AZB & Partners has advised Parksons Packaging on its acquisition of 100 percent of the share capital of MK Printpack. Green Fin Investments, an affiliate of Warburg Pincus, holds majority of the share capital of Parksons Packaging. Partners Anil Kasturi and Anisha Shridhar led the firm’s team in the transaction, which was completed on March 27, 2023. AZB & Partners has also advised Accenture on the acquisition by IBS Software of the freight and logistics service business of Accenture subsidiary Accenture Solutions and its affiliates. The transaction in India was confined to the transfer of employees. Partners Vaidhyanandan Iyer and Nishanth Ravindran led the firm’s team in the transaction, which was completed on February 20, 2023. Moreover, AZB & Partners has represented Abu Dhabi Investment Authority, via its wholly-owned subsidiary, on its acquisition of equity stake in Lenskart Solutions. Partner Gaurav Bansal led the firm’s team in the transaction, which was valued at approximately Rs41 billion (US$499m) and was completed on March 23, 2023. Clifford Chance has advised the Ayala Group’s listed energy platform ACEN Corporation, through ACEN Renewables International and ACEN International, on the international aspects of its partnership with and investment in renewable energy producer BrightNight’s India platform. The partnership aims to deploy up to US$250 million equity plus related performance guarantees. ACEN and BrightNight will develop, construct and operate a multi-technology renewable power portfolio in India, including over 1.2GW of BrightNight’s existing hybrid development pipeline. The pipeline includes hybrid wind-solar and energy storage projects that operate around the clock to provide clean and on-demand energy. ACEN has over 4,000MW of attributable capacity from owned facilities in...

Allen & Gledhill has acted as transaction counsel to international healthcare provider IHH Healthcare on its investment into Intellect, a digital mental health platform with more than three million users in over 20 countries. IHH is the first strategic healthcare investor in Intellect. Partners Julian Ho and Alexander Yap led the firm’s team in the transaction. AZB & Partners is advising Sarvapriya Healthcare Solutions on its approximately Rs8 billion (US$97.3m) acquisition of 42.36 percent stake held by Dalmia Cement (Bharat) in Dalmia Bharat Refractories. Partners Zia Mody, Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on March 26, 2023 and is yet to be completed. AZB & Partners has also advised ASG Hospital, via its wholly-owned subsidiary ASG Eye Hospital Ventures, on its acquisition of Vasan Healthcare. The resolution plan, which amounted to Rs5.2 billion (US$63m), was approved by the National Company Law Tribunal Chennai Bench on February 3, 2023, and it was implemented on March 6, 2023. Vasan Healthcare’s total debt, which was resolved by virtue of the resolution plan, is Rs22.23 billion (US$270.5m). Partners Kunal Kumbhat, Suharsh Sinha and Dhirajkumar Totala led the firm’s team in the transaction. Moreover, AZB & Partners has advised IDFC First Bank on the Rs21 billion (US$255.6m) acquisition of 3.62 percent stake in IDFC First Bank by IDFC Financial Holding, via preferential allotment to IDFC Financial Holding. Post the said preferential allotment, IDFC Financial Holding’s shareholding in IDFC First Bank will be approximately 39.99 percent. Partners Ashwath Rau, Vipul Jain and Aditya Alok led the firm’s team in the transaction, which was completed on...

Allen & Gledhill has acted as transaction counsel to Singapore Power Group on the purchase of 100 percent of the shares in two project companies which operate two solar farms in Phu Yen Province, Vietnam. By this transaction, SP Group expands its renewable energy business from solar rooftop to ground-mounted farms in Vietnam for the first time. The target solar farms have a total capacity of 100 MWp, and were developed by Europlast, one of the largest companies operating in renewable energy and plastic industries in Vietnam. Vietnam managing partner Oh Hsiu-Hau led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to SATS on the S$1.82 billion (US$1.37b) acquisition of Promontoria Holding 243 and its S$798.9 million (US$601m) renounceable underwritten rights issue of new ordinary shares. In terms of deal size, the rights issue, which will raise gross proceeds of approximately S$798.8 million (US$601m), is Singapore’s largest rights issue in 2023. The acquisition is partly funded by a three-year euro-denominated term loan of approximately S$700 million (US$526.7m) from SAT’s principal bankers, net proceeds from the rights issue, and cash from SAT’s existing cash balance to fund the remainder of the total acquisition cost. Partners Leonard Ching, Christopher Ong, Christopher Koh, Michele Foo, Yap Lune Teng and Scott Clements led the firm’s team in the transaction. Moreover, Allen & Gledhill has acted as transaction counsel to Sembcorp Industries (SCI) on the issue of S$350 million (US$263m) 4.6 percent fixed rate notes due 2030 by Sembcorp Financial Services (SFS) under the S$3 billion (US$2.26b) multicurrency debt issuance programme established by SCI and SFS. SCI...

Allen & Gledhill has acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the convertible note investment in Sirka Science, an Indonesia-based digital personal health coaching start-up addressing weight loss and lifestyle goals by providing actionable steps and professional consultations. Partner Nicholas Soh led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the US$1.8 million series seed round investment in Groundup.ai, a Singapore-based industrial AI start-up which is developing an industrial predictive maintenance and safety platform with proprietary AI sound analytics and sensor hardware, video analytics and demand prediction that helps industrial companies save substantial maintenance expenses on their machinery and prevent unplanned downtime. Partner Nicholas Soh also led the firm’s team in the transaction. Moreover, Allen & Gledhill has acted as transaction counsel to venture capital firm Wavemaker Pacific 4 on leading the convertible note round investment in Soul Parking Technologies, a Singapore-based holding company of Solusi Parkier Nusantara, an Indonesia-based start-up that develops smart parking solutions for motorcycles by building compact motorcycle storage (CMS) modules and developing a proprietary parking management system that can integrate with existing parking facilities. Partner Nicholas Soh also led the firm’s team in the transaction. AZB & Partners is advising Air India SATS Airport Services on its agreement with Yamuna International Airport for a multi-modal cargo hub at the Noida International Airport in Jewar, Uttar Pradesh. Partners Anand Shah, Anuja Tiwari and Siddharth Paranjpe are leading the firm’s team in the transaction, which was signed on February 10, 2023 and is yet to be...

Allen & Overy has advised Aljazira Capital (AJC) on its investment in Floward’s US$156 million Series C Pre-IPO investment round, led by AJC, STV and Rainwater Partners. Announced on February 7, 2023 during Floward’s participation in the technology conference LEAP in Riyadh, KSA, the transaction will support Floward with its business ambitions to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning, as well as fund its M&A strategy to support the demands of its increasing client base. AJC is a leading investment platform owned by Bank Al Jazira, providing Sharia-compliant offerings through a range of integrated services and investment products to individual and institutional clients. Floward is an online flower and gifting company operating in nine countries across the MENA region and the UK. It has recently acquired Mubkhar, the leading perfumery brand in the GCC, in an effort to expand its gifting verticals. Additionally, it has been selected for the Saudi Unicorns Programme, which aims to promote the use of technology by supporting regional tech start-ups to expand globally and achieve unicorn status. Corporate partner Ben Ward led the firm’s team in the transaction. Allen & Overy has also advised the underwriters on the IPO and listing of ADNOC Gas in Abu Dhabi. The IPO comprised a sale by the majority shareholder, Abu Dhabi National Oil Company (ADNOC), of an approximately five percent stake in ADNOC Gas, and raised gross proceeds of approximately US$2.5 billion, with an implied market capitalisation for ADNOC Gas of approximately US$50 billion at the time of listing. The IPO marks the world’s largest listing in...