Tracy Ang.JPEG

Tracy-Anne Ang

Deputy Head, Mergers & Acquisitions
Partner, Rajah & Tann Singapore LLP

Practice Area:

Mergers & Acquisitions

LLB. (Hons), National University of Singapore
Advocate & Solicitor, Singapore

T +65 6232 0483
E tracy.ang@rajahtann.com

Tracy Ang is Deputy Head of the Mergers & Acquisitions practice and has over 20 years of experience in this field including Venture Capital and Private Equity transactions, having acted for various MNCs, startups, SMEs, private equity investors and venture capital funds, on acquisition, investment and divestment transactions across a range of industries with a focus on the fintech, medtech and e-commerce sectors.

She has been recognised as an outstanding lawyer in the field of Corporate Law from 2014 to 2021 by “Best Lawyers International”. She has co-authored the Singapore chapters for private equity and venture capital for the Practical Law Company and edited the Singapore chapters for private equity and venture capital for the Lexis Nexis. Tracy was recognised in the inaugural list of Singapore’s 20 most influential 40 and under lawyers by the Singapore Business Review in 2014.

She has served as a mentor with Pollinate, the joint incubator formed by Singapore’s three polytechnics.

Tracy also sits on the firm’s Executive Committee.

Her practice in this area includes negotiating and drafting legal documentation such as subscription agreements, shareholders agreements, investment agreements, joint venture arrangements, sale and purchase agreements and managing cross border transactions.

Experience 

Venture Capital Transactions

  • Advised Arbor Ventures in its investment in 2C2P’s US$52 million funding round which was led by IFC, Cento and Arbor. 2C2P is a Thailand based payment firm which has expanded to over 10 markets with over 400 employees.
  • Advised Sequoia Capital India in its investment in LingoAce, a Singapore-based global education technology company and leading Mandarin Chinese language learning platform which has a global base across more than 100 countries and regions.  Other investors in LingoAce include Owl Ventures, Shunwei Capital and Tiger Global.
  • Advised the CVC of a NASDAQ listed US company in various investments, most notably in its investments in Cellwize, an AI powered automation platform for 5G services which was subsequently acquired by Qualcomm for US$300 million and in its investment in health AI startup Biofurmis which reached unicorn status with its Series D funding round.
  • Advised a Hong Kong based VC firm its participation various funding rounds including in the Series F  US$250 million funding round of  Moglix, an industrial B2B e-commerce market place backed by Tiger Global and Alpha Wave and in the US$285 million funding round of Pinelabs, a payment solutions company which offers merchant payment terminals, invoicing tools and working capital and whose anchor investors include Temasek Holdings.
  • Advising Applied Material's in its acquisition of certain Singapore subsidiaries of Metron Technology N.V.
  • Advising Reuters in its acquisition of Moneyline Telerate's Singapore assets.
  • Advising Koch Industries Inc in its acquisition of the business of Dupont Inc.
  • Advising Mediacorp Pte Ltd in its acquisition of certain assets from SPH Mediaworks Limited.
  • Advising Verint Systems Inc in its acquisition of certain assets from Multivision.

Private Equity

  • Advised Equis Funds Group, a US$ 1 billion private equity fund, in connection with investments made in infrastructure projects across South East Asia, including its US$ 63 million investment in Guragon based Dans Energy Consulting Pvt Ltd and in Consistel Networks Singapore Pte Ltd in connection with neutral hosting services at the Singapore Sportshub.
  • Advised Sailing Capital in connection with its investment in the Soneva Group.
  • Acted for Baring Private Equity in its equity investment in LHI Technology and secondary sale to 3i Group.
  • Acted for Arcapital Investment Management in various corporate transactions.
  • Acted for Philips Capital in various regional investments in Thailand and Indonesia.

Cross Border Transactions & Joint Ventures

  • Advised State Grid International Development, a wholly owned subsidiary of Chinese state owned enterprise State Grid Corporation of China, on Singapore aspects of its acquisition of a stake in SP Austnet for AUD824 million and 60% of energy infrastructure company SPI (Australia) Assets Pty Ltd for an undisclosed amount, from Singapore Power Limited.
  • Acted for Itochu Corporation in its US$47.5 million investment and joint venture in KS Drilling Pte Ltd, a subsidiary of KS Energy Services Limited, a company listed on the Singapore Exchange. Deal involved co-ordinating legal due diligence with various foreign counsels, including Indonesian counsel.
  • Acted for Hyflux Limited in its joint venture with Mitsui & Co., to originate, invest, develop, construct, operate and maintain water plants in the Peoples’ Republic of China in a deal with involved the delisting and acquisition of the assets of the Hyflux Water Trust, in a deal worth approximately US$235 million.
  • Acted for Hyflux Limited in its joint venture with JGC Corporation in a deal worth US$63 million.
  • Acted for Bioton S.A, a polished listed company, in the acquisition of a significant stake in Scigen Limited, a Singapore company listed on the Australian Stock Exchange in a deal which involved cross border elements in Australia, Singapore and India.

Acquisitions & Investments

  • Acted for Intel Corporation and Intel Capital in various acquisition and investment transactions, including the acquisition of the ST Ericsson’s GPS business and Infineon’s wireless business in Singapore.
  • Acted for the Menarini Group in its acquisition of Invida Group Pte Ltd, a leading biopharmaceutical sales company with annual revenues exceeding US$220 million, through a competitive sale process.
  • Advised Qatar Telecom (Qtel) Q.S.C on its investment and joint venture in Asia Mobile Holdings Pte Ltd, a company which held a significant shareholding stake in Starhub Limited, a company listed on the Singapore Exchange Securities Trading Limited (“SGX”).
  • Advised the Lion Power Consortium (lead by Marubeni Corporation) in its acquisition of Senoko Power Limited in a deal which won the Asian Legal Business "Singapore M&A Deal of the Year" 2009.
  • Acted for Beckman Coulter Inc in its acquisition of the Singapore diagnostic business of Olympus Corporation.
  • Advising General Electric Company in various acquisitions including Comdisco Inc's Singapore leasing business and Crompton's OSi business in Singapore and Edwards Systems' Singapore assets.
  • Advising Applied Material's in its acquisition of certain Singapore subsidiaries of Metron Technology N.V.
  • Advising Reuters in its acquisition of Moneyline Telerate's Singapore assets.
  • Advising Koch Industries Inc in its acquisition of the business of Dupont Inc.
  • Advising Mediacorp Pte Ltd in its acquisition of certain assets from SPH Mediaworks Limited.
  • Advising Verint Systems Inc in its acquisition of certain assets from Multivision, a company listed on the SGX.

Divestments

  • Acted for Arcresidential Japan Investments Limited in its divestment of 70% shareholding interest in Island City Pte. Ltd. to DBS Trustee Limited in its capacity as trustee of Ascott Residence Trust, in a deal worth approximately JPY 6.3 billion (approximately S$78.4 million).
  • Acted for Hyflux Limited in its disposal of assets to Galaxy NewSpring Pte Ltd, in a deal worth US$53 million.
  • Advising the shareholders of DollarDex Pte Ltd in the sale of their entire shareholding of DollarDex Pte Ltd to Aviva Ltd.
  • Acted for Seiyu Limited in the sale of its entire stake in Seiyu Singapore Pte Ltd.
  • Acted for CapitaLand Limited in its divestment of their interests in various Singapore holding companies which own properties in Japan and Melbourne to DBS Trustee Limited, as trustee of Ascott Residence Trust in a deal worth approximately S$55.4 million.
  • Acted for the shareholders of Blue-Interactive Pte Ltd in a complete divestment of their shares to WPP Limited.

Competitive Bids and Tenders

  • Advised multi-national consortiums in their respective bids to acquire the Singapore electricity generation companies, Tuas Power Limited and Seraya Power Limited from Temasek.
  • Advised a multi-national consortium in their bid for Singapore’s Next Generation Broadband Network OpCo Project tender conducted by the Info-communications Development Authority of Singapore including drafting, reviewing and advising on consortium and shareholder agreements and subcontractor and supply term sheets.
  • Advised a member of a local consortium in their bid for the multi-mission range complex project tender conducted by the Defence Science and Technology Agency, under a private partnership model.
Memberships/Directorships
  • Member, Singapore Academy of Law
  • Member, Law Society of Singapore