Cross Border Acquisitions: Successful Market Entry into ASEAN through M&A

Our client is one of the largest global advertising and communications groups globally.

Context of the transaction

  • Our client is an integrated marketing communications agency operating in over 100 countries;
  • The Target group, is an marketing agency network operating across 5 markets in Indochina. It brings a team of 250 people, with specialist operations in Cambodia, Vietnam, Myanmar, Laos and Thailand;
  • The Transaction is strategic as it will allow our client to become the only global group with operations in all five countries of Indochina, further strengthening its physical presence across 9 out of 10 Southeast Asian economies (with combined population of 625 millions).

Mazars’ expertise

  • An integrated team combining professionals from Singapore, Vietnam and Thailand was set up to perform analysis on unaudited accounts of the Target Group;
  • Process was based on virtual dataroom supplemented by on-site visits by our team in all jurisdictions, including Myanmar and Cambodia;
  • Key analysis focused on revenue/margin recognition in different GAAP environments, cut-off (with testing) intragroup transactions and cash management.

Delivering results

  • Project conducted within the 3-month timeline;
  • Adjustments to the key transaction figures to reach an agreement on the transaction value.