Allen & Gledhill has advised S&P Global Asian Holdings on its acquisition of a 43.4 percent shareholding interest in FiRsatings, a leading credit rating agency in Vietnam. S&P’s investment extends a long-standing partnership between the two companies, and significantly increases their commitment to strengthening credit-rating standards and efficient and liquid debt capital markets in Vietnam. Managing partner Oh Hsiu-Hau led the firm’s team in the transaction.
AZB & Partners is advising Jumbotail Technology and its founders Subramanian Karthik Venkateswaran and Ashish Jhina on Jumbotail’s acquisition of Standard Chartered Research and Technology India from SC Ventures Holdings and Standard Chartered Research and Technology India. Partners Anand Shah, Kinshuk Jhunjhunwala and Harshil Dalal are leading the firm’s team in the transaction, which was signed on March 26, 2025 and is yet to be completed.
AZB & Partners has also advised Welspun on its Rs3.6 billion (US$42m) sale of its 100 percent shareholding in Nauyaan Shipyard to Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries. Partners Darshika Kothari, Kritika Agarwal and Ruchit Parikh led the firm’s team in the transaction, which was completed on March 21, 2025.
Moreover, AZB & Partners is advising Chemplast Sanmar and its wholly-owned subsidiary Chemplast Cuddalore Vinyls on the Rs213 million (US$2.5m) acquisition of 18.46 percent stake by Chemplast Sanmar and the Rs90.5 million (US$1m) acquisition of 7.81 percent stake by Chemplast Cuddalore Vinyls in JSW Green Energy Nine, a special purpose vehicle established by JSW Neo Energy. Partners Anand Shah, Anuja Tiwari, Hufriz Wadia and Mallika Anand are leading the firm’s team in the transaction, which was signed on February 27, 2025 and is yet to be completed.
Baker McKenzie has advised Liberty Mutual Insurance, a leading global property and casualty insurer, on the successful sale of its insurance business in Thailand to Chubb. The firm is also assisting Liberty Mutual in the sale of its insurance business in Vietnam to Chubb, which is expected to be completed in 2026, subject to the required regulatory approvals and customary closing conditions. The sale includes LMG Insurance, a top 10 motor and non-life insurer in Thailand, and Liberty Insurance, one of the leading foreign retail motor insurers in Vietnam. M&A partners Sumet Orsirivikorn (Thailand) and Lan Phuong Nguyen (Vietnam), supported by partners Amnart Pitakgorn (M&A and insurance), Jarae Sithiwong (M&A and insurance), Nopporn Charoenkitraj (tax) and Sirirasi Gobpradit (tax), led the firm’s team in the transaction.
Clifford Chance has advised the Postal Savings Bank of China (PSBC) on its issuance of A-shares not exceeding Rmb130 billion (US$17.8b). The Ministry of Finance of China plans to subscribe Rmb117.58 billion (US$16.1b), with PSBC’s existing shareholders China Mobile Group subscribing Rmb7.85 billion (US$1.07b) and China State Shipbuilding Group subscribing Rmb4.57 billion (US$623m). Partner Tianning Xiang led the firm’s team in the transaction, which will replenish the core tier one capital of one of China’s largest banks, strengthening the country’s high-quality financial sector and driving sustained recovery and growth of the wider economy.
Clifford Chance has also advised the China Construction Bank (CCB) on its issuance of A-shares not exceeding Rmb105 billion (US$14.3b) to the Ministry of Finance of China. China practice chair and partner Tim Wang led the firm’s team in the transaction, which will replenish the core tier one capital of one of China’s largest banks, strengthening the country’s high-quality financial sector and driving sustained recovery and growth of the wider economy.
Moreover, Clifford Chance and its joint operation partner in China Shanghai He Ping Law Firm have advised dsm-firmenich on the acquisition of 15.5 percent of total shares in Yantai DSM Andre Pectin from Shandong Andre Group, increasing dsm-firmenich’s shareholding in Andre Pectin from 75 percent to 90.5 percent. Headquartered in Switzerland and the Netherlands, Amsterdam-listed dsm-firmenich is a leading global nutrition, health and beauty company with operations in almost 60 countries. Founded in 2003 and headquartered in Yantai, Shandong Province, China, Andre Pectin is one of the largest producers of apple and citrus pectin, a key ingredient used in food, beverages and personal care products. The firm recently advised dsm-firmenich on the sale of its stake in Feed Enzymes Alliance to its partner Novonesis for €1.5 billion (US$1.64b), the sale of its MEG-3® fish oil business to KD Pharma Group and the sale of its yeast extract business to Lesaffre. Clifford Chance partner Gregory Crookes and Shanghai He Ping Law Firm corporate head Glen Ma led their firm’s respective team in the transaction.
JSA has advised Signify Innovations India (Signify India) on the binding term sheet executed by Signify India with Dixon Technologies (India) to form a joint venture for carrying out OEM business of lighting products and accessories. Partners Sidharrth Shankar and Nisha Kaur Uberoi, supported by partners Nandini Seth, Pranav Satyam and Ananya Kumar, led the firm’s team in the transaction, which is subject to the signing of definitive documents, receipt of required statutory approvals, and completion of customary conditions precedent.
Morrison Foerster has advised Tokyo-listed TOPPAN Holdings on its acquisition of the Thermoformed & Flexibles Packaging (TFP) arm of New York-listed Sonoco Products for approximately US$1.8 billion. Established in Tokyo in 1900, the TOPPAN Group is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields, including printing, communications, security, packaging, décor materials, electronics and digital transformation. TFP is a leading thermoformed and flexible packaging business serving a wide range of customers in food, retail and medical verticals. TFP provides a variety of complex packaging to value-added categories, including snacks, condiments, healthcare, prepared meals, fresh products, coffee and pet food. M&A global co-chair Jeremy White, supported by partners Kerry Jones (antitrust-Washington DC), Matthew Lau (tax-Hong Kong) and Aya Eguchi (technology-San Francisco), led the firm’s team in the transaction, which closed on April 1, 2025.
