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

Tracy has over 18 years of experience in the area of Mergers and Acquisition, 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 through the use of equity, debt and hybrid instruments.

She has been recognized 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.

Her practice in this area includes negotiating and drafting legal documentation such as shareholders agreements, investment agreements, joint venture arrangements, sale and purchase agreements and managing cross border legal due diligence processes. Tracy also has extensive experience acting in competitive bid transactions and was a core member of the transaction team advising potential international bidders on the acquisition of Singapore's 3 electricity generation companies in 2008 from Temasek Holdings with deal sizes in excess of a billion dollars.


Venture Capital Transactions

  • Advised startups in the technology, medical, healthcare and entertainment sectors on their fund raising, including Endomaster (a medical robotics company with Hoya as one of its cornerstone investors), Cellresearch Corporation (a stem cell research company with Cordlife as an investor), Trust IQ (a tech based credit scoring company in their Series A funding round led by Sequoia), Shohoj (an online travel and ride sharing company with GGV as a lead Series A investor), Viddsee (a video entertainment platform).
  • Advised leading investors including funds and corporate VCs on early to late stage investments into various startups, including Grey Orange ( a robotics technology company) and Grabtaxi (a leading taxi booking platform provider in Asia), Cloud FX (a cloud technology service provider), Happyfresh (an online grocer), Bridestory (leading Indonesian wedding portal) and Instarem (an online remittance provider).

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.


  • 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, a UK listed media conglomerate.

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.
  • Member, Singapore Academy of Law
  • Member, Law Society of Singapore