Baker McKenzie has advised Univenture BGP Co., Ltd. (UVBGP) on its THB 11.33 billion acquisition of Eastern Cogeneration Company Limited (E-Cogen). The deal is one of the largest M&A deals in Thailand in 2021. UVBGP is a joint venture company between Univentures Public Company Limited and B.Grimm Power Public Company Limited. E-Cogen is an indirect subsidiary of Eastern Power Group Public Company Limited (EP), which indirectly holds 100% of E-Cogen through its subsidiaries and affiliates.
With this acquisition, UVBGP indirectly acquired 74.5% of shareholding in PPTC Company Limited and 100% of shareholding in SSUT Company Limited, which own and operate 120 MW and 240 MW combined cycle cogeneration power plants in Lat Krabang Industrial Estate and Bang Pu Industrial Estate respectively.
A multipractice Baker McKenzie team advised UVBGP on various aspects of the acquisition, covering the establishment of the joint venture, M&A, acquisition finance, and land law. The team was led by Corporate and M&A Partner Sumet Orsirivikorn, with support from Associates Warut Horsimasathaporn, who helped the client since the formation of the joint venture until the completion (and post-completion). Other lawyers who were involved in the transaction include Vit Vatanayothin and Somika Phagapasvivat, Banking & Finance Partners, and our associates, Sawaporn Sophanodora, Kanokpan Poovaratanakul, Sirapob Heammakorn, Papon Kanungvanichakul, Denpoum Pipatcharoenkij, Sarat Phattranonuthai, Sakuntala Kanjanapaiboon, Puriwat Chaisiriroj, Hongrat Jungwanitchakun, Sitikorn Tangsiri, Kavisara Maneepun, Pimparuda Juntawee, Roypun Dhanasthitya, as well as partner and lawyer from Dispute Resolution team, Suksawat Watewai and Chanon Sriphiphattanakun, and lawyers from the Real Estate team and Corporate Affairs and Transition Services team.
Commenting on the deal, Sumet Orsirivikorn said, "We are thrilled to have had the opportunity to act for UGBVP on this important transaction across the entire deal life cycle, from the negotiation of the joint venture agreement between UV and B.Grimm to establish UVBGP, to the acquisition of all shares in E-Cogen. We could not be more pleased to have been able to bring our full service capabilities to the table and assist our client to bring this important transaction to a successful closing."