Allen & Gledhill has advised the Housing and Development Board on the issue of S$925 million (US$721m) fixed rate notes due 2033, under its S$42 billion (US$32.75b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill, together with its Malaysia associate firm Rahmat Lim & Partners, has also advised Openspace Capital on its early-stage investment in ServAuto, a digital-first automotive aftersales platform designed to address fragmentation in Malaysia’s automotive aftersales market. Openspace Capital is a multi-strategy asset manager with a long-established specialist focus on South-east Asia. Partner Julian Ho, led the firm’s team in the transaction, while partner Ho Guang Yi of Rahmat Lim & Partners advised on Malaysian law.
AZB & Partners has advised Olympus Partners on the acquisition by its portfolio company, PAI Pharma, of Nivagen Pharmaceuticals and Nivagen Pharma (India). Partners Ashwath Rau and John Raghav led the firm’s team in the transaction, which was completed on January 5, 2026.
AZB & Partners has also advised KKR affiliate Bentley and KKR, through Baby Memorial Hospital (BMH), on Bentley’s acquisition of stake in BMH and subsequent acquisition of majority stake by BMH in Unimed Health Care. Partner Bharat Budholia led the firm’s team in the transaction, which was unconditionally approved by the Competition Commission of India on March 17, 2026.
Moreover, AZB & Partners has advised Weaver Services on its Rs14.7 billion (US$155m) sale of majority stake to Premji Invest, Lightspeed Venture Partners and Gaja Capital. Partner Nandish Vyas led the firm’s team in the transaction, which was completed on March 17, 2026.
A&O Shearman has advised the Japan International Cooperation Agency (JICA) on an approximately ¥30 billion (US$188m) financing to Companhia de Saneamento Básico do Estado de São Paulo (SABESP), Brazil’s largest water and wastewater utility. The loan will support SABESP’s plans to upgrade sewage infrastructure, and achieve universal service coverage across the state of São Paulo. This financing marks a significant step in advancing essential social infrastructure in Brazil. By enabling SABESP to address critical wastewater challenges, the transaction contributes toward sustainable urban development, and aligns with broader environmental and social impact goals. Partner Hitomi Komachi led the firm’s team in the transaction.
Baker McKenzie has advised Shanghai FourSemi Semiconductor on its global offering and successful listing in Hong Kong. Shanghai FourSemi is a provider of power amplifier audio chips and haptic drivers. Operating under a fabless business model, it specializes in the design of low-power audio chips, mid/high-power audio chips, and haptic drivers, offering a wide array of solutions for emerging consumer electronics and intelligent vehicles. It had introduced China’s first ASIC DSP-integrated portable power amplifier audio chips in 2017, the first mid/high-power audio chip in 2021, and the country’s first automotive-grade AEC-Q100-certified power amplifier audio chip in 2023. Shanghai FourSemi has been integrated into the supply chains of global leading Korean and Chinese smartphone brands, and has strong partnerships with automotive manufacturing leaders in the country. In 2024, Shanghai FourSemi achieved a total annual global shipment volume of 460 million power amplifier audio chips, ranking third globally and second in China. Proceeds from the offering will support the establishment of a new R&D center, procurement of automated testing equipment, construction of an in-house automatic testing verification line, recruitment of supply chain managing engineers, and strategic acquisitions and partnerships to further strengthen its industry position. Capital markets partner Winfield Lau and Asia Pacific & China capital markets co-chair and partner Dan Ouyang led the firm’s team in the transaction.
Baker McKenzie Vietnam has also advised APM Terminals, part of AP Moller–Maersk, on its acquisition of a 49 percent stake in Hateco Hai Phong International Container Terminal (HHIT), the most advanced and the largest deep-water port in North Vietnam, comprising of two new deep-water berths at the Lach Huyen area of Hai Phong City. APM Terminals will join the ownership of HHIT as minority shareholder and operating partner, alongside the Hateco Group. The transition represents a significant milestone for the terminal, which has progressed from groundbreaking to becoming an efficiently operated facility capable of servicing vessels of up to 18,000 TEU. With its strategic geographical location, the terminal is well-suited to facilitate direct import and export of goods between northern Vietnam and European and American markets. Partners Le Thi Thanh and Seck Yee Chung led the firm’s team in the transaction.
Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, and Baker McKenzie Thailand have advised the mandated lead arrangers and original lenders on a landmark up to US$2.3 billion acquisition financing for Arise Digital Technology. The transaction enables the acquisition of a 24.95 percent stake in True Corporation, one of Thailand’s largest listed telecom companies. Singapore principal Emmanuel Hadjidakis and Singapore local principal Andrea Ng, supported by Bangkok partner Kullapa Stavorn, led the firms’ team in the transaction.
Davis Polk has advised Epiworld International on its IPO and listing in Hong Kong, and its Regulation S international offering. The gross proceeds of the offering were approximately HK$1.6 billion (US$204m). Epiworld International is a global leader in the silicon carbide (SiC) epitaxy industry, primarily engaged in the R&D, mass production and sales of SiC epitaxial wafers, components used in the manufacturing of SiC semiconductor devices. Corporate partners Jason Xu, Li He and Ran Li led the firm’s Hong Kong and Beijing team in the transaction.
DLA Piper has advised DayOne Data Centers’ subsidiary in Thailand on the β28 billion (US$850m) financing for the development of a new hyperscale data center campus at Chonburi Tech Park within the Amata City Chonburi Industrial Estate. Representing one of the largest green loan transactions of its kind in Thailand, the financing supports DayOne’s first data center project in the country. Upon completion, the facility is expected to be the largest hyperscale data center of its scale in Thailand, contributing to the national ambition to position itself as a regional hub for digital infrastructure. The firm acted as lead counsel to the borrower and sponsor across all aspects of the project financing, working with six local and international commercial banks. The firm’s role also covered lender requirements relating to the security package, cashflow management, hedging arrangements, sustainability benchmarks, and customer direct agreements, providing clarity on risk allocation and supporting progress against development timelines. Asia finance head and Thailand country managing partner Waranon (Warren) Vanichprapa led the firm’s team in the transaction, which contributes to Thailand’s broader strategy to expand next‑generation digital infrastructure, in response to increasing demand for cloud services, data storage and artificial intelligence capabilities.
JSA Advocates & Solicitors has advised NHAI, Raajmarg Infra Investment Managers and Raajmarg Infrastructure Investment Trust, a public InvIT sponsored by NHAI, on its IPO of units aggregating to Rs60 billion (US$641m). The firm also advised on the setting-up of the InvIT and the investment manager. As part of the deal, the InvIT will acquire, via a combination of equity and debt, concessioning rights of five road assets from NHAI. The transaction is the largest IPO by a road sector InvIT, and the second InvIT sponsored by NHAI. This is also the fastest listing by an InvIT from the date of receipt of registration from SEBI as an infrastructure investment trust, and the highest subscribed InvIT IPO. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.
Norton Rose Fulbright has advised CITIC Securities (Hong Kong), as the sole sponsor, and CLSA, as sole global coordinator, on the listing of Shandong Extreme Vision Technology in Hong Kong on March 30, 2026. An AI computer vision solution provider in China, Extreme Vision Technology applied for listing under Chapter 18C of the HKSE Listing Rules, which provides a dedicated pathway for innovative technology companies seeking to access the Hong Kong capital markets. The public offering was oversubscribed by more than 4,500 times, marking one of the most popular public offerings in Hong Kong in 2026 to date. The offering raised approximately HK$434.4 million (US$55.4m) in proceeds, which will be used to enhance the company’s R&D capabilities and strengthen its commercialisation efforts. Partners Psyche Tai and Doris Ng led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised the sellers on the acquisition by Nazara Technologies, through its wholly-owned subsidiary Nazara Technologies UK, of a 50 percent controlling stake in Bluetile Games (formerly known as Playvalve) and BestPlay Systems for an initial consideration of approximately US$100.3 million. Bluetile and BestPlay operate a diversified portfolio of globally popular casual and social mobile games, including titles such as Yatzy, Domino Legends, Mahjong Voyage and Spade Stars. The transaction strengthens Nazara’s presence in the global mobile gaming ecosystem, providing access to Bluetile and BestPlay’s portfolio of casual and social mobile games, supported by AI-assisted development capabilities. Partners Natashaa Shroff, Taranjeet Singh, Gouri Puri and Rahul Yadav led the firm’s team in the transaction.
Skadden is advising Otsuka Pharmaceutical on its acquisition of Transcend Therapeutics. Under the terms of the agreement, Otsuka will pay US$700 million to Transcend shareholders upon closing of the acquisition, and up to US$525 million in additional contingent consideration, based on future sales milestones related to assets in development, for a total potential consideration of US$1.225 billion. Partners Mitsuhiro Kamiya (corporate), Mike Mies (corporate), Ken Kumayama (IP property and technology), David Schwartz (labor and employment), Avia Dunn (FDA regulatory) and Nathan Giesselman (tax) led the firm’s multi-jurisdictional team in the transaction, which is expected to be completed in the second quarter of 2026, subject to the fulfillment of customary closing conditions.
Trilegal is advising New York-listed Bluspring Enterprises on its acquisition of the India business of German energy company STEAG Power. Bluspring, through its wholly-owned subsidiary Bluspring New Horizon One, is acquiring Steag Energy Services (India) (SESI). SESI currently has two subsidiaries: STEAG Energy Services (Botswana), a wholly-owned subsidiary based in Botswana, and STEAG O&M, a joint venture with Hinduja Energy (India). Following the completion of the transaction, both entities will become step-down subsidiaries of Bluspring. SESI is a leading service provider in the power and energy sector, offering operations and maintenance (O&M), digital solutions, and end-to-end engineering and management advisory services across the electricity value chain, supported by a team of nearly 2,000 professionals and a strong international presence. Fairfax-backed Bluspring, is India’s leading integrated infrastructure services enterprise with a workforce of over 90,000 operating across 28 states. It supports more than 1,000 customers across healthcare, education, BFSI, commercial, IT, telecom, manufacturing and industrial, government and PSU sectors. The acquisition will strengthen Bluspring’s capabilities across upstream and downstream power services, and support its expansion in India and international markets. Partner Abhishek Dubey led the firm’s team in the transaction.
Trilegal has also advised Edelweiss Infrastructure Yield Plus (EIYP), an infrastructure fund managed by EAAA India Alternatives and SEPL Energy, on the divestment of their entire stake in 12 solar project special purpose vehicles to Anzen India Energy Yield Plus Trust, a SEBI-registered Infrastructure Investment Trust. The divested portfolio comprises approximately 816 MWp of operational solar assets spread across Andhra Pradesh, Rajasthan, Uttar Pradesh, Punjab and Telangana, each backed by long-term power purchase agreements. Partners Kunal Chandra, Neeraj Menon, Swathy Pisharody and Abhinav Maker led the firm’s team in the transaction.
Moreover, Trilegal has successfully represented Green Infra Wind Solutions and Sterling Agro Industries before the Supreme Court (SC) of India on a civil appeal filed by the Southern Power Distribution Company of Andhra Pradesh (AP Discoms). The dispute arose when AP Discoms sought to deduct the Generation-Based Incentive (GBI), a financial benefit provided by the Ministry of New and Renewable Energy (MNRE) to incentivise wind power generation, from the tariff payable to Wind Power Generators. While the Andhra Pradesh Electricity Regulatory Commission initially allowed this deduction, the Appellate Tribunal for Electricity reversed the decision, prompting AP Discoms to file a civil appeal before the SC. In its judgment dated March 25, 2026, the SC reaffirmed that, while State Electricity Regulatory Commissions (SERCs) possess the exclusive jurisdiction and plenary power to determine tariffs, they cannot operate in silos. SERCs must function as a collaborative enterprise alongside the Central Government, MNRE and other duty bearers. Further, the SC firmly classified the GBI as a “generator-focused incentive” specifically designed to promote investment in renewable energy, explicitly rejecting the notion that it could be adjusted as a “consumer subsidy”. The SC emphasized that SERCs cannot exercise their tariff-determination authority in a manner that nullifies the Union Government’s policy intent of promoting green energy and transitioning away from fossil fuels. Therefore, the GBI benefit must be passed on to the generators, over and above the determined tariff. Dispute resolution partner Vishrov Mukerjee led the firm’s team in the matter.
TT&A is advising Motilal Oswal Investment Advisors, Axis Capital and IIFL Capital Services (formerly known as IIFL Securities), as the book-running lead managers, on Rentomojo’s Rs1.5 billion IPO and offer for sale of up to approximately 28.4 million equity shares by certain existing shareholders of the company. Rentomojo is the largest online rental and subscription platform for home furniture and appliances, based on live subscribers, and is one of the leading home furniture and appliance rental platforms in India. It is also the first online furniture and appliances subscription platform business to file for IPO in India. The company has been historically backed by marquee institutional investors, including Accel India IV (Mauritius), ValueQuest SCALE Fund, Edelweiss Discovery Fund-Series I, Chiratae Growth Fund I and IDG Ventures India Fund III. Partner Abhinav Kumar is leading the firm’s team in the transaction, while Hogan Lovells is acting as international counsel. Cyril Amarchand Mangaldas is advising Rentomojo and the promoter. Trilegal is advising the investor selling shareholders.
TT&A has also advised the Unilever Group on the demerger of the ice-cream business from Hindustan Unilever to Kwality Wall’s (India), and subsequent sale of Unilever Group’s stake in Kwality Wall’s to the Magnum Ice Cream Company HoldCo 1 Netherlands (Magnum). Post the demerger, Kwality Wall’s will manage a portfolio of marquee ice cream and frozen dessert brands, such as Magnum, Cornetto and Feast, in India. The demerger was designed to sharpen the focus on Hindustan Unilever’s core fast-moving consumer goods (FMCG) categories (home care, beauty, personal care and foods). Partners Kunal Thakore, Neville Golwalla, Gayatri Chadha and Sonam Mathur led the firm’s team in the transaction. Khaitan and Co advised The Magnum Ice Cream Company. Cyril Amarchand Mangaldas advised Hindustan Unilever, while Linklaters advised Unilever.
Moreover, TT&A is advising Nuvama Wealth Management and IIFL Capital Services (formerly known as IIFL Securities), as the book-running lead managers, on the IPO of Kanohar Electricals, which includes a fresh issue of its equity shares aggregating up to Rs3 billion (US$32m), and an offer for sale of up to approximately 14.6 million equity shares by one of the promoters of the company. Kanohar Electricals operates its business in two segments: transformer manufacturing and engineering, procurement and construction (EPC). Proceeds from the IPO are proposed to be utilized by the company for the purchase of new machinery, civil construction and interior development of an office building at its manufacturing facility in Gangol, Uttar Pradesh to increase its capacity and expand its backward integration facility, and setting up of solar power plants at its manufacturing facilities in Gangol and Rithani in Uttar Pradesh, to enhance its sustainability initiatives. Partner Abhinav Kumar is leading the firm’s team in the transaction, while Duane Morris & Selvam is acting as special international counsel. Trilegal is advising Kanohar Electricals, while Verist Law is advising the promoter selling shareholder.
