AZB & Partners is advising CapFloat Financial Services and its promoters, Gaurav Dinesh Hinduja and Sashank Ramasubban Rishyasringa, on the acquisition by Amazon International Holdings of significant stake in CapFloat Financial Services (Axio). Partner Srinath Dasari is leading the firm’s team in the transaction, which was signed on January 18, 2025 and is yet to be completed.
AZB & Partners has also advised JSW Energy on its US$1.84 billion acquisition of KSK Mahanadi Power. Partners Suharsh Sinha, Avinash Subramanian, Qais Jamal and Vivek Shett led the firm’s team in the transaction, which was signed on January 13, 2025.
Moreover, AZB & Partners is advising Neo Markets Services on its acquisition of stake in Nobel Hygiene. Partner Kunal Kumbhat is leading the firm’s team in the transaction, which was signed on January 13, 2025 and is yet to be completed.
Baker McKenzie Thailand has represented INEOS Styrolution, a global leader in styrenics manufacturing and supply, on the divestment of its entire equity interests in the acrylonitrile butadiene styrene (ABS) and styrene acrylonitrile (SAN) production site in Map Ta Phut, Thailand. The equity interests were sold to India-listed Styrenix Group, a leading ABS and SAN producer in India. The transaction, which involved the disposal of INEOS’s entire equity interests in INEOS Styrolution (Thailand), was completed in January 2025. M&A partners Sumet Orsirivikorn and Purachate Manussiripen led the firm’s team in the transaction.
Baker McKenzie has also advised Potentia Energy on its agreement with CVC DIF and Cbus Super to acquire control of a portfolio of more than one gigawatt (1 GW) of renewable assets across Australia. The portfolio comprises diverse wind and solar assets, including interests in Bright Energy Investments in Western Australia (which owns Warradarge Wind Farm, Albany Grasmere Wind Farm and Greenough River Solar Farm), Royalla Solar Farm in the Australian Capital Territory, Clare Solar Farm in Queensland and Bungala Solar Farm in South Australia. The portfolio also includes a number of development stage projects. The newly acquired assets expand and complement Potentia Energy’s existing portfolio of solar and wind assets across the Wholesale Energy Market and National Electricity Market. Previously Enel Green Power Australia, Potentia Energy is a joint venture entity co-owned by Enel Green Power and INPEX. Australia energy co-head partner Raymond Lou, supported by partner Aylin Cunsolo, led the team of 50 lawyers across three firm offices in Australia in the transaction.
Morrison Foerster has advised international investment company Bain Capital on its acquisition of Mitsubishi Tanabe Pharma in a carve-out transaction from Mitsubishi Chemical Group for approximately ¥510 billion (US$3.35b). This investment is led by Bain Capital’s private equity and life sciences teams in Asia and North America. Founded in 1678, Mitsubishi Tanabe Pharma is headquartered in Doshomachi, Osaka, the birthplace of Japan’s pharmaceutical industry. Through the discovery and development of innovative pharmaceuticals to meet unmet medical needs, they develop solutions for immune-inflammation, vaccinations, central nervous system diseases, diabetes, metabolic diseases and other priority diseases. Tokyo M&A/private equity partners Jeremy White and Randy Laxer led the firm’s team in the transaction.
Rajah & Tann Singapore is acting for Japfa on the proposed acquisition, via a scheme of arrangement, by TAC 1 and TAC 2 of all the issued and paid-up shares in the capital of Japfa, other than the shares already held by Rangi Management, Tasburgh, Morze International, Tallowe Services and Renaldo Santosa. The privatisation offer values Japfa at approximately S$1.18 billion (US870.5m). Japfa is a leading pan-Asian industrialised agri-food company with a network of farming, processing and distribution facilities in Indonesia, Vietnam, India, Myanmar and Bangladesh. M&A partners Danny Lim and Favian Tan are leading the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Hanwha Ocean SG Holdings on a S$845 million (US$623m) acquisition of Singapore-listed Dyna-Mac Holdings, a Singapore home-grown enterprise involved in offshore topside module fabrication and construction. Hanwha Ocean is a leading global builder that produces a wide range of specialised vessels critical to the offshore marine sector. M&A partners Lawrence Tan, Goh Jun Yi and Hilary Toh-Chin, supported by competition & antitrust partner Kala Anandarajah, led the firm’s team in the transaction.
Moreover, Rajah & Tann Singapore has acted for Tyme Group on its US$250 million Series D capital raise led by Nubank. The firm had also advised Tyme on its Series C capital raise. M&A partners Terence Quek and Jasselyn Seet led the firm’s team in the transaction, which is the largest fintech raise in Southeast Asia in 2024.
Russin & Vecchi acted as Vietnam counsel to New York-listed Amphenol on its acquisition of Nasdaq-listed CommScope’s Outdoor Wireless Networks (OWN) and Distributed Antenna Systems (DAS) businesses, including the assets of CommScope in Vietnam and the transfer of nearly 4,000 employees worldwide from CommScope to Amphenol. The deal was worth US$2.1 billion in cash, subject to customary post-closing adjustments. The OWN and DAS businesses will be included in the Communications Solutions segment of Amphenol. Amphenol is one of the world’s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial and high-speed specialty cable. Partner Tam Huynh led the firm’s team in the transaction, working alongside Latham & Watkins, among other law firms.
Shardul Amarchand Mangaldas & Co is advising Access Healthcare, a leading technology-enabled platform for revenue cycle management (RCM), on a strategic investment from affiliates of New Mountain Capital. M&A & private equity-general corporate regional head Raghubir Menon and partner Manita Doshi, supported by partners Aman Singh Sethi and Kriti Kaushik, led the firm’s team in the transaction.
S&R Associates has represented Kotak Mahindra, Morgan Stanley India, Jefferies India and Motilal Oswal Investment Advisors, as the book-running lead managers, on the Rs30.27 billion (US$349m) IPO by Dr. Agarwal’s Health Care, a leading eye care services chain in India. Partners Sandip Bhagat and Jabarati Chandra led the firm’s team in the transaction.
Trilegal has acted as lead counsel to Cashfree, a leading payments company in India, and its founders Mr Akash Sinha and Mr Reeju Datta on Cashfree’s Series C fundraise equivalent to US$53 million from incoming investor Krafton, with participation from existing investor Apis Growth II (Clover), a fund managed by Apis Partners Group (UK). Cashfree is a US-based corporation having subsidiaries in India and the UAE. It is the first entity in India to get a cross-border payment aggregator license from the Reserve Bank of India. At present, Cashfree holds three licences, namely an online payment aggregator licence, a payment aggregator licence for cross-border payments, and a prepaid payments instrument authorisation. The company provides full-stack payment systems to its customers. The deal establishes a one-of-its-kind strategic partnerships between Krafton, an international gaming company, and Cashfree, a payment gateway provider. Partner Rahul Chugh led the firm’s team in the transaction.
Trilegal has also advised Bain Capital on a strategic investment in Dhoot Transmission Group, acquiring a significant minority stake through a combination of primary and secondary investment. Corporate partners Harsh Maggon and Pranav Atit, supported by competition partner Gauri Chhabra, led the firm’s team in the transaction.
Moreover, Trilegal has advised Nuvama Wealth Management, Motilal Oswal Investment Advisors and SBI Capital Markets, as book-running lead managers, on Laxmi Dental’s IPO of equity shares, comprising a fresh issue and offer for sale by existing shareholders, including Orbimed Asia Fund, aggregating to Rs6.98 billion (US$80.5m). Laxmi Dental is India’s only end-to-end integrated dental products company offering comprehensive portfolio, including custom-made crowns and bridges, branded dental product and paediatric dental products. It is among the top two largest Indian dental laboratories. The IPO proceeds will be used for repayment or prepayment of certain outstanding borrowings, funding capital expenditure for purchasing new machinery, and for general corporate purposes. The equity shares were listed on the bourses and saw a 27 percent listing premium. Capital market partner Richa Choudhary led the firm’s team in the transaction.
