7 ASIAN LEGAL BUSINESS – JULY 2023 WWW.LEGALBUSINESSONLINE.COM BRI EFS DEALS $6.4 BLN Japan Investment Corp’s acquisition of JSR Deal Type: M&A Firms: Anderson Mori & Tomotsune; Davis Polk & Wardwell; Mori Hamada & Matsumoto Jurisdiction: Japan $2.4 BLN Lotte Chemical’s development of Indonesia naphtha cracker project Deal Type: Project Firms: White & Case Jurisdictions: Indonesia, Korea $1.3 BLN BPEA EQT’s acquisition of IMG Academy Deal Type: M&A Firms: Latham & Watkins; Linklaters; Ropes & Gray Jurisdictions: Hong Kong, U.S. $1.1 BLN BPEA EQT and ChrysCapital’s purchase of stake in HDFC Credila Deal Type: Project Firms: AZB & Partners; J Sagar Associates (JSA); Shardul Amarchand Mangaldas; Wadia Ghandy & Co Jurisdictions: Austria, Japan $881 MLN Amman Mineral Internasional’s IPO Deal Type: IPO Firm: Assegaf Hamzah & Partners; Hiswara Bunjamin & Tandjung; Milbank; Sidley Austin Jurisdiction: Indonesia $678 MLN Dentsu’s takeover of Tag from Advent International Deal Type: M&A Firms: DLA Piper; Weil, Gotshal & Manges Jurisdictions: Japan, UK $621 MLN Zensho Holdings’ acquisition of Snowfox Group Deal Type: M&A Firms: DLA Piper; Gibson, Dunn & Crutcher Jurisdictions: Japan, UK $473 MLN Mitsui’s acquisition of stake in Nutrinova from Celanese Deal Type: M&A Firms: Clifford Chance; Shearman & Sterling Jurisdictions: Japan, The Netherlands, U.S. investment structures and potential risks, and provide tailored advice on investment structuring within the public service sector. HOW HAS THE MOVE BEEN RECEIVED BY CLIENTS? As a result of the promulgation of the IRR, Bautista has observed an uptick in legal demands pertinent to operations and transactions within the public service sector. “We have been receiving queries from clients seeking guidelines on restructuring their companies within the public service sector. This restructuring primarily aims to accommodate increased foreign investments above the previous 40 percent limit,” says Bautista. “We have also received inquiries from foreign clients seeking legal opinions on various matters, including the legality of their proposed business ventures in the public service sector, the prerequisite licenses and approvals under the Amended PSA, the necessary permits for their intended transactions, and relevant legal restrictions,” he adds. Going forward, Bautista expects more legislative complementation to the IRR to provide more clarity, including the reclassification of a particular public service as a public utility, which falls under the scope of the new regulations. In addition, “We anticipate that legislative developments in relation to the IRR will tackle the introduction of new investment promotion initiatives, incentives, or tax reforms aimed at encouraging foreign direct investment,” says Bautista. “Law firms in the Philippines can strengthen synergies with inhouse legal departments by fostering open communication channels and organising regular strategy sessions,” he adds. u