M&A

MUFG Bank, Ltd. on its groundbreaking voluntary tender offer for Bank of Ayudhya. This was the largest ever acquisition by a Japanese bank in Asia, with a deal value in excess of USD6bn. This cross-jurisdictional deal saw MUFG become the first Japanese banking group to control a major Southeast Asian bank. Also advised on all contractual and regulatory aspects, as well as on post-integration matters.

Telenor Asia, part of the Norwegian majority state-owned multinational telecoms company Telenor Group, together with Total Access Communication Public Company Limited (dtac), on the amalgamation of the telecoms operations of dtac and True Corporation Public Company Limited in Thailand. The transaction is the largest telecommunications merger in Southeast Asia to-date, with the new company having a combined enterprise value of USD20.7bn, and serving an estimated 55m mobile customers, 5m broadband connections, as well as 3.2m pay-TV subscribers.

Engie Global Developments B.V. (an affiliate of Engie S.A.) on the disposal of its entire 69.1% interest in Glow Energy Public Company Limited to Global Power Synergy Public Company Limited. This USD2.95bn deal represented Thailand’s largest completed M&A deal and Asia’s largest M&A deal in the power sector, both for the year 2018 and 2019. 'Power M&A Deal of the Year' at The Asset Triple A Infrastructure Awards 2020, and 'Best Cross-Border M&A Deal: Thailand' at The Asset Triple A Country Awards 2020.

CAPITAL MARKETS

Thai Life Insurance Public Company Limited (TLI) on its THB37.1bn initial public offering and listing on the SET. The IPO comprised a public offering of shares by TLI and its existing shareholder in Thailand and a concurrent private placement to eligible investors outside Thailand, including to qualified institutional buyers in the United States, pursuant to Rule 144A and Reg S under the U.S. Securities Act of 1933, as amended. The IPO represented the second largest equity capital markets deal in Southeast Asia in calendar year 2022 with respect to IPO funds raised, according to data from Refinitiv. It was also the largest IPO in Thailand itself during calendar year 2022. Awarded 'Best Equity/IPO Deal of the Year in Thailand’, 16th Annual Best Deal & Solution Awards 2022 by Alpha Southeast Asia.

Acted as Thai and international counsel for Morgan Stanley, Bualuang Securities, Kiatnakin Phatra Securities, Credit Suisse and UBS (the financial advisors and lead underwriters) on the THB78.1bn IPO and share listing of Central Retail Corporation Public Company Limited on the SET. The transaction also involved the group restructuring of CRC, including the delisting tender offer for Robinson Public Company Limited, concurrent with the IPO process. This was the largest IPO in Thailand to date and the second largest IPO globally of a retail focused company.