Milbank advised leading Philippines-based information and communications technology solutions provider Micro-D International, Inc. (“MDI”) and the selling shareholders in connection with the acquisition of a 70% stake by Japanese private equity firm Advantage Partners.
The acquisition involved leveraged finance and was covered by warranty and indemnity (“W&I”) insurance, a rarity for mergers and acquisitions of Philippine entities. The Milbank team advised MDI and its selling shareholders across multiple jurisdictions.
MDI is a market leader in digital transformation across sectors in the Philippines and supports the country’s top telecommunications companies, financial institutions, manufacturing and business process outsourcing companies and government agencies. Advantage Partners is one of Japan’s leading private equity investment firms.
The Milbank team was led by partners James Grandolfo (Hong Kong) and Jacqueline Chan (Singapore) and included Hong Kong-based associates Cesareo Singzon and Abir Varma.
Mr. Grandolfo said: “Micro-D International has built a strong reputation over 30 years by providing market-leading solutions to an ever-complex digital environment and it is that commitment that draws the interest of international players like Advantage Partners. We are pleased to have advised MDI through this complex transaction, which will usher them into the next phase of their strategic growth.”
Ms. Chan added: “This successful acquisition points to the clear excitement among foreign institutional investors in established, high-value Philippine companies. We are thrilled to serve as a legal advisor as businesses and investors alike pursue transactions in this dynamic, cross-border market.”
