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12 September 20213 minute read

DLA Piper advises Siam Commercial Bank on USD330m acquisition financing for Gulf Energy

DLA Piper has advised Siam Commercial Bank Public Company Limited on its THB10 billion (approx. USD330 million) acquisition financing for Gulf Energy Development Public Company Limited (Gulf Energy) in acquiring shares of Intouch Holdings Plc through a bidding process.

Gulf Energy is one of Thailand’s largest private power producers. It manages a portfolio of gas-fired and renewable power projects serving both public and private clients in Thailand’s main industrial zone, and also has various major ventures outside of Thailand. In addition, it provides management services to power projects within the group from the development and construction stage to management following the commencement of commercial operations. The company’s core activities are diversified across five businesses: power generation, renewable energy, gas infrastructure & utilities, and hydropower.

InTouch Holdings is a Thai holding company with investments in the telecoms, media and technology sector, including digital businesses. Notably, it is the parent company of Advanced Info Service, the largest mobile phone operator in Thailand. It also holds Thaicom, a satellite services provider in its investment portfolio, and a TV home shopping business.

This transaction signals Gulf Energy’s appetite to embrace the digital future and potentially explore new opportunities.

The DLA Piper team was led by Finance, Projects & Restructuring partner Waranon (Warren) Vanichprapa with support from associates Pattadon Tejapaibul and Sarita Prukaroon, all based in Bangkok.

Commenting on the deal, Waranon said: “This deal represents an exciting development in Thailand’s business landscape. It is the largest acquisition and acquisition financing transaction in Thailand this year to date, with a total estimated value of USD1.5 billion. We were delighted to assist our client in this high profile matter, which cements our reputation as a preferred advisor to the Thai banking sector.”