Latham APAC Deals Sweep 25 Awards

FinanceAsia honored 19 deals that Latham & Watkins advised on at the publication’s 2025 Achievement Awards. The deals collectively won 25 acknowledgments, highlighting Latham’s excellence across Asian financial markets in major industries like technology, energy and infrastructure, and retail and e-commerce. Latham’s advice for Clifford Capital, a Singapore-headquartered infrastructure credit platform, on its sixth public infrastructure asset-backed securities (IABS) transaction collected four honors, recognizing excellence across structured finance, bonds, project finance, and infrastructure.

The publication and an advisory board of outside experts selected the award-winning deals out of more than 1,000 submissions.

FinanceAsia highlighted the following transactions:

• Clifford Capital’s US$527 Million Infrastructure Asset-Backed Securities Issuance for Bayfront Infrastructure Capital VI Pte. Ltd. (BIC VI) — Latham advised the Singapore-headquartered infrastructure credit platform on its sixth public infrastructure asset-backed securities transaction, its largest issuance to date. Notably, Latham has advised on all of the Bayfront transactions as structuring and drafting counsel, including the most recent, Bayfront VII. 
  • Best Bond Deal: Singapore
  • Best Project Finance Deal: Singapore
  • Best Structured Finance Deal: Singapore
  • Highly Commended Infrastructure Deal: Singapore
• Hyundai Motor India’s US$3.3 Billion IPO — Latham advised the automotive company on the listing, which was India’s largest-ever IPO to date and Hyundai Motors’ first listing of a unit outside of South Korea.
  • Best Equity Deal: India
  • Highly Commended IPO: India
• US$7.1 Billion Take-Private of ESR Group Limited — The firm advised a consortium led by Starwood Capital Group, Sixth Street, and SSW Partners in the landmark transaction, which marks the largest privatization from the Hong Kong Stock Exchange since 2021.
  • Best Property Deal: Hong Kong
  • Best M&A Deal: Hong Kong
• MakeMyTrip’s US$3.1 Billion Convertible Notes and Primary Share Offerings — Latham team represented India’s leading online travel company in the transaction, which represented APAC’s largest concurrent equity-linked bond and equity follow-on deal since 2022.
  • Best Bond Deal: India
• Meralco’s Strategic Partnership with Actis — Latham advised Manila Electric Company (Meralco) and its subsidiary, Solar Philippines New Energy Corporation, on its strategic partnership with Actis, a leading global investor in sustainable infrastructure. Meralco’s sale of a 40% stake in the Terra Solar Project, a US$3.5 billion project poised to be the world’s largest integrated renewables and energy storage project, represents the largest foreign direct investment for a greenfield infrastructure project in the Philippines.
  • Best Infrastructure Deal: Philippines
• MINISO Group’s US$550 Million Securities Offering — The firm advised UBS and HSBC on MINISO Group’s offering of equity-linked securities due 2032. The transaction marks the first equity-linked securities offering distributed solely under Regulation S by a company with a dual primary listing in the US and Hong Kong.
  • Most Innovative Deal: China - Offshore
• Aster’s Acquisition of Shell Energy and Chemicals Park Singapore — Latham advised PT Chandra Asri Pacific Tbk, Indonesia’s leading chemical and infrastructure solutions company, on its joint venture with Glencore to purchase a 100% interest in Shell Energy and Chemicals Park Singapore.
  • Best M&A Deal: Singapore
• AvePoint’s Dual Listing in Singapore — Latham represented the underwriters on the S$259 million public offering and Singapore secondary listing of AvePoint, the global leader in data security, governance, and resilience.
  • Best Equity Deal: Singapore
• Princeton Digital Group’s US$1.3 Billion Investment from Stonepeak — Latham advised Princeton Digital Group, one of APAC’s top data center operators, on its preferred equity investment from Stonepeak, an alternative investment firm specializing in infrastructure and real assets.
  • Best Infrastructure Deal: Singapore
• SPNEC’s sale of its 40% stake in Terra Solar Philippines to Actis — Latham advised Manila Electric Company (Meralco) and its subsidiary, Solar Philippines New Energy Corporation, on its strategic partnership with Actis. Meralco’s sale of a 40% stake in the Terra Solar Project, a US$3.5 billion project poised to be the world’s largest integrated renewables and energy storage project, represents the largest foreign direct investment for a greenfield infrastructure project in the Philippines.
  • Best M&A Deal: Philippines
• Affinity Equity Partners’ financing for the acquisition of 90% of issued share capital of PT Yupi Indo Jelly Gum — Latham advised on a syndicated term loan and revolving credit facilities to support AEP’s majority acquisition of the largest manufacturer of gummy candy in Southeast Asia.
  • Best Syndicated Loan Deal: Indonesia
• Eco-Shop’s IPO — Latham advised Eco-Shop Marketing Berhad (Eco-Shop), one of Malaysia’s largest dollar store retail chains operating more than 350 stores across the country, on its initial public offering (IPO) on the Bursa Malaysia (KLSE). The offering consisted of 862,146,000 ordinary shares priced at RM 1.13 per share, raising RM 974.2 million (approximately US$230 million). The transaction represents Malaysia’s largest IPO in 2025 to-date.
  • Best Equity Deal: Malaysia
  • Best IPO: Malaysia
• Bilibili’s US$690 Million Convertible Senior Notes Offering and Registered Equity Offering — Latham advised the initial purchasers on the upsized offering by Bilibili, a prominent video community for young generations in China.
  • Highly Commended Innovative Deal: China - Offshore
• Aster Chemicals’ US$1 Billion Sustainability-Linked Debt Financing — Latham advised the leading chemical and energy solutions provider in the transaction, comprising a US$700 million initial facility with an up to US$300 million greenshoe option.
  • Highly Commended Infrastructure Deal: Singapore
• Flourishing Trade and Investment’s Private Placement of US$750 Million Senior Secured Notes — Latham advised the company in its private placement of 11.035% senior secured notes due 2028. This transaction set a precedent for large-scale private credit in India’s infrastructure sector.
  • Highly Commended Private Credit Deal: India
• US$1.2 Billion Sale of PT Yupi Indo Jelly Gum to Affinity Equity Partners — Latham advised Affinity Equity Partners in its acquisition of the company, which is the largest manufacturer of gummy candy in Asia. This acquisition was one of the largest private equity deals in Southeast Asia for 2024.
  • Highly Commended M&A Deal: Indonesia
• Saudi Aramco Oil Company’s acquisition of a 25% stake in UniOil Petroleum Philippines and Unioil Energy — Latham advised Unioil, one of the largest petroleum companies in the Philippines, on its agreement with Aramco, a global leading integrated energy and chemicals company, to acquire a 25% equity stake in Unioil.
  • M&A Deal: Philippines
• Keppel Infra acquisition of Global Marine — Latham advised Keppel Infrastructure Fund (KIF) on its acquisition of a 100% stake, alongside its co-investor, in Global Marine Group (GMG) from investment affiliates of J.F. Lehman & Company. headquartered in the UK, GMG is one of the world’s largest independent subsea cable solutions providers, and marks the first investment by KIF.
  • Best M&A Deal: Singapore
• Varanasi Aurangabad Highway’s $316.3 million senior secured project bond — Latham advised the issuer on the US$316.3 million bond offering of Varanasi Aurangabad NH-2 Tollway Private Limited (VAH), a ROADIS project responsible for the expansion to six lanes, operations, and maintenance of the 192 kms highway from Varanasi to Aurangabad. The bonds carry a coupon rate of 5.9% and will mature in close to nine years. The transaction sets a new milestone in the Indian road sector, with VAH becoming the first Indian road concession company to raise US$ denominated project debt in the international capital markets and to obtain Investment Grade by Moody’s and Fitch.
  • Best Project Finance Deal: India