Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Despite being in the higher fee class of most international firms, Allen & Overy’s Bangkok practice is still known for providing good value say clients. As one client notes: “The firm turns around drafts very efficiently. It is good value for money … and more economical than other leading magic circle firms.” Another client appreciates the way in which the A&O team is prepared to go the extra mile. “We appreciate the ad hoc legal training from time to time that Allen & Overy has provided for us. The firm is really customer-oriented with its services.”

On M&A transactions, Allen & Overy’s team is particularly strong on real estate-related cross-border work. Managing partner Simon Makinson’s deep experience on inbound and outbound M&A deals are a huge asset to the firm. Arkrapol Pichedvanichok also recently advised BEC World PCL as lead arrangers on the Maleenont family’s sale of their shares via an accelerated global tender valued at Baht 3.4 billion (US$113.7 million).

Baker & McKenzie is frequently cited for possessing serious knowledge of the Thai legal landscape. It is often the go-to firm for top domestic companies conducting M&A deals inside Thailand as well as for multinationals seeking an international firm that understands the country.

Last year, Bakers’ team advised Elite Villa Company on its acquisition of Baan Taling Ngam Resort & Spa from Lehman Brothers-subsidiary Samui Hotel 1 Corporation. The 2010 acquisition was valued at nearly Baht 700 million (US$234,000) and was led by partner Sorachon Boonsong.

The M&A team also recently advised Thailand’s Government Pension Fund (GPF) as it reviewed, revised and negotiated the shareholders agreement between GPF and new investors in order to facilitate an acquisition of shares in Royal Porcelain.

Weerawong Chinnavat & Peangpanor is a relatively new firm that was formed as a result of a spin-off from White & Case’s Bangkok practice. Clients say that the departure from the previous establishment has allowed the partners to continue to offer clients international-level service at more competitive pricing. The firm is also seen as having a good network of local clients. One client notes: “Weerawong Chinnavat & Peangpanor is a local firm with very good connections in the local markets and an understanding of international issues.”

In the last year, the firm acted as Thai counsel to Thai Stock Exchange-listed G Steel on the potential 40$ stake sale to the world’s largest steel company ArcelorMittal. The US$250 million deal involved developing a proposed agreement between G Steel’s founders, the Leeswadtrakul family, and ArcelorMittal.

Linklaters’ Bangkok office is said to provide a “safe pair of hands” for clients working on capital markets transactions of all levels. Clients praise the firm’s service and capability, with one saying: “We greatly appreciated the quality and accuracy of advice from the Linklaters team. The backing of its international network proved to be very useful.”

Leading partners Pichitpon Eammonkolchai and Sutthipong Koohasaneh are very well regarded. “We appreciate the accuracy of their analysis and opinions, and their ability to provide innovative solutions in a challenging context,” says one client. “Collaboration with them was smooth and productive.”

Last year, the Linklaters M&A team represented ArcelorMittal on its proposed 40% acquisition of Thai-listed G Steel. ArcelorMittal will be the largest shareholder of G Steel after an agreement of US$250 million for the acquisition, and a US$500 million credit facility agreement.

Norton Rose is known by its M&A clients as a firm that can handle cross border transactions at the highest levels. One client says: “The Norton Rose team is full of well-qualified legal professionals that show good professionalism.”

Norton Rose routinely works on selective, high-profile M&A deals and over the past year it advised True Corp on its closely-watched US$200 million acquisition of Thailand Hutchison’s mobile telephone business. As a result of the deal, True Corp entered into marketing contracts with state-owned operator CAT Telecom that should enable the creation of Thailand’s first 3G mobile network.

One client describes Chandler & Thong-ek as “hands down the absolute best full service firm in Thailand, which is why I choose it”.

This past year, the M&A team represented SunEdison Energy India and MEMC Singapore on the acquisition of five solar power projects in Thailand. The projects are in the development phase and will have a total capacity of 78MW. Partner Ratana Poonsombudlert is a leading lawyer in the practice.

The Clifford Chance M&A team is led by partner Andrew Matthews, who brings his 30 years of experience in M&A work around the world to the firm’s corporate practice. Clifford Chance is particularly strong when it comes to advising clients on cross border transactions.

The firm’s M&A team recently represented True Corp on its Baht 4.35 billion (US$144.7million) acquisition of Hutchison Wireless Multimedia Holdings. This was a major step for True Corp because the deal faced significant political and regulatory concerns about its size.

LS Horizon has had an impressive year, gaining recognition in the market and earning major mandates as a result of the proficiency of its partners. One partner at a rival firm says of the firm’s practice: “LS Horizon is a rising star among Thai firms. It is known for high quality work and it is definitely the one to watch in the market.”

A highlight M&A mandate last year was advising SPSU on its disposition of 17% of shares in Thai Suzuki Motor and the delisting SPSU’s shares from the Thai Stock Exchange. This deal was valued at approximately Baht 669.92 million (US$22 million).

Name partner Thanathip Pichedvanichok heads Thanathip & Partners’ M&A team, which is known for its relationships with major regional companies and banks. Pichedvanichok recently advised OSK Group on a potential acquisition of approximately a 48.90% interest in BFIT Securities from Bangkok First Investment & Trust.

The corporate and commercial team at Tilleke & Gibbins is led by veteran partner Piyanuj (Lui) Ratprasatporn. The team also includes experienced partners Cynthia M Pornavalai and Santhapat Periera. Tilleke & Gibbins recently represented leading metal manufacturer and distributor Amcor in its acquisition of five of the subsidiaries of Alcon Packaging from Rio Tinto.

Chanvitaya Suvarnapunya heads DLA Piper’s M&A team. An experienced partner who has worked on over 150 major public deals, Suvarnapunya leads the M&A group in advising on an array of joint venture and M&A transactions across multiple industry sectors. Among other projects, the M&A team is advising on the proposed structure for a JV arrangement between the University of Central Lancashire and a Thai investor for the purposes of creating a university in Thailand.