Tracy Ang.JPEG

Tracy-Anne Ang

Deputy Head, Mergers & Acquisitions

Practice Area:

Mergers & Acquisitions

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

T +65 6232 0483

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, e-commerce sectors and environmental solutions.

Tracy is recognised by Chambers Asia Pacific 2024 in the field of Startups & Emerging Companies and recommended as a Leading Individual in Start-Up And Venture Capital by The Legal 500 Asia Pacific. She has also been recognised as an outstanding lawyer in Corporate Law from 2014 to 2023 by The Best Lawyers, a peer review publication, and included in the inaugural list of Singapore’s 20 most influential 40 and under lawyers by the Singapore Business Review in 2014. Tracy was also named Private Equity of the Year at the Women in Business Law Awards 2023 Asia-Pacific.

She has co-authored the Singapore chapters for private equity 2022 in Chambers and has edited the Singapore chapters for private equity and venture capital for the Lexis Nexis.

She has served as a mentor with Pollinate, the joint incubator formed by Singapore’s 3 polytechnics.

Tracy currently 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.


Venture Capital

  • 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$285 million funding round of Pinelabs, a payment solutions company which offers merchant payment terminals, invoicing tools and working capital and whose anchor investors include Temasek Holdings.
  • Advised Trust Social, a tech based credit scoring company, in their recently closed US$ 65 million Series C funding round from a subsidiary of the Masan Group and in their Series A and Series B funding rounds which led by Sequoia Capital India, with Beenext and Tanglin Ventures as the other cornerstone investors.
  • Acted for Glints, SEA’s leading recruitment and career development platform with operations in Singapore, Vietnam and Indonesian in their Series B, Series C and Series D funding rounds which have in the aggregate raised more than US$75 million to date from both leading VC investors such as Monk’s Hill, DCM Ventures, Fresco and from strategic investors.
  • Acted for DoctorAnywhere in its Series C funding round which raised US$65 million in one of the largest funding rounds raised by a SEA health tech company. The round was led by Asia Partners, Novo Holdings, OSK-SBI Ventures with follow on investments from existing investors such as EDBI, IHH and Square Peg.
  • Advised other startups such as Shohoj (an online travel and ride sharing company)  with GGV as a lead Series A investor), Viddsee (a video entertainment platform) in their Series A to Series C rounds, Grain (a food technology startup) in its Series B fund raising round.

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 Unison Capital Inc., a leading Japanese private equity firm,  in their investments across South East Asia and South Asia including in waste solution platforms such as Ideation 3X.
  • Advised Sailing Capital,  a Hong Kong based private equity firm in its investment in the Soneva Group which owns and operates luxury resorts in the Maldives and Thailand.
  • Advised Gaw Capital, a Hong Kong based private equity firm, on its acquisition $342 million acquisition of POMO, an office and retail development.
  • Advised TPG capital on the local law aspects of its acquisition of Innovative Diagnostics and Quantum Diagnostics.
  • Acted for an Asian private equity firm in its equity investment in LHI Technology and secondary sale to 3i Group.
    Acted for Philips Capital, a Singapore based private equity firm, in various regional investments in Thailand and Indonesia.

Cross Border Transactions & Joint Ventures

  • Acted for Keppel Capital, a wholly owned subsidiary of Keppel Corporation Limited, a company listed on the Singapore Exchange. Deal involved a joint venture between Keppel Capital and Pierfront Mezzanine Fund (an entity ultimately controlled by Temasek Holdings) via an acquisition and investment in Pierfront Capital Fund Management, an entity which would be the investment manager for private funds with a committed capital of US$ 100 million jointly sponsored by Pierfront Mezzanine Fund (an entity ultimately controlled by Temasek Holdings) and Keppel Capital for investment into real assets.
  • Acted for DBS Bank Limited in its joint venture with Temasek Holdings to launch a US$500 million growth stage debt financing platform, EvolutionX. Headquartered in Singapore, EvolutionX will provide non-dilutive financing to growth stage technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia.
  • 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”).
  • Acted for ZhongAn Technologies International, a subsidiary of ZA Insurance, a company listed on HKEX and the first Internet-based insurer in China, in its joint venture with Grab Holdings Inc. to enter the digital insurance distribution business in Southeast Asia. The joint venture will create a digital insurance marketplace that offers innovative insurance products in a range of categories with fractionalized premiums, directly to users through the Grab mobile app.
  • 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. 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.

Acquisitions & Divestments

  • Acted for Goldbell Corporation in its acquisition from the Bolloré Group of BlueSG Pte Ltd and Bluecar East Asia Pte Ltd, which carries on the business of electric vehicle sharing in Singapore.
  • 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 through a competitive sale process.
  • Advised the Lion Power Consortium in its acquisition of Senoko Power Limited in a deal which won the Asian Legal Business "Singapore M&A Deal of the Year" 2009.
  • 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.
  • 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 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 Hyflux Limited in its disposal of assets to Galaxy NewSpring Pte Ltd, in a deal worth US$53 million.

Competitive Bids & 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.