AZB & Partners has advised Everstone Doc, EverSaaS Holdings and Everstone Capital Partners IV on their approximately US$200 million acquisition, along with other acquirers, of substantial stake in Wingify Software. Partners Anil Kasturi and Anisha Shridhar led the firm’s team in the transaction, which was completed on January 24, 2025.
AZB & Partners is also advising New Mountain Capital on the acquisition by its investment vehicle, Brilliance Technologies, of significant stake in Access Healthcare Services and its various subsidiaries. Partners Darshika Kothari and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on January 12, 2025 and is yet to be completed.
Moreover, AZB & Partners is advising Bain Capital on its acquisition of significant minority stake in Dhoot Transmission. Partners Nandish Vyas, Abhilash Chandran, Anand Shah, Ishan Handa, Kirthi Srinivas, Nishanth Ravindran and Ruchit Parikh are leading the firm’s team in the transaction, which was signed on January 15, 2025 and is yet to be completed.
Clifford Chance has advised Health and Happiness (H&H) International Holdings on a loan/bond combination refinancing exercise involving a US$300 million 9.125 percent senior notes due 2028, and a concurrent tender offer for the H&H’s 13.5 percent senior notes due 2026; a term loan facility and a multi-currency revolving credit facility in an aggregate amount of US$560 million equivalent; and, an offshore Renminbi syndicated loan facility equivalent to US$150 million. Hong Kong-listed H&H is a global health and nutrition company headquartered in Hong Kong and London. The proceeds from the loan facilities and the notes will be used for refinancing. Partner Charlotte Leung, along with partners Matt Truman, Charlotte Leung and Alan Yeung, supported by partners Richard Gordon (Australian law), Andrew Young (New York law), Francis Edwards (hedging-Hong Kong), Giles Allison (disclosure & enforcement-London) and Michael Wang (disclosure & enforcement-Hong Kong), led the firm’s team in the transaction.
Clifford Chance has also advised Beijing Capital City Development Group (BCCDG) on the privatisation, through its wholly-owned subsidiary, of Cayman-incorporated and Hong Kong-listed Beijing Capital Grand. The privatisation was implemented via scheme of arrangement, and involved a conditional cash offer for all of the outstanding perpetual convertible bond securities issued by Beijing Capital Grand. Beijing Capital Grand and its subsidiaries principally engage in commercial property development and management, with a focus on the development, operation and management of outlets-backed commercial integrated projects and non-outlets retail property projects in China. The scheme was effective on January 27, 2025. Partner Tommy Tam led the firm’s team in the transaction.
Greenberg Traurig has represented Moove, one of the world’s largest fleet operators, on the expansion of its global footprint with the acquisition of Kovi, an urban mobility provider headquartered in São Paulo. With operations spanning Europe, Africa, North America, Latin America, Asia and the Middle East, Moove continues to scale as a global leader in mobility. As part of its commitment to transforming mobility, Moove is building the world’s largest rideshare fleet, while developing best-in-class technologies to power mobility platforms. Since its launch in 2020, Moove has redefined mobility marketplaces by providing dedicated supply through drive-to-own, taxi and autonomous fleets. The acquisition of Kovi strengthens Moove’s presence in Latin America, expanding its operational reach and reinforcing its mission to shape the future of mobility on a global scale.
JSA has advised Hetero Labs and Hetero Drugs on the sale of their 125 MW generation capacity renewable energy portfolio to JSW Neo Energy. The transaction values the portfolio at an enterprise valuation of approximately Rs6.3 billion (US$72m), excluding net current assets and other adjustments under the definitive agreements. Partner Vishnu Sudarsan, supported by partners Shashank Vikram Singh and Kartikeya GS, led the firm’s team in the transaction.
JSA has also advised Brambles on its sale of 100 percent shareholding in CHEP India to KKR-backed LEAP India. CHEP India is a leading player in the renting, leasing and pooling of returnable and/or reusable pallets, containers, inserts, foldable large containers, packaging and crates, and in attending to repairs and refurbishing of such equipment. LEAP India is a leading provider of sustainable supply chain solutions specializing in asset pooling services. Partners Upendra Nath Sharma and Kartik Jain, supported by partners Vaibhav Choukse, Ela Bali, Kumarmanglam Vijay, Surajkumar Shetty, Kartik Jain and Preetha S, led the firm’s team in the transaction.
Paul Hastings has advised Nasdaq-listed Smithfield Foods and its shareholder, WH Group, on Smithfield’s US$522 million IPO on the Nasdaq. The offering comprises approximately 26.1 million shares of common stock at a public offering price of US$20.00, and was expected to close on January 29, 2025, subject to customary closing conditions. Founded in 1936, Smithfield is an American food company with a leading position in packaged meats and fresh pork products, a diverse brand portfolio and strong relationships with US farmers and customers. Founding partner Raymond Li (Greater China chair) and Colin Diamond (securities & capital markets co-head), supported by partners Brandon Bortner, Peter Cheng, Alex Herman, Dan Hirschovits and Fang Pei, led the firm’s team in the transaction.
Paul Hastings has also advised LG CNS, a leading Korean information technology service company and a member company of the LG Group, on its US$823 million global offering and listing in Korea. LG CNS and Macquarie Korea Asset Management each sold approximately 9.7 million common shares at W61,900 (US$42.82) per share, priced at the top end of the indicative range. Founded in 1987, LG CNS is a leading digital transformation-specialized company in Korea that provides a wide range of services and solutions based on digital transformation technologies, including artificial intelligence, data analytics and cloud computing. BofA Securities, Morgan Stanley and KB Securities acted as the joint global coordinators and joint book-runners, while JP Morgan, Mirae Asset Securities, Shinhan Securities and Daishin Securities acted as the joint book-runners. Partner Iksoo Kim, supported by partner Dong Chul Kim, led the firm’s team in the transaction, which is South Korea’s largest IPO since January 2022.
Rajah & Tann Singapore is acting for Leader Environmental Technologies on its RM370 million (US$83m) disposal of interest in AIWater (Anhui) and UG Water to a consortium. AIWater is a Chinese company that develops and utilises artificial intelligence technology in the management of wastewater treatment plants. M&A partners Danny Lim and Cynthia Wu are leading the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Margaret Rise Development on the S$497 million (US$366.5m) acquisition of land parcel 981 at Margaret Drive from the Urban Redevelopment Authority of Singapore. Senior partner Norman Ho and corporate real estate partners Gazelle Mok and Melvin Tan led the firm’s team in the transaction, while partner Chou Ching advised the lenders.
Moreover, Rajah & Tann Singapore has acted for Golden Ray Edge 3 on a S$692 million (US$510m) acquisition of a land parcel at Pine Grove (Parcel B) from the Urban Redevelopment Authority of Singapore. Senior partner Norman Ho and corporate real estate partners Gazelle Mok and Melvin Tan also led the firm’s team in the transaction.
S&R Associates is representing NSE Investments, a wholly-owned subsidiary of the National Stock Exchange of India, on the Rs2.3 billion (US$26.4m) proposed sale of 100 percent of the equity share capital of NSEIT, a subsidiary of NSE Investments engaged in the digital examination business, to listed education company CL Educate. The transaction also involves additional deferred consideration of up to Rs750 million (US$8.6m), payable subject to achievement of certain business targets and other deferred consideration. Partners Rajat Sethi and Dhruv Nath, supported by partners Sumit Bansal, Ajinkya Gunjan Mishra, Aparna Ravi and Akshat Kulshrestha, are leading the firm’s team in the transaction, which is subject to customary closing conditions.
Trilegal has advised the sellers and Great Place to Work (India) on the acquisition of a majority stake in GPTW India by Marathon Edge and its affiliates. GPTW (India) is exclusively licensed to undertake workplace culture assessment and certification in India, using the proprietary copyright methodology of Great Place To Work®. Partners Rachita Bhat and Sampath Kumar led the firm’s team in the transaction.
Trilegal has also advised Apis Partners on its investment, via a combination of primary and secondary investments, in Leap Technologies. Partners Pranav Atit, Gauri Chhabra, Kanishka Maggon and Kirti Balasubramanian led the firm’s team in the transaction.
Moreover, Trilegal has advised EQT and Temasek on their sale of O2 Power to JSW Neo Energy. O2 Power is a platform jointly established by EQT Infrastructure and Temasek. Partners Vaibhav Kothari, Nayantara Nag, Riyaz Bhagat, Megha Kaladharan, Rahul Arora and Gautam Chawla led the firm’s team in the transaction.
TT&A has advised International Finance Corporation (IFC) on a proposed loan aggregating up to US$100 million to be extended by IFC to Bangladesh-incorporated Meghna Re-Rolling and Steel Mills. The proceeds of the loan will be used, inter alia, towards setting up of Bangladesh’s first climate smart greenfield steel plant, with an annual melting capacity of 1.4 million metric tonnes and rolling capacity of 0.9 MMT in Bangladesh. The disbursement of the loan is pending. Partners Gautam Saha and Nikhil Bahl led the firm’s team in the transaction, while Farooq and Associates acted as Bangladesh counsel.
TT&A has also advised Blueleaf Energy India Investment on its proposed investment in three Jakson Group-owned SPVs, namely JGRJ One Solar, JGRJ Two Solar and JGRJ Solar, with an aggregate capacity of 1 GW and an aggregate enterprise value of US$400 million. The three SPVs are establishing and developing three solar power projects in Rajasthan, which were secured by Jakson via competitive bidding from Rajasthan Urja Vikas and IT Services (formerly known as Rajasthan Urja Vikas Nigam) Solar Energy Corporation of India), and National Hydroelectric Power. Partners Gautam Saha, Dushyant Bagga and Akshay Malhotra led the firm’s team in the transaction, while AZB & Partners acted as due diligence counsel. Khaitan & Co advised Jakson Group.
