Tilleke & Gibbins recently acted for Satang Corporation and its shareholders in the sale of a 97% stake to Unita Capital, a wholly owned subsidiary of Kasikornbank PCL. This transaction is the largest successful and complete acquisition of a digital asset exchange operator licensed by the Thai Securities and Exchange Commission, marking an important milestone for the Thai digital asset industry.
Led by partner Kobkit Thienpreecha and associate Napassorn Lertussavavivat, Tilleke & Gibbins’ M&A team advised the client from the start of the transaction until closing. This included assisting the buyer’s counsel in their due diligence process, advising on and carrying out pre-acquisition restructuring, advising on related tax matters, reviewing and negotiating the MOU, the SPA, and conditions precedent, and assisting with all necessary actions to accommodate the closing. In addition, we also liaised with external counsel, including local financial & tax advisors in Thailand and offshore legal advisors, to facilitate certain other elements of the transaction. The deal closed on October 27, 2023.
Earlier in the year, Tilleke & Gibbins also advised on the first successful and complete minority investment—Asphere Innovations’ THB 600 million acquisition of a 9.22% stake in Bitkub Online, Thailand’s largest licensed digital assets exchange.