Allen & Gledhill (Vietnam) has advised Mitsui & Co on its joint venture with Vedan Viet Nam Enterprise, which involved the establishment in Vietnam of a new company dedicated to the international trade of bio-stimulant products. The JV marks a significant step in advancing sustainable agricultural nutrition, and underscores Mitsui and Vedan’s commitment to innovation in this growing sector. Managing partner Oh Hsiu-Hau and partner Tran Ngoc Hoang Phuong led the firm’s team in the transaction.
AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on their Rs5 billion (US$58.3m) acquisition, thru Vertical Holdings II, along with other acquirers, of stake in LEAP India. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on December 24, 2024.
AZB & Partners has also advised Amansa Investments on its Rs400 million (US$4.7m) acquisition of stake by Amansa in Standard Glass Lining Technology. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on December 17, 2024.
Moreover, AZB & Partners is advising Oravel Stays on its Rs5 billion (US$58.3m) sale of stake to Redsprig Innovation Partners. Partners Niladri Maulik and Anshuman Vikram Singh are leading the firm’s team in the transaction, which was signed on December 12, 2024 and is yet to be completed.
Baker & McKenzie has advised Tokyo Gas on its acquisition of a 21.2 percent stake in WindFloat Atlantic, an operational floating offshore wind farm in Portugal operated by Windplus, a majority-owned subsidiary of Ocean Winds. The deal, which closed in November, is also Tokyo Gas’s first direct investment in an overseas floating offshore wind power project. Developed by Ocean Winds, WindFloat Atlantic is the world’s first semi-submersible floating offshore wind farm with turbines capable of generating 8.4 MW. It employs the proprietary “WindFloat®” technology, a floating foundation system developed by Principle Power. The system boasts exceptional structural stability, and has proven its ability to operate under severe weather conditions, including maximum wave heights of 20 meters and maximum wind gusts of 38.8 m/s. Ocean Winds has been the facility’s majority owner and operator since 2020. Tokyo partner Samir Desai (finance & projects), supported by partner Michio Suzuki (antitrust & competition) and a team from Baker McKenzie’s Madrid office, led the firm’s team in the transaction.
Christopher & Lee Ong, a member firm of Rajah & Tann Asia, is acting for Pavilion REIT on its M$480 million (US$107m) acquisition of two award-winning hotels, Banyan Tree Kuala Lumpur and Pavilion Hotel Kuala Lumpur. Partners Justin Chua and Evelyn Ch’ng are leading the firm’s team in the transaction.
Clifford Chance has advised leading Chinese chain restaurants company Xiaocaiyuan International Holding on its IPO and listing in Hong Kong, raising approximately US$110 million. Xiaocaiyuan is one of the renowned self-operated chain restaurants in China’s mass Chinese cuisine market. In terms of revenue for 2023, Xiaocaiyuan ranked first among all brands in China’s mass Chinese cuisine market, with average spending per consumer between Rmb50 (US$6.82) and Rmb100 (US$13.65). Xiaocaiyuan has been committed to providing consumers with homemade-style dishes and great customer services at affordable prices through self-operated chain restaurants. China practice chair Tim Wang and partners Tianning Xiang and Jean Thio led the firm’s team in the transaction.
Clifford Chance has also advised Xunfei Healthcare Technology on its IPO and listing in Hong Kong. Xunfei Healthcare Technology is an AI-empowered healthcare solution provider, offering products and solutions that support a range of healthcare services, ranging from health risk warnings, early screening, auxiliary diagnosis and treatment, as well as treatment effect evaluation, to post-discharge management and chronic disease management. China practice chair Tim Wang and partners Fang Liu and Virginia Lee led the firm’s team in the transaction.
Goodwin has acted as international counsel for TW Troy on its proposed acquisition of all the issued and paid-up shares in Singapore-listed TalkMed Group, a premier provider of medical oncology, stem cell transplant and palliative care in Singapore. The proposed acquisition, with the intention to delist and privatise TalkMed, will be effected via scheme of arrangement, in accordance with the Singapore’s Companies Act 1967 and the Singapore Code on Take-overs and Mergers. A special purpose vehicle established for this transaction, TW Troy is indirectly wholly-owned by Tamarind Health, a portfolio company controlled by alternative asset manager Templewater and its affiliates. Tamarind Health is a pan-Asian oncology-focused group headquartered in Singapore. As part of the transaction, 65 Equity Partners, a Singapore-headquartered global investment firm backed by Temasek, will subscribe for shares in Tamarind Health through its Local Enterprise Fund, whose goal is to develop Singapore-based regional champions. An Asia-based alternative asset manager founded in 2018, Templewater co-manages a real estate fund which focuses on real estate investments in Australia and New Zealand. Templewater’s mission is to provide financial and human capital, operational expertise, corporate governance framework and integrity to build leading businesses. Hong Kong private equity partner Edwin Chan, supported by partners Stephen Howard (Hong Kong private equity), Ai Tajima (risk management & insurance) and Daniel Dusek (Hong Kong private equity), led the firm’s team in the transaction.
JSA has advised Mitsui on its investment in MTC Business, one of India’s leading metal recycling companies. Partner Ambarish led the firm’s team in the transaction.
J Sagar Associates, Advocates & Solicitors (JSA) has also acted as sole advisor to UltraTech Cement on securing an unconditional approval from the Competition Commission of India (CCI) for the proposed acquisition of: (a) 32.72 percent of the paid-up equity share capital of The India Cements from India Cements promoters and members of the promoter group, along with Sri Saradha Logistics, another India Cements shareholder, and (b) up to 26 percent of India Cements’s paid-up equity share capital, via an open offer from India Cements public shareholders, per SEBI Regulations 2011 (as amended). This proposed acquisition aims to extend UltraTech’s footprint and presence in the highly fragmented, competitive and fast-growing Southern market in the country, particularly Tamil Nadu, where it has a limited presence. This was an ‘acquirer only’ filing made by UltraTech, and this is the first instance of the CCI unconditionally approving a transaction, post issuance of a show cause notice under the amended merger control regime. The proposed acquisition was approved by the CCI on December 20, 2024. It was the first long form (Form II) merger notification filed under the new merger control regime, which came into force on September 10, 2024, with the CCI approval taking 25 days. Competition chair partner Nisha Kaur Uberoi, supported by partner Pranav Satyam led the firm’s team in the transaction.
Paul Hastings has advised HealthyWay, a digital health and medical service platform in China, on its global offering and listing in Hong Kong. CCB International Capital acted as the sole sponsor. HealthyWay is one of the issuers adopting a VIE structure that has successfully completed its filing with the China Securities Regulatory Commission, with the firm assisting HealthyWay in drafting the prospectus for its global offering and listing. Founding partner and Greater China chair Raymond Li and corporate partners Peter Cheng and Steven Hsu led the firm’s team in the transaction.
Rajah & Tann Singapore is advising the undertaking shareholders and investors on the S$99.61 million (US$73m) renounceable non-underwritten rights issue of convertible bonds by Sunpower Group, a leading centralised provider of clean industrial steam to industrial parks, civil heating to households, electricity to the China state grid, and other industrial products. Partners Danny Lim and Cynthia Wu are leading the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Inventurus Knowledge Solutions, a technology-enabled healthcare provider specializing in revenue cycle management, clinical services and value-based care solutions, on its IPO and pre-IPO secondary sale. The transaction closed on December 18, 2024 and aggregated approximately at US$435 million. The deal comprised the sale of approximately nine million equity shares for approximately Rs12 billion (US$140m) via a pre-IPO secondary sale, followed by an IPO of approximately 18.8 million equity shares valued at approximately Rs25 billion (US$291.5m). Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, Nishtha Jhunjhunwala Discretionary Trust, Ashra Family Trust and Rajeshkumar Radheshyam Jhunjhunwala were the Promoter Selling Shareholders. ICICI Securities, JM Financial, Jefferies India, Nomura Financial Advisory and Securities (India) and JP Morgan India acted as the book-running lead managers. Partners Nikhil Naredi, Devesh Pandey and Gouri Puri led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Axis Capital, Kotak Mahindra Capital, Morgan Stanley India and SBI Capital Markets, as the book-running lead managers, on International Gemmological Institute’s (India) IPO of approximately 101.3 million equity shares comprising of a fresh issue of approximately 35.4 million equity shares and an offer for sale of approximately 66 million equity shares. The deal was closed on December 20, 2024, and aggregated to approximately US$497.51 million. A portfolio company of Blackstone, International Gemmological Institute benefits from the resources, relationships and expertise of Blackstone, which is the world’s largest alternative asset manager, and is renowned for providing one of its kind, comprehensive gemological services, including grading and certification of diamonds, natural stones and colored stones, ensuring accuracy and transparency in the jewelry market. A Blackstone vehicle, BCP Asia II TopCo, was the promoter selling shareholder in the deal, which entailed a unique structure, where the proceeds of the IPO were utilized to acquire the related Dutch and Belgian operations owned by the promoter. Partners Nikhil Naredi and Abhiroop Datta led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised JM Financial, Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Kotak Mahindra Capital and SBI Capital Markets, as the book-running lead managers, on Ventive Hospitality’s IPO of equity shares aggregating to Rs16 billion (US$187m). The equity shares of the company were listed in India’s stock exchanges on December 30, 2024. A joint venture between the Blackstone and Panchshil Group, Ventive Hospitality is a hospitality asset owner with a primary focus on luxury offerings across business and leisure. Ventive Hospitality’s portfolio comprises eleven operational hospitality assets in India and Maldives, and four stabilized Grade A annuity assets, which are part of the hospitality-led integrated developments in Pune. Partners Nikhil Naredi and Priya Awasthi led the firm’s team in the transaction.
Skadden has represented Synspective, a provider of Synthetic Aperture Radar (SAR) satellite data and analytics solutions, on its ¥11.8 billion (US$76m) global IPO and listing in Tokyo on December 19, 2024. The offering of approximately 24.5 million of common stock, including the over-allotment option shares, at an IPO offer price of ¥480 (US$3.04) values Synspective at approximately ¥53 billion (US$336m). Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction.
Trilegal has represented China Development Bank, Export Import Bank of China and Industrial and Commercial Bank of China (Chinese Banks) on the corporate insolvency resolution process of Reliance Infratel (RIT) in an inter-creditor dispute with certain other lenders of RIT before the Supreme Court of India. This matter concerns a dispute centered around whether the Chinese Banks, along with some other similarly placed creditors, were RIT’s financial creditors, based on covenants contained in a deed of hypothecation. The claims of the Chinese Banks were admitted by the resolution professional, based on certain covenants contained in the Deeds of Hypothecation which had the effect of a guarantee. Doha Bank had filed an application before the National Company Law Tribunal (NCLT) seeking to de-classify the Chinese Banks as financial creditors under the Insolvency and Bankruptcy Code. Initially, the NCLT dismissed Doha Bank’s application, upholding the resolution professional’s classification of the Chinese Banks as financial creditors on the basis of covenants contained in the Deeds of Hypothecation. However, the National Company Law Appellate Tribunal (NCLAT) overturned the NCLT’s decision, after the resolution plan had already been approved by the Committee of Creditors (CoC), which included the Chinese Banks. Following the NCLAT’s ruling, the Chinese Banks filed appeals before the Supreme Court, which raised significant questions of law in the context of insolvency proceedings, particularly concerning whether certain clauses in question under the deeds of hypothecation constituted a covenant to pay, and whether such obligations of RIT under such covenant to pay would constitute financial debt under the IBC. Initially, the Supreme Court stayed the operation of the NCLAT’s judgment. Thereafter, on December 20, 2024, the Supreme Court has allowed the appeals, restoring the NCLT’s order and reinstating the Chinese Banks as financial creditors. Partners Aniruddha Sen, Siddharth Ranade and Karishma Dodeja led the firm’s team in the matter.
Trilegal has also advised Kedaara Capital and Partners Group on the IPO by Vishal Mega Mart, the fastest-growing leading offline-first diversified retailers in India. The IPO was a pure offer for sale worth Rs80 billion (US$933m), with the firm representing the only selling shareholder. Capital markets partners Bhakta Patnaik and Albin Thomas led the firm’s team in the transaction.
Moreover, Trilegal has advised bp Technology Ventures on its investment in Zingbus, which operates digital infrastructure for bus operators and customers in intercity bus travel, fleet management and a dedicated ticketing marketplace. Zingbus will also collaborate with Jio-bp pulse to facilitate EV fast charging infrastructure for the bus operators on the Zingbus platform, and help electrify India’s intercity bus routes. Corporate partner Upasana Rao led the firm’s team in the transaction, which is bp Venture’s third investment in the electric mobility space in India.
TT&A has acted as Indian law counsel for ADB on its loan facility via external commercial borrowing of up to US$100 million to SK Finance. The proceeds of the loan will be used by the SK Finance to finance the purchasers of electric vehicles, and to women borrowers / women-led businesses. Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction, while Watson Farley & Williams acted as the English law counsel.
WongPartnership is acting for TW Troy on its acquisition of the shares in Singapore-listed TalkMed Group, via scheme of arrangement at a scheme consideration of S$0.456 (US$0.337) in cash per scheme share, with a deal value of approximately S$606.1 million (US$444.5m). TW Troy is a special purpose vehicle wholly-owned by Tamarind Health, a pan-Asian oncology-focused group controlled by asset manager Templewater and its affiliates. Partners Ng Wai King, Audrey Chng, Soong Wen E and Ling Pei Lih are leading the firm’s team in the transaction, together with partners Vivien Yui, Christy Lim, Josephine Choo, Lam Chung Nian, Jenny Tsin, Suegene Ang, Kylie Peh, Chan Jia Hui, Bernadette Tan, Lim Jia Ying, Lee Si Min and Clarissa Koh. Partner Quak Fi Ling is also advising Temasek-backed 65 Equity Partners on certain aspects of the transaction, which includes an investment by 65 Equity Partners.
