Morrison & Foerster, Dr. Kamal Hossain & Associates and DFDL Bangladesh have represented Japan Tobacco on its $1.5 billion agreement to buy the tobacco business of Bangladesh’s Akij Group, which was advised by Rouf & Associates.
The 124.3 billion taka ($1.5 billion) deal is the biggest ever involving a Bangladeshi company, according to Thomson Reuters data. Reuters added that in March, Japan Tobacco agreed to buy Russia’s Donskoy Tabak for about 90 billion rubles ($1.42 billion)
Akij is Bangladesh’s second-biggest tobacco company and holds about 20 percent of the cigarette market in the country, which is the world’s eighth largest cigarette market, Reuters added. The acquisition of the business, United Dhaka Tobacco, is expected to be completed in the third quarter of this year, pending regulatory clearance.
The Morrison & Foerster team was led by Singapore corporate partners Jake Robson and Shirin Tang, who were supported by Hong Kong technology and IP partner Gordon Milner, Asia head of disputes Craig Celniker, and London tax partner Trevor James.
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