Baker & McKenzie LLP
09/12/2025 | Press release | Distributed by Public on 09/11/2025 20:46
Baker McKenzie Advises Navis Capital Partners on the Strategic Sale of dzcard Group to TOPPAN Security
Baker McKenzie acted as lead counsel to Navis Capital Partners ("Navis") on the strategic sale of dzcard Group ("dzcard") to TOPPAN Security ("TOPPAN").
dzcard is Southeast Asia's leading fully integrated secure payment and smart card solution provider headquartered in Bangkok, with operations across six countries. Since Navis' acquisition of dzcard in 2018, dzcard has expanded its operations in existing markets and moved into new product segments including digital solutions for payment technologies, and into new markets in both Southeast Asia and Africa. The acquisition of dzcard by TOPPAN is expected to significantly expand TOPPAN's footprint by doubling its banking cards manufacturing capacity and network of personalization centers.
The cross-border Baker McKenzie team, comprising its member firms across Asia Pacific and EMEA, was led by Singapore M&A principal Xiao Hui Ting.
Xiao Hui was supported by Liang Jun Ong (Senior Associate) and Ernest Low (Associate) in Singapore with contributions from teams in Bangkok, Kuala Lumpur, Manila, Casablanca, Johannesburg, and Paris, demonstrating Baker McKenzie's global reach and ability to deliver coordinated, multi-jurisdictional legal solutions.
The transaction adds to the list of significant private equity deals that Baker McKenzie has acted on across Asia Pacific, which most recently include Abu Dhabi Investment Authority's up to USD 1.5 billion investment into GLP Pte. Ltd, Tencent Music's proposed acquisition of Ximalaya and PSG Equity's investment in Uptick.
The Firm has also been consistently recognized for its market-leading Transactional expertise, with recent accolades including "International Deal Firm of the Year" at the 2025 Asian Legal Business Awards, Band 1 for "Investment Funds: Private Equity" and "Banking & Finance" categories at the 2025 Chambers Asia Pacific, and "Law Firm of the Year (Fund Formation): APAC" at the 2024 Private Equity Real Estate Global Awards.
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