus Investment and Holding on its Rs900 million (US$11m) acquisition of Provogue (India). Partners Hardeep Sachdeva Priyamvada Shenoy, Ravi Bhasin and Kamal Shanker led the firm’s team in the transaction, which was completed on April 25, 2023.

Moreover, AZB & Partners is advising Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs40 billion (US$483m) acquisition by IndiGrid Trust and its affiliates of 100 percent of the units of Virescent Renewable Energy Trust and shares of Virescent Infrastructure Investment Manager. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on May 12, 2023 and is yet to be completed.

Further, AZB & Partners is advising Elliott Investment Management on the Rs585.8 billion (US$7.1b) acquisition by Elliott, Patient Square Capital and Veritas Capital Fund Management of Syneos Health. Partner Divya Mundra is leading the firm’s team in the transaction, which was signed on May 10, 2023 and is yet to be completed.

Cyril Amarchand Mangaldas has advised the investors on the issuance of non-convertible debentures by Kerala Financial Corporation, incorporated under the State Financial Corporations Act of 1951 and owned by the Government of Kerala, for an aggregate amount of Rs7.5 billion (US$90.5m), raised in two separate series of issuance. Kerala Financial issued senior, secured, rated, listed, redeemable, taxable, non-convertible debentures under the Kerala Financial Corporation Debenture Series I 2023 (Series I NCDs) for an aggregate amount of Rs4.765 billion (US$57.6m), and Kerala Financial Corporation Debenture Series II 2023 (Series II NCDs), for an aggregate amount of Rs2.735 billion (US$33m). The Series II NCD issuance closed on May 10, 2023. Partner Leena Chacko led the firm’s team in the transaction.

Indochine Counsel has advised EQuest Education Group on the successful raising of US$120 million in funding, marking a major milestone for both EQuest and the education sector in Vietnam. Through a combination of debt from creditors and equity from KKR’s Global Impact Fund, EQuest Education Group secured the substantial investment, which will be utilized to fuel the expansion of their educational initiatives. The funds will primarily support investments in the Canadian International School (CIS) System in Ho Chi Minh City (HCMC) and the expansion of Broward College Vietnam campuses in Hanoi, Hue and HCMC. Partner Truong Huu Ngu led the firm’s team in the transaction.

JSA has represented Singer India on successfully obtaining the dismissal of an appeal filed against Singer India. The appeal challenged an order passed by the Delhi High Court in a writ petition filed by Singer. The Division Bench of the High Court referred the writ to a larger bench, as it doubted the correctness of the judgment in Continental Carbon India v Modi Rubber, 2012 (131) DRJ 291 (DB). The issue before the Supreme Court was “Whether on approval of a rehabilitation scheme under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), an unsecured creditor has the option not to accept the scaled down value of its dues, and to wait till the scheme for rehabilitation has worked itself out, with an option to recover the debt with interest post such rehabilitation”. The Supreme Court held that once a rehabilitation scheme is sanctioned by the Board for Industrial and Financial Reconstruction, which may include scaling down the value of dues of the unsecured creditors, the same shall bind all creditors, including the unsecured creditors. The Supreme Court held that the view taken in Modi Rubber is erroneous and contrary to the scheme of SICA, and quashed the same. Partner Amar Gupta, supported by partner Divyam Agarwal, led the firm’s team on the matter.

JSA has also advised Solarad AI and its founders Ravi Choudhary, Bhramar Choudhary and Haider Abbas on Solarad’s fund raising round, led by one of India’s premier early-stage venture capital funds India Quotient. Solarad is an AI-based SAAS startup formed by IIT-Bombay and IIT-Delhi Alumni, with a focus on providing accurate solar energy data and forecasts. Partner Kartik Jain led the firm’s team in the transaction.

Khaitan & Co has advised Mane Kancor Ingredients, a subsidiary of Mane (France), on its investment in a controlling stake in Mane Kancor Spices, a company engaged in the manufacturing, packaging and trading in whole, grounded and blended spices, spice extracts and seasonings. Promoted by Kuriakose Vinay Thomas, Mane Kancor Spices also has private label packing operations and currently serves some prominent retail brands in India. Mane Group is one of the worldwide leaders in the fragrance and flavours design industry. The investment will allow Mane Group to strengthen its ‘farm to fork’ service by bringing processed spices and seasonings into the value chain. Partner Anshuman Mozumdar led the firm’s team in the transaction.

Khaitan & Co has also advised Daiwa Japan on its potential acquisition of minority interest in Ambit (together with its subsidiaries) to create a business partnership with equity/equity capital market synergies for both Ambit and Daiwa. Pursuant to this partnership, Ambit will gain access to Daiwa’s global network, which is one of the largest regional broking houses in the Asia-Pacific region, and be able to further take its products and services to global markets. Similarly, with Ambit as its local partner, Daiwa’s enhanced presence in India will allow it to build a strong India franchise through the Ambit network. Partners Kartick Maheshwari, Anshuman Mozumdar, Ashutosh Sharma and Nayantara Kutty, supported by executive director Sudhir Bassi, director Vinita Krishnan and partners Deepak Kumar, Shailendra Bhandare, Manavendra Mishra, Tomu Francis, Supratim Chakraborty, Anshuman Mozumdar, Nayantara Kutty, Anshuman Sakle, Anisha Chand and Mayank Jain, led the firm’s team in the transaction, which is subject to customary closing conditions, including receipt of regulatory approvals in India.

O’Melveny is advising Samsung Display, a subsidiary of Samsung Electronics and manufacturer of display products, on its definitive merger agreement to acquire New York-listed eMagin, a US-based leader in the development design, and manufacture of Active-Matrix OLED microdisplays for high-resolution, AR/VR and other near-eye imaging products, for approximately US$218 million in cash. Korea corporate practice head partner Daniel Kim, M&A partners Brad Finkelstein and Noah Kornblith, supported by partners Jennifer Taylor, Ashwin Gokhale, Adit Khorana, Courtney Dyer, Jeff Walbridge and Woojae Kim, are leading the firm’s team in the transaction, which was announced on May 17, 2023 and is expected to close in the second half of 2023, subject to regulatory approvals and customary closing conditions.

Simpson Thacher is representing Blackstone on its US$450 million sale of a minority stake in IBS Software to funds advised by Apax Partners. Following the transaction, Apax will partner closely with IBS Software’s Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder. IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management. Partners Ian Ho, Jonathan Stradling, Jonathan Goldstein, Sophie Staples, Jamin Koslowe and Étienne Renaudeau led the firm’s team in the transaction, which is subject to customary closing conditions and is expected to close end of Q2 2023.

S&R Associates has represented Select Infrastructure (SI) and its shareholders on the (1) sale of 100 percent of its equity shares to Nexus Select Trust (NRT), India’s first retail real estate investment trust (sponsored by Blackstone) in exchange for allotment of units aggregating to Rs37.81 billion (US$456.5m) in NRT to SI shareholders, (2) purchase of 21 percent equity share capital of Nexus Select Mall Management, the manager of NRT, for Rs31.52 million (US$380,549) by certain members of the SI group, and (3) offer for sale of 9.6 million units aggregating to Rs960 million (US$11.6m) by certain members of the SI group in the Rs32 billion (US$386.3m) IPO by NRT. Partners Sandip Bhagat, Mohit Gogia and Pratichi Mishra, supported by competition head Simran Dhir, led the firm’s team in the transaction.

AZB & Partners is advising Omega TC Holdings and Tata Capital Financial Services, as the selling shareholders, on the IPO by Fincare Small Finance Bank of equity shares comprising a fresh issue aggregating up to Rs6.25 billion (US$76m) and an offer for sale of up to 17 million equity shares by Fincare Business Services and other selling shareholders, including Omega TC Holdings and Tata Capital Financial Services. Partners Varoon Chandra and Agnik Bhattacharyya are leading the firm’s team in the transaction, which was signed on May 1, 2023 and is yet to be completed.

AZB & Partners has also advised Accordion Partners on the acquisition by its affiliates, Accordion Partners Acquisition and Accordion Partners Acquisition II, of 100 percent equity stake in Meritus Intelytics and its US subsidiary, Merilytics. Partners Ashwath Rau and John Adwet Raghav led the firm’s team in the transaction, which was completed on May 3, 2023.

Moreover, AZB & Partners is advising TPG Asia VII SF on an IPO by R R Kabel comprising a fresh issue of equity shares, aggregating up to Rs2.25 billion (US$27.3m), and an offer for sale of up to approximately 17.2 million equity shares by TPG Asia VII SF and other shareholders. The draft red herring prospectus was filed on May 6, 2023. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which is yet to be completed.

Further, AZB & Partners has advised FIH Mauritius Investments on its Rs25 billion (US$303.5m) acquisition of 10 percent of equity stake in Bangalore International Airport from Siemens Project Ventures. The acquisition will be accomplished in two tranches, with the first tranche expected to be completed in June 2023 and the second tranche to be completed after October 31, 2023. Partners Darshika Kothari and Divya Mundra led the firm’s team in the transaction.

Baker McKenzie has advised Benesse Holdings on its capital and business alliance agreement with Skyhive Technologies Holdings. Through this alliance, Benesse will become a core partner of SkyHive in the Japanese market. Founded in 1955, Benesse has developed domestic and global education, nursing care, childcare and daily living businesses aligned with people’s life stages. SkyHive, founded in 2017, is an artificial intelligence (AI)-enabled global human resources information company. It operates one of the world’s largest real-time labor market information platforms, and enables one-stop reskilling through the use of AI. SkyHive’s users include the Canadian government, the European Union and New York City. Benesse will be able to leverage SkyHive’s AI technology to provide companies with a one-stop employee skill visualization and analysis service. Benesse will also gain insight into reskilling-related management strategies, and will have the chance to provide learning content, including Udemy, thereby strengthening support for corporate human capital management and SkyHive’s worldwide expertise in organizational transformation. Tokyo corporate / M&A partner Kiyoshi Endo led the firm’s team in the transaction.

Baker & McKenzie (Gaikokuho Joint Enterprise) has also advised on the negotiation of project-finance-related turbine supply and service agreements and EPCI contracts for wind turbine foundations and onshore facilities, etc for the 220 MW Kitakyushu Hibikinada Offshore Wind Farm, Japan’s largest offshore wind farm project. Financing was co-arranged by Mizuho Bank, MUFG Bank and Development Bank of Japan as mandated lead arrangers, joined by 34 other lenders. The project involves the construction and operation of 25 bottom-fixed offshore wind turbines in the Hibikinada area of the Port of Kitakyushu, Fukuoka, Japan, to supply zero-emission electricity for 20 years. 9.6 MW class large-scale wind turbine generators will be installed for the first time in Japan. The project was publicly tendered by the city of Kitakyushu, as part of its efforts to achieve zero-carbon by 2050, and represents a pivotal milestone for Green Energy Port HIBIKI, the city’s initiative to extensively leverage the Port of Kitakyushu as a comprehensive wind-related industry hub. The project company, Hibiki Wind Energy (HWE), is led by sponsors with businesses and presences in Kitakyushu: Kyuden Mirai Energy, J-POWER, Hokutaku, Saibu Gas and Kyudenko. HWE co-developed the project with local stakeholders after the company was awarded the right to develop the project in 2017. The New Energy and Industrial Technology Development Organization (NEDO) also supported HWE by carrying out wind measurements and geotechnical surveys. The project company has commenced construction, and plans to start commercial operation in FY2025. Tokyo renewable energy group co-head Naoaki “Nick” Eguchi and partner Tsutomu “Tom” Kobayashi led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised State Bank of India (SBI) on extending a Rs14 billion (US$170m) term loan to JSW Energy for the acquisition of 1,753 MW of renewable energy assets of Mytrah Energy (India) by JSW Neo Energy, a wholly-owned subsidiary of JSW Energy. This is the largest ever acquisition made by JSW Energy. The transaction is a one-of-a-kind financing implemented under the RBI Master Circular on Loans and Advances – Statutory and Other Restrictions, which allows banks to advance financial assistance to promoters for acquiring shares in a company engaged in implementing or operating an infrastructure project in India. This transaction will serve as a precedent for future fund raise by promoters from commercial banks to finance acquisition transactions in the infrastructure sector. Partner Ramanuj Kumar led the firm’s team in the transaction, which was signed on March 21, 2023 and closed on March 30, 2023.

Cyril Amarchand Mangaldas has also advised SJS Enterprises on the proposed acquisition of 90.1 percent stake in Walter Pack Automotive Products India (Walter Pack India), via secondary purchase from Walter Pack SL and the founder of their India operations, Mr Roy Mathew. Walter Pack India designs and develops high value-added functional decorative parts in the Indian market using advanced in-mould technologies. Partners Vishak Abraham, Sharada Ramachandra and Arun Prabhu (technology head), supervised by corporate head partner Reeba Chacko and supported by partner Abhilash Pillai, led the firm’s team in the transaction, which was signed on April 27, 2023.

Paul Hastings has acted as US counsel to BNP Paribas, Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank, The Hongkong and Shanghai Banking Corporation and Société Générale, as the managers, on Hana Bank’s issuance of €600 million (US$651m) 3.75 percent SME Empowerment Social Covered Bonds due 2026, under its US$5 billion Global Covered Bond Programme, on May 4, 2023. The offering was conducted in reliance on Regulation S of the US Securities Act of 1933, as amended, and the bonds were dual-listed in Singapore and Frankfurt. The firm also assisted Hana Bank and the dealers with the update of Hana Bank’s US$5 billion Global Covered Bond Programme and US$10 billion Global Medium Term Note Programme, both of which were completed on April 7, 2023. As the flagship commercial bank of Hana Financial Group, Hana Bank is a leading South Korean commercial bank engaged in a broad range of banking activities and services for individual, corporate and governmental customers. Corporate partner Iksoo Kim led the firm’s team in the transaction.

Paul Hastings has also acted as sole international counsel to Korea Ocean Business Corporation (KOBC) on its debut issuance of US$300 million 4.5 percent Senior Unsecured Notes due 2028, under its US$5 billion Medium Term Note Program, on May 3, 2023. The offering was conducted in reliance on Regulation S of the US Securities Act of 1933, as amended, and the notes were listed in Singapore. Citigroup Global Markets, The Hongkong and Shanghai Banking Corporation, ING Bank Singapore Branch and Standard Chartered Bank acted as the joint lead managers and joint book-runners. The firm also assisted KOBC with the establishment of the US$5 billion Medium Term Note Program, which was completed on April 12, 2023. A statutory juridical corporation established under the Korea Ocean Business Corporation Act of the Republic of Korea, KOBC acts as the flagship government-owned policy finance institution for domestic shipping companies. KOBC is vested with the unique mandate to provide stable source of funding to Korean shipping companies, and makes various forms of investment to promote the overall growth and stability of the maritime transport industry. The proceeds of the notes will be used for general corporate purpose, including repayment of existing indebtedness. Corporate partner Iksoo Kim also led the firm’s team in the transaction.

Moreover, Paul Hastings has advised L&F on its issuance of US$500 million 2.5 percent Convertible Bonds due 2030 on April 26, 2023. The offering represents L&F’s debut issuance in the global capital markets, and was conducted in reliance on Regulation S of the US Securities Act of 1933, as amended. The bonds were listed in Singapore. JP Morgan Securities acted as the sole lead manager and book-runner. L&F is a leading manufacturer of cathode materials used for rechargeable lithium-ion batteries, manufactures and sells domestically and overseas a broad range of cathode materials, including high-nickel NCM and NCMA cathodes, which are primarily used for electric vehicle batteries. The proceeds of the bonds will be used for construction of new manufacturing facilities to increase production capacities, purchase of raw materials and general working capital purpose. Corporate partners Dong Chul Kim and Iksoo Kim led the firm’s team in the transaction.

Rajah & Tann Singapore has acted as Singapore counsel on the IPO and listing of Ohmyhome in the Nasdaq. Ohmyhome is a data and technology-driven property technology company that operates a one-stop-shop property platform, which provides end-to-end property solutions and services. The listing constitutes the first Singapore-based company listed in the US this year. Partners Howard Cheam and Tan Mui Hui led the firm’s team in the transaction.

Simpson Thacher is representing Blackstone on its sale of a minority stake in IBS Software to funds advised by Apax Partners for US$450 million. Following the transaction, Apax will partner closely with IBS Software’s Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder. IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management. Partners Ian Ho (Hong Kong), Jonathan Stradling (Tokyo), Jonathan Goldstein (New York-tax), Sophie Staples (New York-tax), Jamin Koslowe (New York) and Étienne Renaudeau (London-antitrust) led the firm’s team in the transaction, which is subject to customary closing conditions and is expected to close by the end of Q2 2023.

S&R Associates has represented Tevapharm India, a subsidiary of Israeli pharmaceutical company Teva Pharmaceutical Industries, on the sale of one of its bulk pharmaceutical formulations divisions in India to Marksans Pharma, a listed Indian pharmaceutical company. Partner Rachael Israel led the firm’s team in the transaction.

WongPartnership has represented Australian national Mr Newton David Christopher, who attempted to cheat the Singapore health authorities by paying S$6,000 (US$4,471.00) to a doctor and the clinic’s logistics supervisor to reflect in the national immunisation registry that both he and his wife were vaccinated against COVID-19 when they were not. Mr Newton was originally charged for fraud by false representation under Section 424A of the Penal Code, but following negotiations with the Prosecution, the charges were reduced to simple cheating under Section 417 of the Penal Code instead. He pleaded guilty to one charge of conspiring to cheat the Health Promotion Board, and was sentenced to 16 weeks’ imprisonment. Partner Paul Loy led the firm’s team in the matter.

WongPartnership has also successfully acted for Or Kim Peow (Contractors) (OKP) on an arbitration against its design consultants in connection with the collapse of an unfinished section of a viaduct (which was then under construction) for the Pan-Island Expressway, and obtained an award under which the design consultants have been ordered to pay to OKP a substantial amount in damages. Partners Tay Peng Cheng and Deya Dubey led the firm’s team in the arbitration.

Allen & Overy has advised e& enterprise on its acquisition of a majority stake in Beehive Group, a peer-to-peer (P2P) lending platform. The acquisition, which is subject to customary regulatory approvals, will enable e& enterprise to broaden and enhance its core value proposition in several digital adjacent verticals. Beehive Group is an online digital marketplace lender for P2P term debt finance in the UAE, and is operating a bank partnership model in Saudi Arabia and Oman. It became the first regulated P2P platform across MENA in March 2017, and is one of the only fully operational and regulated P2P platforms in the GCC. Beehive Group has provided over AED1 billion (US$272m) in funding to SMEs to date. Formerly known as Etisalat Digital, e& enterprise is part of Abu Dhabi-listed e&, a leading ICT and telecommunications group. Operating in 16 countries across the Middle East, Asia and Africa, with decades of experience starting in the UAE as the country’s first telecoms company, e& delivers advanced B2B solutions using the latest technologies. Corporate partner Ben Ward led the firm’s team in the transaction.

AZB & Partners is advising Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs20.4 billion (US$249.5m) acquisition by KKR affiliate Greenlake Asia Holdings II of equity stake in Serentica Renewables. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on April 24, 2023 and is yet to be completed.

AZB & Partners has also advised Hero Enterprise Partner Ventures on its Rs2.5 billion (US$30.6m) acquisition of stake in TVS Supply Chain Solutions. The deal was signed on March 30, 2023, and the first tranche and second tranche were completed on March 31, 2023 and April 17, 2023, respectively. Partners Anil Kasturi and Ashish Pareek led the firm’s team in the transaction.

Moreover, AZB & Partners has advised Quality Investment Holdings PCC on the rights issue of equity shares of PNB Housing Finance for approximately Rs25 billion (US$305.7m). The deal was signed on March 29, 2023, while the rights equity shares were listed on May 17, 2023. Partners Ashwath Rau, Nilanjana Singh and Lionel D’Almeida led the firm’s team in the transaction.

Further, AZB & Partners has advised The Rise Climate Fund on its acquisition of stake in Ohmium International, including indirect investment in its Indian subsidiaries Ohmium Operations and Ohmium India. Partners Roxanne Anderson, Anuja Tiwari and Mallika Anand led the firm’s team in the transaction, which was completed in April 2023.

HHP Law Firm has advised Telekomunikasi Indonesia on the spin-off of its broadband company IndiHome to Telkomsel for a consideration of Rp58.3 trillion (US$4b), satisfied through the issuance of new shares by Telkomsel. IndiHome is the largest fixed broadband provider in Indonesia, with more than a 50 percent market share. The separation and integration of IndiHome services into Telkomsel is part of TelkomGroup’s strategy to strengthen its position as a leading integrated telecommunications player in Indonesia. The transaction is expected to be value accretive for Telkomsel, and has received support from shareholders Telkom and Singtel. Telkom and Telkomsel signed a Conditional Spin-off Agreement on April 6, 2023. Senior partners Iqbal Darmawan and Daniel Pardede led the firm’s team in the transaction, which is expected to be completed by early Q3 2023, subject to regulatory and shareholder approvals.

Khaitan & Co has advised Dr Prakash A Mody and Unichem Laboratories on the proposed acquisition of 33.38 percent of the paid-up equity share capital of Unichem Laboratories by IPCA Laboratories from Dr Prakash A Mody for a total consideration of approximately Rs10.34 billion (US$126m), and up to approximately Rs8 billion (US$97.5m) towards open offer. The transaction involves an open offer by IPCA Laboratories, under the relevant provisions of SEBI (Substantial Acquisition of shares and Takeovers) Regulations 2011. Partners Bhavik Narsana and Shreya Mukherjee, supported by partners Arindam Ghosh, Shabnam Shaikh, Anshuman Sakle and Abhiraj Gandhi, led the firm’s team in the transaction.

Khaitan & Co has also advised PI Health Sciences (PIHS) on the acquisition of 100 percent shareholding of Therachem Research Medilab (India) and Solis Pharmachem from its existing shareholders, and the acquisition of identified assets of Therachem Research Medilab, for a total consideration of US$75 million. Partners Prasenjit Chakravarti and Nitish Goel led the firm’s team in the transaction.

Skadden has advised Telekomunikasi Selular (Telkomsel) on certain aspects of its spin-off of its IndiHome (Indonesia) business into its majority-owned subsidiary Telkomsel. The transaction also involves the simultaneous subscription for shares in Telkomsel by its other shareholder, Singapore Telecommunications (Singtel). IndiHome, Telkom’s fixed broadband business, is valued at Rp58.3 trillion (US$4b). Partners Jonathan Stone and Rajeev Duggal led the firm’s team in the transaction.

TT&A is acting as Indian counsel to Asian Development Bank on its proposed subscription of non-convertible debentures to be issued by Tata Power Delhi Distribution, one of Delhi’s electricity distribution companies, for up to Rs1.5 billion (US$18.3m). Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction.

TT&A has also acted as Indian counsel to Barclays Bank, Deutsche Bank Singapore Branch, Hongkong and Shanghai Banking Corporation, JP Morgan Securities, Chartered Bank, BNP Paribas, DBS Bank, Mizuho Securities Asia, MUFG Securities Asia Singapore Branch, Natixis, SMBC Nikko Securities (Hong Kong) and Société Générale, as the joint book-runners, on the issue and sale by Mauritius-incorporated Diamond II of US$400 million 7.95 percent senior notes due 2026, guaranteed by ReNew Energy Global. Partners Rahul Gulati and Priyanka Kumar led the firm’s team in the transaction.

WongPartnership has acted for Little Farms, a Singapore-based gourmet grocery chain, on its Series B-1 fundraising, which involved the subscription by Heliconia Capital, a wholly-owned subsidiary of Temasek Holdings, for S$2 million (US$1.5m) of Series B-1 shares, as well as the issue by Little Farms of a S$12 million (US$9m) exchangeable bond to Heliconia Capital. Partner Soong Wen E led the firm’s team in the transaction.

AZB & Partners has advised Avaada Ventures on the US$1 billion acquisition of stake by Brookfield affiliate India Renewables Opportunities Fund-Scheme III in Avaada Ventures. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 29, 2023.

AZB & Partners has also advised Integral Investments South Asia VIII, a Bain Capital entity, on the acquisition by HL Terminal Holding, a wholly-owned subsidiary of Hapag-Lloyd Aktiengesellschaft, of a 35 percent stake in J M Baxi Ports & Logistics from Integral Investments South Asia VIII. Partners Qais Jamal and Gaurav Bansal led the firm’s team in the transaction, which was completed on April 19, 2023.

Moreover, AZB & Partners is advising TPG Capital on the acquisition by TPG SG Magazine in Manipal Health Enterprises from the promoters. Partners Vaidhyanadhan Iyer, Bhuvana Veeraragavan and Bharat Budholia are leading the firm’s team in the transaction, which was signed on April 6, 2023 and is yet to be completed.

Cyril Amarchand Mangaldas has advised Barclays Bank, DBS Bank, MUFG Securities Asia, State Bank of India (London Branch) and Standard Chartered Bank, as the dealers, on REC’s US$750 million issuance of 5.625 percent green bonds with a five-year maturity under its existing US$7 billion global medium term note programme via note offering circular dated April 3, 2023. The issuance, which is REC’s first overseas bond issuance in two years, represents the largest senior US$ tranche by an Indian NBFC, and the largest senior green bond tranche by a South/ South-East Asian issuer. The notes are listed at the India International Exchange and the NSE IFSC, and the listing was completed on April 4, 2023. REC will apply the net proceeds from the issuance to finance the new or existing power, logistics and/or infrastructure projects in India in renewable energy category, or clean transportation category or other categories, as described in REC’s green finance framework, in accordance with the approvals granted by the RBI from time to time and in accordance with the ECB Guidelines. Northern region markets head partner Gokul Rajan led the firm’s team in the transaction, while Linklaters Singapore acted as international counsel. Allen & Overy (Asia) acted as international counsel for REC.

Cyril Amarchand Mangaldas has also advised Coca-Cola India on the acquisition of a 15 percent minority stake in Hashtag Loyalty (Thrive), a Mumbai-based food-tech company that offers a modern ordering system for restaurants to set up their direct ordering platform. Thrive has also launched beta version of its discovery platform and consumer application that offers customers a unique food discovery and ordering experience. Currently, over 14,000 restaurants across 80 cities in India use Thrive. M&A head partner Akila Agarwal and partner Mukul Sharma, supported by partners Arun Prabhu and Anirban Mohanpatra, led the firm’s team in the transaction.

Simpson Thacher has represented Advantage Partners on the formation of the AP VII Series Funds, a ¥130 billion (US$955m) Japan-focused buyout fund series. The AP VII Series Funds, which were oversubscribed, are the seventh series of Japan-focused buyout funds managed or served by Advantage Partners. Partners David Azcue (Tokyo), Adam Furber (Hong Kong), Nancy Mehlman (New York), Makiko Harunari (Hong Kong), Owen Lysak (London) and Rony Rothken (New York) led the firm’s team in the transaction.

WongPartnership has acted for Raffles Group in Singapore court proceedings commenced against Educomp founder Shantanu Prakash and Singapore lawyer Dennis Lui for loss and damages, arising from the individuals’ alleged conspiracy to injure the Raffles Group through, among others, making fraudulent misrepresentations which induced the Raffles Group to take substantial investment steps in respect of its business interests in the Indian education sector. Partners Wendy Lin and Monica Chong Wan Yee led the firm’s team in the matter.

WongPartnership has also acted for Keppel Corporation on the issuances by Rigco Holding of vendor notes and perpetual securities to a subsidiary of Keppel Corporation. Partners Hui Choon Yuen and Ho Soon Keong led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to the National University of Singapore (NUS) on the issue of its S$340 million (US$255m) 3.268 percent notes due 2033, under its S$2 billion (US$1.5b) multicurrency medium term note programme. NUS successfully raised S$340 million (US$255m) thru the issue of green notes under the programme. The net proceeds from the issue will be allocated towards the financing of green projects under the new Green Finance Framework of the university, which provides the overarching criteria and guidelines for NUS to enter into green finance transactions, and is a move by the university to extend its efforts in addressing climate change and environmental sustainability. NUS is believed to have been the first university in Asia to launch a framework on sustainability-linked finance and to issue a green note. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Lang Eye Centre, Dr Leonard Ang and Ms Sherona Ng on the S$19.5 million (US$14.6m) acquisition of 60 percent of the shares in Lang Eye Centre by Foundation Health (Specialists). Partner Christopher Ong led the firm’s team in the transaction.

Ashurst has represented Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB), on the β1 billion (US$29m) 3.1 percent 5-year bond issued by SNC, guaranteed by CGIF. The bond was issued under the ASEAN+3 Multi-Currency Bond Issuance Framework, a policy initiative under the Asian Bond Markets Initiative to standardize the bond and note issuance processes with the goal of strengthening bond market linkages among the Association of Southeast Asian Nations members, China, Japan and Korea (ASEAN+3). CGIF is a multilateral facility established by the ASEAN+3 and the ADB, as a trust fund of ADB to provide credit enhancements, mainly in local currencies, issued by credit worthy ASEAN+3-domiciled bond issuers. Global finance, funds and restructuring co-head partner Jini Lee led the firm’s team in the transaction.

AZB & Partners is advising Hero Mindmine Institute, Hero Corporate Service and Global Ivy Ventures on the acquisition by Imarticus Learning of shares held by Hero Corporate Service and Global Ivy Ventures in Hero Mindmine Institute. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was signed on March 30, 2023 and is yet to be completed.

AZB & Partners has also advised Reliance Industries on the acquisition by its subsidiary Reliance Retail Ventures and other investors, including Google, of stake in Dunzo Digital. Partners Ashwath Rau and Jasmin Karkhanis led the firm’s team in the transaction, which was completed on March 24, 2023.

Moreover, AZB & Partners has advised The Souled Store and its founders Vedang Gokul Patel, Aditya Dinesh Sharma, Rohin Rajan Samtaney and Harshvardhan Lal on the Rs1.33 billion (US$16.2m) acquisition of more than 35 percent equity stake in The Souled Store by Xponentia Opportunities Fund II, Elevation Capital VII, RP-SG Ventures Fund 1 and RP-SG Capital Ventures Opportunity Fund 1. Partners Anand Shah and Siddharth Paranjpe led the firm’s team in the transaction, which was signed on February 24, 2023 and was completed on March 25, 2023.

Moreover, AZB & Partners has advised The Souled Store and its founders Vedang Gokul Patel, Aditya Dinesh Sharma, Rohin Rajan Samtaney and Harshvardhan Lal on the Rs1.33 billion (US$16.2m) acquisition of more than 35 percent equity stake in The Souled Store by Xponentia Opportunities Fund II, Elevation Capital VII, RP-SG Ventures Fund 1 and RP-SG Capital Ventures Opportunity Fund 1. Partners Anand Shah and Siddharth Paranjpe led the firm’s team in the transaction, which was signed on February 24, 2023 and was completed on March 25, 2023.

Baker McKenzie has also advised the seller of M3 Capital Partners (M3CP), a leading global private equity capital advisory business, to GLP Capital Partners (GCP), a leading global alternative asset manager that focuses on thematic investing across real assets and private equity. The acquired business will continue to operate as M3CP. M3CP has completed transactions representing over US$150 billion of total capitalization since its inception, and has unique expertise in creating and scaling specialized fund management businesses across a diverse array of real asset classes and private equity strategies. From offices in Hong Kong, Beijing and London, M3CP will continue to provide strategic capital advisory services to GCP and select other real asset companies and fund managers. Partners Jason Ng (funds), Derek Poon (private equity/ M&A) and Grace Fung (financial services) led the firm’s team in the transaction.

Baker McKenzie has also advised the seller of M3 Capital Partners (M3CP), a leading global private equity capital advisory business, to GLP Capital Partners (GCP), a leading global alternative asset manager that focuses on thematic investing across real assets and private equity. The acquired business will continue to operate as M3CP. M3CP has completed transactions representing over US$150 billion of total capitalization since its inception, and has unique expertise in creating and scaling specialized fund management businesses across a diverse array of real asset classes and private equity strategies. From offices in Hong Kong, Beijing and London, M3CP will continue to provide strategic capital advisory services to GCP and select other real asset companies and fund managers. Partners Jason Ng (funds), Derek Poon (private equity/ M&A) and Grace Fung (financial services) led the firm’s team in the transaction.

Baker McKenzie has also advised the seller of M3 Capital Partners (M3CP), a leading global private equity capital advisory business, to GLP Capital Partners (GCP), a leading global alternative asset manager that focuses on thematic investing across real assets and private equity. The acquired business will continue to operate as M3CP. M3CP has completed transactions representing over US$150 billion of total capitalization since its inception, and has unique expertise in creating and scaling specialized fund management businesses across a diverse array of real asset classes and private equity strategies. From offices in Hong Kong, Beijing and London, M3CP will continue to provide strategic capital advisory services to GCP and select other real asset companies and fund managers. Partners Jason Ng (funds), Derek Poon (private equity/ M&A) and Grace Fung (financial services) led the firm’s team in the transaction.

Khaitan & Co has advised Aditya Birla Capital and Infocyber India on their proposed exit from Aditya Birla Insurance Brokers via a 100 percent stake sale to Edme Services at an enterprise value of Rs4.55 billion (US$55.5m) on a cash-free and debt-free basis. The proposed exit is subject to the approval of the Insurance Regulatory and Development Authority of India and other statutory/regulatory approvals. Aditya Birla Insurance Brokers is one of India’s leading composite insurance brokers. It specializes in providing integrated insurance broking and advisory services to companies and individuals, and also offers re-insurance solutions to insurance companies. Aditya Birla Capital is the holding company for the financial services businesses of the Aditya Birla Group. As of December 31, 2022, Aditya Birla Capital manages aggregate assets worth more than Rs3.6 trillion (US$44b), with a consolidated lending book of approximately Rs859 billion (US$10.5b), through its subsidiaries and joint ventures. Edme Services is part of the Samara Capital Group and an affiliate of Samara Alternative Investment Fund. Samara Capital is one of India’s leading mid-market private equity firms. Partners Saswat Subasit and Shourya Sengupta led the firm’s team in the transaction.

Khaitan & Co has also acted as India counsel to Z Capital Group and Techniks Tool Group on their acquisition of the Eppinger Group. Partner Ganesh Prasad, supported by partners Indruj Singh Rai, Vinay Joy, Sudheer Madamaiah, Prashanth Ramdas, Smita Jha, Anand Mehta, Manisha Shroff, Shailendra Bhandare, Onkar, Anisha Chand and Tamarra Sequeira, led the firm’s team in the transaction.

Paul Hastings has advised Morgan Stanley Asia and China International Capital Corporation Hong Kong Securities, as the joint sponsors, on the HK$238.9 million (US$30.43m) global offering of Beisen Holding and its listing in Hong Kong. Morgan Stanley Asia and China International Capital Corporation Hong Kong Securities acted as the overall coordinators, joint sponsors, joint global coordinators and joint lead managers and, together with Futu Securities International (Hong Kong) and Tiger Brokers (HK) Global, as the joint book-runners. Beisen is the largest provider of cloud-based human capital management (HCM) solutions in China, in terms of revenues in 2021. Founding partner and Greater China chair Raymond Li and corporate partners Chaobo Fan and Steven Hsu led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Kotak Real Estate Fund X, a fund managed by Kotak Investment Advisors, on its investment in the non-convertible debentures issued by Bharat Hotels, parent entity of the LaLiT Hospitality Group which owns and operates 13 luxury hotels, spa and resort properties in India. This issuance will help Bharat Hotels to strengthen its position in the hospitality industry, and provide an opportunity for investors to invest in the growing hospitality sector of India. Partners Veena Sivaramakrishnan and Zubin Mehta, supported by partners Lalan Gupta, Bhoumick Vaidya, Mrinal Kumar and Shrutikirti Kumar, led the firm’s team in the transaction, which was valued at approximately US$135 million and closed on January 31, 2023. S&R Associates advised Bharat Hotels.

Skadden has represented ispace on its ¥6.73 billion (US$52m) IPO in Tokyo. The company offered approximately 26.52 million shares at an offer price of ¥254 (US$1.89) per share, for a total offer value of ¥6.73 billion (US$52m), exclusive of the underwriters’ over-allotment option.  ispace is a leading company offering lunar payload delivery and lunar data services in Japan. Trading commenced on April 12, 2023.  Tokyo partner Kenji Taneda led the firm’s team in the transaction, which is the first IPO by a space startup in Japan.

Skadden has represented ispace on its ¥6.73 billion (US$52m) IPO in Tokyo. The company offered approximately 26.52 million shares at an offer price of ¥254 (US$1.89) per share, for a total offer value of ¥6.73 billion (US$52m), exclusive of the underwriters’ over-allotment option.  ispace is a leading company offering lunar payload delivery and lunar data services in Japan. Trading commenced on April 12, 2023.  Tokyo partner Kenji Taneda led the firm’s team in the transaction, which is the first IPO by a space startup in Japan.

Trilegal is advising Manipal Hospitals and its promoters on Temasek’s acquisition of a significant stake in Manipal Health Enterprises (Manipal Hospitals), which also involves part exit to TPG and full exit to National Investment Investment and Infrastructure Fund-II. Corporate partners Harsh Maggon and Ankit Kejriwal, Nisha Kaur Uberoi (national competition head) and Rudresh Singh (competition) are leading the firm’s team in the transaction, which is the largest private equity deal in the healthcare sector in India.

Trilegal is advising Manipal Hospitals and its promoters on Temasek’s acquisition of a significant stake in Manipal Health Enterprises (Manipal Hospitals), which also involves part exit to TPG and full exit to National Investment Investment and Infrastructure Fund-II. Corporate partners Harsh Maggon and Ankit Kejriwal, Nisha Kaur Uberoi (national competition head) and Rudresh Singh (competition) are leading the firm’s team in the transaction, which is the largest private equity deal in the healthcare sector in India.

WongPartnership is acting for Heeton Holdings on the invitation to the holders of its 6.8 percent fixed-rate notes due November 2023 to exchange their outstanding S$62.7 million (US$47m) of existing notes for new notes due November 2026. For each S$180,000 (US$135,164) of the existing notes, Heeton Holdings is offering S$200,000 (US$150,182) of new notes at a higher coupon rate of seven percent. The new notes are expected to be issued on May 2, 2023, and shall be redeemed in full on their maturity date, which is expected to fall on or around November 2, 2026. Partner Trevor Chuan is leading the firm’s team in the transaction.

WongPartnership is acting for Algorand Foundation on the winding-up application against the Singapore entity of failed cryptocurrency hedge fund, Three Arrows Capital, with a claim of US$C53.5 million. Partner Daniel Chan is leading the firm’s team in the matter, together with partner Chan Jia Hui.

AZB & Partners has advised Parksons Packaging on its acquisition of 100 percent of the share capital of MK Printpack. Green Fin Investments, an affiliate of Warburg Pincus, holds majority of the share capital of Parksons Packaging. Partners Anil Kasturi and Anisha Shridhar led the firm’s team in the transaction, which was completed on March 27, 2023.

AZB & Partners has also advised Accenture on the acquisition by IBS Software of the freight and logistics service business of Accenture subsidiary Accenture Solutions and its affiliates. The transaction in India was confined to the transfer of employees. Partners Vaidhyanandan Iyer and Nishanth Ravindran led the firm’s team in the transaction, which was completed on February 20, 2023.

Moreover, AZB & Partners has represented Abu Dhabi Investment Authority, via its wholly-owned subsidiary, on its acquisition of equity stake in Lenskart Solutions. Partner Gaurav Bansal led the firm’s team in the transaction, which was valued at approximately Rs41 billion (US$499m) and was completed on March 23, 2023.

Clifford Chance has advised the Ayala Group’s listed energy platform ACEN Corporation, through ACEN Renewables International and ACEN International, on the international aspects of its partnership with and investment in renewable energy producer BrightNight’s India platform. The partnership aims to deploy up to US$250 million equity plus related performance guarantees. ACEN and BrightNight will develop, construct and operate a multi-technology renewable power portfolio in India, including over 1.2GW of BrightNight’s existing hybrid development pipeline. The pipeline includes hybrid wind-solar and energy storage projects that operate around the clock to provide clean and on-demand energy. ACEN has over 4,000MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India and Australia, with a renewable share of 98 percent, which is among the highest in the region. As one of the largest listed renewables platform in Southeast Asia, ACEN aims to reach 20GW of renewables capacity by 2030. BrightNight is the first global renewable integrated power company. Working with utility and commercial and industrial customers across the US and Asia Pacific, the company designs, develops and operates safe, reliable, large-scale renewable power projects. Partner Melissa Ng, supported by partner Jeroen Thijssen, led the firm’s team in the transaction, while Khaitan & Co acted as Indian counsel.

Clove Legal has represented Indigo Paints, a listed company and India’s fifth largest and fast-growing decorative paints brand, on the acquisition, via a combination of primary capital infusion and secondary purchase from the promoters, of 51 percent stake in Apple Chemie India, a company engaged in construction chemicals and water proofing. Partner Dharmesh Kotadia led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised IDFC and IDFC Financial on the subscription of shares of IDFC First Bank on preferential allotment basis for approximately Rs21.69 billion (US$264m). Partners Anu Tiwari and Ketaki Mehta led the firm’s team in the transaction, which closed on March 23, 2023.

Cyril Amarchand Mangaldas has also advised DMI Finance, an RBI-registered non-banking financial company, on its US$400 million equity fundraising led by Mitsubishi UFJ Financial Group. DMI Finance is a digital lender with products, including consumption, personal and MSME loans. Mitsubishi UFJ, through its consolidated subsidiary MUFG Bank, led the investment in DMI Finance, with participation from existing investor Sumitomo Mitsui Trust Bank. Partners Anu Tiwari and Jian Johnson, supported by partner Ankita Ray, led the firm’s team in the transaction, which was announced on April 3, 2023.

Drew & Napier has acted as Singapore counsel to Super Hi International Holding on its listing via introduction in Hong Kong on December 30, 2022. Before the spin-off listing, Super Hi was a component of Haidilao International Holding, a leading global and fast-growing Chinese restaurant brand focusing on hot pot cuisine. Super Hi serves as a self-operated restaurant brand for Haidilao’s hot pot offerings in the international market. Since opening the first restaurant in Singapore in 2012, Super Hi has opened 110 restaurants in 11 countries across four continents, including Thailand, Vietnam, Malaysia, Indonesia, Japan, Korea, the US, Canada, the UK and Australia. Director Wu Geng led the firm’s team in the transaction.

HHP Law Firm and Baker McKenzie have advised Indonesian nickel mining company Vale Indonesia on its proposed collaboration with battery minerals producer Zhejiang Huayou Cobalt and automaker Ford Motor to advance more sustainable nickel mining and refining in Indonesia. At a ceremony held on March 30, 2023 with Indonesia’s President Joko Widodo, the three companies entered into definitive agreements, pursuant to which equity investments will be made to develop the Pomalaa Block High-Pressure Acid Leaching (HPAL) Project. Subject to relevant approvals, the project could produce up to 120 kilotons per annum of mixed hydroxide precipitate (MHP), a lower-cost nickel product used in EV batteries. The entry into these agreements is the continuation of Vale Indonesia’s Pomalaa Block ground-breaking in November 2022. The project is a National Strategic Project with an estimated investment of up to Rp67.5 trillion (US$4.5b), and is expected to generate 12,000 construction jobs. Norman Bissett, Tanya Denning and Luke Devine led the firms’ team in the transaction.

Khaitan & Co has advised PerkinElmer on the India leg of the sale of its AES business assets to Spectralytic Scientific Solutions. PerkinElmer sold its Analytical & Enterprise Solutions business, along with the PerkinElmer brand (across multiple jurisdictions, including India) to leading global private equity fund New Mountain Capital at a valuation of up to US$2.45 billion. New York-listed PerkinElmer is a publicly traded corporation based in Waltham, Massachusetts, USA. It provides end-to-end solutions that help scientists, researchers and clinicians better diagnose disease and discover new and more personalized drugs. Its dedicated team of 11,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. PerkinElmer’s AES Business includes its leading OneSource laboratory and field services, along with a portfolio of atomic spectroscopy, molecular spectroscopy and chromatography instruments, consumables and reagents that serve the biopharma, food, environmental and safety and applied end markets. Partner Ashraya Rao, supported by partners Anshul Prakash, Adheesh Nargolkar, Smriti Yadav, Harsh Parikh, Manavendra Mishra and Indruj Rai, led the firm’s team in the transaction.

Khaitan & Co has also advised AdaniConneX on the acquisition of 100 percent share capital of Support Properties from Adani Power at an enterprise value of Rs155.65 billion (US$1.9b). AdaniConneX is a joint venture between Adani Group (India’s largest private infrastructure and energy provider) and EdgeConneX (world’s largest private data center operator) to empower digital India with a 1 GW of data center capacity over the next decade. Partners Ashraya Rao and Harsh Parikh led the firm’s team in the transaction.

Simpson Thacher has represented SBI Sumishin Net Bank on its ¥49.8 billion (US$374m) global offering of shares, including an offering to institutional investors outside Japan, pursuant to Rule 144A and Regulation S under the Securities Act. The shares in the international offering were existing shares sold by selling shareholders SBI Holdings and Sumitomo Mitsui Trust Bank. SBI Sumishin Net Bank is a leading internet bank in Japan offering digital banking services to consumers throughout Japan. The international joint lead managers for the international offering were Nomura International, SBI Securities (Hong Kong), Goldman Sachs International, Daiwa Capital Markets Europe and UBS London Branch. Partners Alan Cannon (Tokyo-capital markets) and Jonathan Cantor (New York-tax) led the firm’s team in the transaction.

Simpson Thacher is also representing KKR on the acquisition of the Hyatt Regency Tokyo by funds managed by KKR and Gaw Capital Partners from Odakyu Electric Railway. The transaction is expected to be completed by Q2 2023, subject to regulatory approvals and customary closing conditions. The Hyatt Regency Tokyo is a 746-room luxury hotel located in Shinjuku, one of Tokyo’s busiest business and retail districts, and adjacent to the Tokyo Metropolitan Government headquarters. Partners Noritaka Kumamoto and Jonathan Stradling (Tokyo-M&A), Ian Ho (Hong Kong-M&A) and Makiko Harunari (Hong Kong-credit) are leading the firm’s team in the transaction.

S&R Associates has represented Embassy Office Parks REIT (Embassy REIT), India’s first listed real estate investment trust, and its manager, Embassy Office Parks Management Services, on the acquisition of Embassy Business Hub, an integrated business park in Bengaluru expected to comprise 2.1 million sq ft of leasable area upon completion, along with the associated business of common area maintenance services and common infrastructure services, for an enterprise value of approximately Rs3.35 billion (US$41m). The acquisition was completed through the purchase of equity shares of Embassy Construction (the developer of Embassy Business Hub) by Embassy REIT from certain affiliates of Embassy Property Developments, a sponsor of Embassy REIT. Partners Sandip Bhagat, Shivaji Bhattacharya and Pratichi Mishra led the firm’s team in the transaction.

S&R Associates has also represented IRB Infrastructure Trust, India’s first privately placed unlisted InvIT, sponsored by IRB Infrastructure Developers, on the listing of its units in India. This is the second listing of a previously unlisted InvIT on the stock exchanges in India. Partner Pratichi Mishra led the firm’s team in the transaction.

Morever, S&R Associates has represented Firmenich International, the world’s largest privately-owned fragrance and taste company; Koninklijke DSM (DSM), a Dutch-Swiss company and health, nutrition & bioscience global leader; and Danube, a wholly-owned subsidiary of DSM, on obtaining Indian competition law approval for the merger between DSM and Firmenich to form DSM-Firmenich, a Swiss-domiciled company whose shares are proposed to be listed in Euronext Amsterdam. Competition head Simran Dhir, supported by partners Rajat Sethi and Dhruv Nath, led the firm’s team in the transaction.

Trilegal has advised Deutsche Bank Singapore Branch and The Hongkong and Shanghai Banking Corporation, as the arrangers, on the update of up to US$350 billion global medium-term note programme, and US$150 million drawdown thereunder, by Shriram Finance, one of India’s largest non-banking finance companies that focuses on vehicle financing. This is the first overseas bond issuance undertaken by Shiram Finance, post the merger of Shriram City Union Finance with Shiram Finance, under the revised external commercial borrowing framework in India, which was revised pursuant to the circular dated December 8, 2021 notified by the Reserve Bank of India. Partners Richa Choudhary and Joseph Jimmy led the firm’s team in the transaction.

Trilegal has also acted as sole counsel to the proposed public issuance of non-convertible debentures (NCDs) by Muthoot Finance with a shelf limit of Rs26 billion (US$317m) and the tranche one issue thereunder aggregating up to Rs3 billion (US$36.5m). Muthoot Finance is the largest gold loan non-banking financial corporation in India, in terms of loan portfolio. This is one of the first public issuance of NCDs to be undertaken by a company under the SEBI NCS (Amendment) Regulations 2023, which sets out a specific period of subscription in public debt issue. Partners Richa Choudhary and Joseph Jimmy led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to international healthcare provider IHH Healthcare on its investment into Intellect, a digital mental health platform with more than three million users in over 20 countries. IHH is the first strategic healthcare investor in Intellect. Partners Julian Ho and Alexander Yap led the firm’s team in the transaction.

AZB & Partners is advising Sarvapriya Healthcare Solutions on its approximately Rs8 billion (US$97.3m) acquisition of 42.36 percent stake held by Dalmia Cement (Bharat) in Dalmia Bharat Refractories. Partners Zia Mody, Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on March 26, 2023 and is yet to be completed.

AZB & Partners has also advised ASG Hospital, via its wholly-owned subsidiary ASG Eye Hospital Ventures, on its acquisition of Vasan Healthcare. The resolution plan, which amounted to Rs5.2 billion (US$63m), was approved by the National Company Law Tribunal Chennai Bench on February 3, 2023, and it was implemented on March 6, 2023. Vasan Healthcare’s total debt, which was resolved by virtue of the resolution plan, is Rs22.23 billion (US$270.5m). Partners Kunal Kumbhat, Suharsh Sinha and Dhirajkumar Totala led the firm’s team in the transaction.

Moreover, AZB & Partners has advised IDFC First Bank on the Rs21 billion (US$255.6m) acquisition of 3.62 percent stake in IDFC First Bank by IDFC Financial Holding, via preferential allotment to IDFC Financial Holding. Post the said preferential allotment, IDFC Financial Holding’s shareholding in IDFC First Bank will be approximately 39.99 percent. Partners Ashwath Rau, Vipul Jain and Aditya Alok led the firm’s team in the transaction, which was completed on March 23, 2023.

Baker McKenzie has advised Victory Securities, a wholly-owned subsidiary of Hong Kong-listed Victory Securities (Holdings), on securing approval from the Hong Kong Securities and Futures Commission (SFC) to manage investment funds that comprise up to 100 percent virtual assets. After becoming the first licensed corporation to be permitted to provide the full spectrum of virtual asset dealing and advisory services in Hong Kong, Victory Securities has now secured SFC consent to launch two cryptocurrency tracker funds. This approval makes Victory Securities the only licensed corporation in Hong Kong with the necessary regulatory approvals to provide virtual asset-related distribution, advisory and asset management services. Virtual assets specialists Joy Lam, Ryan Chan and Samantha W S Lai led the firm’s team in the transaction.

Clifford Chance has advised Hang Seng Investment Management (HSVM), Hong Kong’s No. 1 ETF manager in terms of assets under management, on the launch and listing in Hong Kong of the Hang Seng Stock Connect China A Low Carbon Index ETF. The new ETF is an index-tracking fund which aims to invest in China A-shares with low carbon exposures, and is the first low-carbon themed A-share ETF in Hong Kong. Providing investors with access to low carbon- and ESG-themed securities, constituents of the fund are included based on their compliance with the United Nations Global Compact principles, and weighted based on Carbon Emission Intensity data provided by ISS ESG. Partner Rocky Mui led the firm’s team in the transaction.

Clifford Chance has also advised on the global merger control filings for two joint ventures in the metals sector, deepening the firm’s track record in a strategic industry of China’s economy. The first is advising Baoshan Iron & Steel (Baosteel), a subsidiary of the world’s largest steel producer China Baowu Steel Group, on the establishment of a joint venture company between Baosteel and Inner Mongolia BaoTou Steel Union. Baosteel mainly engages in iron and steel manufacturing, processing and distribution, information technology, carbon industry and finance business. Inner Mongolia BaoTou Steel Union is primarily active in the development and utilisation of mineral resources and the production and sale of steel products. The second is advising Taiyuan Iron & Steel (Group) Co (TISCO), also a subsidiary of China Baowu Steel Group, on the establishment of a joint venture company among TISCO, Vale Indonesia (VI) and Shandong Xinhai Technology (Xinhai) to jointly operate the ferronickel processing project in the Bahadopi area of Sulawesi, Indonesia. TISCO manufactures and distributes steel products, and is an integrated operation platform for China Baowu’s stainless steel business. Indonesia-listed VI is a mineral mining company and subsidiary of Vale, one of the largest producers of iron ore and nickel in the world. Xinhai is the pioneer of the integrated nickel-electricity model in China. Partner Yong Bai led the firm’s team in the transaction, working with local counsel from multiple jurisdictions.

Skadden is advising JX Nippon Mining & Metals on its definitive stock purchase agreement with Lundin Mining Corporation (LMC) to sell 51 percent of the issued and outstanding equity of SCM Minera Lumina Copper Chile (Lumina Copper), a wholly-owned subsidiary of JX which operates the Caserones copper-molybdenum mine in Chile, to LMC for approximately US$950 million. LMC will also have the right to acquire up to an additional 19 percent interest in Lumina Copper for US$350 million over a five-year period, commencing on the first anniversary of the date of closing. Partners Mitsuhiro Kamiya (Tokyo-corporate), Joe Yaffe (Palo Alto and Los Angeles- executive compensation and benefits), Andrew Foster (Hong Kong- antitrust/competition), Anne Villanueva (Palo Alto- labor and employment), Nathan Giesselman (Palo Alto-tax) and Ken Kumayama (Palo Alto-intellectual property and technology) are leading the firm’s multi-jurisdictional team in the transaction.

Skadden has also acted as international counsel to DPC Dash on its IPO and listing in Hong Kong. DPC Dash offered approximately 12.8 million shares at HK$46 (US$5.86) per share, for a total offer price of approximately HK$ 588.8 million (US$75m). Trading commenced on March 28, 2023. DPC Dash is the exclusive franchisee of the world’s largest pizza company, Domino’s Pizza, in mainland China, Hong Kong and Macau, with 604 shops in 17 cities in mainland China. Partners and co-heads of the China practice Haiping Li (Shanghai) and Paloma Wang (Hong Kong) led the firm’s team in the transaction.

Trilegal has represented JM Baxi Ports and Logistics on successfully obtaining approval from the Competition Commission of India in relation to the strategic partnership between JM Baxi Ports and Logistics and Hapag-Lloyd Aktiengesellschaft. JM Baxi Ports and Logistics provides marine shipping and logistics services, and offers logistics value chain, including port facilities, such as container and multi-cargo port terminals, container freight stations and inland container depots, and niche logistics services for project and bulk cargo. National competition practice head partner Nisha Kaur Uberoi and partner Rudresh Singh led the firm’s team in the transaction.

WongPartnership has represented Mr Chang Peng Hong Clarence, the former regional manager of BP Singapore, on the proceedings. Clarence Chang Peng Hong was sentenced to 80 months imprisonment, and also ordered to pay a penalty equivalent to the bribes he received between 2006 and 2010. Partners Melanie Ho and Tang Shangwei led the firm’s team in the matter.

Allen & Gledhill has acted as transaction counsel to Singapore Power Group on the purchase of 100 percent of the shares in two project companies which operate two solar farms in Phu Yen Province, Vietnam. By this transaction, SP Group expands its renewable energy business from solar rooftop to ground-mounted farms in Vietnam for the first time. The target solar farms have a total capacity of 100 MWp, and were developed by Europlast, one of the largest companies operating in renewable energy and plastic industries in Vietnam. Vietnam managing partner Oh Hsiu-Hau led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to SATS on the S$1.82 billion (US$1.37b) acquisition of Promontoria Holding 243 and its S$798.9 million (US$601m) renounceable underwritten rights issue of new ordinary shares. In terms of deal size, the rights issue, which will raise gross proceeds of approximately S$798.8 million (US$601m), is Singapore’s largest rights issue in 2023. The acquisition is partly funded by a three-year euro-denominated term loan of approximately S$700 million (US$526.7m) from SAT’s principal bankers, net proceeds from the rights issue, and cash from SAT’s existing cash balance to fund the remainder of the total acquisition cost. Partners Leonard Ching, Christopher Ong, Christopher Koh, Michele Foo, Yap Lune Teng and Scott Clements led the firm’s team in the transaction.

Moreover, Allen & Gledhill has acted as transaction counsel to Sembcorp Industries (SCI) on the issue of S$350 million (US$263m) 4.6 percent fixed rate notes due 2030 by Sembcorp Financial Services (SFS) under the S$3 billion (US$2.26b) multicurrency debt issuance programme established by SCI and SFS. SCI is the guarantor of the notes. The proceeds arising from the issue of the notes will be used to finance or refinance projects under the Sembcorp Green Financing Framework. Partners Bernie Lee, Kern Wong and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised HSBC Securities and Capital Markets (India), as the stockbroker, on the approximately Rs32.15 billion (US$391m) sale of equity stake held by Synnex Mauritius in Redington. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on February 27, 2023.

AZB & Partners has also advised Gauge Capital on the Indian aspects of its acquisition of stake in Streamline Healthcare Solutions. Partners Ashwath Rau, Prerak Ved and Nandan Pendsey led the firm’s team in the transaction, which was completed on March 10, 2023.

Moreover, AZB & Partners is advising Abu Dhabi Investment Authority, via its wholly-owned subsidiary, on its Rs41 billion (US$499m) acquisition of equity stake in Lenskart Solutions. Partners Darshika Kothari, Kunal Kumbhat and Vasudha Asher are leading the firm’s team in the transaction, which was signed on March 6, 2023 and is yet to be completed.

Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie International, together with Baker McKenzie in Thailand, has advised Nomura Holdings on the successful sale of its entire stake in Capital Nomura Securities (CNS) to the Bank of Ayudhya (Krungsri). The sale agreement, which covers CNS’ domestic and retail brokerage businesses in Thailand, comprised Nomura’s 99.1 percent stake in CNS held by Nomura Asia Investment (Singapore). The transaction was completed on March 7, 2023, having obtained approvals from Krungsri’s shareholders, the Bank of Thailand and other relevant regulatory agencies. M&A principal Andrew Martin (Baker McKenzie Wong & Leow in Singapore) and financial services partner Benja Supannakul (Baker McKenzie in Thailand), supported by Singapore local principal Sharon Foo and Thailand partners Apichart Kasemsri Na Ayudhya, Sujade Simthamnimit and Theppachol Kosol, led the firm’s team in the transaction.

Clifford Chance has advised energy investor Daiwa Energy & Infrastructure (DEI) on the acquisition, as part of an investor consortium, of 100 percent of Celtic Roads Group (Waterford) DAC, which operates the N25 Waterford Bypass direct toll road public-private partnership project in Ireland. The consortium also includes IST3 Investments Foundation (acting for its investment group IST3 Infrastruktur Global) as co-investor, and Real Asset Investment Management as asset manager. The N25 Waterford Bypass, which includes the landmark Thomas Francis Meagher Bridge spanning the River Suir, connects the M9 Motorway, N24, N25 and N29 national route to complete a critical road access link, and relieves congestion in the rapidly expanding region of South-East Ireland. A key contributor to the sustainable development of the region’s economy, the road network provides access to commercial ports on the eastern and southern seaboards, and improves accessibility to Waterford Airport. DEI is a core strategic subsidiary of Daiwa Securities Group for exploring further investment opportunities in infrastructure assets, renewable energy and resource. Partner Natsuko Sugihara (Tokyo), supported by senior partner Christian Kremer (Luxembourg) on the Luxembourg law aspects, led the firm’s team in the transaction.

Clifford Chance has also advised SeaTown Private Capital Master Fund, the private equity fund managed by Singapore-based investment manager SeaTown Holdings International, on its investment into Foundation Healthcare Holdings (FHH). A ground-up, purpose-built and technology-enabled healthcare platform headquartered in Singapore, FHH has been established with over 50 specialists spanning 13 medical specialties and an estimated pro-forma revenue of over S$130 million (US$98m). Partner Valerie Kong led the firm’s team in the transaction.

Moreover, Clifford Chance has advised leading global private equity firm CVC Capital Partners on the international aspects of CVC Funds’ minority investment in Samator Indo Gas (SIG). Previously known as Aneka Gas Industri, SIG is Indonesia’s largest and leading industrial and medical gas company. The Harsono family will continue to hold a majority stake in and retain control of SIG. The strategic partnership with CVC is expected to strengthen SIG’s leading position as an industrial and medical gas manufacturer and provider. SIG has several expansion plans in the near future, including the upcoming new plant in Kawasan Industri Terpadu Batang (KITB), Central Java, Indonesia. SIG had previously announced its first customer in KITB, KCC Glass, which will build one of the largest glass factories in Southeast Asia. SIG further intends to develop its pipeline business to serve tenants in KITB, which is planned to become an area that will support the development of Indonesia’s electric vehicle industry. Partner Tom Lin, supported by partners Matt Truman (finance) and Richard Blewett (antitrust), led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has advised JP Morgan India, as the broker, on the block sale of shares of Samvardhana Motherson International, with reported aggregate value of Rs16.12 billion (US$196m). Sumitomo Wiring Systems sold, via India’s stock exchanges, its 230 million equity shares, representing 3.4 percent stake in Motherson, for Rs16.12 billion (US$196m). The transaction was signed on March 15, 2023, and closed on March 16, 2023. Western region markets head partner Abhinav Kumar led the firm’s team in the transaction, while Ashurst acted as international counsel.

Cyril Amarchand Mangaldas has also advised Goldman Sachs (India) Securities, as the sole broker, on the sale of shares of Dabur India by Gyan Enterprises and Chowdry Associates for a reported aggregate amount of Rs9.78 billion (US$119m). The transaction involved the sale via the Indian stock exchanges of approximately 17.72 million equity shares of Dabur India by promoters Gyan Enterprises and Chowdry Associates. The transaction was signed on December 19, 2022, and closed on January 22, 2023. Northern region markets head partner Gokul Rajan led the firm’s team in the transaction, while Freshfields Bruckhaus Deringer acted as international counsel.

JSA has advised Torreya Holdings on the India leg of 100 percent acquisition of Torreya Partners by Stifel Financial Corp. A subsidiary of Torreya Partners, Torreya Partners India provides capital advisory services to pharma clients, primarily in India. A leading M&A and private capital advisory firm, Torreya primarily advises pharma companies, and specializes in the life sciences sector, including biotechnology and pharmaceuticals. In addition to M&A, Torreya also offers advisory services on joint ventures, royalty monetization, licensing agreements and private capital raising. Stifel is a financial services company which provides banking, securities and financial services to clients across the globe. The acquisition is aimed at broadening Stifel’s business and expanding its reach in the pharma sector. Partner Rupinder Malik, supported by direct tax head partner Kumarmanglam Vijay, led the firm’s team in the transaction.

Khaitan & Co has advised Knowledge Planet and its promoters (Sachin Bharti Gupta and Monika Oli) on the Indian law aspects of the 100 percent sale of the Knowledge Planet Group to PhysicsWallah. An ed-tech platform that provides affordable and comprehensive learning experience to students of classes 6 to 12 and those preparing for JEE and NEET exams, PhysicsWallah acquired the Knowledge Planet Group, which provides test preparation services to students (through offline and online modes) in K12 segment in the UAE. Partners Monika Srivastava and Sanchit Agarwal led the firm’s team in the transaction.

Khaitan & Co has also advised Pineyard Solutions on its series A2 round of funding from GSV Ventures Fund III, through which it acquired minority shareholding in the company by investing US$3 million. Also known as “AdmitKard”, Pineyard Solutions provides assistance with respect to admissions in universities outside India. GSV Ventures Fund III is a limited partnership organized under the laws of Delaware USA, and is a multi-stage venture capital firm focused on the global education and workforce skills sector. Partners Bharat Anand, Monika Srivastava and Sanchit Agarwal led the firm’s team in the transaction.

Kudun and Partners has represented Damri Residence, a project company sponsored by Areeya Property PCL, a Thailand-listed real estate developer with several successful high-value real estate projects in and around Bangkok, on two critical transactions for the development of the luxurious Soontareeya Residence in Bangkok’s Ratchaprasong area, including a multiple assets-backed financing arrangement transaction. Partners Sarayut Krailadsiri (tax practice co-head) and Peerasanti Sumritutai (real estate practice head) led the firm’s team in the transaction.

Kudun and Partners has also acted as transaction counsel to Apollo Asia Service (AAS) and Apollo Asia Real Estate II Cayman Holdings (AAR), along with the managing director of CAS Capital (Thailand), on the sales of their respective equity interests amounting to 49 percent of all shares in AGRE Service and 49 percent of all shares in CAS Service to the managing director of CAS. These transactions resulted in Apollo’s departure from the CAS-related investment structure, as Apollo no longer holds shares in CAS, whether directly or indirectly. Real estate practice head partner Peerasanti Sumritutai led the firm’s team in the transaction.

Rajah & Tann Singapore has acted for M&G Real Estate on the S$333 million (US$250.6m) purchase and leaseback of a portfolio of four properties from Cycle & Carriage Industries. The properties are currently used as auto showrooms, service centres, workshops and warehouses, and will all be leased back for at least ten years to Cycle & Carriage. Corporate real estate partners Norman Ho and Gazalle Mok, supported by partners Cindy Quek (banking and finance) and Benjamin Liew (financial institutions), led the firm’s team in the transaction.

S&R Associates is representing Aéroports de Paris (ADP) on its agreement with GMR Airports Infrastructure (GIL), initiating the process for its merger with GMR Airports (GAL), in which ADP and GIL currently hold 49 percent and 51 percent stakes, respectively. The merger is expected to be completed in the first half of 2024, subject to completion of relevant steps and regulatory approvals, and the merged entity will be listed in India. The transaction includes a subscription by ADP to approximately €331 million (US$358m) in foreign currency convertible bonds to be issued by GIL, and settlement of certain earn-outs and ratchets previously agreed between ADP and GIL. Following the merger, ADP is anticipated to hold 45.7 percent economic interest in the merged entity, and the GMR group would continue as controlling shareholders. Corporate partners Rajat Sethi, Mohit Gogia and Lakshmi Pradeep, partners Jitesh Shahani (capital markets), Sumit Bansal (tax) and Divyanshu Pandey (banking and finance), and competition head Simran Dhir led the firm’s team in the transaction.

WongPartnership is acting for Ant Group, as lead investor, on the series seed funding round of Proxtera, a Singapore-based metahub platform for B2B businesses and SMEs. The funding will be used as working capital to further develop the company’s innovative digital cross-border trade and financial services enabled by trusted credentials. Partner Nicolette Lye is leading the firm’s team in the transaction.

WongPartnership has also acted for The Law Society of Singapore on the disciplinary tribunal proceedings against Mr Ravi s/o Madasamy. Mr M Ravi has been handed the maximum suspension of five years for making “baseless and grave” allegations against the Attorney-General, prosecutors and the Law Society of Singapore that undermine the integrity of Singapore’s justice system. Partner Wendy Lin led the firm’s team in the matter.

Allen & Gledhill has acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the convertible note investment in Sirka Science, an Indonesia-based digital personal health coaching start-up addressing weight loss and lifestyle goals by providing actionable steps and professional consultations. Partner Nicholas Soh led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the US$1.8 million series seed round investment in Groundup.ai, a Singapore-based industrial AI start-up which is developing an industrial predictive maintenance and safety platform with proprietary AI sound analytics and sensor hardware, video analytics and demand prediction that helps industrial companies save substantial maintenance expenses on their machinery and prevent unplanned downtime. Partner Nicholas Soh also led the firm’s team in the transaction.

Moreover, Allen & Gledhill has acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the convertible note round investment in Soul Parking Technologies, a Singapore-based holding company of Solusi Parkier Nusantara, an Indonesia-based start-up that develops smart parking solutions for motorcycles by building compact motorcycle storage (CMS) modules and developing a proprietary parking management system that can integrate with existing parking facilities. Partner Nicholas Soh also led the firm’s team in the transaction.

AZB & Partners is advising Air India SATS Airport Services on its agreement with Yamuna International Airport for a multi-modal cargo hub at the Noida International Airport in Jewar, Uttar Pradesh. Partners Anand Shah, Anuja Tiwari and Siddharth Paranjpe are leading the firm’s team in the transaction, which was signed on February 10, 2023 and is yet to be completed.

AZB & Partners has also advised Citibank and Citicorp Finance (India) on their approximately Rs116 billion (US$1.4b) slump sales of their respective consumer business undertakings in India to Axis Bank. Partners Zia Mody, Ashwath Rau, Gautam Ganjawala, Anand Shah, Nohid Nooreyezdan, Roxanne Anderson, Shivanand Nayak, Nandan Pendsey, Bharat Budholia and Karthik Mudaliar led the firm’s team in the transaction, which was signed on March 30, 2022 and completed on March 1, 2023.

Moreover, AZB & Partners has advised Multiples Private Equity Fund III, acting through its investment adviser Multiples Alternate Asset Management, and State Bank of India on their Rs19.5 billion (US$236m) acquisition, along with other investors, of equity stake in TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India. Partners Darshika Kothari and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on February 24, 2023 and is yet to be completed.

Cyril Amarchand Mangaldas has advised JM Financial Institutional Securities, as the sole broker, on the block sale of shares of Sona BLW Precision Forgings, resulting in the exit of Blackstone Group from Sona Forgings, for reportedly approximately Rs49.17 billion (US$595m). As a part of the transaction, JM Financial acted as the sole broker in the block trade involving the sale of approximately 120 million equity shares of Sona Forgings by Blackstone entity Singapore VII Topco III. The transaction involved the sale of the entire 20.5 percent stake held by Blackstone Group in Sona Forgings. Capital markets (west) regional head partner Abhinav Kumar led the firm’s team in the transaction, which was signed on March 12, 2023 and closed on March 14, 2023.

DLA Piper Middle East has advised leading mobile telecommunications company Zain Group on its recent US$45 million acquisition of BIOS Middle East Holdings, a leading provider of managed private cloud services headquartered in the UAE. The firm has further advised Zain Group on its recent joint venture with gaming start-up PLAYHERA. The joint venture, “PLAYHERA MENA”, is a Saudi Arabia-based next generation gaming tournament platform, which will target the region’s gaming market and help diversify Saudi Arabia’s economy as part of its Vision 2030. A pioneer in the telecom industry, Zain Group has a commercial footprint in seven Middle Eastern and African countries, and a workforce of over 7,500. Corporate (Middle East) head partner Will Seivewright led the firm’s team in the transaction.

JSA has advised Mobiv Acquisition, a US-based special purpose acquisition company (SPAC) with a focus on electric vehicles, on the Indian aspects of entering into a definitive merger agreement with Srivaru Holdings, a company based out of Coimbatore, India and is one of the leading providers of premium electric motorcycles in India, the world’s largest and fastest-growing market for two-wheeled vehicles. Mobiv will combine with Srivaru to create a publicly-traded company. The deal value, including the vehicle sales revenue-based earn-out for Srivaru shareholders of 25 million shares, which is also the implied total consideration to Srivaru shareholders, will be approximately US$409 million. Assuming no redemptions by Mobiv’s public stockholders, the transaction is anticipated to generate gross proceeds of up to approximately US$104 million in cash, which will be used to fund operations and growth. Partner Rupinder Malik, supported by partners Rajul Bohra and Kumarmanglam Vijay (direct tax practice head), led the firm’s team in the transaction, which is expected to result in the first US-listed electric motorcycle company with manufacturing facilities based in India.

JSA has also advised Sumitomo Wiring Systems on its approximately Rs16.12 million (US$195m) sale, via block deal on the stock exchanges, of 3.4 percent of the equity share capital of Samvardhana Motherson International, one of the world’s largest manufacturers of components for the automotive industry. Sumitomo Wiring Systems is one of the promoters of Samvardhana Motherson International. Partners Vikram Raghani, Birbahadur Sachar and Pracheta Bhattacharya led the firm’s team in the transaction, with Anderson Mori & Tomotsune.

Rajah & Tann Singapore has acted as lead counsel to Temasek Holdings, as majority shareholder of Sembcorp Marine, and substantial shareholder of Keppel Corporation, on the landmark S$8.7 billion (US$6.5b) merger of Sembcorp Marine and Keppel Offshore & Marine to create sustainable value over the long term for two of the world’s leaders in global O&M engineering and energy sectors. The transaction created waves, not just in the offshore marine industry globally, but is also seen as an epic landmark transaction that underscores the city state’s commitment and drive towards promoting green growth, and its strategic pivot towards renewable and clean energy. The firm also acted for Temasek in a connected transaction involving the sale of Keppel Offshore & Marine’s legacy rigs and associated receivables to a new entity held by Baluran, Keppel and Temasek. Partners Sandy Foo, Hoon Chi Tern, Chua Choon King, Lee Xin Mei, Lim Chen Chen, Goh Jun Yi, Eugene Lee, Adzfar Alami and Dodo Lim led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for Baluran, an indirect wholly-owned subsidiary of ASM Connaught House Fund V, on its joint venture with Kyanite Investment Holdings (an indirect wholly-owned subsidiary of Temasek Holdings) and Kepinvest Holdings (a wholly-owned subsidiary of Keppel Corporation), to acquire legacy rigs and associated receivables from Keppel Offshore & Marine. The approximately S$4.058 billion (US$3b) acquisition was carried out through a joint venture company “AssetCo” held by Baluran, Kyanite and Kepinvest, and was a key transaction connected with the landmark merger of Sembcorp Marine and Keppel O&M. Partners Favian Tan and Cheryl Tan led the firm’s team in the transaction.

Simpson Thacher has represented Hong Kong-listed Logory Logistics Technology on its IPO and Regulation S offering. Logory offered approximately 43.2 million H shares, prior to the exercise of the international underwriters’ over-allotment option. The base offering size was approximately HK$125 million (US$16m). The H shares of Logory are listed in Hong Kong. Haitong acted as sole sponsor, overall coordinator and sole global coordinator. Logory has built a digitalized ecosystem for road freight transportation in China, and operates one of the largest digital freight platforms in China. Logory also operates Trucker Community, which is the largest community in the logistics industry in China. In addition, Logory has launched a comprehensive portfolio of truck sales and aftermarket solutions through its Truck Plus business. Logory seeks to enhance transparency and synergy in the collaboration between participants in the ecosystem of road freight transportation industry through digitalized services, and to help such participants establish more balanced and reciprocal relationships through repeated transactions. Hong Kong capital markets partners Christopher Wong, Yi Gao and Marjory Ding led the firm’s team in the transaction.

S&R Associates is representing Solenis, a portfolio company of Platinum Equity, on the Indian legal aspects of its proposed US$4.6 billion acquisition of Diversey Holdings, a Nasdaq-listed provider of cleaning and hygiene products. Partners Sanjeev Adlakha and Prachi Goel, supported by competition practice head Simran Dhir and partner Sumit Bansal, led the firm’s team in the transaction, which is subject to regulatory approvals.

WongPartnership is acting for Keppel Land in Keppel Land and Double Peak Holdings on the divestment of Greenfield Development, which indirectly owns a hotel in Myanmar. Partner Hsiao-Huey Teo is leading the firm’s team in the transaction.

WongPartnership has also acted as Singapore counsel for Broom, an Indonesia-based auto-financing startup, on its US$10 million pre-Series A financing round, led by Openspace Ventures. The funding will enable Broom to diversify its product offerings, and further accelerate its dealer inventory turnover. Partner Kyle Lee led the firm’s team in the transaction.