.png){kind=small}
SRPP News l 15 August 2024
SRPP Ltd. is privileged to have acted as the international deal counsel for GMM Grammy Public Company Limited (“GMM Grammy”) on its acquisition of interest in JOOX Thailand (Hong Kong) Limited (“JOOX Thailand”) from Tencent Music Entertainment Group (“TME”).
GMM Grammy, traded on the Stock Exchange of Thailand (“SET: GRAMMY”), stands as Thailand’s leading entertainment and media conglomerate. In addition to its music ventures, GMM Grammy is involved in concert production, artist management, and film and television production.
TME, listed on both the New York Stock Exchange (“NYSE: TME”) and The Stock Exchange of Hong Kong Limited (“SEHK: 1698”), is China’s premier online music and audio entertainment platform. As the music streaming division of Tencent, TME runs popular and innovative music apps in China, such as JOOX, providing users with a wide range of online music entertainment products.
As part of their strategic alliance, GMM Grammy and TME have invested in JOOX Thailand. This partnership involves TME’s $700 million acquisition of a 10% stake in GMM Music, a division of GMM Grammy. In return, a minority stake in JOOX Thailand was transferred from TME (through its subsidiary) to GMM Grammy as part of the deal.
By leveraging their combined strengths and global expertise, GMM Grammy and TME have reached a significant milestone in the Thai music industry. This collaboration also highlights GMM Grammy’s strategic expansion into various Asian markets, particularly the highly promising Chinese market.
SRPP acted as the lead international deal counsel and the Thai legal adviser for GMM Grammy on this transaction. SRPP team was led by Panuwat Chalongkuamdee (Founding Partner), Pimkwan Subprasert (Associate), Pasinee Jiravitawat (Associate), Krisakorn Thongprasert (Associate), Thunyaporn Pattarapipatkul (Associate), Rung Rudeenorawate (Associate) and Poondarik Tayawitit (Associate). Eversheds Sutherland acted on the Hong Kong law aspects of the transaction. The team at Eversheds Sutherland was led by our Head of Corporate, Hong Kong and Partner, Dickson Ng. Dickson was supported by Alvin So (Senior Associate), Loretta Lo (Associate) and Janice Lam (Trainee Solicitor) of the Hong Kong Corporate Team.
Dickson Ng, Eversheds Sutherland’s Head of Corporate, Hong Kong, said:
“We are thrilled to have supported both GMM Grammy on this important transaction. The investment marks a crucial milestone in our client’s expansion in Asia, and we look forward to supporting their continuous growth in the regional and global markets. This transaction also serves to strengthen our collaboration with leading Thai law firm SRPP. It has been an absolute delight working alongside SRPP team on this eventful project, and we are excited to further cultivate our prosperous relationship when bilateral transactions between Chinese and Thai businesses continue to thrive.”
For more details, please click here.
You can view Panuwat's profile by clicking here.
You can view Pimkwan's profile by clicking here.
You can view Pasinee's profile by clicking here.
You can view Krisakorn's profile by clicking here.
You can view Thunyaporn's profile by clicking here.
You can view Rung's profile by clicking here.
You can view Poondarik's profile by clicking here.
Comments