Weerawong Chinnavat & Partners and Simmons & Simmons have represented Thailand’s Global Power Synergy Company (GPSC) on the $2.93 billion acquisition of a 69.1 percent stake in Glow Energy, with Hunton Andrews Kurth and Allen & Overy advising the sellers.

This is the largest completed M&A deal in Thailand, as well as one of Southeast Asia’s largest energy deals. GPSC in the power generating unit of state-owned PTT Pcl, and the deal brings its electricity generating capacity to just over 4,700 megawatts. GPSC is also said to be preparing a mandatory tender offer for the remaining 30.89 percent held by public investors.

Although the transaction was first announced in June last year, it was initially prohibited by the Energy Regulatory Commission of Thailand (ERC) in October because the deal would reduce competition and create a monopoly in some industrial areas, Reuters said. The ERC eventually approved the transaction in December.

The Allen & Overy team was led by partners Oyhana Maurat, Delphine Berg, Chris Moore and Suparerk Auychai.

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