Norton Rose Fulbright advises on the first leveraged buyout in Myanmar

Press release - Business November 26, 2018

Global law firm Norton Rose Fulbright has advised DBS Bank Ltd (DBS), ING Bank N.V. (ING), and Oversea-Chinese Banking Corporation Limited (OCBC) as mandated lead arrangers in connection with the leveraged buyout by global private equity firm TPG of Pan Asia Majestic Eagle Limited (PAMEL), one of the largest telecom tower companies in Myanmar.

This deal is the first leveraged buyout in Myanmar. This transaction has been nominated for ‘Asia TMT Deal of the Year 2018’ by TMT Finance Magazine.

The transaction was challenging, involving a range of security, structural and regulatory issues, including those issues that arose due to the change in the Myanmar Companies Act which came into force during the transaction.

Norton Rose Fulbright partner and head of Singapore Yu-En Ong and of counsel Lishi Fong led the team which advised the lenders. The team also included corporate finance partner Craig Loveless, technology of counsel David Olds and finance associate Kai Ye Ang.

Yu-En commented: “We are delighted to be advising on another landmark transaction in Myanmar, this time involving one of the world’s largest alternative asset managers. Our team has worked alongside the developers, financiers and the regulatory authorities in a sector that has gained tremendous growth since the market opened up in 2012. We anticipate increased foreign investments into Myanmar and Norton Rose Fulbright is well placed to service our clients on all fronts.”

Norton Rose Fulbright in Singapore previously advised on the original financing to PAMEL for the construction of over 1250 telecom towers in 2014 which was then the first ever offshore limited recourse financing into Myanmar. This deal was awarded ‘Finance Deal of the Year 2015’ at The Asian Lawyer’s Asia Legal Awards 2015.

In 2015 the firm also advised the lenders to Irrawaddy Green Towers, currently the second largest towerco in Myanmar, for the construction and roll out of more than 2000 telecom towers across the country. The deal, led by FMO, represented one of the first development finance institution-led financings in Myanmar.

For further information please contact:

Jessica Seah, Marketing and Communications Manager – Asia
Tel: +852 3405 2327; Mob: +852 6462 3621

Louise Nelson, Senior PR Manager
Tel: +44 20 7444 5086; Mob: +44 7909 684 893

Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see For more information, see