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Thailand

Allen & Overy in Thailand is well known for its in-depth knowledge and understanding of the Thai business and regulatory environment.

Since establishing a presence in Thailand more than 23 years ago, we have earned a reputation for providing innovative and high-quality advice that has stewarded numerous complex deals to successful conclusion for our clients.

With a first-class team of international and Thai lawyers, we are one of very few international firms in the country providing a 'one-stop service' for domestic and cross-border offerings. We provide legal advice to large domestic and multinational corporations, banks and other financial institutions on international and Thai law, and are able, for instance, to issue both English and Thai law legal opinions.

Ranked 'Band 1' in Thailand in Banking & Finance, Projects & Energy, Corporate/M&A and Capital Markets by all of the leading legal directories, including Chambers Asia-Pacific, The Legal 500 and IFLR1000, our team in Bangkok has a winning combination of technical expertise, local market knowledge, industry insight and global experience.

Our Bangkok office was recently awarded 'Thailand Law Firm of the Year' at the IFLR Asia-Pacific Awards 2021 and also received the 'Thailand Law Firm of the Year' award at the ALB Southeast Asia Law Awards 2020.

Our Bangkok office is an integral part of our wider ASEAN network of six offices, where we offer local law capability in Singapore, Vietnam and Indonesia, in addition to Thailand. Beyond these office locations, our Bangkok team has extensive experience in the emerging markets of Myanmar (with our office in Yangon), Laos and Cambodia, where we have been involved in numerous pioneering and market-first transactions over many years.

Our experience

Tesco plc

Tesco plc

Tesco plc on the 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. The transaction represented the largest corporate acquisition ever in Thailand to-date and it was also the largest in the APAC region for calendar year 2020. 'M&A Deal of the Year: South & Southeast Asia', Asia Legal Awards 2021 and 'M&A Deal of the Year (Premium)', ALB Southeast Asia Law Awards 2021.

Engie Global Developments B.V.

Engie Global Developments B.V.

Engie Global Developments B.V. (an affiliate of Engie S.A.) on the disposal of its entire 69.1% interest in Glow Energy to Global Power Synergy. This EUR2.6bn 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', The Asset Triple A Infrastructure Awards 2020 and 'Best Cross-Border M&A Deal: Thailand', The Asset Triple A Country Awards 2020.

TMB Bank Public Company Limited

TMB Bank Public Company Limited

TMB Bank Public Company Limited on its approximate USD5.5bn merger with Thanachart Bank Public Company Limited, and TMB’s related equity fundraising process through the issue of transferable subscription rights, which raised in excess of approximately USD1.2bn. The deal marked the largest bank merger in Thailand and positioned the merged entity as the sixth largest bank in the country by assets.
Thanachart Bank Public Company Limited

Thanachart Bank Public Company Limited

Thanachart Bank Public Company Limited on the sale of 50.1% of Thanachart Fund Management (TFUND) to Eastspring Investments, the Asian asset management business of Prudential plc, for a consideration value of THB4.2bn. Eastspring has an option to increase its ownership of TFUND to 100% in the future.
Starbucks Corporation

Starbucks Corporation

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.)

Ngern Tid Lor Public Company Limited

Ngern Tid Lor Public Company Limited

Acted as Thai and international counsel to the financial advisors and lead underwriters on the THB33.1bn initial public offering and listing of Ngern Tid Lor Public Company Limited (TIDLOR) on the Stock Exchange of Thailand. The IPO comprised a public offering of shares by TIDLOR and their existing shareholders 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/or Regulation S under the U.S. Securities Act of 1933, as amended.

PTT Oil and Retail Business Public Company Limited

PTT Oil and Retail Business Public Company Limited

Advised the underwriters on the THB54bn initial public offering and listing of PTT Oil and Retail Business Public Company Limited on the Stock Exchange of Thailand. The IPO comprised a public offering of shares in Thailand and a concurrent offering outside Thailand, including to qualified institutional buyers in the United States pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act of 1933, as amended.

SCG Packaging Public Company Limited

SCG Packaging Public Company Limited

Acted as Thai and international counsel to the financial advisors and underwriters on the THB39.55bn initial public offering and listing of SCG Packaging Public Company Limited on the Stock Exchange of Thailand. The IPO comprised a public offering of shares in Thailand and a concurrent private placement outside Thailand pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act of 1933, as amended.

Central Retail Corporation Public Company Limited

Central Retail Corporation Public Company Limited

Acted as Thai and international counsel to the lead underwriters on the THB78.1bn initial public offering and listing of Central Retail Corporation Public Company Limited on the Stock Exchange of Thailand. 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 corporate IPO in Thailand to-date.

Bangkok Commercial Asset Management Public Company Limited

Bangkok Commercial Asset Management Public Company Limited

Acted as Thai and international counsel to the lead underwriters on the THB35bn initial public offering and listing of Bangkok Commercial Asset Management Public Company Limited on the Stock Exchange of Thailand. The IPO comprised a public offering of shares in Thailand and a concurrent private placement outside Thailand pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act of 1933, as amended. 'Best Privatisation: Thailand', The Asset Triple A Country Awards 2020.

Thai Union Group Public Company Limited

Thai Union Group Public Company Limited

Advised the mandated lead arrangers and bookrunners on the inaugural syndicated cross-border and syndicated onshore sustainability-linked loans in Thailand and Japan to the equivalent value of THB12bn provided to Thai Union Group Public Company Limited. The syndicated cross-border loan comprised an originated amount of USD183m equivalent denominated in USD and JPY, with more than 20 financial institutions worldwide acting as lenders. The syndicated onshore loan in Thailand, meanwhile, comprised an originated amount of THB6.5bn equivalent denominated in THB and USD, with seven financial institutions in Thailand acting as lenders.

Indorama Ventures Public Company Limited

Indorama Ventures Public Company Limited

IFC, ADB and DEG on a landmark USD300m parallel blue loan financing package arranged by IFC for a subsidiary of Indorama Ventures Public Company Limited, which is the world’s largest manufacturer by volume of 100% recyclable polyethylene terephthalate (PET). The funding will help Indorama increase its PET recycling capacity in Thailand, Indonesia, the Philippines, India and Brazil, and to also invest in renewable energy and resource efficiency projects. 'Best Loan: Manufacturing', The Asset Triple A Sustainable Capital Markets Regional Awards 2020.

PTT Public Company Limited

PTT Public Company Limited

PTT Public Company Limited on the establishment of its debut local and global MTN programmes and the first issuances thereunder, which includes the USD700m issuance of the first ever 50-year USD-denominated corporate bond in the APAC region. 'Best Corporate Bond: Thailand', The Asset Triple A Country Awards 2020.
Thai Union Group Public Company Limited

Thai Union Group Public Company Limited

The sole lead arranger on the issuance of a 7-year THB-denominated sustainability-linked bond by Thai Union Group Public Company Limited to the value of THB5bn to institutional investors in Thailand. This represented the first sustainability-linked bond ever launched in Thailand. It was also the first globally to introduce not just step-up, but also step-down coupon rate features, related to the achievement of Sustainability Performance Targets.
PTT Public Company Limited

PTT Public Company Limited

PTT Public Company Limited on its issuance of the THB-denominated Thai Overnight Repurchase Rate (THOR)-linked floating rate bonds under its THB-denominated medium-term note programme. This was the first ever THOR-linked floating rate bond issuance by a Thailand-based corporate.

Krungthai Bank Public Company Limited

Krungthai Bank Public Company Limited

Acted as international counsel to the global coordinators and bookrunners on the issuance of Basel III-compliant Additional Tier 1 perpetual non-call 5-year subordinated notes by Krungthai Bank Public Company Limited to the value of USD600m as part of its broader USD2.5bn Regulation S Euro MTN programme.

Bangkok Bank Public Company Limited

Bangkok Bank Public Company Limited

Bangkok Bank Public Company Limited on its global MTN programme update, its building in of Additional Tier 1 provisions, and its immediate drawdown. This included the issuance by Bangkok Bank of USD750m AT1 subordinated notes in September 2020. 'Best Bank Capital Bond: Thailand', The Asset Triple A Country Awards 2020.
The Kingdom of Thailand

The Kingdom of Thailand

Advised the joint green structuring advisors and joint lead managers on the Kingdom of Thailand’s THB30bn dual-tranche sustainability bond issuance. The first THB10bn tranche will be used for liability management purposes and to refinance the capital expenditures of Bangkok’s Mass Rail Transit Orange Line (East) Project, while the second THB20bn tranche will be used to aid in resolving, remedying and restoring the economic and social impacts that have resulted in Thailand from the Covid-19 pandemic. 'Best Sustainability Bond', The Asset Triple A Country Awards 2020.

The Ministry of Finance of the Lao People’s Democratic Republic

The Ministry of Finance of the Lao People’s Democratic Republic

The Ministry of Finance of the Lao People’s Democratic Republic on its international sovereign bond issuance to the value of USD150m pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act with the bonds listed on the SGX-ST in Singapore.

Our offices

Bangkok

News & insights

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Publications: 30 NOVEMBER 2021

2021/2022 – Another eventful year for Thai competition law

While the ongoing global pandemic has had a temporary braking effect on some business sectors and international travel, Thai competition law has continued to develop at pace in an attempt to catch up…

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News: 05 NOVEMBER 2021

A&O advises on Asia’s first fully-digitalised corporate bond offering via digital wallet

Allen & Overy has advised PTT Exploration and Production Public Company Limited (PTTEP), Thailand’s national petroleum exploration and production company, on the establishment of its medium-term note…

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News: 03 NOVEMBER 2021

Allen & Overy advises Indorama Ventures on the largest sustainability-linked bond issued in Thailand

Allen & Overy has advised Indorama Ventures Public Company Limited (IVL) on the issuance of a triple-tranche sustainability-linked bond (SLB) to the value of THB10 billion (approximately USD300…

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News: 01 NOVEMBER 2021

Allen & Overy announces new managing partner for Bangkok

Allen & Overy announces the appointment of Suparerk Auychai as managing partner of our Bangkok office effective 1 November 2021. Suparerk is taking over from Stephen Jaggs, who has held this position…

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Recognition

Media contact

Madhu Mirpuri
Madhu Mirpuri

Marketing and Communications Manager

APAC

Hong Kong

Hong Kong
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