Milbank LLP advised Vietnamese consumer goods conglomerate Masan Group Corporation on an investment by Bain Capital of at least US$200 million, the US private equity firm’s first-ever investment in Vietnam.
Bain Capital’s equity investment takes the form of convertible dividend preference shares, which can be converted to ordinary shares in Masan Group Corporation.
Masan will use the transaction’s proceeds to improve its financial position and de-lever its balance sheet as it seeks to position itself as an integrated consumer-retail platform. The transaction is expected to close by the end of 2023 subject to customary corporate and regulatory approvals, including approval by the State Securities Commission of Vietnam.
“Bain Capital’s investment is opportune for both Bain Capital and Masan Group Corporation in light of the explosive growth of Vietnam’s consumer market in the coming decades. The transaction is a landmark deal for Vietnam broadly as both domestic and foreign investors are looking to gain a foothold in Vietnam’s rapidly growing retail market,” said Singapore-based partner Jacqueline Chan.
The Milbank deal team was led by Ms. Chan and associates Stephanie Kam and Abril Kang.
