Allen & Gledhill has acted as transaction counsel to ARA Trust Management (Suntec), as manager of Suntec Real Estate Investment Trust (Suntec REIT), on the S$500 million (US$373m) sustainability-linked term loan facility to HSBC Institutional Trust Services (Singapore), as trustee of Suntec REIT. Partner Jafe Ng led the firm’s team in the transaction. Allen & Overy is advising a consortium led by Fajr Capital on the acquisition of a 65 percent stake in Aster DM Healthcare, the holding company of the GCC business of Aster DM Healthcare. On November 28, 2023, Aster DM Healthcare received approval from its board of directors to separate its India and GCC businesses into two distinct and standalone entities. Under the separation plan, the Moopen family (Aster DM Healthcare founders) will continue to manage and operate the GCC business, retaining a 35 percent stake following the sale of the remaining 65 percent to the Fajr Capital-led consortium. The current market cap of the combined India and GCC business stands at around US$2 billion. The transaction values the GCC business at an enterprise value of US$1.7 billion and an equity value of US$1 billion. The Fajr Capital-led consortium includes Emirates Investment Authority, Al Dhow Holding (AlSayer Group’s investment arm), Hana Investment (subsidiary of Olayan Financing) and Wafra International Investment. A UAE-based private equity firm which invests in the Middle East and Southeast Asia, Fajr Capital is owned by prominent sovereign wealth funds from Abu Dhabi, Brunei Darussalam and Malaysia, and private investors from the Gulf region and beyond. Middle East corporate head partner David Foster led the firm’s team in the transaction, which is subject to regulatory and...

Allen & Gledhill has acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank and Malayan Banking Singapore Branch on the S$750 million (US$560m) term and revolving credit facilities to Park Mall. The proceeds of the facilities will be used to refinance Park Mall’s borrowings relating to 9 Penang Road, a Grade A office building. DBS, OCBC and UOB were appointed mandated lead arrangers of the facilities, while DBS, OCBC, UOB and Maybank were appointed green loan advisors. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to the Housing and Development Board on its issue of S$740 million (US$552m) fixed rate green notes due 2028, under its S$32 billion (US$24b) multicurrency medium term note programme. The notes are an issuance of green bonds, proceeds of which are intended to be used to finance or refinance eligible green projects under the Project Category of Green Buildings, and for such other purposes, as set out in the Green Finance Framework of the Housing and Development Board. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Moreover, Allen & Gledhill has advised DBS Bank, through its London branch, on the issue of £500 million (US$629.5m) floating rate covered bonds, under its US$20 billion global covered programme. This was the first covered bonds issuance out of DBS’ London branch. Partners Magdalene Leong and Sunit Chhabra led the firm’s team in the transaction. AZB & Partners is advising Schneider Electric Industries on its acquisition, together with Schneider Electric Services International, of Zenatix...

AZB & Partners has advised Warburg Pincus on the approximately Rs13.08 billion (US$157m) acquisition of stake by Genius Bidco Holdings in Good Host Spaces from Warburg Pincus affiliate Baskin Lake Investment and Goldman Sachs Group affiliates Board Street Investments Holdings (Singapore) and Stonebridge 2017 (Singapore). Partners Anil Kasturi and Niladri Maulik led the firm’s team in the transaction, which was signed on October 14, 2023 and was completed on November 21, 2023. AZB & Partners is also advising TA Associates on the acquisition of majority stake by BPEA EQT entity Zonnebaars Netherlands in Indira IVF Hospital from TA Associates entity TA Asia Pacific Acquisitions. The first tranche of the acquisition closed on November 8, 2023. Partners Darshika Kothari and Vasudha Asher are leading the firm’s team in the transaction, which was signed on July 28, 2023 and is yet to be completed. Moreover, AZB & Partners has advised GBA Gesellschaft für Bioanalytik on its acquisition of equity stake in Eureka Analytical Services. Partners Divya Mundra and Gautam Rego led the firm’s team in the transaction, which was completed on November 8, 2023. Baker McKenzie is advising Victory Securities, a wholly-owned subsidiary of Hong Kong-listed Victory Securities (Holdings), on securing approval from the Hong Kong Securities and Futures Commission (SFC) to provide virtual asset (VA) services to retail clients. Victory Securities is the first licensed corporation in Hong Kong to be permitted to provide VA dealing services to retail clients via establishing an omnibus account with SFC-licensed VA trading platforms (Omnibus VA Dealing Services). Victory Securities is also the first licensed corporation to offer VA advisory services for retail clients....

Allen & Gledhill has acted as transaction counsel to venture capital firm Openspace Ventures on a US$7.7 million series seed round investment led by Blowfish Ventures and Forge Ventures in Kinetic Innovation, a fintech startup which uses data and technology to deliver credit risk solutions that enable payments companies and online businesses to scale. Partner Nicholas Soh led the firm’s team in the transaction. AZB & Partners is advising Wistron Corporation, SMS Infocomm (Singapore), Wistron Hong Kong and Wistron Infocomm Manufacturing (India) on the Rs10.42 billion (US$125m) acquisition of 100 percent stake of Wistron  Infocomm Manufacturing by Tata Electronics. Partners Roxanne Anderson and Gautam Ganjawala are leading the firm’s team in the transaction, which was signed on November 8, 2023 and is yet to be completed. AZB & Partners is also advising WEG on the Rs33.3 billion (US$400m) acquisition by WEG Holding of the industrial electric motors and generators business of New York-listed Regal Rexnord Corporation. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri are leading the firm’s team in the transaction, which was signed on September 25, 2023 and is yet to be completed. Moreover, AZB & Partners is advising Larsen & Toubro (L&T) and L&T Infrastructure Development Projects on the approximately Rs1 billion (US$12m) acquisition by CPPIB India, Allianz Infrastructure Luxembourg II and 2726247 Ontario (Omers) of 100 percent stake in Interise Investment Managers (formerly known as LTIDPL IndvIT Services) from L&T Infrastructure Development Projects. Partners Gautam Ganjawala, Qais Jamal and Bhargavy Ramesh are leading the firm’s team in the transaction, which was signed on November 3, 2023 and is yet to be completed. Carey Olsen has advised Lightspeed Faction...

AZB & Partners has advised Veristat on its acquisition of Instat Consulting USA and standalone acquisition of Instat Clinical Research India. Partners Ashwath Rau, Vipul Jain and Ajay Solanki led the firm’s team in the transaction, which was completed on October 16, 2023. AZB & Partners is also advising Kotak Mahindra Bank and Kotak Mahindra General Insurance on the approximately Rs40.51 billion (US$486m) acquisition by Zurich Insurance of 51 percent of equity stake in Kotak General Insurance. Partners Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on November 2, 2023 and is yet to be completed. Moreover, AZB & Partner is advising AU Small Finance Bank on its approximately Rs44.1 billion (US$529m) acquisition of Fincare Small Finance Bank. Partners Ashwath Rau and Vipul Jain are leading the firm’s team in the transaction, which was signed on October 29, 2023 and is yet to be completed. Clifford Chance has advised JP Morgan Securities and UBS, as the underwriters, on the US$444.9 million offering and listing by Will Semiconductor Shanghai of global depositary receipts in Switzerland, under the expanded China-Europe Stock Connect scheme. Headquartered in Shanghai, Will Semiconductor produces semiconductors and related components that are used in mobile communication, vehicle-mounted electronics, security, internet communication and household appliances, among others. China co-managing partner Tim Wang and partner Jean Thio led the firm’s cross-border team in Shanghai, London and Washington DC in the transaction. Dentons Hong Kong has advised XXF Group Holdings, an established automobile retailer providing automobile finance lease service primarily through its self-operated sales outlets in China, on the global offering of its...