Mayer Brown represented Principal Financial Group (NASDAQ:PFG), one of Southeast Asia’s largest asset managers, in its proposed acquisition of controlling stakes in CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management from its joint venture partner CIMB Group Holdings Berhad (KLSE:1023), pending regulatory approval.

The transaction is expected to be completed in the second quarter of 2018, and will see Principal increase its ownership of each entity to 60%, with CIMB retaining 40%. Principal will pay up to MYR 470.3 million (approximately US$117 million) to CIMB for the combined acquisitions.

The Mayer Brown team was led by Hong Kong-based partner Mark Uhrynuk, and included senior associate Stanley Y.P. Tan (Singapore) and partner Maythawee Sarathai and associate Kesara Summacarava (Bangkok).

Mark Uhrynuk said: “Mayer Brown was delighted to advise and support Principal on this strategic realignment of its partnership with CIMB. Drawing upon our extensive track record of carrying out such transactions in Southeast Asia, our team was able to play a key role in securing a deal that would allow Principal to expand its footprints in the region, while continuing to leverage CIMB’s multi-channel distribution power.”