Drew & Napier and Shearn Delamore close first deal under Drew Network Asia
24 Apr 2020
Drew & Napier and Shearn Delamore acted for Tricor Axcel Limited (a subsidiary of the Tricor Group) in relation to its acquisition of Axcelasia Inc.’s subsidiary, Axcelasia Taxand Sdn Bhd for RM69,700,000. This marks the first deal that closed between alliance firms in Drew Network Asia (DNA) following the start of the regional network in March 2020.
“We are excited to kick off collaborative work under the umbrella of DNA with the completion of this M&A deal with our alliance firm. The seamless integration of services we were able to provide our client was evident in this deal,” said Head of Drew’s Mergers & Acquisitions practice, Steven Lo.
Datin Grace C. G. Yeoh, Head of Shearn Delamore’s Corporate M&A practice echoed similar sentiments saying, “We are off to a great start and I am confident future collaborations will demonstrate DNA’s ability to deliver on regional deals”.
Axcelasia Taxand Sdn Bhd directly holds the entire issued share capital of Axcelasia Columbus Sdn Bhd (“ACS”), Axcelasia Corporate Services Sdn Bhd, Axcelasia Global Business Services Sdn Bhd, and Agensi Pekerjaan Axcelasia Talent Sdn Bhd; ACS in turns directly holds the entire issued share capital of Axcelasia Softnex Sdn Bhd and 51% of the issued share capital of Axcelasia HR Consulting Sdn Bhd (collectively the "Target Group").
The Target Group carries out Axcelasia Inc's core business in Malaysia, being the provision of integrated professional services including tax advisory, business consultancy, technology tools and advisory, and business support services. Tricor Group serves 50,000 clients, including ~2,000 companies publicly listed in Asia and over 40% of the Fortune Global 500 companies. With 2,600 employees, including 630 certified professionals, it delivers critical functions to help ambitious companies accelerate their growth in Asia and beyond.
Drew’s team was led by Head of Mergers & Acquisitions Steven Lo, Director Tan Teng Sen, Associate Director Seraphina Ho and Associate Sean Khua. Shearn’s team was led by Head of Corporate/M&A Datin Grace Yeoh, Consultant Ng Swee Kee, Principal Associate Lai Zhen Pik and Associate Tan Wei Xian.