Allen & Gledhill has advised Novo Tellus Capital Partners on leading, along with 65 Equity Partners Holdings, the S$344 million (US$261m) acquisition of TD Connex, a division of Tongda Group Holdings. The cross-border acquisition involved the spin-off of various Chinese, Singaporean and Indian entities, and comprised two parallel transactions involving business transfers of various entities held by the Tongda Group and, concurrently, the 100 percent acquisition of the shares of TT Connex Holding, Tongda Precision Technology (Singapore) and Tongda (Xiamen) Elastomers. Partners Christopher Ong, Lim Wei Ting, Yeo Boon Kiat, Eugene Ho, Lim Xiu Hui, Shalene Jin, Elsa Chen, Lee Bik Wei and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised venture capital firm Granite Asia on leading the US$3.3 million pre-Series A financing of Beep Technologies, a Singapore-based Internet of Things startup. Beep’s solutions include the Voltality platform, which connects electric vehicle drivers with charging points from different operators through a single account. The funding secured will aid Beep to expand its Voltality platform in South-east Asia, starting with Thailand and Malaysia. Partner Julian Ho led the firm’s team in the transaction.
AZB & Partners is advising Welspun on the Rs850 million (US$10m) acquisition by its subsidiary, Sintex-BAPL, of Weetek. Partners Darshika Kothari and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on August 7, 2024 and is yet to be completed.
AZB & Partners has advised Inflexion Private Equity Partners, through Addleshaw Goddard, on its acquisition of a significant stake in UP Global and its Indian subsidiary, Ultimate Performance India. Partners Darshika Kothari and Kunal Kumbhat also led the firm’s team in the transaction, which was completed on April 16, 2024.
Moreover, AZB & Partners has advised Stephen Cretier and GardaWorld Security on their acquisition of VCECN Holding and its subsidiaries (OnSolve), including its Indian entity OnSolve Technologies. Partners Darshika Kothari and Kritika Agarwal led the firm’s team in the transaction, which was completed on July 31, 2024.
Baker & McKenzie (Gaikokuho Joint Enterprise) has advised The Bank of Fukuoka on its ¥5.3 billion (US$34m) green loan for the 31.65MW Maibara Solar Power Project under construction in Maibara, Shiga Prefecture, Japan. The power plant will be developed by Vena Energy, which will supply electricity produced from renewable energy sources to Mitsubishi Corporation Clean Energy through a corporate Power Purchase Agreement. The project is expected to generate electricity while reducing greenhouse gas emissions and water use, when compared to the use of thermal power plants, and is expected to contribute to the Japanese government’s goal of achieving carbon neutrality by 2050. Tokyo partner Kosuke Suzuki, supported by London partner Luke Lightfoot, led the firm’s team in the transaction.
Christopher & Lee Ong, member firm of Rajah & Tann Asia, has advised the joint global coordinators, joint book-runners, managing underwriter and joint underwriters on the M$735 million (US$166m) IPO and listing of Johor Plantations Group in Malaysia. Partners Annette Soh and Daphne Lam led the firm’s team in the transaction, which ranks among the largest IPOs in Malaysia this year.
Clifford Chance has advised Black Sesame International Holding on its IPO and Chapter 18C listing in Hong Kong. A leading provider of automotive-grade system-on-chips (SoC) in China which enable advanced intelligent vehicle functionalities centred around autonomous driving, Black Sesame is the first commercial company to list under the Exchange’s Chapter 18C listing regime for Specialist Technology Companies, and the first semiconductor company to do so. It was also the inaugural applicant when the Exchange launched Chapter 18C in 2023. Partners Fang Liu and Virginia Lee led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised JM Financial and its subsidiaries, JM Financial Credit Solutions (JM CSL), a middle layer NBFC-ICC, and JM Financial Asset Restructure Company (JM ARC), on the consolidation of the holdings of JM Financial in JM CSL and JM ARC. Both JM CSL and JM ARC are high-value debt listed entities. The transaction involved the acquisition of a 48.96 percent stake in JM CSL by JM Financial from INH Mauritius 1 (a GIC-backed entity) in one or more tranches for a total consideration of Rs14.6 billion (US$174m), with Tranche I being the acquisition of 42.99 percent shareholding in JM CSL for approximately Rs12.82 billion (US$153m); and sale of 71.79 percent in JM ARC by JM Financial to JM CSL for approximately Rs8.56 (US$101m). The share purchase agreements for the sale and purchase of shares were executed on July 6, 2024. Managing partner Cyril Shroff and senior partner L Viswanathan, supported by partners Ruetveij Pandya, Molla Hasan, Jian Johnson, Dhruv Rajain and Avaantika Kakkar (competition law head), led the firm’s team in the transaction, which is subject to customary conditions precedents, including approvals from regulatory authorities.
Cyril Amarchand Mangaldas has also advised Sobha on its fast-track rights issue of approximately 12.1 million partly paid-up equity shares aggregating to approximately Rs20 billion (US$238m). The issue was undertaken by Sobha in accordance with Regulation 99 and Part B of Schedule VI of the Securities and Exchange Board of India Regulations 2018. The letter of offer was filed with SEBI and the stock exchanges on June 12, 2024. Senior partner Yash Ashar and partner Ramanuj Kumar (co-head- energy and energy transition projects) led the firm’s team in the transaction, which closed on July 19, 2024. Hogan Lovells Lee & Lee acted as international counsel for JM Financial and BOB Capital Markets, as book-running lead managers to the issue.
Moreover, Cyril Amarchand Mangaldas has advised Standard Chartered Bank, Deutsche Bank Singapore Branch, Barclays Bank, Citigroup Global Markets, Emirates NBD Bank and Axis Bank Singapore Branch, as the managers, on the establishment of US$1 billion Euro Medium Term Note Programme by Piramal Capital & Housing Finance, a debt-listed entity, in the form of senior sustainability notes. The first issuance was made to raise US$300 million under the programme, with the notes listed in India, and with further issuances to follow under the Tap Route. Deutsche Bank Singapore Branch acted as deal manager, while DB Trustees (Hong Kong) acted as trustee for the note holders. Barclays Bank, Citigroup Global Markets, Axis Bank Singapore Branch and Emirates NBD Bank acted as deal managers for the note holders. Partner Subhojit Sadhu, supported by partner Aashima Johur, led the firm’s team in the transaction, which closed on July 29, 2024 and marks the maiden overseas bond issuance of Piramal Capital & Housing Finance.
Dentons Hong Kong has acted as international counsel for Shandong Quanhui Industrial Development on its successful offering of Rmb280 million (US$39.2m) 6.95 percent guaranteed bonds due 2027, unconditionally and irrevocably guaranteed by its parent company, Jinan Zhanqiu Holding Group. The bonds are listed in Macao. The joint lead managers of the offering include China Credit International Securities, Haitong International, Pulun International, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (HK), Cathay Securities (HK), China Industrial Securities International, Shun Heng Securities, TF International, Tung Yat Securities, Orient Securities, Marlin Capital, Innovax Securities, Alpine Securities, Huatai International, Yuan Tong Global Securities, Emperor Securities, Sino Partner Capital, Profit Access and Zhongtai International. A wholly-owned subsidiary of Jinan Zhanqiu Holding Group, Shandong Quanhui Industrial Development operates primarily in Zhangqiu District of Jinan City, Shandong Province. Its business consists of four major segments, namely products sales, hotel and catering, property management, and surveying and design. A state-owned enterprise in China, Jinan Zhanqiu Holding Group operates primarily in Zhangqiu District of Jinan City, Shandong Province. Its business consists of five major segments, namely infrastructure construction, hotel operation, commodities trading, tourism and investment. Capital market partner Charles Yim led the firm’s team in the transaction.
Dentons Hong Kong has also acted as international counsel for Shandong Quanhui Industrial Development on its successful offering of Rmb229 million (US$32m) 3.2 percent credit-enhanced bonds due 2027, with the benefit of an irrevocable standby letter of credit issued by Bank of Nanjing. The bonds are listed in Macao. The joint lead managers of the offering include China Credit International Securities, Haitong International, Pulun International, CMBC Capital, Shanghai Pudong Development Bank Hong Kong Branch, China CITIC Bank International, Huatai International and China Industrial Securities International. A state-owned enterprise in China, Shandong Quanhui Industrial Development operates primarily in Zhangqiu District of Jinan City, Shandong Province. Its business consists of four major segments, namely products sales, hotel and catering, property management, and surveying and design. Capital market partner Charles Yim also led the firm’s team in the transaction.
JSA has successfully represented the Resolution Professional of Smaaash Entertainment on obtaining from the National Company Law Tribunal (NCLT) an order of investigation against the erstwhile promoters for concealing important information from the Resolution Professional. In a landmark judgment on the interplay of the Companies Act 2013 and the Insolvency and Bankruptcy Code 2016, the NCLT passed an order under an application filed under Section 19 of the Code, issuing a notice under Section 213(2) of the Companies Act against the promoters of the corporate debtor, to investigate if affairs of the corporate debtor were conducted to defraud the creditors. The NCLT order provides relief to the Resolution Professional against the errant erstwhile management, and discourages actions adopted by the erstwhile management in creating impediments in the CIRP of the corporate debtor. Partner Varghese Thomas, supported by partners Kunal Kaul and Fatema Kachwalla, led the firm’s team in the matter.
Shardul Amarchand Mangaldas & Co has advised Eurogroup Laminations (EGLA) on the execution of definitive documents related to its acquisition of 40 percent stake in Kumar Precision Stampings, a leading local player in the production and distribution of stators and rotors for electric motors with various industrial and domestic applications. This strategic move marks a significant milestone for EGLA, allowing it to further consolidate the positioning of its industrial business unit at a global level, while successfully penetrating the highly attractive and fast-growing Indian market, which provides for untapped opportunities while also starting to operate in the fast-growing transformers’ business. Partners Abhishek Guha and Tanya Uppal, supported by partners Radhika Dudhat and Mukul Baveja, led the firm’s team in the transaction. Freshfields Bruckhaus Deringer acted as international counsel. OP Khaitan & Co advised Kumar Precision Stampings.
Shardul Amarchand Mangaldas & Co has also successfully represented Bain Capital Credit (BCC) on securing an unconditional approval from the Competition Commission of India in relation to its exercise of the collective right to nominate a director on the board of directors of Embassy Office Parks Management Services, the manager of Embassy Office Parks REIT. The transaction was in relation to BCC and Kotak Performing RE Credit Strategy Fund I collectively exercising their statutory right to nominate a director granted by the Securities Exchange Board of India. BCC is a global credit specialist which invests, through its family of funds, across the credit spectrum in credit-related strategies, including leveraged loans, high-yield bonds, direct lending, bespoke capital solutions, structured equity, hard assets and distressed securities. Embassy Office Parks Management Services manages the day-to-day operations of the real estate assets and other investments held by Embassy REIT. Partners Gunjan Shah, Nikhil Naredi, Sangamitra Sankaraiah and Aparna Mehra led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised Barentz on its acquisition of Anshul Life Sciences. Barentz is a leading global specialty ingredients solutions provider. With this acquisition, Barentz establishes a leading life science distribution platform in India, and reinforces its commitment to providing innovative solutions and technical expertise pan-India. Partners Roopal Kulsrestha, Neelam Pathak and Meghna Nachappa led the firm’s team in the transaction. AZB Partners advised Anshul Life Sciences and its promoters.
Simpson Thacher is advising KKR on the intention of FK, an entity owned by investment funds managed by KKR, to make a tender offer to acquire all the outstanding shares of Fuji Soft. Tokyo M&A partners Noritaka Kumamoto and Jonathan Stradling led the firm’s team in the transaction.
Skadden is advising AutoFlightX (AutoFlight), a global high-tech start-up dedicated to advancing electric aerial vehicles for logistics and urban air mobility solutions, on the strategic investment from and business cooperation with CATL (Contemporary Amperex Technology Co, Limited), a global leader in new energy innovative technologies. The transaction valued AutoFlight at hundreds of millions of dollars. Through business cooperation, AutoFlight will establish a long-term partnership with CATL, committing to the joint research and development of eVTOL (electric vertical take-off and landing) power battery systems and products. Shanghai corporate partner Yuting Wu led the firm’s team in the transaction.
Trilegal has advised RMZ and Canadian Pension Plan Investment Board on the sale of 100 percent of RMZ Infinity (Chennai), a special purpose vehicle that owns One Paramount – a freehold Grade A office complex in Chennai spread across 12.6 acres of land and comprising about 2.4 million square feet of gross leasable area – to Singapore-based developer Keppel. Partners Sai Krishna Bharathan and Shivani Kabra, supported by partners Sibani Saxena, Mridul Kumbalath, Meyappan Nagappan, Mallika Chopra, Kirti Balasubramanian and Apeksha Mattoo, led the firm’s team in the transaction.
Trilegal has also advised the syndicate of book-running lead managers comprised of ICICI Securities, IIFL Securities and JM Financial on Ceigall India’s IPO aggregating to approximately Rs12.5 billion (US$149m). Ceigall India is an infrastructure company experienced in specialised structure works, such as flyovers, elevated roads, railways over bridges, highways, expressways, runways and tunnels. The company proposes to utilise the issue proceeds for purchase of equipment and repayment of debt of the company and its subsidiary. The issue was oversubscribed approximately 14.01 times, and the equity shares were listed at a premium of approximately 4.5 percent. Capital markets partner Richa Choudhary led the firm’s team in the transaction.
Moreover, Trilegal has advised SBI Capital Markets, Jefferies India and ICICI Securities, as placement agents, on the qualified institutions placement of equity shares aggregating to approximately US$1 billion by Adani Energy Solutions, a part of the Adani portfolio, which is among India’s top business houses and is one of the leading players in the transmission and distribution sector and the private sector transmission segment. The QIP proceeds are proposed to be used to fund capital expenditure requirements of certain subsidiaries, in relation to setting up transmission systems, purchasing and installing smart meters, and repaying debt of certain borrowings availed by Adani Energy Solutions and its subsidiaries. Capital markets partner Richa Choudhary led the firm’s team in the transaction, which is the largest QIP in the power sector and one of the largest QIPs this year.
TT&A has advised Aamdhane on its fund raise from Michael & Susan Dell Foundation, Tamil Nadu Emerging Sector Seed Fund and the Founders. The deal is the seed funding round by institutional investors in Aamdhane to enhance its business of a technology and sourcing platform for blue-collar workforce in India and other related operations. Partner Amrita Patnaik led the firm’s team in the transaction.
TT&A has also represented American Tower Corporation (ATC) before the Competition Commission of India on the sale of its 100 percent shareholding in ATC Telecom Infrastructure to Data Infrastructure Trust. In January 2024, American Tower Corporation agreed to the sale for an enterprise value of Rs165 billion (US$2b), leading to the creation of one of the largest passive telecommunication infrastructure providers in India. Partner Sonam Mathur led the firm’s team in the transaction.
WongPartnership has acted for Mitsubishi Electric, as co-lead investor, on Evercomm’s US$10 million Series B fundraising round. Mitsubishi Electric’s investment will help propel the further expansion of Evercomm, a Singapore-incorporated carbon accounting platform, into Europe, in addition to its current presence in Singapore, Taiwan, Malaysia, Indonesia and Vietnam. This ESG-driven partnership aims to overcome barriers to adopting intelligent manufacturing initiatives across the Asia-Pacific region with emerging technology towards low-carbon manufacturing. Partner Kyle Lee led the firm’s team in the transaction.
WongPartnership is also acting for SATS on a proposed partnership between SATS and Mitsui, whereby Mitsui will invest S$36.4 million (US$28m) for a 15 percent stake in Food Solutions Sapphire Holdings, a holding vehicle established by SATS. Food Solutions Sapphire Holdings will acquire interest in four SATS subsidiaries that undertake food solutions businesses in Singapore, Thailand, India and China. The partnership will focus on expanding SATS’ food solutions business in key Asian markets through certain joint initiatives, and allow Food Solutions Sapphire Holdings to leverage on Mitsui’s global network of retailers, manufacturers and F&B players and SATS’ expertise in the entire process, from raw material procurement to end-customer delivery. Partners Quak Fi Ling, Ho Soon Keong and Miao Miao are leading the firm’s team in the transaction.
