AZB & Partners is advising JSW Steel on its Rs40 billion (US$472m) acquisition, along with other acquirers, of Thyssenkrupp Electrical Steel. Partner Rajendra Barot is leading the firm’s team in the transaction, which was signed on October 18, 2024 and is yet to be completed.
AZB & Partners has also advised Kohlberg Kravis Roberts & Co, via its portfolio company Ness USA and its Indian subsidiary Ness Digital Engineering (India), on the acquisition by Ness Digital Engineering of Raja Software Labs. Partners Ashwath Rau, Kashish Bhatia and John Raghav are leading the firm’s team in the transaction, which was completed on November 22, 2024.
Moreover, AZB & Partners has advised Apollo Radiology International on its acquisition of InHealth Reporting (IHR UK). Partners Anand Shah and Shriram Shah led the firm’s team in the transaction, which was completed on November 15, 2024.
Allen & Gledhill has advised Winchamp Investment on the S$540 million (US$402m) green term loan and revolving credit facilities granted by Oversea-Chinese Banking Corporation and United Overseas Bank, the original lenders for the financing of the acquisition and development of a Government Land Sales site, River Valley Green (Parcel A). Partner Daselin Ang led the firm’s team in the transaction.
Allen & Gledhill has also advised CapitaLand Ascott Trust Management, manager of CapitaLand Ascott Real Estate Investment Trust, and CapitaLand Ascott Business Trust Management, trustee-manager of CapitaLand Ascott Business Trust, on the S$263 million (US$196m) acquisition of lyf Funan Singapore. The acquisition involves CapitaLand Ascott REIT acquiring 100 percent of the issued units in Victory SR Trust, which holds lyf Funan Singapore, from Victory SR. Upon completion of the proposed acquisition, Victory SR (as lessor) will enter into a master lease in respect of lyf Funan Singapore with lyf Funan Management (as lessee), a wholly-owned subsidiary of The Ascott. Partners Teh Hoe Yue and Lim Mei Ann led the firm’s team in the transaction.
Christopher & Lee Ong, member firm of Rajah & Tann Asia, has advised RHB Investment Bank, as the principal adviser, joint underwriter and joint placement agent, and AmInvestment Bank, as the joint underwriter and joint placement agent, on the IPO and listing of Mega Fortris in Malaysia, which is backed by Singapore’s Oversea-Chinese Banking Corporation. Mega Fortris is a leading Malaysian security seals manufacturer, and the world’s third-largest provider of security seal solutions. Partner Justin Chua led the firm’s team in the transaction.
Davis Polk has advised Pony AI on its SEC-registered IPO of 20 million American depositary shares and concurrent private placements with total proceeds of approximately U$413 million. Each ADS represents one Pony AI Class A ordinary share. Pony AI has granted the underwriters an option to purchase up to an additional three million ADSs. The ADSs are listed on the Nasdaq. Pony AI is a global leader in autonomous driving technology and solutions. Partners Li He, James Lin and Michael Kaplan led the firm’s team in the transaction.
Rajah & Tann Singapore has advised Winking Studios, the first Singapore-listed company to have a dual listing in Singapore and London in the last ten years. Winking Studios is ranked third in Asia and fourth in the world, and has over 25 years of experience in providing complete end-to-end art outsourcing and game development services. Partners Tan Mui Hui and Tricia Teo led the firm’s team in the transaction.
Trilegal has acted as Indian competition law counsel for Flipkart on a minority investment by a Google subsidiary, successfully ensuring a smooth regulatory clearance. This investment represents a significant step towards fostering collaborations aimed at accelerating the digitisation of India’s economy. It will also support Flipkart in modernising its digital infrastructure to deliver seamless services to customers across the country. Flipkart is a subsidiary of Walmart, which, through its subsidiaries, is primarily engaged in the wholesale cash and carry of goods, and in providing marketplace-based e-commerce platforms to facilitate trade between customers and sellers in India. The acquiring entity, a Google subsidiary, is a holding company that does not directly own or operate any of Google’s tech products or services. Google is a global company offering a variety of digital products and platforms, including in India. Partner Rudresh Singh led the firm’s team in the transaction.
Trilegal has also advised Copenhagen Infrastructure Partners on its second joint venture with AMPIN Energy Transition to jointly invest more than US$300 million to develop renewable energy projects, including solar, wind, hybrid and storage technologies connected/proposed to be connected to the inter-state transmission network and state transmission utility network. This marks Copenhagen Infrastructure Partners’ second transaction with AMPIN Energy Transition, after its first one in 2021, and will expand their India portfolio. Partners Vaibhav Kothari, Nayantara Nag and Rahul Arora led the firm’s team in the transaction.
Moreover, Trilegal has advised leading Germany-based cleaning technology company Alfred Kärcher SE & Co KG on its complete acquisition of Arma Products India, a Coimbatore-based company which develops and assembles cleaning machines. The transaction involved the acquisition of shares from Arma’s promoters, and the implementation of new employment arrangements to facilitate a seamless transition of Arma’s management. Partners Pratyush Singh, Komal Dani, Himanshu Sinha and Kanishka Maggon led the firm’s steam in the transaction.
TT&A has advised Nuvama Wealth Management and Jefferies India, as the lead managers, on a qualified institutions placement of approximately 5.26 million equity shares with face value of Rs2.00 (US$0.024) each at a price of Rs3,800.00 (US$44.88) per equity share, including a premium of Rs3,798.00 (US$44.85) per equity share, aggregating up to Rs20 billion (US$236m), for KEI Industries. KEI Industries manufactures low tension, high tension and extra high voltage cables, along with control and instrumentation and specialty cables, house wires and stainless-steel wires. Partner Abhinav Kumar led the firm’s team in the transaction, which was one of the largest QIPs of the year in the cables infrastructure space.
WongPartnership is acting as investor counsel to Wavemaker Ventures on its US$2.6 million Series Seed fundraising investment in One KM (One Team), a Singapore-incorporated startup which acquires corporate, consulting and services-related SMEs from retiring owners, and gradually transforms such SMEs into employee-owned entities. One Team addresses the lack of succession planning in Singapore’s SME sector, and also provides a holistic support system, including growth capital, leadership development, and access to a network of business partners and digital solutions, to help companies scale efficiently and adopt modern technologies. Partner Kyle Lee is leading the firm’s team in the matter.
