Allen & Gledhill has advised Equinix Asia Financing and Equinix on the establishment of its US$3 billion euro medium term note programme and issue of S$500 million (US$374m) 3.50 percent senior notes due 2030 under the programme. The notes are green bonds issued pursuant to Equinix’s Green Finance Framework, and are recognised under the SGX Sustainable Fixed Income initiative. Partners Ong Kangxin and Sunit Chhabra led the firm’s team in the transaction.
Allen and Gledhill has also advised DBS Bank on the S$1.57 billion (US$1.17b) term, revolving and bank guarantee facilities to GWC Commercial and GWC Serviced Apartments. The facilities are to refinance the existing borrowings relating to Great World City and Great World Serviced Apartments. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised DBS Bank on the S$475 million (US$355.5m) secured green committed facilities to CL Savour Property, a subsidiary of CapitaLand Development. The facilities will be used to finance the successful tender for an industrial site at Kallang Way. Partners Kok Chee Wai and Ernest Teo led the firm’s team in the transaction.
AZB & Partners is advising Wave Group and join venture company Agristo Masa on the formation of the JV between Wave Group and Masa Group. Wave Group and Masa Group they will collectively invest US$86 million and contribute operational assets, such as intellectual property, software, proprietary know-how, infrastructure and human resources, among others, to the joint venture. Partners Hardeep Sachdeva and Priyamvada Shenoy are leading the firm’s team in the transaction, which was signed on March 2, 2025 and is yet to be completed.
AZB & Partners is also advising Clean Max Enviro Energy Solutions on its agreement to acquire 51 percent in Clean Max Osaka Gas Renewable Energy, a joint venture with Osaka Gas, which will hold the balance of 49 percent in the JV. Other than investing cash, both the parties are contributing operational assets, such as intellectual property, software, proprietary know-how, infrastructure and human resources, among others, to the joint venture. Partner Niladri Maulik is leading the firm’s team in the transaction, which was signed on March 7, 2025 and is yet to be completed.
Moreover, AZB & Partners has advised SolarWinds on the acquisition by its affiliate, SolarWinds Worldwide, of Squadcast, including its Indian subsidiaries Squadcast India and Squadcast Labs. Partners Vikram Shroff, Nanditha Gopal and Aditya Singh Chandel led the firm’s team in the transaction, which was completed on March 3, 2025.
Clifford Chance has advised BNP Paribas, MUFG Securities Asia Singapore Branch, Oversea-Chinese Banking Corporation, Société Générale and Standard Chartered Bank (Singapore), as the joint global coordinators and joint lead managers, on the issuance of US$527 million infrastructure asset-backed securities (IABS) by Bayfront Infrastructure Capital VI, a wholly-owned and newly-incorporated distribution vehicle of Clifford Capital. This transaction is Clifford Capital’s sixth and largest public IABS issuance, featuring a portfolio size spread across 35 individual loans and bonds, 35 projects, 15 countries and 13 industry sub-sectors. Investors were offered five classes of notes (Class A1, A1-SU, B, C, and D) which are listed in Singapore. Four classes (Class A1, A1-SU, B and C) are rated investment grade by Moody’s. The Class D Notes represent the first unrated mezzanine tranche to be offered to IABS investors on an unguaranteed basis. This IABS issuance has the highest proportion of sustainable assets, with an initial principal balance of US$233.1 million eligible green and social assets, constituting 44.2 percent of the initial portfolio, under the Sustainable Finance Framework of Bayfront Infrastructure Management, the originator of the issuance for EU and UK risk retention purposes and subsidiary of Clifford Capital. Partner Paul Landless, supported by partners Ross Howard and Gareth Old, led the firm’s team advising on the English, US and Singapore law aspects of the transaction. London partner Bruce Kahl advised Citicorp International ass trustee, while Sydney partner Chad Bochan assisted on the bridge facility.
Clifford Chance has also advised Haitong Securities on its merger, via absorption and share exchange, with Guotai Junan Securities. The merger is the largest A+H share merger completed, and the largest merger of securities firms in the Asia Pacific region. Post-merger, it is expected that the Post-Merger Company, with combined assets of Rmb1.6 trillion (US$220b), will become the world leader, in terms of capital strength, customer base, domestic and overseas network layout, comprehensive business capabilities and international competitiveness. M&A and compliance partners Virginia Lee and Jean Thio, supported by partners Rocky Mui, Yong Bai, Angela Chan, Maggie Lo, Lena Ng, Michael Wang, Alex Bidlake and Tommy Tam, led the firm’s cross-border and cross-practice team in the transaction.
Latham & Watkins has advised Clifford Capital, a Singapore-headquartered infrastructure credit platform, on its sixth public infrastructure asset-backed securities (IABS) transaction. Bayfront Infrastructure Capital VI (BIC VI) is a wholly-owned and newly-incorporated distribution vehicle of Bayfront Infrastructure Management, a subsidiary of Clifford Capital. The transaction represents Clifford Capital’s largest IABS issuance and was significantly oversubscribed. BIC VI features a portfolio of loans and bonds of approximately US$527 million in size, spread across 35 projects, 15 countries and 13 industry sub-sectors. Five classes of notes (Class A1, Class A1-SU, Class B, Class C, and Class D) of US$500.5 million in aggregate principal amount were issued. The Class A1, Class A1-SU, Class B, and Class C notes are rated investment grade by Moody’s. The Class D Notes represent the first unrated mezzanine tranche to be offered to IABS investors on an unguaranteed basis, following the guaranteed format that was utilized for the Class D Notes in BIC IV and V. In addition, US$26.5 million in aggregate principal amount of subordinated notes were subscribed for by Bayfront and Clifford Capital Holdings. Bayfront has undertaken to retain at least five percent of each class of notes in a vertical slice risk retention format. Clifford Capital has now structured and placed six public IABS transactions, totaling US$2.7 billion, since the inaugural BIC issuance in 2018. The firm previously acted as structuring and drafting counsel to Bayfront on its original issuance in 2018, Bayfront Infrastructure Capital II in 2021, Bayfront Infrastructure Capital III in 2022, Bayfront Infrastructure Capital IV in 2023 and Bayfront Infrastructure Capital V in 2024. Hong Kong finance partner Michael Hardy and Singapore partner Timothy Hia led the firm’s team in the transaction.
Latham & Watkins has also advised the underwriters on the offering of US$350 million in aggregate principal amount of 4.624 percent convertible senior notes due 2030 by iQIYI, a leading provider of online entertainment video services in China. The firm also advised the underwriters on the concurrent private repurchase by IQIYI of approximately US$300 million principal amount of IQIYI’s existing convertible senior notes from certain holders of such notes. Hong Kong corporate partners Benjamin Su and Posit Laohaphan led the firm’s team in the transaction.
Moreover, Latham & Watkins has also advised the underwriters on the offering of US$2 billion in aggregate principal amount of zero coupon exchangeable bonds due 2032 by Baidu, a leading AI company in China, which bonds reference ordinary shares of Trip.com Group that are listed in Hong Kong. Upon exchange of these bonds by their holders, in certain circumstances, Baidu may elect to deliver Trip.com Shares then held by Biadu in lieu of cash, or a combination of cash and such Trip.com Shares. Hong Kong corporate partners Posit Laohaphan and Derek Chua led the firm’s team in the transaction.
Norton Rose Fulbright has advised China Water Affairs Group on Taikang Asset’s Rmb1.5 billion (US$207m) equity investment in its subsidiary, Silver Dragon Water Affairs. Hong Kong-listed China Water Affairs principally engages in city water supply, pipeline direct drinking water supply and environmental protection businesses in China. A leading asset management company in China, Taikang Asset is a wholly-owned subsidiary of Taikang Insurance Group, an insurance and financial service conglomerate focused on insurance, asset management and health and elderly care businesses in China. The equity investment brings to China Water Affairs a strategic investor, and represents a significant milestone for the company’s further growth and future expansion. The equity investment constitutes a disposal and discloseable transaction under the Hong Kong Listing Rules. Hong Kong practice head Psyche Tai led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Bajaj Finserv, one of India’s largest and most diversified financial groups, on the proposed acquisition by the Bajaj Group of Allianz’s entire 26 percent promoter stake in each of their insurance joint ventures, Bajaj Allianz General Insurance (BAGI) and Bajaj Allianz Life Insurance (BALI), for a total consideration of approximately Rs240 billion (US$2.8b). Allianz’s stake is proposed to be purchased by Bajaj Finserv, along with certain promoter/ promoter group entities, and will increase Bajaj group’s ownership in BAGI and BALI to 100 percent. The transaction is subject to receipt of regulatory approvals, including approvals from the Competition Commission of India and the Insurance Regulatory and Development Authority of India. Partners Shailaja Lall and Akshay Sachthey, supported by executive chairman Dr Shardul S Shroff and partners Harman Singh Sandhu, Aman Singh Sethi, Gouri Puri and Manjari Tyagi, led the firm’s team in the transaction, which is set to be one of the largest and most significant deals in the insurance industry.
Shardul Amarchand Mangaldas has also advised TA Associates on its strategic investment in Nous Infosystems to support continued growth and innovation. TA Associates is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. This partnership will enable Nous to leverage TA’s global network, strategic resources and extensive expertise in the digital IT sector to enhance its capabilities, expand into new verticals, and further scale its service offerings. Partners Abhishek Guha and Mahesh Wasadikar, supported by partner Mahesh Wasadikar, led the firm’s team in the transaction.
Skadden has represented HashKey Capital, a leading cryptoasset management firm, on successfully securing approval from the Hong Kong Securities and Futures Commission (SFC) to conduct Type 1 regulated activities in Hong Kong. With this approval, HashKey Capital will be authorized to market and distribute funds managed by other managers, including funds that invest in virtual assets; market and distribute structured products, including those that reference virtual assets; and introduce clients to open accounts with other securities brokers and SFC-licensed virtual asset trading platforms. HashKey Capital is one of the largest institutional digital asset managers in Asia. The firm’s team that advised on this licensing approval also previously advised HashKey Capital on securing the requisite SFC licenses and approvals to act as a sub-manager to Asia’s first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), and for them to provide securities and virtual asset investment advisory services. Investment management partner Geoffrey Chan led the firm’s team in the transaction.
Skadden has also advised JX Advanced Metals on its ¥439 billion (US$2.9b) global IPO and listing in Tokyo on March 19, 2025. At the IPO offer price of ¥820 (US$5.46) per share, the company is valued at ¥761 billion (US$5b). JX Advanced Metals is a leading global producer and supplier of copper and minor metal materials that focuses on the supply of advanced materials for the semiconductor and ICT industries. Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction, which was Japan’s largest IPO since 2018.
Trilegal has advised ICICI Securities and HSBC Securities and Capital Markets (India), as the book-running lead managers, on the qualified institutions placement by Hitachi Energy India of approximately 2.2 million equity shares with face value of Rs2.00 (US$0.023), aggregating to approximately US$300 million. Partner Vijay Parthasarathi led the firm’s team in the transaction, which is the largest Indian QIP offering to for the current calendar year.
Trilegal has also advised Varanasi Aurangabad NH-2 Tollway (VAH), a company wholly-owned by ROADIS, on its successful issuance of US$ 316.3 million 5.90 percent senior secured notes, listed in India. Deutsche Bank, HSBC and Société Générale acted as joint book-running lead managers. This transaction marks a significant milestone in India’s infrastructure financing landscape, with VAH becoming the first Indian toll road concessionaire to raise US dollar-denominated debt in the international capital markets, and securing investment-grade ratings from Moody’s and Fitch. Partners Ameya Khandge, Albin Thomas, Neeraj Menon, Swathy S Pisharody and Komal Dani led the firm’s team in the transaction.
