Corporate and M&A (including capital markets) in Thailand
Allen & Overy (Thailand) Co, Ltd
Allen & Overy (Thailand) Co, Ltd's corporate and M&A team leverages its strong regional and international presence to advise domestic corporates to multinationals on complex and often cross-border joint ventures, corporate restructurings, privatisations and public and private M&A. Practice head Suparerk Auychai has over two decades of experience handling corporate and M&A transactions in the energy, financial services and real estate sectors. In addition, he is regularly instructed to advise on regulatory and business licensing requirements. Another key figure in the practice group is counsel Chris Burkett, who is active in public and private M&A and also has experience of private equity transactions. Counsel Noparat Kaewsringarm is also recommended.
PTT Global Chemical
ICBC International Holdings
ENGIE Global Developments
- Advised ENGIE, the global energy and services group, on the completion of the divestment of its 69.1% in Glow Energy, worth $2.93bn
- Advised Central Pattana on its $330m acquisition of 50.43% of shares in Grand Canal Land from existing shareholders and the subsequent tender offer of all remaining shares of GLAND.
- Advised Starbucks Corporation on its agreement with Coffee Concepts Thailand Co to fully license its retail businesses in Thailand.
- Advised Central Group on its $200m investment in Grab Holdings to acquire a significant non controlling stake in Grab’s local Thai entity.
- Advised BRF on the sale of its Thai and European poultry business to Tyson Foods, which included four processing facilities in Thailand.
One of the strongest corporate teams in Bangkok, Baker McKenzie is regularly involved in the market's largest public and private M&A, corporate restructuring mandates, and securities transactions. Moreover, the firm's international network is a steady generator of high-quality instructions from regional and multinational corporates, which often turn to the team for complex cross-border corporate work. The department is jointly led by by Sorachon Boonsong, who has expertise in FDI, post acquisition integration, and a raft of regulatory issues, and Jakkarin Bantathong, who advises multinational clients on cross-border acquisitions and commercial transactions. Peerapan Tungsuwan co-heads the firm's Japan advisory group and specialises in assisting major Japanese corporations with their expansion in Thailand. Also recommended is Sivapong Viriyabusaya, who has experience of corporate transactions in the insurance, real estate and energy sectors.
Sorachon Boonsong; Jakkarin Bantathong
Other key lawyers:
- Assisted Tokio Marine & Nichido Fire Insurance with their acquisition of Safety Insurance from IAG International.
- Advised Howden Maxi Insurance Broker Company on the sale of 49% shares in Maxi from Master Group Corporation.
- Advised Altair Capital Advisers on an investment in an automotive services business in Thailand.
- Representing Nido Petroleum in the sale of petroleum interests in the SC14-C1 Block in the Philippines through the sale of its subsidiaries.
- Advised MP Energy on the acquisition of the entire shares in HK energy which is the developer of a 59MW floating solar PV project in Taiwan.
Linklaters' corporate team has broad sector expertise spanning insurance, healthcare, retail and infrastructure, and is adept at handling complex M&A, corporate restructurings, foreign ownership structures, and cross-border commercial agreements. The practice is led by Wilailuk Okanurak, who is instructed by high-profile domestic and international clients including Charoen Pokphand Group, which the team recently advised on the two-stage acquisition of an integrated poultry business worth $680m. Managing partner Pichitpon Eammongkolchai is another key member of the practice group, as is Sutthipong Koohasaneh, who has expertise in foreign investment transactions, and trade and competition matters. Also recommended are Wanwisar Nakarat and counsel Sonya Kalnin.
‘They understand the nature of the industry.’
‘Prompt with their responses and provide exceptional quality advice.’
Bangkok Bank Plc
Emerging Markets Investment Fund 1A
Global Power Synergy
- Advised Affinity Equity Partners on its acquisition of 20% shares in Ramkhamhaeng Hospital worth $212m.
- Acting for The Siam Commercial Bank on the potential long term bancassurance partnership with FWD which would involve a sale by SCB of its entire shares in SCB.
- Advising Thai Oil on the sale and purchase of the energy recover unit and related assets which are key power assets developed as part of Thai Oil’s Clean Fuel Project.
- Advised Charoen Pokphand Group on its investment of 20% of the equity interest in Shanghai Jiuye Supply Chain Management Co.
- Acted for SCB Asset Management on the acquisition of additional telecoms infrastructure assets with the value of $514m.
Weerawong, Chinnavat & Partners is highly capable of advising major Thai corporates on corporate governance, commercial matters and M&A. The firm's client base includes lenders and financial advisers as well as target companies and acquirers. The team is jointly led by Weerawong Chittmittrapap, who has expertise in infrastructure projects and M&A, and Veeranuch Thammavaranucupt, who acted for Plan B Media in the $144m sale of 18.6% of its shares VGI Global Media. Another key figure is Panuwat Chalongkuamdee, who is experienced in a range of corporate matters and foreign direct investment, and recently advised PTT Exploration and Production on the agreement for the assignment and transfer of a 22.22% stake in the Bongkot Project from Shell. Sunyaluck Chaikajornwat is also recommended.
Weerawong Chittmittrapap; Veeranuch Thammavaranucupt
Other key lawyers:
Panuwat Chalongkuamdee; Sunyaluck Chaikajornwat
PTT Global Chemical
Thai Union Group PLC
Thai Oil Marine
Plan B Media
- Advised Global Power Synergy in the $4.39bn purchase of a majority stake of shares in Glow Energy from ENGIE Global Development and the subsequent tender offer.
- Represented PTT in an oil retail spin off and the $4bn restructuring.
- Represented Grab as Thai legal counsel in the acquisition of Uber’s assets and operations in Southeast Asia.
- Advised Key Safety Systems in its $1.6bn acquisition of Takata Corporation’s assets and operations in Thailand.
- Represented Global Power Synergy in its $757m investment in and development of a 250 MW Energy Recovery Unit for the production and sale of power and 175 ton-per-hour steam from petroleum pitch under the Clean Fuel Project of Thai Oil Public Company Limited.
Chandler MHM Limited is perhaps the leading firm for advising Japanese clients doing business in Thailand. In particular, the team is rated for its historical expertise in the energy sector, though it also has experience in the manufacturing, IT, and real estate sectors. Key figures in the practice group include Ratana Poonsombudlert, an M&A expert in the energy and natural resources fields; Seiji Akimoto, a principal partner in the Bangkok office's Japan-facing practice; and Susumu Hanawa, who has played a crucial role in attracting instructions from Japanese real estate investors. Arkrapol Pichedvanichok, who joined the firm in October 2018, has particular expertise in cross-border joint ventures in the real estate and manufacturing sectors.
Ratana Poonsombudlert; Seiji Akimoto; Susumu Hanawa; Arkrapol Pichedvanichok
- Advised B.Grimm Power and its subsidiary on the acquisition of 100% of the shares in Glow SPP1.
- Advised LINE, Japan’s largest social network, on a joint venture transaction with KBANK to become a major lending service provider.
- Advised Sumitomo Corporation on the structuring, documentation and negotiation involved in a cross border joint venture involving Sumitomo, PTT Global and Kuraray CO.
- Advised SENKO Group to form a joint venture with MK Restaurant Group.
- Advised Tyson Foods, the purchaser, on the acquisition of shares in Thai subsidiaries and on the shareholding structure for the various businesses involved in the acquisition.
Hunton Andrews Kurth LLP
Hunton Andrews Kurth LLP has expertise in leveraged buyouts, takeover defences and contested acquisitions, where it is regularly engaged by clients in the energy, telecoms, financial services and technology sectors. Key figures include Stephen John Bennett, who leads the Bangkok corporate team, and Manida Zinmerman, who handles a wide range of corporate and finance transactions, in addition to ongoing business support and regulatory compliance. Counsel Wongsakrit Khajangson is another active member of the practice group.
Stephen John Bennett; Manida Zinmerman
Other key lawyers:
- Advising ABB on its corporate restructuring for its group companies in Thailand
- Advise the Geo-Informatics and Space Technology Development Agency on all legal implications of the Thailand Earth Observation System Phase 2 project
- Represented Glow Energy and other members of the Glow Group in relation to the sale and divestment of Glow SPP1 from the Group
- Providing legal advice to the Treasury Department of Thailand on the private-public partnership concerning the development of the Port of Songkha in a pre bidding stage
- Assist Raimon Land in respect of its acquisition of land and placement of shares to KPN, in a transaction worth $45m
Siam Premier International Law Office Limited has experience acting for targets and acquirers in public and private M&A, both domestically and internationally. In particular, the team has historically been most active in the construction, hospitality, transportation, insurance and technology sectors. Key figures in the practice group include Kulkanist Khamsirivatchara and Linda Osathaworanan, who is rated for her experience in corporate restructurings, foreign investment transactions, and conversions from private to public companies. Recent highlights included Chatchavej Chitvarakorn acting for Continental AG in its proposed transaction to carve out its power train business. Also recommended is Bancha Wudhiprecha, who has experience of commercial transactions, antitrust and compliance matters.
Kulkanist Khamsirivatchara; Linda Osathaworanan; Chatchavej Chitvarakorn; Bancha Wudhiprecha
- Assisting Minor International in its acquisition of 70% of shares in Scomadi.
- Advising Onestockhome Co on investment transactions with a new investor who has acquired shares in the client’s company.
- Assisting Novartis on an strategic transaction in the separation of Alcon eye care devices business from the rest of the Novartis Group.
- Acting for InterContinental Hotels Group in the proposed acquisition of Six Senses Hotels Resorts Spas, worth $300m.
- Assisting United Phosphorous in its proposed acquisition of Arysta Lifesciences from Platform Speciality Products worth $4.2bn.
Thanathip & Partners Legal Counsellors Limited specialises in corporate finance and M&A, where it acts primarily for Thai companies and financial institutions. Headed by managing partner Thanathip Pichedvanichok, the team is especially active in the IT, insurance finance and real estate sectors.
Tilleke & Gibbins has become increasingly prominent in the Thai corporate law market, often handling the Thai law aspects of major multi-jurisdictional M&A. Moreover, the firm leads on high-value inbound and outbound M&A in its own right, and also has experience of cross-border business restructuring mandates and commercial agreements. Newly promoted deputy director of the practice Athistha Chitranukroh advised Marsh and McLennan on the Thai aspects of its global $5.6bn acquisition of Jardine Lloyd Thompson group, and co-deputy director Kobkit Thienpreecha handled corporate transactions for private entrepreneurs, traders and multinational manufacturers. Charunun Sathitsuksomboon has expertise in foreign direct investment, restructuring and e-commerce, and Kasma Visitkitjakarn is also recommended.
Piyanuj Ratprasatporn; Athistha Chitranukroh; Kobkit Thienpreecha
Other key lawyers:
‘A strong industry practice’
‘Very happy with the advice received, which has included corporate and commercial services’
‘The service has been on-point, pragmatic and cost-effective’
‘Professional, knowledgeable, approachable’
‘Piyanuj Ratprasatporn is excellent; her responses are always on time and helpful’
Bain Capital Private Equity
GE Medical Systems
Jardine Lloyd Thompson Asia
- Represented Hebei Iron and Steel Group in the Thai elements of its acquisition of 67% of shares in Tata Steel and its subsidiaries as part of the acquisition of several Tata Group operations in South East Asia worth $327m.
- Represented KKR in the Thai elements of its $446m acquisition of Sandvik Hyperion business division.
- Advised Thomas Cook on the sale of Thomas Cook Thailand in 2007 (now named Travel Center Asia), in June 2017 they sought to buy back Travel Center Asia and enter into a joint venture agreement.
- Acted as counsel for Marsh and McLennan Group’s $5.6bn acquisition of JLT.
- Assisted AICA Asia Pacific Holdings in acquiring a 60% stake in Thai Chemical Corporation, a joint venture between Srifuengfung and Mitsubishi Corporation.
Blumenthal Richter & Sumet Ltd has a reputation for advising a variety of European and North American corporates on their investments in Thailand, specialising in the establishment of joint ventures between foreign and Thai companies. The practice group is jointly headed by Siripen Kulworakulpitak and Andreas C. Richter, who acts for a varied client base including governments, multinational corporations and high-net-worth individuals. Also recommended are Sumet Mingmongkolmitr, who advises on foreign investment approvals and cross-border structuring in addition to various regulatory matters, and Ittinant Suwanjutha, who has has an active corporate finance and property finance practice.
Andreas C. Richter; Siripen Kulworakulpitak
Other key lawyers:
‘Immediate response on every query, excellent guidance in time critical cases, and perfect administration.’
‘Professional and knowledgeable team.’
‘Sumet was very helpful and always available to give advice when needed.’
Vroon Offshore Services
Muhr & Bender KG – Mubea Group
- Advising Vroon Offshore Services with the implementation of a foreign controlled corporate structure in a regulated domestic market.
- Advised Schauinsland-Reisen on hotel acquisitions in Khao Lak, Thailand including conducting comprehensive legal corporate and property due diligence.
- Assisted Asia Cement with the pre-acquisition related due diligence and contract work and the Phase II wide acquisition of 13 cement plants and the long term lease of an additional five cement plants.
- Advised on the Thai legal aspects of the transaction, and then continued to advise the newly established joint venture company as well as Mubea on various Thai corporate law matters related to the implementation of the JV.
- Advising a German DAX listed multi national on post-acquisition matters including the provision of regulatory support services related to obtaining various manufacturing licenses for hazardous products.
DFDL Legal & Tax is instructed by international companies investing in Thailand and also by Thai companies in domestic and regional corporate transactions in the energy, aviation, financial services and hospitality sectors. Practice head Rashane Leerabandhu has expertise in corporate finance and M&A, and also has niche specialism in mutual funds. Also recommended are Kraisorn Rueangkul, who acted for Grab, a ride hailing company, in relation to a $1.5bn investment from SoftBank's technology fund, and Nipaporn Supha-Utchaichan, who has wide-ranging experience in foreign direct investment, M&A and other corporate transactions across a variety of industry sectors.
Rashane Leerabandhu; Kraisorn Rueangkul; Nipaporn Supha Utchaichan
True Internet Data Center
- Advised Lomligor, which owns onshore wind farm projects, in respect of its sale to BCPG, a company that produces and distributes electricity generated from renewable energy.
- Advised True Internet Data Center which linked up with BBIX, a Japanese firm, to offer internet exchange services in Thailand.
- Provided a full legal service to Decathlon, a French sporting good retailer throughout its launch and expansion in Thailand.
- Assisted Eatigo with its two rounds of funding and in forming a joint venture in Thailand.
- Assisting HLA Garment, a Chinese retail company, with the implementation of its business expansion plans in Thailand.
DLA Piper (Thailand) Limited is routinely involved in cross-border transactions for major corporate clients, with with strong recent showings in the real estate, hospitality and healthcare sectors. Department head Dusadee Jittasaiyapan has extensive experience of complex M&A, and recently advised General Electric on the sale of its gas engine business to Austrian gas cogeneration company Jenbacher. Also recommended are counsel Chadaporn Ruangtoowagoon, an expert in inbound investment transactions, and senior associate Patthanawach Nuntawowart, who is experienced in a variety of corporate work including joint ventures and commercial agreements and post-M&A business structuring.
Other key lawyers:
Kerry Logistics Network
M. Water Company
General Electric Inc.
- Advising Kerry Logistics in implementing its global M&S strategy and assisting Kerry Express on an investment as it grows its business in Thailand.
- Advised Laureate Education on the sale of its interest in Stamford International University to China YuHua Education Investment.
- Represented CVS Health, a US retail pharmacy and healthcare company, as part of its merger with Aetna Inc, a US based managed health care company worth $69bn.
- Represented PCS in selling their 51% shares in Cannon Pest Management to Asiatic Investments.
- Assisted WeWork on an establishment of We Work Thailand which is a 100% foreign owned entity.
The team at Norton Rose Fulbright has handled M&A and investment transactions in a number of key industry sectors including mining and natural resources, transport, financial services, technology and healthcare. Tassanai Kiratisountorn heads the practice group, and Chormas Premsirinirund is also recommended.
Watson Farley & Williams (Thailand) Limited
Watson Farley & Williams (Thailand) Limited is regularly involved in cross-border M&A, outbound investment work for Thai companies and post-closing integration following inbound M&A. Further, the Bangkok team often works alongside its colleagues in Hong Kong and Singapore to provide comprehensive support on regional corporate mandates. Practice head Christopher Osborne is especially experienced in the infrastructure and energy, and renewables sectors, where he handles a range of regulatory issues and corporate transactions, including M&A. Alan Polivnick acts for multinational corporations on contentious and non-contentious matters, and associate Kulkanya Vorawanichar is noted as a rising star in the practice group.
Other key lawyers:
Cabin Chaing Mai Ltd
Greenland Seafood Wilhelmshaven GmbH
- Advising Synova Advanced Power Services on the sale of the entire energy business of Advanced Power Solutions to Panova, a key transaction in the renewable energy sector.
- Advising Ingenico, a manufacturer of credit card reading terminals, on supply and maintenance contracts with major Thai banks.
- Advising Zublin on the $10m sale of land and a railway sleeper manufacturing facility in Thailand’s Eastern Economic Corridor.
- Advised Stellar Energy on regulatory issues in order to establish operations in Thailand for the production and maintenance of cooling and efficiency equipment for gas turbine producers in the Thai market.
- Advised Thammachart Seafood on its joint venture with Thai Union Frozen Products for the distribution of premium seafood in Asia and establishing retail outlets in China.
The corporate and M&A team at Axis Consultants (Thailand) Limited has particular expertise in the manufacturing, pharmaceutical and services sector. Department head Peter Burke handles a wide range of corporate and financing matters for financial institutions and small to medium businesses. Counsel Iain Melville has experience in corporate restructuring mandates, and on the more junior end, associate Nalinee Wichittakul, who works closely alongside Burke on several matters, is also recommended.
Other key lawyers:
‘Peter and his team are leaders in the area of debt restructuring, distressed M&A and alternative investments’
‘They are responsive and provide sound clear advice on matters’
‘Collectively the team has experience which is invaluable in navigating the Thailand legal landscape.’
‘Extremely responsive, cost efficient and sensitive to clients’ needs’
‘Peter Burke has been a lawyer in Thailand for over 20 years and includes in his specialisms many areas of focus including debt restructuring and inbound alternative investments.’
His depth of legal knowledge combined with the practical experience gained and understanding of the nuances of the Thailand commercial landscape are, in my opinion, without peer.’
‘Peter combines sound commercial advice, taking into consideration the reality of the situation and backs this up with clear legal analysis, including clear views and navigating the Thai legal systems.’
‘Peter thinks strategically while being technically strong, and is quick to respond with innovative win-win solutions for complex situations’
‘Knowledge on Thai laws, significant experience on how multi-nationals can operate effectively in Thailand’
Charin & Associates has several key areas of strength, including real estate-related M&A and REIT transactions, transactions involving non-performing loan portfolios, and outbound investment deals throughout the ASEAN region. Key figures in the team include Charin Satchayan, who acts for clients in the aviation, energy and real estate sectors, and has noted experience in REIT transactions; and Benjaporn Puttinan, who has experience acting for domestic and international companies, and recently acted for the Bank of Ayudhya in the divestment of its 2018 portfolio of non-performing loans.
Charin Satchayan; Benjaporn Puttinan
‘Charin & Associates’ team is characteristic of a strong corporate and commercial practice’
‘At the forefront of developing innovative structures to solve the complexity inherent in corporate transactions.’
‘Charin has been very active in both international and domestic transactions, delivering excellent legal advice’
Bank of Ayudhya
Frasers Property (Thailand)
Sri Panwa Hospitality Real Estate Investment Trust
- Assisted Islamic Bank of Thailand with all legal advice in connection with a $550m capital increase by private placement in Thailand.
- Advised Sangfah Construction on a $53m corporate real estate deal to acquire the Harbour View Residence Project and properties with it.
- Acting for Frasers Property Thailand in establishing a $90m data system business joint venture with STT Thailand DC.
- Advised KPN Bangkok Group on an internal share purchase transaction among the existing shareholders.
- Advised WHA Real Estate Management as the REIT manager in connection with the capital increase and the corporate real estate acquisition of additional assets valued at $150m.
International Legal Counsellors Thailand (ILCT) advises corporate clients on M&A and, take over transactions, joint ventures and other commercial agreements, and venture capital financing. The firm also has complementary skill sets in IP law, and has acted in regulated industries such as insurance. The team is jointly led by Palawi Bunnag, who advises foreign investors and global companies on M&A, and Mallika E.S. Margherita, a commercial and corporate law specialist advising a variety of clients. Managing partner Jayavadh Bunnag and senior partner Sutharm Valaisathien are also recommended.
Palawi Bunnag; Mallika E.S. Margherita
‘They always came fully prepared for the subject’
‘Sutharm Valaisathien is an intellectual and always makes us aware of new developments in the legal markets’
‘Palawi Bunnag is a key partner who has taken care of our group companies in Thailand and overseas countries.’
- Represented Selic Corp in its $31.24m acquisition of shares in PMC Label Materials Group.
- Represented All Inspire Development in the joint venture deal with Kyushu Railway and Hoosiers Asia Pacific with a value of $164m.
- Assisted the Charn Issara Group in the sale and purchase of assets between Sri Panwa REIT and Issara United Development with a value of $16.56m.
- Assisted Inalca Food & Beverage in corporate matters such as termination agreement, share purchase agreement for the client for the buy back of the shares.
- Assisted ExxonMobil in providing general advice in relation to the Foreign Business Act of 1999.
The team at Kennedys has expertise in local and cross-border M&A and other corporate transactions, and also handles business restructuring mandates. The firm covers the energy, education and financial technology sectors. Practice head Supreedee Nimitkul, who joined from DLA Piper (Thailand) Limited, has considerable experience acting for multinational companies on share restructurings and asset acquisitions. He also has niche expertise acting for non-profit organisations, including educational institutions. Senior associate Tassanu Chutikanon is also recommended.
Other key lawyers:
Atlantic Mills Group
China Smartpay Group
Oriental City Payment Group
Saengthong Saha Farm
Western U Education
Wisdom Asia Capital
Kudun & Partners' newly founded practice group has experience in cross-border M&A involving deal participants in Cambodia, Laos and Vietnam. Jointly headed by Kudun Sukhumananda and Kom Vachiravarakarn, the team regularly advises clients in the power and energy and TMT sectors on domestic and cross-border M&A, business restructuring, and foreign investment deals. Another name to note is Chinawat Assavapokee, who specialises in corporate restructuring.
Kudun Sukhumananda; Kom Vachiravarakarn
Thai Mui Corporation
- Acted as counsel to B. Grimm Power to make an outbound investment in a solar power plant with 257MW in Vietnam.
- Acted as counsel representing Prima Marine on the acquisition of up to 100% shares in Big Sea, which operates an oil shipping and maritime business in Thailand.
- Acted as counsel representing Siamraj on the acquisition of 25.1% shares from two solar power plant companies.
- Represented Thaifoods Group on the acquisition of 100% shares in Food Blessing.
- Represented Food Capitals on the sale of subsidiaries.
LawPlus Ltd. advises its domestic and international client base on a variety of commercial and corporate transactions and ongoing operational matters. Practice head Kowit Somwaiya has experience advising multinational corporations on joint ventures, foreign ownership limits, foreign business licenses and regulatory compliance, and Naddaporn Suwanvajukkasikij is particularly experienced in foreign direct investment matters.
‘LawPlus Ltd. have been very attentive to the client’s requests and needs’
‘A well-rounded and experienced corporate division that provide good legal recommendations’
‘Kowit Somwaiya and Naddaporn Suwanvajukkasikij have been responsive’
ZICO Law provides its regional and international client base a variety of corporate law services, which typically involve negotiations of supply contracts, financing arrangements, foreign direct investment and ongoing compliance. The department is jointly led by Threenuch Bunruangthaworn, who is instructed by Thai and foreign companies, and Archaree Suppakrucha, who regularly advises corporate clients on foreign direct investment in Thailand. Suppakrucha has also recently been involved in a number of cross-border M&A transactions.
Threepence Bunruangthaworn; Archaree Suppakrucha
Alibaba Group – AliExpress – Project Global Hawk
Tesla Motors Netherlands B.V
Ranhill Capital Sdn Bhd
- Advising HelloGold on e-money regulations regarding legal compliance, duties and restrictions of services for e-money for the closed loops HelloGold wallet and its customers.
- Assisting Pairojsompongpanitch Co a company in waste collection, transfer, sorting and treatment, on the forming of a joint venture and preparing for the tendering of Bangkok Metropolitan Administration’s project.
- Providing Tesla Motors Netherlands with legal analysis and verifying Thai translation of Co-bidding agreement.
- Assisted Gildemeister, an energy company, on advice regarding foreign business restrictions, regulatory requirements and EPC services.
- Assisting Ranhill Capital Sdn Bhd in its group internal restructuring.