Allen & Gledhill has advised Wemix on the sale of some of its shares in Lightscale Holdings to ZKcandy and JB Investment. The sale is in connection with the investments by ZKcandy and JB Investment in Kroma, Lightscale’s innovative Layer 2 blockchain solution. Partners Nicholas Soh, Adrian Ang and Alexander Yap led the firm’s team in the transaction.
AZB & Partners is advising UPL on its Rs29.5 billion (US$350m) sale of stake in Advanta Enterprises to Alpha Wave Global. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on November 19, 2024 and is yet to be completed.
Baker & McKenzie has advised J-STAR and Potentia Capital on their joint acquisition of jinjer, one of Japan’s leading HR SaaS players. The transaction involved the purchase of all outstanding shares in the company. A prominent Japanese private equity firm specializing in mid-cap companies with approximately ¥200 billion (US$1.3b) in assets under management, J-STAR invested in jinjer via its ¥75 billion (US$486m) JSTAR No. 5 Fund. Potentia, Australasia’s leading technology-focused private equity and growth capital firm with over A$2 billion (US$1.3b) in assets under management, invested via its Fund 2, which was established with A$670 million (US$346m) from institutional investors in 2022. jinjer is a provider of multi-module, cloud-based HR SaaS solutions to enterprise customers in the Japanese market. It has seen rapid growth for the last three years, as its product line has expanded. jinjer’s market-leading SaaS platform covers the full employee lifecycle — from HR management to payroll, time and attendance, expenses, workflow, performance evaluation and talent management. With a single integrated database and a modern code base, jinjer is one of the only Japanese HR SaaS providers that delivers a truly seamless and integrated user experience across the whole HR stack. Tokyo partners Tetsuo Tsujimoto (corporate/M&A) and Shinichiro Kitamura (finance & projects), supported by partners Satoshi Abe (corporate/M&A), Tsugihiro Okada (IP tech) and Takuya Wada (finance & projects), led the firm’s team in the transaction.
Chandler MHM has advised leading telecommunications and digital infrastructure service provider Advanced Info Service (AIS) on the establishment of its Medium-Term Note (MTN) Program and first ‘Sustainability Bond’ under the program. The bonds were issued in five series, with tenors of four years, seven years, three years, five years and ten years, respectively. Series 1-2 were offered to the public, while Series 3-5 were private placements to institutional investors and high-net-worth individuals. Well-received by the market, the bonds were oversubscribed, raising a total of β25 billion (US$722m). Bangkok Bank, KASIKORNBANK, Krung Thai Bank, Siam Commercial Bank, Bank of Ayudhya, United Overseas Bank (Thai) and Kiatnakin Phatra Securities acted as arrangers. This is a groundbreaking transaction for AIS, as it is its first ‘Sustainability Bond’ and also a first for telecommunications companies in Thailand. The bond proceeds will be used for the refinancing of AIS’s ESG (environmental, social, and governance) projects relating to sustainability, including projects promoting efficient energy usage. This will be achieved by expanding its 5G network to improve network access for populations in remote areas. Partner Doungporn Prasertsomsuk led the firm’s team in the transaction.
Clifford Chance has advised Goldman Sachs, Huatai Financial and JP Morgan, as the joint sponsors as well underwriters, on SF Holding’s H share IPO and listing in Hong Kong. SF Holding, which is also listed in Shenzhen, is the largest integrated logistics service provider in China and Asia, and the fourth player globally. The IPO, one of the largest in Hong Kong this year, is expected to raise approximately US$750 million. Partners Tianning Xiang and Fang Liu led the firm’s team in the transaction.
Greenberg Traurig has advised the sellers on the sale of CBBG Group to The Vertex, a portfolio company of Wind Point Partners. CBBG Group is an expert firm in the Middle East and Europe with a highly skilled group of construction professionals, who support delay, disruption and quantum disputes. CBBG employees are credentialed and have a reputation of excellence. With a diverse portfolio of projects, from commercial to residential, to infrastructure and transportation, CBBG provides clients with expert advice and solutions across the entire spectrum of construction and infrastructure projects. The transaction marks Vertex’s first global acquisition, and signifies a combination of synergies, allowing Vertex to expand their forensic consulting and expert testimony capabilities into the Middle East, Africa and Europe, further enhancing their global expansion plans. Vertex is a professional services firm that provides expert witness and dispute resolution services, forensic consulting, surety, project advisory, compliance and regulatory consulting throughout the globe. Vertex focuses on bettering outcomes for its clients, colleagues and communities by cleaning the environment, advising and guiding the construction of communities, and solving complex challenges to provide a more sustainable, safe and just world.
Shardul Amarchand Mangaldas & Co has advised ChrysCapital and Client Associates Alternate Fund on the purchase of certain securities of Bright Lifecare (HealthKart). The firm also advised HealthKart on the investment round led by ChrysCapital & Motilal Oswal Alternates. The overall investment round is valued at approximately US$153 million. As part of the deal, ChrysCapital and Client Associates Alternate Fund acquired stakes in HealthKart, a leading player in the healthcare sector, with a focus on scaling its operations in India’s rapidly growing healthcare market. Partners Gunjan Shah, Karun Prakash and Sangamitra Sankaraiah led the firm’s team advising the purchasers, while partners Manish Gupta and Nikita Goyal led the team advising HealthKart.
Shardul Amarchand Mangaldas & Co has also advised Vee Healthtek, a leading provider of technology-enabled solutions and services for healthcare organisations, and its founders on the strategic investment from TA Associates. Partners Abhishek Guha and Jagriti Mohata, supported by partners Arjun Perikal and Shahana Chatterji, led the firm’s team in the transaction, while K&L Gates acted as international counsel. Goodwin Procter and Pioneer Legal advised TA Associates on the US law and Indian law, respectively.
Skadden is advising Hanwha Life on its agreement to acquire a 75 percent stake in the parent of Velocity Clearing, a US-based global financial services firm. The Velocity Clearing management team will retain the remaining minority stake. The transaction is subject to customary closing conditions, including the receipt of various US and South Korean regulatory approvals. Partners H Young Shin (corporate-Seoul and New York), Shilpi Gupta (corporate-Chicago), Patrick Lewis (corporate-New York), Heather Cruz (investment management-New York), Michael Leiter (national security-Washington DC), Nazmiye Gökçebay (tax-New York), Michael Wiseman (executive compensation and benefits-New York), Annie Villanueva Jeffers (labor and employment-New York and Palo Alto), Michael Zeidel (capital markets-New York), Peter Mair (real estate-Los Angeles), Peter Luneau (insurance-New York) and David Wales (antitrust/competition-Washington DC) led the firm’s team in the transaction.
TT&A has advised WestBridge Capital on its Series B investment in PhysicsWallah. Led by Hornbill Capital, the round saw participation from Lightspeed Venture Partners, while WestBridge Capital is an existing investor. Partners Gautam Saha and Punita Gupta, supported by partner Sonam Mathur, led the firm’s team in the transaction.
