Tilleke & Gibbins has advised Satang Corp’s sale of 97% of the crypto expert to Unita Capital, a wholly owned subsidiary of KasikornBank Public Company, for USD103 million.
The transaction is the largest acquisition of a digital asset exchange operator licensed by the Thai Securities and Exchange Commission.
Tilleke & Gibbins partner Kobkit Thienpreecha and associate Napassorn Lertussavavivat led the M&A team in assisting Satang and its shareholders on the transaction. The firm’s services included aiding the buyer’s counsel on due diligence, advising on and executing pre-acquisition restructuring, reviewing and negotiating the MOU, and handling related tax matters. Tilleke & Gibbins also collaborated with external counsel, including local financial and tax advisers in Thailand and offshore legal advisers, to seamlessly navigate various areas of the sale agreement.
Satang is one of the leading experts in cryptocurrencies, blockchain and satellites in Thailand. Following the deal, the company has officially rebranded itself as Orbix.