Allen & Gledhill has advised Clifford Capital on the issue of US$500 million 4.781 percent notes due 2030, under its S$2.5 billion (US$1.88b) euro medium term note programme. The notes are guaranteed by the Government of Singapore. Partners Yeo Wico and Jeanne Ong led the firm’s team in the transaction.
Allen & Gledhill has also advised Qatar National Bank Singapore Branch and China CITIC Bank International Singapore Branch on the S$250 million (US$188m) syndicated term loan facilities to TP Utilities. The facilities will be used to finance the general corporate funding purposes of TP Utilities. A subsidiary of Singapore power generation firm Tuas Power, TP Utilities manages all businesses related to the Tembusu Multi-Utilities Complex situated in Jurong Island, which provides an integrated suite of multi-utility services to industries on Jurong Island. Partner Aloysius Ng led the firm’s team in the transaction.
AZB & Partners has advised Vistaar Financial Services, a portfolio company of Warburg Pincus, on the acquisition by IMP2 Catalyst (ABC Impact), along with other entities, of more than five percent stake in Vistaar Financial Services. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri led the firm’s team in the transaction, which was completed on February 28, 2025.
AZB & Partners has advised Vistaar Financial Services, a portfolio company of Warburg Pincus, on the acquisition by True North affiliate True North Fund VII, along with other entities, of more than five percent stake in Vistaar Financial Services. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri also led the firm’s team in the transaction, which was completed on February 28, 2025.
Moreover, AZB & Partners has advised Vistaar Financial Services, a portfolio company of Warburg Pincus, on the acquisition by Motilal Oswal affiliate Motilal Oswal Finvest (Private Equity), along with other entities, of more than five percent stake in Vistaar Financial Services. Partners Vaidhyanadhan Iyer, Jeet Chaudhuri, Nandan Pendsey, Nishanth Ravindran and Bharat Budholia led the firm’s team in the transaction, which was completed on February 28, 2025.
Christopher & Lee Ong, member firm of Rajah & Tann Asia, has acted for RHB Investment Bank, as the principal adviser and lead arranger, on a RM10 billion (US$2.26b) proposed establishment of a multi-currency note programme. Banking and finance partner Jennifer Lee led the firm’s team in the transaction.
Clifford Chance has advised Marketingforce Management, a leading provider of marketing and sales SaaS solutions in China, on the successful placing of approximately 20.1 million new shares, representing approximately 7.85 percent of the issued share capital of the company. Marketingforce raised gross proceeds of approximately HK$1.2 billion (US$154.4m). China practice chair partner Tim Wang led the firm’s team in the transaction.
Clifford Chance has also advised Black Sesame International Holding, a leading provider of automotive-grade system-on-chips (SoC) in China, on the successful placing of 53.65 million new shares, representing approximately 8.53 percent of the issued share capital of the company. Black Sesame raised gross proceeds of approximately HK$1.24 billion (US$160m). Partner Fang Liu led the firm’s team in the transaction.
JSA has advised GD Foods and its promoter on the proposed sale of the company to Adani Wilmar. GD Foods-owned ‘Tops’ brand is among the top three players in the tomato ketchup and pickles category. Partner Siddhart Mody, supported by partner Rohan Kumar, led the firm’s team in the transaction, which is subject to customary closing conditions.
JSA has also advised ASG Hospital on its acquisition of Vission Eye Hospital, set up by leading ophthalmologist Dr Himanshu Mehta. Partner Siddhart Mody, supported by partner Rohan Kumar, also led the firm’s team in the transaction.
Moreover, JSA has advised Coforge on its acquisition of a 100 percent stake in Rythmos from its stockholders for an aggregate deal value of approximately Rs4.24 billion (US$48.6m). Rythmos is engaged in the IT/ITes industry, and provides cutting edge services with data and cloud services, primarily in the USA and India. Partner Anand Lakra, supported by partners Niharika Mepani and Sonaksi Das, led the firm’s team in the transaction.
Latham & Watkins has advised Unioil, one of the largest petroleum companies in the Philippines, on its agreement with Aramco, a global leading integrated energy and chemicals company, to acquire a 25 percent equity stake in Unioil. The planned acquisition, which is subject to customary closing conditions, including regulatory approvals, aims to capitalize on anticipated growth of the high-value fuels market in the Philippines, and represents progress in Aramco’s strategic downstream expansion and growth of its global retail network in high-value markets. The strategic partnership will also see Aramco extending brand, retail offerings and Valvoline-branded lubricants to select retail stations in the Philippines. Singapore corporate partner Sidharth Bhasin, supported by Singapore partner Don Stokes (project finance) and London partner Simon Skinner (tax) led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for HSBC Institutional Trust Services (Singapore) on to a S$159.9 million (US$120m) acquisition by Parkway Life REIT of eleven nursing homes in France from DomusVi, a nursing home operator in France. The acquisition marks Parkway Life REIT’s maiden investment in Europe. M&A partners Favian Tan and Tricia Teo, supported by partner Marcus Tay (corporate real estate), led the firm’s team in the transaction.
Simpson Thacher is advising KKR on definitive agreements with Seiyu, a nationwide supermarket chain in Japan, to sell Seiyu to Trial Holdings, a distribution and retail business operator in Japan that operates a network of stores offering “everyday essentials” in Kyushu. Tokyo M&A partners Jonathan Stradling and Noritaka Kumamoto and Hong Kong credit partner Makiko Harunari led the firm’s team in the transaction.
Skadden has advised Baidu, a leading AI company with a strong Internet foundation, on its Rmb10 billion (US$1.38b) Rmb-denominated senior unsecured notes offering. The notes offering consists of Rmb7.5 billion (US$1b.04) 2.70 percent notes due 2030 and Rmb2.5 billion (US$72m) 3.00 percent notes due 2035. The transaction is expected to close on or about March 12, 2025, subject to the satisfaction of customary closing conditions. Corporate partners Shu Du, Jonathan Stone and Paloma Wang led the firm’s team in the transaction.
Skadden has also advised the Special Committee of the Board of Directors of BEST, a leading integrated smart supply chain solutions and logistics provider in China and Southeast Asia, on its US$54.2 million take-private merger with BEST Global Partners, which is backed by a consortium, including its CEO. As a result of the merger, BEST became a wholly-owned subsidiary of BEST Global Partners and de-listed in New York. Partners Yuting Wu and Haiping Li led the firm’s team in the transaction, which was completed on March 7, 2025.
Trilegal has advised Azad Engineering on its qualified institutions placement of approximately 5.5 million equity shares with face value of Rs2.00 (US$0.023) each, aggregating to Rs7 billion (US$80.4m). Azad Engineering is one of key manufacturers of qualified product lines supplying to global original equipment manufacturers in the energy, aerospace and defence, and oil and gas industries, manufacturing highly engineered, complex and mission and life-critical components. Partner Vinay Sirohia led the firm’s team in the transaction.
Trilegal has also advised Norfund, the Norwegian investment fund for developing countries, and KLP, Norway’s largest pension company, on their investment, through their joint-venture entity KNI India, in a new platform for power grid development and storage in India, in collaboration with IndiGrid Infrastructure Trust and British International Investment (BII). This new platform, ‘EnerGrid’, will bid for and develop greenfield transmission projects and battery energy storage systems in India. IndiGrid, BII and Norfund, alongside KLP through KNI India, have committed US$300 million to this new platform. This capital will enable EnerGrid to target projects worth approximately US$1.2 billion over the next few years. Previously, the firm had advised KNI India on its investment in three of IndiGrid’s existing green transmission projects to support the evacuation of approximately 6 GW of renewable energy in Madhya Pradesh and Maharashtra. Partners Deep Choudhuri (corporate), Amar Narula (projects), Megha Kaladharan (projects) and Rahul Arora (real estate) led the firm’s team in the transaction.
TT&A has advised Deutsche Bank Singapore Branch, Société Générale and The Hongkong and Shanghai Banking Corporation, as the initial purchasers, on the issue and sale of Reg S / Rule 144A US$316.3 million 5.90 percent senior secured notes due 2034 by Varanasi Aurangabad NH-2 Tollway, formerly known as Soma Indus Varanasi Aurangabad Tollway. The firm also acted as Indian counsel to the hedge banks engaged by the issuer in relation to the issue of notes. Varanasi Aurangabad NH-2 Tollway is the first Indian road concession company to raise US dollar-denominated debt in the international capital markets, and to obtain investment grade rating by Moody’s and Fitch. The bond offering also received an overwhelming response from global investors. Partners Rahul Gulati and Priyanka Kumar, supported by partner Akshay Malhotra, led the firm’s team in the transaction, which is a debut issuance for Roadis India group.
WongPartnership has acted for the syndicate of lenders led by DBS, OCBC, Standard Chartered Bank, HSBC and UOB on the S$643 million (US$482.4m) five-year green loan data centre financing obtained by Singtel’s regional data centre arm, Nxera DCT, to finance the development of DC Tuas, a new 58MW data centre in Singapore. DBS, OCBC, Standard Chartered Bank, HSBC and UOB have also been appointed as green loan coordinators. The “most hyper-connected” green data centre, DC Tuas will have the highest power density in Singapore. Partners Christy Lim and Bernadette Tan led the firm’s team in the transaction, together with partner Serene Soh.
WongPartnership is also acting for Olam Group on the sale of its remaining 65 percent stake in Olam Agri to Saudi Agricultural & Livestock Investment. Partners Ng Wai King, Chan Sing Yee, Annabelle Yip, Jayne Lee and Chiang Yuan Bo are leading the firm’s team in the transaction, together with partners Lam Chung Nian, James Choo, Chan Jia Hui and Clarissa Koh.
