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.