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.
Tesco plc on the USD10.6bn sale of its entire interest in its business in Thailand to C.P. Retail Development, a company held by various CP Group entities, which includes a portfolio of nearly 2,000 stores nationwide in Thailand. Awarded 'M&A Deal of the Year: South & Southeast Asia' at the Asia Legal Awards 2021; 'M&A Deal of the Year (Premium)' at the ALB Southeast Asia Law Awards 2021; 'Impact Deal/Case of the Year' at the Asialaw Awards 2021; and 'Best M&A Deal – Thailand' at The Asset Triple A Country Awards 2021.
Starbucks Corporation on the USD650m sale of its Thailand retail business to, and entry into franchising licensing arrangements with, Coffee Concepts Thailand Co., Ltd. (a JV between Maxim’s Caterers Ltd. and Thai partner F&N Retail Connection Co., Ltd.) This transaction included assisting the Starbucks team to diligence over 400 past, current and potential future leasing arrangements as well as managing advice and investigations into key business and operational food selling and storage licences, as well as customs and import issues around Starbucks’ foreign sourced products.
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.
