Slaughter and May is advising Thailand’s PTT Exploration & Production (PTTEP) in its $1.9 billion acquisition of Africa-focused Cove Energy. 

Corporate partner David Watkins and financing partner Peter Lake are leading the Slaughter and May team from Hong Kong, while partner Hywel Davies is advising from London. 

Lawrence Graham LLP is representing Cove Energy with partners Geoff Gouriet and John Reed leading the group. UBS, the underwriters on the transaction are being advised by Linklaters in Hong Kong regarding financing and Simmons & Simmons regarding cash confirmation. 

Last week, Reuters reported that PTTEP obtained $1.49 billion in financing from UBS to back the acquisition. The transaction is still subject to Cove shareholder acceptances and approval from the Mozambique government.

PTTEP's offer trumped Royal Dutch Shell's earlier $1.8 billion offer for Cove on May 2.

It adds to a slew of foreign acquisitions by Asian companies, including China's Bright Food buying into UK Weetabix and Dalian Wanda Group's purchase of US cinema chain AMC Entertainment Inc. According to Thomson Reuters LPC data, acquisition loans in Asia have totaled $13.7 billion so far this year and the pipeline is looking strong with about $24 billion.

PTTEP is Thailand's national petroleum exploration and production company, with 40 projects across 12 countries.