Wednesday, 17 January 2018, 16:00 HKT/SGT

HONG KONG, Jan 17, 2018 - (Media OutReach) - Mayer Brown JSM represented Principal Financial Group (NASDAQ:PFG), one of Southeast Asia's largest asset managers, in its proposed acquisition of controlling stakes in CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management from its joint venture partner CIMB Group Holdings Berhad (KLSE:1023), pending regulatory approval.

The transaction is expected to be completed in the second quarter of 2018, and will see Principal increase its ownership of each entity to 60%, with CIMB retaining 40%. Principal will pay up to MYR 470.3 million (approximately US$117 million) to CIMB for the combined acquisitions.

The Mayer Brown JSM team was led by Hong Kong-based partner Mark Uhrynuk, and included senior associate Stanley Y.P. Tan (Singapore) and partner Maythawee Sarathai and associate Kesara Summacarava (Bangkok).

Mark Uhrynuk said: "Mayer Brown JSM was delighted to advise and support Principal on this strategic realignment of its partnership with CIMB. Drawing upon our extensive track record of carrying out such transactions in Southeast Asia, our team was able to play a key role in securing a deal that would allow Principal to expand its footprints in the region, while continuing to leverage CIMB's multi-channel distribution power."

ABOUT MAYER BROWN

Mayer Brown is a global legal services organization advising clients across the Americas, Asia, Europe and the Middle East. Our presence in the world's leading markets enables us to offer clients access to local market knowledge combined with global reach. We are noted for our commitment to client service and our ability to assist clients with their most complex and demanding legal and business challenges worldwide. We serve many of the world's largest companies, including a significant proportion of the Fortune 100, FTSE 100, CAC 40, DAX, Hang Seng and Nikkei index companies and more than half of the world's largest banks. We provide legal services in areas such as: banking and finance; corporate and securities; litigation, arbitration, and other dispute resolution; antitrust and competition; US Supreme Court and appellate; employment and benefits; environmental; financial services regulatory and enforcement; government and global trade; intellectual property; real estate; tax; restructuring, bankruptcy and insolvency; and wealth management.

Mayer Brown comprises legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe-Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown Mexico, S.C., a sociedad civil formed under the laws of the State of Durango, Mexico; Mayer Brown JSM, a Hong Kong partnership and its associated legal practices in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown Consulting (Singapore) Pte. Ltd and its subsidiary, which are affiliated with Mayer Brown, provide customs and trade advisory and consultancy services, not legal services. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
Visit MayerBrownJSM.com or connect with us on Twitter, Facebook or LinkedIn.

MEDIA CONTACT:
Olivia Liu
Citigate Dewe Rogerson
+852 3103 0115
olivia.liu@citigatedewerogerson

Topic: Press release summary
Source: Mayer Brown JSM

http://www.acnnewswire.com
From the Asia Corporate News Network