Allen & Gledhill has advised Bayfront IABS VII on the issue of six classes of notes comprising of US$17 million Class X senior secured floating rate notes due 2048, US$476.8 million Class A senior secured floating rate notes due 2048, US$105.8 million Class B senior secured floating rate notes due 2048, US$42.3 million Class C senior secured floating rate notes due 2048, US$28.2 million Class D senior secured floating rate notes due 2048, and US$35.37 million subordinated notes due 2048. The notes are backed by cash flows from a portfolio of project and infrastructure loans and bonds in the Asia-Pacific, Middle East, Europe and Americas regions. The Class X Notes and Class A Notes are rated Aaa (sf) and AAA sf by Moody’s and Fitch, respectively. The Class B Notes and Class C Notes are rated Aa3 (sf) and Baa3 (sf), respectively, by Moody’s. The Class D Notes, as well as the Subordinated Notes, are unrated. The Senior Notes are listed in Singapore. This transaction features Clifford Capital Group’s (CCG) inaugural IABS issuance in Rule 144A/Reg S format, extending its reach to a broader global institutional investor base, as well as the inaugural issuance of Class X Notes, which was created in response to investor demand for short-term investments. This is also CCG’s largest issuance of infrastructure asset-backed securities to date, and its first to feature notes (Class X Notes and Class A Notes) with ratings from two rating agencies, Moody’s and Fitch. Bayfront VII is a wholly-owned and newly-incorporated distribution vehicle of Clifford Capital Asset Finance (CCAF), a subsidiary of Clifford Capital Holdings (CCH and, with its subsidiaries,...

Baker McKenzie has acted as US counsel to New York-listed Bright Scholar Education Holdings on the successful completion of its merger in a going-private transaction with Bright Education Mergersub, a wholly-owned subsidiary of Excellence Education Investment. As a result of the merger, Bright Scholar became a wholly-owned subsidiary of Excellence Education, and Bright Scholar’s American Depository Shares ceased trading in New York effective December 16, 2025. Bright Scholar will file to deregister its shares with the Securities and Exchange Commission. A premier global education service group, Bright Scholar primarily focuses on providing quality international education to global students, and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Partner and Asia Pacific & China capital markets co-chair Dan Ouyang and Ronnie Li from FenXun’s international capital markets practice led the firm’s team in the transaction. Baker McKenzie established a joint operation office with FenXun in China as Baker McKenzie FenXun in 2015. Baker McKenzie has also acted as Hong Kong and US counsel to QingSong Health on its successful global offering and listing in Hong Kong. The offering is expected to raise approximately HK$513.4 million (US$66m) in net proceeds, or approximately HK$599.6 million (US$77m) if the over-allotment option is fully exercised. The company’s H shares commenced trading on December 23, 2025. QingSong Health is a leading tech-enabled platform providing integrated healthcare and insurance-related services in China, ranking seventh in China’s digital healthcare services market, in terms of revenue. Proceeds from the offering will be used to enhance its market profile, strengthen business partnerships, expand market reach, invest in medical studies and real-world research, advance...

Allen & Gledhill has advised the Agricultural Bank of China Singapore Branch on the issue of US$300 million floating rate notes due 2028, under its US$15 billion medium term note programme. Partner Glenn David Foo led the firm’s team in the transaction. Allen & Gledhill has also advised Nanshan Life on the issue of US$395 million 5.875 percent Tier 2 subordinated dated capital bonds due 2041, and the tap issue of US$258 million 5.875 percent Tier 2 subordinated dated capital bonds due 2041, which are consolidated and form a single series with the existing bonds. The bonds are irrevocably and unconditionally guaranteed by Nan Shan Life Insurance. Nanshan Life is a Singapore-incorporated wholly-owned subsidiary of Nan Shan Life Insurance. Partners Bernie Lee, Jo Tay and Sunit Chhabra led the firm’s team in the transaction. AZB & Partners is advising Innomotics India on its Rs22 billion (US$242m) acquisition of the low voltage motors business from Siemens. Partners Zia Mody, Divya Mundra and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on December 8, 2025 and is yet to be completed. AZB & Partners is also advising Global Infrastructure Partners, a part of BlackRock, on its Rs33 billion (US$365m) acquisition of stake in Aditya Birla Renewables. Partners Zia Mody, Ashwath Rau, Atreya Bhattacharya and Aditya Periwal are leading the firm’s team in the transaction, which was signed on December 10, 2025 and is yet to be completed. Moreover, AZB & Partners is advising Tata Consultancy Services on its Rs63 (US$697m) acquisition of Coastal Cloud Holdings and its subsidiaries from Sverica Capital Management and Salesforce Ventures. Partners...

Allen & Gledhill has advised UltraGreen.ai and the selling shareholder, Renew Group, on UltraGreen.ai’s IPO and listing in Singapore. The IPO, together with a concurrent sale to cornerstone investors, raised gross proceeds of approximately US$400 million. With a market capitalisation of approximately US$1.6 billion at listing, UltraGreen.ai’s IPO is the largest non-REIT listing in Singapore since 2017. Partners Tan Tze Gay, Rhys Goh and Kern Wong led the firm’s team in the transaction. AZB & Partners has advised RMSI and its selling shareholders on their Rs5 billion (US$55.6m) sale of stake to Affirma Capital and 360 One Asset. Partners Daksh Trivedi and Aman Jain led the firm’s team in the transaction, which was completed on November 4, 2025. AZB & Partners has also advised Accion Digital Transformation Fund and the Teachers Insurance and Annuity Association of America on their more than US$50 million sale of stake in IKF Finance to Creador VI. Partners Hardeep Sachdeva, Priyamvada Shenoy and Shivang Sargoch led the firm’s team in the transaction, which was completed on November 11, 2025. CMS INDUSLAW has represented the Thengalai sect on securing from the Madras High Court Division Bench on November 28, 2025 the judgment, which upheld the century-old decrees recognising the exclusive ceremonial worship rights of Members of the Thengalai (Southern Cult) at the Sri Devaraja Swamy Temple in Kancheepuram. The Court dismissed the challenges raised by Members of the Vadagalai (Northern Cult), holding that the earlier pre-constitutional judgments did not violate fundamental rights under Articles 25 and 26 of the Constitution, and that these long-standing Adhiapaka Mirasi rights represent a blend of religious and property rights...

Allen & Gledhill has advised StarHub on the issue of S$300 million (US$232m) 2.55 percent notes due 2035, under its S$2 billion (US$1.54b) multicurrency debt issuance programme. Partner Wu Zhaoqi led the firm’s team in the transaction. AZB & Partners has advised CyberSolve (I), Identity Access Solutions and Mr Sumit Utreja on the Rs5.8 billion (US$65m) acquisition by Hexaware Technologies of Cybersolve. Partners Anand Shah and Kinshuk Jhunjhunwala led the firm’s team in the transaction, which was completed on November 7, 2025. AZB & Partners is also advising Tata Consultancy Services and HyperVault AI Data Center on the Rs180 billion (US$2b) acquisition by Tata Consultancy Services, along with TPG Terabyte Bidco, of stake in HyperVault. Partners Srinath Dasari, Nandish Vyas, Nilanjana Singh, Devika Nayak and Bharat Budholia are leading the firm’s team in the transaction, which was signed on November 20, 2025 and is yet to be completed. Moreover, AZB & Partners has advised Siguler Guff & Company on its Rs110 billion (US$1.2b) acquisition, along with other acquirers, of stake in La Renon Healthcare from A91 Emerging Fund I. Partner Roxanne Anderson led the firm’s team in the transaction, which was completed on November 4, 2025. Baker McKenzie has advised leading regional specialty chemicals distributor WWRC Holding, backed by Tower Capital Asia, on its strategic acquisitions of Farben Technique and KC Chemicals in Malaysia. The acquisition of Farben will enhance WWRC’s platform by adding advanced R&D and manufacturing capabilities, while the addition of KC Chemicals will further strengthen WWRC’s position in the life sciences sector. Both acquisitions are aligned with WWRC’s vision to become a differentiated one-stop chemical solutions provider in the...