Firms in the Spotlight Corporate and M&A

Blumenthal Richter & Sumet Ltd

Blumenthal Richter & Sumet Ltd logo

Blumenthal Richter & Sumet helps clients make confident business decisions. As one of the longest-established law firms in Thailand, we combine the experience, entrepreneurship and business acumen to understand our clients’ businesses and solve their increasingly complex challenges. As our clients are the cornerstone of our firm, we are constantly innovating and using leading-edge technologies …

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Corporate and M&A in Thailand

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd acts on some of Thailand's largest M&A transactions, advising both domestic and international clients. The practice also assists with corporate restructurings, many of which are cross-border. Senior partner Suparerk Auychai is co-leading the team. His expertise lies in corporate finance and privatisations in the retail, financial services, insurance, real estate and healthcare sectors. Noparat Kaewsringarm represents clients on commercial and corporate finance transactions including public takeovers. Counsel Chris Burkett is noted for his work on public and private M&A as well as broader corporate advice.

Other key lawyers:

Chris Burkett

Key clients

Tesco plc

TMB Bank Public Company Limited

Thanachart Bank Public Company Limited

Starbucks Corporation

Navis Asia VII Management Company, Ltd.

Mitr Phol Sugar Corporation

Hatton Capital Group / NR. Instant Produce Co., Ltd.

BRF S.A.

Harng Central Department Store (Central Group)

Openspace Ventures Pte. Ltd.

Bualuang Securities Public Company Limited

Hitachi Automotive Systems, Ltd.

Work highlights

  • Advised Tesco plc on the USD10.6bn sale of the entire interest in its businesses in Thailand and Malaysia to CP Group entities following a competitive sale process, with completion of the transaction expected in the second half of calendar year 2020 pending shareholder and regulatory approvals.
  • Advised 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.
  • Advised Starbucks Corporation on the sale of its business in Thailand to Coffee Concepts Thailand Co., Ltd. (a JV between Maxim’s Caterers Ltd. and Thai partner F&N Retail Connection Co., Ltd.) to fully license its retail business in Thailand – a transaction that valued the operations of Starbucks in Thailand at more than USD650m.

Baker McKenzie LLP

Baker McKenzie LLP advises clients on the structuring and implementation of private and public company M&A transactions. Peerapan Tungsuwan leads the team's healthcare and life sciences group and co-leads the Japan Advisory Group, acting for major Japanese clients in Thailand. She advises on global corporate restructuring. Pornapa Luengwattanakit, Kitipong Urapeepatanapong and Theppachol Kosol are also key players in the firm who lead the practice group. Collectively they have decades of experience on M&A and corporate matters. Also of note are partners Sorachon Boonsong and Sivapong Viriyabusaya who work on post-acquisition integration and cross-border M&A.

Testimonials

‘Provide quick responses, detailed analysis and they have a clear understanding of the issues at hand.’ 

Key clients

MK Restaurant Group Public Company Limited

KT Restaurant Co., Ltd.

Electricity Generating Public Company Limited

Takeda

Pfizer

FWD Group

ICON Framework Co., Ltd.

Work highlights

  • Assisted FWD Group with the cross-border acquisition of the insurance unit of Siam Commercial Bank (Thailand’s largest lender by asset) — SCB Life Assurance PCL — in addition to a 15-year long-term bancassurance arrangement. The transaction is Southeast Asia’s largest insurance M&A ever, valued at USD 3 billion. This was followed by the novation of the client’s bancassurance agreement with TMB Bank Public Company Limited to Prudential Life Assurance (Thailand) Public Company Limited.
  • Provided advice to a global pioneer in the medical cannabis industry on the legal framework for medical cannabis and hemp investment in Thailand. Advice covers all steps and issues relating to corporate structure, partnership, regulatory compliance and business model, among others by working closely with the Food and Drug Administration, the key regulatory authority in Thailand.
  • Assisted an Asia-based non-life insurer with the acquisition of one of Thailand’s oldest insurers, marking Thailand’s largest non-life M&A to date, followed by a successful business integration of their entities in Thailand and with launching the integrated entity via an amalgamation.

Linklaters

Linklaters acts for Thai and global companies on public and private M&A, corporate restructuring and foreign ownership structures. The firm provides local Thai advice as well as international expertise. The team is led by Wilailuk Okanurak who, along with her partners, advised on CP Group’s US$10.6bn acquisition of Tesco’s businesses in Thailand and Malaysia, the biggest corporate acquisition in Thai history. Another key partner is Sutthipong Koohasaneh, working on foreign investment, corporate matters and trade competition issues. Managing partner Pichitpon Eammongkolchai is active in the retail, consumer, and real estate sectors.

Practice head(s):

Wilailuk Okanurak

Key clients

Abraaj Capital

Active Capital Company

Aditya Birla Group

Allianz

Asean Industrial Growth Fund Pte Ltd

Asahi

Ascend Capital Co., Ltd.

Bayer

Bangkok Bank Pcl

Big C Supercenter Public Company Limited

BTS Group

Casino Guichard-Perrachon

Cerebos

Charoen Pokphand Food Public Company Limited

Charoen Pokphand Group

Dow Chemical

Emerging Markets Investment Fund 1A

ENGIE

GC Public Company Limited

Generali

Global Power Synergy Company Limited

Gulf Energy Development Public Company Limited

Gunkul Public Company Limited

Holcim Limited

ING Group

Jardines Group

Mandarin Oriental Hotel Group International Limited

Manulife

Maxim’s Caterers Limited

Morgan Stanley Private Equity

Osotspa Co., Ltd.

PTT Exploration and Production Public Company Limited

RATCH Group Public Company Limited

Roxy-Pacific Holdings Limited

The Siam Commercial Bank Public Company Limited

Sheffield Wednesday Football Club

Siam Makro Public

SCB Life Assurance Public Company Limited<

Work highlights

  • Advised on CP Group’s US$10.6bn acquisition of Tesco’s businesses in Thailand and Malaysia – the biggest corporate acquisition in Thailand’s history.
  • Advised ING Bank N.V., a major shareholder holding a substantial stake in TMB Bank Public Company Limited (TMB) in the business integration between TMB and Thanachart Bank Public Company Limited (TBank), leading commercial banks in Thailand – one of the largest mergers of financial institution businesses in Thailand historically.
  • Advised Maxim’s Caterers Limited (a member of the Jardine’s Group) on the establishment of Coffee Concepts (Thailand) Co. Ltd. as a joint venture with affiliates of Fraser & Neave Limited and its US$683m acquisition of 100% of Starbucks Coffee (Thailand) Co., Ltd.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners has a broad practice, working on corporate governance, leveraged buyouts and joint ventures. The practice group's clients include lenders, sellers and purchasers. The highly experienced Weerawong Chittmittrapap co-leads the team. He is noted for his experience of corporate governance and restructuring matters, alongside M&A work. Veeranuch Thammavaranucupt co-leads the group with Chittmittrapap, and assists domestic and international clients on a range of corporate governance matters and high value M&A transactions.

Key clients

Thai Beverage Pcl; Berli Jucker Pcl; Charoen Pokphand Foods Pcl, F&N Retail Connection

PTT Pcl; PTTEP Pcl; PTT Global Chemical; Global Power Synergy Pcl; Planet Energy; Thai Oil

KKR Asia Ltd.; Key Safety Systems; Rexel Group; TTCL Pcl

Grab Inc.; Taobao (Alibaba Group)

Siam Commercial Bank Pcl; Muangthai Life Insurance Co., Ltd.; Oaktree Capital

Dusit Thani Pcl; TCC Assets (Thailand) Co., Ltd.; Dusit Foods Co., Ltd.; NauticAWT Limited

Thai Alliance Co., Ltd.

Panus Poultry Co., Ltd.

Symphony Communications Pcl; AIS, Jasmine International Pcl; Plan B Media Pcl

Work highlights

  • Represented Global Power Synergy Public Company Limited (GPSC), the SET-listed power flagship company of PTT Group, in the THB 139 billion (USD 4.1 billion) acquisition of a majority stake in Glow Energy Public Company Limited from Engie Global Developments B.V. and the subsequent tender offer and delisting tender offer of Glow. Advised GPSC on all aspects of the transaction including M&A, corporate governance, merger control and obtaining the pre-merger approval from the Energy Regulatory Commission.
  • Represented F&N Retail Connection (a joint venture between ThaiBev and Fraser and Neave) in connection with its joint venture with Maxim’s Group of Hong Kong, whereby the joint venture company, Coffee Concepts Thailand acquired all existing Starbucks outlets in Thailand and became the country’s sole franchisee for 40 years.
  • Represented Global Power Synergy Public Company Limited, the power flagship of the PTT Group, in its USD 757 million 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 (“TOP”).

Chandler MHM Limited

Chandler MHM Limited has a strong regional presence in Southeast Asia, providing corporate advice on a cross- border basis. An area of strength for the firm in relation to M&A work is the energy and natural resources sectors. Arkrapol Pichedvanichok acts on strategic acquisitions and public takeovers in Thailand. Seiji Akimoto is an expert on corporate acquisitions and reorganisations with an additional specialism in cross-border M&A.

Practice head(s):

Arkrapol Pichedvanichok

Other key lawyers:

Seiji Akimoto

Testimonials

‘Good analysis with accurate advice provided.’

‘They understand the business, offer possible solutions, and are fast in their response.’

Key clients

Food Factors Company Limited

NTT Data

Thanachart Bank PCL

AAPICO Hitech PCL

Work highlights

  • Represented Food Factors Company Limited, a subsidiary in the Boonrawd Group, in a bidding process involving the purchase of shares of a food chain company, Santa Fe Steak.
  • Represented NTT Data, a Japanese multinational system integration company and a partially owned subsidiary of Nippon Telegraph and Telephone, in its acquisition of Locus Telecommunication Inc., Ltd (the “Target”). The Target is a Thai technology solutions company. The transaction was a share sale, with the client acquiring 100% of the target’s equity.
  • Represented Thanachart Bank (“TBank”) in the sale of shares in the Thanachart Fund Management to Prudential Corporation Holdings/ Eastspring (the “Seller”). The combined share percentage between TBank and another shareholder was 75% of the shares of the target. TBank and Prudential had also entered into a shareholders’ agreement under which TBank could divest the remainder of their interest in the Fund (approximately 49.9% of the total shares) to Prudential through a predefined mechanism, at a later date.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP is especially active in the telecommunications, real estate and technology sectors. The type of work the firm handles includes corporate spin‑offs, holding company formations, corporate auctions and mergers of equals. Stephen John Bennett, long established in Thailand, represents public and private companies on major M&A transactions; in addition to this he advises on acquisition financing and joint ventures, most recently in the telecoms sector.  

Practice head(s):

Stephen John Bennett

Key clients

International Finance Corporation

China Literature Limited

Electronics Industry Public Company Ltd.

Biggas Technology Co., Ltd. (“Biggas”)

G Steel Public Company Limited (“G Steel”)

Nation Multimedia Group Public Company Limited

Wongnai Media Co., Ltd.

Work highlights

  • Advised IFC on the US$30 million acquisition of 6% of the total shareholdings in Principal Capital Public Company Limited (“PRINC”), a company listed on the Stock Exchange of Thailand. Such IFC’s investment will help PRINC to expand its hospital network to serve the middle and lower-middle income patients in Thailand.
  • Advised China Literature on its acquisition of 20% of shares in Ookbee U Company Limited, one of the largest online literature business operators in Thailand.
  • Advised ABB on the restructuring and spin-off of its automation, robotics and electrification business units into new holding companies, and the subsequent sale of its global solar inverter business, and the restructuring of its power grids business ahead of the sale of a 70% stake to Hitachi Limited.

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited handle the full life cycle of corporate and M&A work, advising a range of clients domestically and internationally on public and private sector transactions. Chatchavej Chitvarakorn acts for foreign insurers and insurance companies in relation to corporate restructuring. Linda Osathaworanan is an expert on corporate finance and foreign investments matters while Bancha Wudhiprecha is noted for his experience in domestic and trans-national commercial transactions and M&A.

Key clients

Prudential PLC

FamilyMart Co., Ltd

Minor International Public Company Limited

Wallenius Wilhelmsen Solutions

Visy Singapore Investments Pte Ltd.

Tipco Asphalt Public Company Limited

Ikano (Thailand) Limited (IKEA)

Kin Dee Yu Dee 2020 Co., Ltd.

Ubon Bio Ethanol Public Company Limited

Bio Genetech International Co., Ltd.

Work highlights

  • Assisted Minor International Public Company Limited (MINT) through its subsidiaries: Minor Food Holding Co., Ltd. in acquiring shares in Spoonful Pte. Ltd. (seller) and Spoonful (Thailand) Co., Ltd. (seller) from its existing shareholders.
  • Acted a as Thai legal counsel for MCW Logistics Solutions (Thailand) Co., Ltd. by providing advice on the deal structure, corporate and regulatory matters, implementing the business transfer (i.e. transfer of assets, employees, contracts) preparing the relevant transactional documents and assisting in the closing of the transaction.
  • Acted for Visy Singapore Investments Pte. Ltd. on the sale of equity in Visy Packaging (Thailand) Ltd.  Visy Assistance on the transaction included providing corporate and regulatory advice.

Thanathip & Partners Legal Counsellors Limited

Thanathip & Partners Legal Counsellors Limited are active in the media, telecommunications and entertainment and retail sectors. Clients include investment banks and private equity firms. Managing Partner Thanathip Pichedvanichok co-leads the team.  He has experience of working on domestic and international IPO's. Fellow team co-lead Chawaluck Sivayathorn Araneta acts for international companies, including Japanese clients, on M&A transactions and commercial contracts. She has also advised international clients on foreign direct investment. 

Key clients

Allianz

Banpu and Banpu Power

Central Pattana

GFPT

Golden Lime

Noble

Principle Capital

Siam Makro

Thaiwiwat

Tri-En Solution

Work highlights

  • Advised Central Pattana in its joint venture with MEA Commercial Holdings Pte. Ltd. in CPN Village Co., Ltd., the operator of the Southeast Asia top luxury outlet under “Central Village”.
  • Advised Banpu on the amalgamation between Banpu Infinergy and Banpu Renewable Energy to rationalize and group all clean energy technology businesses, affiliates and investments of Banpu Group.
  • Advised Golden Lime on the acquisition from the Ministry of Finance and CPB Equity of approximately 99% equity interest of Thai Marble Corporation Limited through a bidding process.

Tilleke & Gibbins

Tilleke & Gibbins is known for its handling of corporate formations, reorganisations and restructuring. The firm has several notable partners including Charunun Sathitsuksomboon and Cynthia M. Pornavalai, who co- lead the team. Sathitsuksomboon works on the complete process of M&A while Pornavalai is notable in the firm's commercial and corporate group for assisting foreign investors on various matters such as portfolio management and business restructuring. Kasma Visitkitjakarn is active on manufacturing and insurance-related corporate and M&A work.  

Other key lawyers:

Kasma Visitkitjakarn

Testimonials

‘The team is very commercial and pro-active, which is particularly helpful in structuring transactions in the context of Thai laws. Also very responsive.’

‘Charunun Sathitsuksomboon is the go-to corporate partner. She has an international outlook and is an excellent cross-border transactions lawyer. She anticipates very well the requirements of foreign clients.’

‘Cynthia Pornavalai has the sector expertise in TMT.’

 

Key clients

Aon Hewitt

Bain Capital Private Equity

FMC Corporation

Grab

Hebei Iron and Steel Corporation

Horizon Global Corporation

itelligence AG / NTT Data

Liqui-Box Corporation

Marsh & McLennan Group

Visa

Work highlights

  • Advised Marsh & McLennan Group on the Thailand (and Myanmar) elements of their USD5.6 billion global acquisition of Jardine Lloyd Thompson group.
  • Acted as Thai counsel for Horizon Global Corporation in the AUD340 million (approx. USD 233 million) sale of the company’s Asia Pacific business segment to Pacific Equity Partners.
  • Advised a global group that plans, constructs, operates, and services hospitals and other healthcare facilities on a USD 81.6 million joint venture agreement to operate a premium specialized medical center in Bangkok.

Blumenthal Richter & Sumet Ltd

Blumenthal Richter & Sumet Ltd is adept in advising on corporate acquisitions and foreign direct investment mandates. This is in addition to advising on mergers and  and post-merger matters. Andreas C. Richter co-heads the team; he is noted for his assistance to the clients of foreign law firms entering the Thai market. Siripen Kulworakulpitak, who co-heads the group alongside Richter, has years of experience advising on commercial transactions.

Key clients

Vroon Offshore Services Pte. Ltd.

Schauinsland-Reisen GmbH

Asia Cement PCL

Muhr & Bender KG – Mubea Group

DFDL Legal & Tax

DFDL Legal & Tax offers a range of M&A advice in addition to the regulatory, competition and tax aspects of transactions. Corporate advice is also provided to private equity firms, banks and state owned enterprises on Thai and regional matters. Rashane Leerabandhu acts for clients in the hospitality and insurance sectors, especially on acquisitions and developments. He also advises on corporate finance, particularly in the construction industry.  Nipaporn Supha-Utchaichan and Kraisorn Rueangkul act on corporate restructuring and foreign direct investment matters. Managing partner Audray Souche is an expert in energy, mining and infrastructure projects.

Other key lawyers:

Audray Souche

Key clients

Supreme Treon

Grab

Decathlon

B.Grimm Power Public Company Limited

Wheig Asia

Work highlights

  • Advised Grab on a USD 1.5 billion investment from SoftBank’s technology fund. Additionally, also provided initial advice to Softbank, the major shareholder of Grab on regulatory requirements with respect to the potential acquisition of financial institutions in Thailand and Vietnam.
  • Advising B.Grimm Power Public Company Limited on the acquisition of 100% shares in a Cambodia project company (i.e. Ray Power Supply Co., Ltd.) granted a concession right to own, develop and operate a 30MW solar power plant project in Banteay Meanchey Province, Cambodia.
  • Acted as local counsel to Supreme Treon in relation to an acquisition of automotive interior trims and NVH business of Futuris Automotive.

DLA Piper

DLA Piper has extensive experience of advising on domestic and cross-border corporate/M&A and finance matters across Southeast Asia. Team co-head Samata Masagee acts for clients on cross-border M&A transactions while Waranon Vanichprap, who joined the firm from Baker McKenzie in April 2020, assists clients on financing and debt restructuring transactions. Co-head Dusadee Jittasaiyapan advises real estate and leisure sector clients on a range of acquisitions and is active across multiple industries including automotive, insurance, real estate and manufacturing positions.  

Other key lawyers:

Waranon Vanichprap

Key clients

Tesco PLC

LivaNova PLC.

Aetna Inc.

Laureate Education

Kerry Logistics Network Limited

M. Water Company Limited

WeWork

Eaton Corporation

Beauty Honour (Thai) Co., Ltd.

Federal Mogul.

John Menzies PLC.

PCS Security and Facility Services Limited

Marsh & McLennan Companies Inc.

Work highlights

  • Advised Tesco PLC on the transaction of selected retail outlets as part of the sale of its entire business interest in Thailand to the CP Group.
  • Assisted LivaNova on its asset acquisition agreement and completion in Thailand (including the employment transfer) as well as its post-closing matters.
  • Advised Marsh & McLennan Companies Inc. on its global post-acquisition integration (covering eight Asian jurisdictions), including obtaining certain exemptions from the local insurance regulators, as well as advising on the structuring of the insurance intermediaries and client transfers under the insurance regulations.

SCL Nishimura & Asahi Ltd

SCL Nishimura & Asahi Ltd acts on a wide remit of matters including foreign direct investment, international corporate finance, and restructurings. Chavalit Uttasart has cross-border experience in Myanmar while Hideshi Obara works on corporate reorganisations. Partner Nilobon Tangprasit provides an expertise on corporate recovery, assisting both Thai and foreign clients in the public and private sectors. Nuttaros Tangprasitti and Jirapong Sriwat are likewise recommended for work in the sphere of mergers, joint ventures and corporate governance.

Work highlights

  • Advised CoorsTek, an American manufacturer of technical ceramics, semiconductor tooling, plastic tubing, medical device and other industrial products, on setting up its new factory in Thailand, at a total investment value of around USD500 million. Advice covered a wide range of topics, including foreign direct investment.
  • Represented PP Prime Public, a Thai manufacturer and distributor of aquatic animal feeds, on its acquisition of a number of geothermal power plants in Japan, at a total investment value of around JPY8 billion (approx. USD74 million).
  • Represented Charoen Energy and Water Asia, a leading Thai independent power producer, on its investment in new biomass power projects in Japan, at a the total investment value of around JPY3 billion (approx. USD27 million).

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited serves a regional and international client base made up of corporations, financial institutions and banks. The practice advises on inbound and outbound M&A work including post-closure integrations and cross-border joint ventures. Christopher Osborne heads up the corporate team and has an additional focus on regulatory and compliance issues, especially for clients in the energy and infrastructure sectors. Alan Polivnick acts for international airlines, insurers and reinsurers on their operations in Thailand. Associate Kulkanya Vorawanichar is noted for her advice on shareholder arrangements and business rehabilitation.

Practice head(s):

Christopher Osborne

Key clients

Agoda Company Pte Ltd.

AirAsia Group (IHQ) Ltd

Airbnb Singapore Private Limited

Emirates Airlines Limited

Flash Partners Limited

Ingenico (Thailand) Co., Ltd.

Otava holdings

Priceline.com LLC

Singapore Airlines

Weststar Aviation Services Sdn Bhd.

Work highlights

  • Advising Ingenico on supply and maintenance contracts with major Thai banks.
  • Lead counsel to Priceline.com and its subsidiaries, Agoda and Booking.com on the roll-out of their online flights booking platform in an initial 15 Asia-Pacific/Middle Eastern jurisdictions.
  • Advising Otava holdings on the sale of shares in a Thai private company and therestructure of the company after the completion of the sale of shares.

Axis Consultants (Thailand) Limited

Axis Consultants (Thailand) Limited is noted for the quality of its practice; it assists clients on their expansion of operations by incorporating new branches/subsidiaries.  Its focus is in the manufacturing and service sectors. The firm has also assists clients with gaining foreign business certificates/licenses. The 'outstanding' head of the practice Peter Burke is noted for his assistance to clients on M&A, corporate law and  commercial litigation. He is supported in his practice by counsel Iain Melville who is an expert in corporate restructuring.

Practice head(s):

Peter Burke

Other key lawyers:

Iain Melville

Testimonials

‘Axis is a niche player in the corporate and M&A market. It delivers a quality of service at least equivalent to its larger competitors.’

‘Peter Burke and Iain Melville are both outstanding lawyers with a big firm background and at least 20 years experience in the Thai market. They both have a very practical and commercial approach to assignments and are very responsive to client needs.’

 

Charin & Associates

Charin & Associates undertakes work in the domestic market in addition to cross-border M&A. It has an especial focus on real estate matters. Co-head of team Charin Satchayan has extensive experience in the energy, aviation and financial services sectors in relation to corporate and M&A work while Kemavit Kemavit Bhangananda acts on M&A and structured finance. Benjaporn Puttinan works on corporate real estate deals in particular REITs.  

Testimonials

‘Charin & Associates is excellent. Their client service is absolutely exceptional. They specialise in REITs and real estate transactions including hotels, and they are first class. Their strength is their knowledge of their areas of specialisation and their excellent negotiating skills.’

‘Charin Satchayan takes client service to a new level. Excellent lawyer and first class negotiator. Sees matters from the client perspective and makes complex issues understandable for them.’

‘Kemavit Bhangananda – with his international outlook, experience and perspective he is a huge asset to transactions.’

 

Key clients

PTG Energy Public Company Limited

Bank ofAyudhya

Frasers Property (Thailand) Public Company Limited

SriPanwaHospitality Real Estate Investment Trust (SRIPANWA)

WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART)

Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT)

AIM REIT Management Company Limited

Dusit Thani Properties REIT Company Limited

DTGOProsperousCompany Limited(a subsidiary of DTGO Corporation Limited)

Dees Supreme Company Limited

Teo Hong Silom Company Limited

YGGDRAZIL Group PCL

Showa Denko K. K.

Rhom Bho Property Public Company Limited

S.Kijchai Enterprise Public Company Limited.

Work highlights

  • Advised and acted as transaction manager for DTGO Prosperous Limited in its GBP500 million acquisition of a portfolio of 17 hotels in the United Kingdom from Marathon Asset Management, and financing negotiation with Goldman Sachs, from structuring/bid stage through to closing.
  • Advised Dees Supreme in its THB5.5 billion debenture offerings in the Thai debt capital market.
  • Advised Teo Hong Silom Group in entering a joint venture with Mitsubishi Corporation with a transactional value of THB1,300 Million.

ILCT Ltd.

ILCT Ltd. acts on an array of corporate and M&A matters in addition to restructuring transactions, tax advice and the drafting of shareholders' agreements. Palawi Bunnag co-leads the team and provides 'prompt recommendations and guidelines' while fellow co-lead Mallika E.S. Margherita is a specialist in matters of foreign investment, international commercial/M&A transactions as well as transactions relating to real estate developments.

Testimonials

‘ILCT becomes a part of our group company, like a good friend. This unique relationship has been fundamentally built by their trustworthiness, and goodwill in Corporate and M&A practice.’

‘Ms. Palawi Bunnag is undoubtedly nominated. She always helps us, especially during the novel COVID-19 situation. Her prompt recommendations and guidelines led us through such a confusing crisis.’

 

Key clients

Selic Corp Public Company Limited / PMC Label Materials Group

All Inspire Development Public Company Limited

Food Generation Co., Ltd./Food Forward Co., Ltd.

Inalca Food&Beverage (Thailand) Co., Ltd

ExxonMobil Ltd (Esso’s subsidiary)

Xingjia Co., Ltd.

T-Pack (Thailand) Ltd.

Work highlights

  • Represented Selic Corp Public Company Limited (“Selic”), a Thai-listed company, in its Baht1 Billion (approximately USD31.24m) acquisition of shares in PMC Label Materials Group (PMC Label Materials Co., Ltd. (Thailand) and PMC Label Materials Pte. (Singapore).
  • Represented All Inspire Development Public Company Limited in listing its 150 million ordinary shares on the Market for Alternative Investment (MAI), Stock Exchange of Thailand.
  • Represented Food Engagement Co., Ltd. and Food Forward Co., Ltd. in its USD1.99m acquisition of the Subway sandwich franchises and business development rights.

Kennedys

Kennedys is prominent on M&A transactions and corporate and commercial matters. The firm acts on a local, regional and international level for clients in the energy and logistics sectors. Supreedee Nimitkul leads the team. He acts for Thai and international companies on commercial disputes and is also active on M&A and project financing. Senior associate Tassanu Chutikanon is active across Southeast Asia, assisting clients in the formation of joint ventures and advising on M&A.  

Practice head(s):

Supreedee Nimitkul

Other key lawyers:

Tassanu Chutikanon 

Key clients

AEC International Capital Corporation (UK) Limited

Infinity Logistics & Transport Ventures Limited

Bluebik Group

Seven Utilities and Power PCL

Samco Co., Ltd.

Park Central Co., Ltd.

Mahanakorn Condominium Juristic Person

Savills (Thailand) Co., Ltd.

Work highlights

  • Conducted due diligence of the more than 10 existing group companies and additional five targeted companies in Thailand and Laos, to advise on the shareholding restructure for the IPO involving share swaps of all shareholders and AEC International Capital Corporation.
  • Conduct due diligence on three Thai subsidiaries and advise on share structurin for Infinity Logistics & Transport Ventures Limited.
  • Advising  Seven Utilities and Power PCL on the legal implications and structuring a profit-sharing scheme, as well as a profit-sharing agreement, with the priority being to protect the patent rights of the client.

Kudun & Partners

Kudun & Partners' 'in-depth expertise in M&A is remarkable'. Its nascent team advises international corporations, financial advisors and private equity firms on domestic and cross-border transactions. Kudun Sukhumananda co-heads the team; he has broad experience assisting Thai and international clients on M&A and REIT transactions. Kom Vachiravarakarn, also co-heading the team, is active in the energy, construction, and manufacturing sectors in relation to corporate restructuring, joint ventures, and commercial transactions. Chinawat Assavapokee has twenty years of experience in the field of corporate law, advising on joint ventures between foreign and local clients and assisting with corporate restructuring.

Other key lawyers:

Chinawat Assavapokee

Testimonials

‘Kudun and Partners’ team is flexible and highly responsive to our needs. We like that they work as a team across different practice areas and provide business-oriented legal advice. We are happy to work with them as they provide innovative solutions to our problems and seek the best methods to address our concerns. Their in-depth expertise in M&A practice is remarkable and we trusted that they have capabilities to protect our interest. Their due diligence on the acquired company is solid.’

‘Highly knowledgeable in this sector, extremely responsive and they put their feet in our shoes to ensure the success of our acquisition in the agreed time frame. Both are extremely energetic and willing to help.’

Key clients

Stark Corporation Public Company Limited

Eka Global Company Limited

B.Grimm Power-Energy China Consortium

Phelps Dodge International (Thailand) Limited (PDITL), a subsidiary of Stark Corporation PCL (SET: STARK)

Phongsubthavy Roads and Bridges Construction and Irrigation Sole Company Limited, Lao PDR

BG Container Glass Public Company Limited (BGC)

B. Grimm Power Company Limited

Thaifoods Group Public Company Limited

IT City Public Company Limited

Centralcon Investment Holding (Hong Kong) Company Limited

YUM

Kuvera Capital

AA. Nuctech Co., Ltd.

Hydrotek

Demeter Corporation Public Company Limited (DCORP)

IRPC Public Company Limited

Work highlights

  • Acting as lead legal counsel for Stark Corporation Public Company Limited and its wholly-owned subsidiaries PDITL and PD Cables (SG) Pte. Ltd. in connection with the purchase of 100% of the charter capital of “Thipha” and “Dovina”.
  • Acting as lead legal counsel to Eka Global Company Limited (Formerly Eka Pak Company Limited) in connection with the cross-border acquisition of packaging companies from the existing shareholder (Printpack Asia) of a Delaware Corporation Holding Company based in the USA.
  • Acting as lead counsel in advising B.Grimm Power-Energy China Consortium in their successful bidding to build the world’s largest hydro floating solar hybrid power project at Sirindhorn dam in Ubon Ratchathani by the Electricity Authority of Thailand (EGAT), combining hydropower and solar power project which is the largest hybrid power generation in the d capacity of 2,725MW.

LawPlus Ltd.

LawPlus Ltd. is led by managing partner Kowit Somwaiya who has decades of experience in corporate governance, restructuring and insolvency matters in addition to M&A. He is supported in his practice by Naddaporn Suwanvajukkasikij, a partner with corporate and commercial experience who has acted for a mix of local and foreign companies.  Usa Ua-areetham is another name to note, working with clients on foreign direct investment matters.  

Practice head(s):

Kowit Somwaiya

Norton Rose Fulbright

Norton Rose Fulbright's corporate and M&A team offer advice to corporations and financial institutions across a range of matters including public takeovers, private M&A, joint ventures and corporate governance. Tassanai Kiratisountorn is the firm's key contact.

Practice head(s):

Tassanai Kiratisountorn

The Capital Law Office Limited

The Capital Law Office Limited's sector strengths extend to financial services, aviation, insurance, and energy. Chatri Trakulmanenate focuses on complex joint ventures and cross-border work, while Pakdee Paknara is highly experienced in the M&A space, with over 20 years of practice. Providing expertise in corporate and commercial transactions is Paradorn Leosakul. Another key partner in the practice is Patraporn Milindasuta, who assists clients with corporate governance issues and M&A transactions.

Key clients

Thanachart Capital Plc. / Thanachart Bank Plc.

Terraform Global Media Plc.

Government Savings Bank

Master Ad Plc.

Summit Auto Seats Industry (Delhi) Company Private Ltd.

VGI Global Media Plc.

Work highlights

  • Advised Thanachart Capital Plc. (TCAP) and Thanachart Bank Plc. (TBANK) on a $5.5bn business merger between TBANK and TMB Bank to become the 6th largest bank in Thailand.
  • Advised Terraform Global Operating, LLC, a Canadian-based energy company, on a complex transaction, valued at $102.33m, involving the sale of shares in 3 operating companies owning solar farms on 9 sites across Thailand.
  • Advised Thailand’s Government Savings Bank on a multi-jurisdictional transaction, valued at $69.1m, involving the sale of its 25% interest in the issued share capital of Thanachart Fund Management Co., Ltd. to Prudential Corporation Holdings Limited, an affiliate of Eastspring Investments (Singapore).

ZICO Law

ZICO Law is known for its advice on establishing and reorganising businesses in Thailand as well as inbound and outbound work in the ASEAN region.  Threenuch Bunruangthaworn co-leads the team and offers expertise on M&A and competition law, with a client base of Thai and foreign companies, especially on matters of foreign investment into Thailand. Archaree Suppakrucha also co-leads the team and works on cross-border M&A and the establishment of business operations.

Key clients

Lazada

Alibaba Group

HelloGold

JD Digits

Work highlights

  • Assisting a Chinese conglomerate and investment company to participate in its Series A Financing as the leading investor and subscribing for 10% of the equity for $10m in a company.
  • Advising a leading Taiwanese tuna supplier on anti-trust merger under the laws of Thailand for the acquisition of US and Canadian companies.
  • Advising a multinational investment bank, regarding the implementation of an e-signature platform, due diligence/anti-money laundering and its account and liquidity management services.