DFDL Bangladesh has been advising Japan Tobacco International (JTI) as its counsel in Bangladesh in its proposed USD1.5billion acquisition of Akij Group, a local tobacco company in Bangladesh. The deal was announced on 6 August, the day JTI signed agreements to make the purchase. This announcement was particularly remarked upon by Bloomberg, Reuters, The New York Times, Nikkei Asian Review, The Business Times Singapore, Retail Insight Network, Deal Street Asia and The Daily Star along with other major local newspapers . This deal, valued at USD 1.5 billion, forms part of JTI’s strategy to bolster its position in emerging markets.
By virtue of this transaction, JTI will now be able to harness Akij Group’s established retail networks, production facilities, and capture their current market share, which will propel JTI straight to the No.2 position in Bangladesh.
DFDL’s role in advising JTI in Bangladesh was led by Shahwar Nizam, Partner. Mahboob Aziz, Associate Partner, Abu Naser, Associate and a large team of other lawyers lent valuable assistance on this project. It was a huge undertaking, doing due diligence on assets spread all over the country, assisting on legal and regulatory matters and also assisting on the structure, which is unique in Bangladesh. The team will continue the work to achieve closing, assisting with legal and regulatory approvals and closing issues.