Southeast Asia Practice

Active in the region since the 1990s Davis Polk has established itself as a leading international firm advising on corporation matters in Southeast Asia. Lawyers throughout our Asian offices in Hong Kong, Beijing and Tokyo advise market-leading Southeast Asian corporates and global investment banks on their largest and most complex cross-border capital markets, mergers and acquisition and private equity deals. The firm is also a leading adviser to sovereign wealth funds operating and investing in the region.

Regularly ranked as one of the top advisers in Southeast Asia, Davis Polk has closed over 100 capital markets deals in these markets over the last 20 years, including as many or more significant deals as any of our competitors in the market. We also advise on the most complex inbound and challenging outbound acquisitions, divestitures and private equity investments in the region. We are repeatedly ranked by prominent legal directories including Chambers and IFLR1000 as a leading foreign law firm in Indonesia, Thailand, Vietnam, the Philippines and Singapore.

Recognition

  • 2015 FinanceAsia Achievement Awards – Best Equity Deal (HDFC Bank $1.6 billion concurrent ADS/QIP follow-on offering)
  • 2014 Asiamoney Country Awards – "Deal of the Year – Sri Lanka" (The Democratic Socialist Republic of Sri Lanka's $1 billion bond)
  • 2013 FinanceAsia Advertisement Awards  – "Best Sri Lanka Deal" (National Savings Bank bond)
  • 1st in announced Asia Pacific (including Japan) M&A – Thomson Reuters, as at August 2016
  • 1st among international firms in announced India M&A – Thomson Reuters, 2014
  • 1st for Singapore M&A – Mergermarket league tables, 2013

Notable Matters

Capital Markets
  • Star Petroleum Refining Public Company ($355 million). We advised the underwriters in connection with the $355 million initial public offering and listing on the Stock Exchange of Thailand of Star Petroleum Refining Public Company Limited (“SPRC”). The IPO consisted of 1,439,722,300 ordinary shares, of which 60,386,100 shares offered by SPRC and 380,432,500 shares offered by PTT Public Company Limited (“PTT”) were sold outside Thailand by the joint international coordinators under Rule 144A and Regulation S, and 136,836,200 shares offered by SPRC and 862,067,500 shares offered by PTT were sold inside Thailand by the joint domestic coordinators in a public offering registered with the Securities and Exchange Commission of Thailand.
  • Dr. Lal Pathlabs ($96 million). We advised the underwriters in connection with on the approximately $96 million initial public offering and listing on the BSE Limited and National Stock Exchange of India Limited of the equity shares of Dr. Lal PathLabs Limited (“DLPL”). The IPO consisted of 11,600,000 shares, of which 4,107,355 shares were s old by promoter selling shareholders and 7,492,645 shares were sold by investor selling shareholders. The shares were sold in a public offering registered with the Securities and Exchange Board of India, and in reliance on Rule 144A and Regulation S.
  • HT Global IT Solutions ($300 million).  We advised HT Global IT Solutions Holdings on its $300 million Rule 144A/Regulation S offering of senior notes. 
  • National Savings Bank ($250 million). We advised the joint lead managers on a $250 million senior notes Rule 144A/Regulation S offering by National Savings Bank.
  • Bank of Ceylon ($500 million). We advised the joint lead managers on a $500 million Rule 144A/Regulation S offering of senior notes by Bank of Ceylon, a commercial bank in Sri Lanka by total assets and branch and ATM network size. This offering was Bank of Ceylon’s debut international bond issuance and is the first Sri Lankan/corporate U.S. dollar-bond issuance since 2004.
  • Democratic Socialist Republic of Sri Lanka ($650 million). We advised the initial purchasers on a $650 million Rule 144A/Regulation S offering by the Government of the Democratic Socialist Republic of Sri Lanka. This was the first sovereign bond offering by Sri Lanka since the change in government after the presidential election in January 2015.
  • Socialist Republic of Vietnam ($1 billion). We advised the initial purchasers on a $1 billion Rule 144A/Regulation S offering of notes by the Government of the Socialist Republic of Vietnam. This was the largest completed benchmark debt offering from Vietnam in five years.
  • Bangkok Bank ($1.2 billion). We advised the lead manager on a $1.2 billion Rule 144A/Regulation S offering of notes by Bangkok Bank, the largest commercial bank in Thailand and one of the leading commercial banks in Southeast Asia.
  • Berau Coal Energy ($100 million). We advised the initial purchasers on a $350 million Rule 144A/Regulation S offering and $100 million reopening of high-yield senior secured notes by Berau Capital Resources Pte., a wholly owned subsidiary of Berau Coal Energy.
  • True Corporation Public Company Limited. We advised True Corporation Public Company Limited and certain of its subsidiaries in connection with its spinoff of telecommunications infrastructure assets to TRUE Telecommunications Growth Infrastructure Fund, an infrastructure fund established under the laws of Thailand and managed by SCB Asset Management Company.
  • DFCC Bank ($100 million). We advised the joint lead managers in connection with a $100 million Regulation S offering of senior notes by DFCC Bank.
M&A
  • Avago ($6.6 billion). We advised the financial adviser to Avago Technologies on its $6.6 billion acquisition of LSI corporation.
  • SapuraKencana Petroleum Berhad. We advised Morgan Stanley as financial adviser to the board of directors of SapuraKencana Petroleum Berhad on its purchase of certain tender rig assets from Seadrill Limited.
  • Charoen Pokphand Foods ($2.2 billion). We advised Charoen Pokphand Foods, an agro-industrial and food conglomerate in Thailand, on its $2.2 billion acquisition of a controlling interest in C.P. Pokphand Co., an animal feed producer in China.