Cleary Gottlieb and Ropes & Gray advise on Hugel deal US-based law firms provide legal advice on $1.4 billion cross-border transaction

Translated by Ryu Ho-joung 공개 2022-01-25 08:14:54

이 기사는 2022년 01월 25일 08:11 더벨 유료페이지에 표출된 기사입니다.

Two major US law firms provided legal advice on a GS Group-led consortium’s 1.7 trillion won ($1.4 billion) acquisition of Hugel, South Korea’s No. 1 botox maker, from global private equity firm Bain Capital.

The deal, which is expected to close soon, will give the consortium a controlling 46.9% stake in the pharmaceutical company, making it the largest shareholder.

The consortium includes South Korea’s conglomerate GS Group, Singapore-based healthcare-dedicated investment firm CBC Group and Abu Dhabi sovereign wealth fund Mubadala.

Cleary Gottlieb Steen & Hamilton LLP represented the GS-led consortium in the deal along with Seoul-based law firm Lee & Ko.

Founded in 1946, Cleary Gottlieb entered the South Korean market in 2012. The New York-headquartered law firm has been active in the country in recent years, especially in the areas of overseas fundraising, cross-border mergers and acquisitions, and initial public offerings.

The law firm’s M&A advisory team, led by partner Sang-Jin Han, advised the consortium on the acquisition. The team worked with Singapore’s GIC on the sale of its stake in South Korean delivery app operator Woowa Brothers in 2020. It also advised on Line’s business integration with Yahoo Japan, which was completed in March 2021.

Cleary Gottlieb advised South Korean issuers on issuing foreign currency-denominated bonds worth more than $20 billion in 2021, taking the top spot among foreign law firms in the country. It also provided legal advice on IPOs of Kakao Pay and Big Hit Entertainment, later renamed HYBE.

Meanwhile, Ropes & Gray LLP represented Bain Capital in the Hugel deal along with Seoul-based law firm Kim & Chang. The Boston-headquartered law firm opened its Seoul office in July 2012, becoming the first foreign legal consultant office in South Korean history.

Last year Ropes & Gray advised Hong Kong-based venture capital firm DST Global on its investment in South Korea’s hyperlocal secondhand trading platform Danggeun Market, US private equity firm KKR on its investment in SK E&S, and Emart on its $3 billion acquisition of eBay's businesses in South Korea.

Ropes & Gray and Kim & Chang also jointly represented Bain Capital on its 76 billion won investment in South Korea’s P2P lending startup PeopleFund Company in December last year. (Reporting by Ha-na Suh)
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