Baker & McKenzie is advising Thai retailer CP ALL Pcl. on its $6.6 billion purchase of discount warehouse chain Siam Makro Pcl. in an all-debt deal that is the largest merger and acquisitions deal announced in Asia so far this year.

CP ALL operates the 7-Eleven convenience store franchise in Thailand. It is a subsidiary of billionaire Dhanin Chearavanont’s Charoen Pokphand Group Co. Ltd., a conglomerate which operates in the poultry, agribusiness, property, and telecommunications sectors.
 
The deal is the second multibillion-dollar transaction in recent months for CP Group. In February, the company closed a $9.4 billion acquisition of HSBC Holdings Plc.’s minority stake in Ping An Insurance (Group) Co. of China Ltd.
 
In the Siam Makro deal, CP ALL is purchasing the 65-percent majority stake held by Dutch investment company SHV Holdings B.V. CP Group actually founded Siam Makro with SHV in the late 1980s but sold out its interest to raise funds following the 1997 Asian financial crisis.
 
CP ALL and SHV have signed a sale and purchase agreement, and the deal is expected to close in June. CP ALL will then tender an offer to the other shareholders for the remaining 35 percent of the company.
 
Baker & McKenzie Bangkok partners Thinawat Bukhamana, Kitipong Urapeepatanapong, Theppachol Kosol, and Chaveewan Likhitwattanachai are acting for CP ALL on the deal. Clifford Chance is representing SHV Holdings.
 
Allen & Overy Hong Kong partner Ian Powell is advising lenders Siam Commercial Bank Plc., the Hongkong and Shanghai Banking Corp. Ltd., Standard Chartered Bank, UBS AG, and Sumitomo Mitsui Banking Corp. The Bangkok office of Hunton & Williams is acting as Thai counsel to the banks.
 
Email: tbrennan@alm.com .