메뉴 열기
메뉴 닫기
메뉴 닫기

Recent Developments

|
|
Advising on acquisition financing relating to Aphrodite Acquisition Holdings LLC’s acquisition of Hugel Inc.
Lee & Ko has successfully advised a syndicate of lenders including NH Investment & Securities Co., Ltd. (being both the original lender and the mandated lead arranger) on financing for acquisition of controlling equity interests in Hugel Inc. by Aphrodite Acquisition Holdings LLC (being an SPC set up by a consortium of investors consisting of CBC Group, Mubadala, GS and IMM). 

Lee & Ko’s team of lawyers advised the lenders on all stages of the transaction from the initial bidding until the post-closing syndication. Throughout the entirety of the transaction, their scope of legal advice included, without limitation, formulating a deal structure, reviewing and negotiating key terms and conditions, drafting and negotiation all transaction documentation (including the facilities agreements (for both senior and junior), the security documents, the intercreditors agreement and all other documents related or ancillary to the acquisition financing), providing timely input and analysis on key legal and regulatory issues, attending to all pre- and post-closing matters accompanying the acquisition financing and advising on post-closing syndication-related issues.  With decades of deal experiences and expertise in acquisition financing under their belt, Lee & Ko’s team of lawyers were able to respond quickly to the changes to the deal structures and the corresponding changes to the commercial terms and conditions, whilst streamlining the parties’ commercial and legal interests and also, reflecting the outcome of the long, drawn-out negotiations between the parties in the transaction documentation. Their ability to spot, analyze and provide most optimal solutions to, and their flexibility to maneuver through, some of the most complex issues pertaining to the transaction (including those relating to the requirements for a lock-up following a change to the largest shareholder and the obligations under foreign exchange-related laws and regulations) were demonstrated at many critical junctures of the transaction.

This transaction was led by Myoung Chul Kwak, Eui Yeon Jo and Jun Hee Choi, and assisted by Kyung Won Han.
2022.04.29
Lee & Ko Advised IGIS in Its KRW 140 Billion Acquisition of Private Student Housing Asset near University of Illinois (“Illini Tower”)
Dong Seok Woo, Ju Young Susie Im, Minkyung Lee, Paul J. Moon, Joon Tae Park, Dong Ha Hwang/Steve H. Oh, Yong Ji Lee 

Lee & Ko advised IGIS Asset Management Co., Ltd. in its USD 109.8 Million acquisition of a private student housing asset located near the University of Illinois Urbana-Champaign  through its real estate investment company within the meaning set forth in the Real Estate Investment Company Act. 

As housing costs increases in the last several years, particularly after the Covid-19 pandemic, student housing assets have attracted significant attention in the US real estate market. Illini Tower is a 207-unit asset with total area of 21,200㎡ and was particularly attractive as it is a private certified housing located within the University of Illinoi Urbana-Champaign campus. 

Lee & Ko, together with a US law firm, led each stage of the transaction and provided timely advice on all aspects of the same, including the transaction structure review, legal due diligence and contract negotiation. Having represented clients in their acquisition or investment in multiple US student housing assets, Lee & Ko’s Real Estate Practice Group is again recognized for its deep understanding and expertise in transactions of this type.
2022.04.29
Humax Mobility’s acquisition of Jeju Electric Vehicle Service
Lee & Ko advised on Humax Mobility’s acquisition of management rights in Jeju Electric Vehicle Service, which runs an electric car charging infrastructure construction business, with a total purchase price of 12 Billion Korean Won.
 
Lee & Ko provided comprehensive legal advice throughout the entire process, including review of transaction structure as well as preparing and negotiating the share purchase agreement.
2022.04.01
Advisory on the acquisition of KRW 100 Billion Convertible Bonds by Musiccow, Inc.
Je Won Lee, Kyung Gyoon Park, Beum Rae Kim, Woo Young Choi, Hana Choi, Seonghwan Ju, Kyung Won Han, Chang U Jeong, Sua Jeong

Lee & Ko advised on the transaction of STIC MUSE Limited (“STIC MUSE”), an investment purpose company established through a PEF by STIC Investments, Inc. (“STIC”), in its investment in Musiccow, Inc. (the “Target Company” or “Musiccow”). The Target Company operates a music copyright (copyright fee participation claim) investment platform. The transaction was executed by an acquisition of convertible bonds with a face value of KRW 100 billion that was issued by Musiccow.
As the transaction involved a company that operates a platform that allows ordinary investors to invest in profits generated from copyrights, there were various legal issues associated with the transaction. In particular, a key legal issue centered on whether the right to participate in the proceeds from copyrights is considered securities under the Financial Investment Services and Capital Markets Act of Korea.
While advising STIC in several legal matters, Lee & Ko analyzed the potential risks associated with the purchase of the Target Company and proposed alternatives to cure them; moreover, the Target Company is currently improving its protection of the participants in its operation according to Lee & Ko’s advice.
Financial supervisory authorities are paying close attention to fractional investments, as fractional investing in various types of assets (including real properties) is gaining keen public interest. Thus, amid such public attention, this Transaction was an exemplary case that demonstrated the expertise of Lee & Ko’s private equity team, which successfully led to the investment in the leading player in the fractional investment platform.
2022.03.31
Advising Korea Development Bank on Issuance of Bonds in Mexican Peso
Lee & Ko’s Capital Markets Group successfully represented the Korean Development Bank as its Korean legal advisor for registration of Mexican peso bonds to be issued by the Korean Development Bank in Mexico in accordance with local securities laws with the Mexican National Securities Registry. Hyunjoo OH, Seunga HYUN, Dongyon KIM and Sang Hyun AHN of Capital Markets Group participated in this transaction and demonstrated their expertise. 

As a 50 billion peso intra-Mexico transaction carried out by the Korea Development Bank to expand the investor base and diversify the foreign currency funding, HSBC acted as the arranger and the registration process was completed as of March 29, 2022. In connection therewith, Lee & Ko provided advice on Korean law such as reviewing documents required to be submitted to local government for bond registration and reviewing materials for recognition of sovereign status in accordance with local laws and regulations of the Korea Development Bank. 

Lee & Ko was able to advise on the issuance of cross-currency bonds such as this transaction based on the diverse experience and expertise of its Capital Markets Group. Lee & Ko’s impressive track record covers almost all types of domestic and foreign debt securities products (i.e., Euro Bond, Yankee Bond, Samurai Bond, Shogun Bond, Dim Sum Bond, Kangaroo Bond, Formosa Bond, CHF Bond, CB, BW, EB, RPS, RCPS, GPB, Option Bond, Synthetic Bond, FRN, etc.). Based on a wide array of experience of working on numerous transactions with different issuers, arrangers as well as international law firms, professionals of Lee & Ko were able to implement efficient work coordination through which Lee & Ko provided sound advice to Korea Development Bank.
2022.03.29
Aeon Group’s sale of Ministop Korea to Lotte Corporation
Ministop, a subsidiary of the Japanese retail giant Aeon Group, entered into a share purchase agreement with Lotte Corporation on January 21, 2022, over 5,080,000 shares in Ministop Korea, accounting for 100% of total issued and outstanding shares.
 
Representing Ministop in this transaction, Lee & Ko provided comprehensive legal advice in connection with the negotiation and preparation of the share purchase agreement, ancillary documents and contracts and contributed significantly to its successful execution, and exceeded market expectations with the purchase price over 310 Billion Korean Won.
 
As this transaction was a cross-border deal between the Japanese client and the Purchaser, a Korean entity, Lee & Ko utilized the global expertise and capabilities of its professionals in preparing the share purchase agreement in English and communicated with the client in Japanese to provide effective advice throughout this transaction.
2022.03.29
Investment to SSG.COM by Affinity Equity Partners and BRV
Lee & Ko provided comprehensive legal advice to SSG.COM in relation to the investment of 300 Billion Korean Won in issuance of new stocks from the investors which includes foreign private equity companies such as Affinity and BRV.
 
In 2018, Lee & Ko provided legal services to Shinsegae and E-Mart, the major shareholders of SSG.COM, in their execution of share subscription agreement and shareholders agreement with investors. Subsequently, Lee & Ko consulted on various transactions, including split-off from major shareholders of SSG.COM, merger between new entities after split-off, and investing 700 Billion Korean Won for the issuance of new shares from the investors in 2019. The investment of 300 Billion Korean Won to SSG.COM this year reflects the implementation of additional investment which was agreed upon during the 2019 transaction. In other words, this signifies that the transactions for pre-IPO have now been completed.
 
While complying with the contract terms signed in 2019 by and among the major shareholders and SSG.COM with their investors, Lee & Ko is able to say with confidence that they provided major shareholders and SSG.COM with various alternatives to minimize the impact on the major shareholders and SSG.COM.
2022.02.28
BRV Capital Management and other investors’ Series B Investment into Neosapience Inc.
Lee & Ko successfully advised Neosapiens Inc., a domestic startup operating AI-based voice synthesis solutions and AI voice service (typecast), with respect to five investors, including BRV LOTUS FUND III, L.P., in their investment of redeemable convertible preferred stocks for a total of KRW 25.6 Billion Korean Won.
 
Lee & Ko provided comprehensive advice in reviewing the transaction structure, preparing and negotiating share subscription agreement and shareholders agreement which contributed to the successful signing on January 28, 2022 and closing on February 10, 2022.
2022.02.10
Affirma Capital’s acquisition of Beam Mobility Holdings’s CCPS and CB
Lee & Ko provided legal advice to Affirma Capital on acquisition of Series B CCPS (convertible cumulative preference shares) and Convertible Bonds of Beam Mobility Holdings. Beam Mobility Holdings operates scooter rental businesses in Korea, Singapore, Australia, etc. and Affirma Capital acquired approximately 10% of the total issued shares of Beam Holdings (approximately 21% if exercise conversion) with a subscription price of USD 75,000,000.
 
As the Korean counsel of Affirma Capital, Lee & Ko, in collaboration with Hogal Lovells Singapore, advised Affirma Capital throughout the entire process, from conducting legal due diligence to the foreign exchange reports regarding this transaction.
2022.02.09