Corporate and M&A: foreign firms in South Korea

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton’s corporate and M&A practice boasts extensive expertise in both buy-side and sell-side transactions, excelling in high-end, complex cross-border matters across diverse sectors. Its work encompasses advising Korean corporate and private equity buyers on outbound deals, assisting global and regional private equity and corporate buyers on inbound investments, and supporting Korean and international clients in the sale of businesses and portfolio companies. Key individuals include the head of the team, Sang Jin Han, recognised for his strength in corporate and private equity M&A, particularly in cross-border transactions. Ji-Won Lim is noted for her deep experience in private and public M&A and corporate governance. Jae Sung Kim brings extensive M&A transaction expertise, while Ki Won Ahn specialises in corporate and financial transactions.

Praxisleiter:

Sang Jin Han


Weitere Kernanwälte:

Ji-won Lim; Jae Sung Kim; Ki Won Ahn


Referenzen

‘Sang Jin Han is an extremely attentive and hard-working M&A lawyer with 20 + years of experience. His team is quick in response. They are willing to take the leading role in coordination efforts across the border, from tax and structuring to accounting and hands-on approach in fact-finding, analysing and devising solutions.’

‘Sang Jin Han is one of the landmark figures in the Korean M&A market. His associate Ki Won Ahn is growing rapidly and has become a reliable lawyer.’

Kernmandanten

Blackstone Group


CBC Group, Mubadala, GS Holdings and IMM Investments


CJ Group companies


GIC Private Equity


Hahn & Company and its portfolio companies


Hanwha Group companies


MBK Partners and its portfolio companies


Naver Corporation


Palantir Technologies Inc.


POSCO Group companies


Samsung Group companies


Sequoia Capital


SK Group companies


Highlight-Mandate


  • Represented POSCO Future M (formerly POSCO Chemical) in connection with the second phase expansion of its Ultium CAM joint venture with General Motors. Cleary represented POSCO in the formation of the Ultium CAM joint venture in July 2022. This was an approximately $1 billion investment to increase the joint venture’s production capacity of cathode active material (CAM) and integrate precursor materials production in Quebec, Canada.
  • Represented a consortium of MBK Partners and UCK Partners from a US law perspective in connection with the consortium’s tender offer to purchase all of the issued and outstanding common shares of Osstem Implant Co. Ltd. and acquisition of the Osstem founder’s shares in Osstem and its Korean and U.S. subsidiaries.
  • Representing Hahn & Company in the definitive merger agreement with Cynosure and its sponsor-owner Clayton Dubilier & Rice for a strategic combination of Cynosure and Lutronic Corporation, a Hahn & Co. portfolio company – this strategic combination will create a global leader in medical aesthetic systems with a commercial presence in over 130 countries.

Ashurst Korea JV

In collaboration with HwaHyun, Ashurst Korea JV’s Korean team is highly regarded for its expertise in advising both domestic and international clients. Led by industry leader John Kim, the team is recognised for its deep knowledge and proactive approach to cross-border corporate and M&A transactions. Huiyeon Kim advises on a steady flow of high-profile matters and complex cross-border matters and advises clients on investments, corporate deals, M&A and joint venture formation in a wide span of industries.

Praxisleiter:

John Kim


Weitere Kernanwälte:

Huiyeon Kim


Referenzen

‘Attention to individual detail, constant and dependable availability and access to answer questions or assist in contractual drafting, genuine concern and loyalty to client endeavours were felt.’

‘Attorney work product is consistently top-notch, never had a complaint.’

‘Ashurst demonstrated exceptional and outstanding legal knowledge and consistently prioritised excellent client service.’

Kernmandanten

Mubadala


Hyundai Motor Company


Kia Motors


Hyundai Mobis


SK Telecom


SK Geocentric


SK Earthon


Lotte Energy Materials


Hanwha Aerospace


Celltrion


Highlight-Mandate


  • Assisting Mubadala Investment Company in its equity/equity-linked bond investment in a major Korean conglomerate.
  • Advised Celltrion in relation to a divestment of portfolio of Takeda Pharmaceutical’s prescription medicines sold in Asia to CBC Group, a Singapore-based investment firm. As part of the sale, Celltrion sold its primary care Rx businesses in APAC (asset sale), including 14 different brands in multiple jurisdictions. Completion is subject to various conditions precedent, including transfer of IP and necessary regulatory approvals.
  • Advising on SK Telecom’s cross-border investment into, and subsequent partnership with, Lambda Inc., a US-based start-up operating an on-demand cloud service for the training and deployment of artificial intelligence models.

DLA Piper

DLA Piper’s distinctive structure aligns lawyers with specific industry sectors, allowing clients to work with advisors who fully understand their unique challenges and sector-specific issues. Known for its expertise in cross-border M&A and strong presence in South Korea, the team is led by Daniel Lee, a managing partner with over 30 years of experience in complex cross-border transactions and international arbitration. Luke Gannon heads the Asia corporate practice, while Ted Yi focuses on cross-border M&A, joint ventures, and global corporate compliance for multinationals. Robert Song is valued for his work on complex international transactions, and Damian JH Moon brings particular expertise in advising high-tech clients on sophisticated cross-border deals. The team welcomed Jang Hyuk Yeo who joined from Greenberg Traurig LLP in November 2024.

Praxisleiter:

Daniel Lee; Luke Gannon


Weitere Kernanwälte:

Ted Yi; Robert Song; Damian JH Moon; Jang Hyuk Yeo


Referenzen

‘We engaged DLA Piper to recover loans and equity in the US. Throughout our partnership, we were extremely satisfied with the level of support and assistance from DLA Piper. They showed keen familiarity with a wide range of industry-specific legal issues and helped us shape various commercial arguments based on their advice as the project progressed.’

‘In the ever-changing landscape of international business, DLA Piper remained vigilant to significant developments that could impact our project and provided us with timely input. Particularly, their ability to distill complex concepts into plain English demonstrated their strength in advisory and communication skills.’

‘The team draws on a tremendous amount of experience and superb knowledge of the relevant industries. They are incredibly responsive.’

Kernmandanten

Korean Air Lines Co., Ltd.


Highlight-Mandate


  • Advised Korean Air Lines on successful EU Commission approval of Asiana acquisition.

O'Melveny

O'Melveny’s M&A team is continuously expanding, with a diverse practice spanning private and public M&A, joint ventures, growth investments, leveraged acquisitions, and private equity buyouts. Co-led by Daniel Sae-Chin Kim, whose extensive expertise in M&A makes him a go-to advisor for multinationals on high-stakes transactions, and Woojae Kim, a trusted advisor to Korean conglomerates on outbound deals across sectors such as technology, manufacturing, and energy. Hae-in Park brings further strength to the team, representing both Korean and global clients in M&A, joint ventures, and IPOs, with a strong reputation for navigating complex cross-border issues.

Praxisleiter:

Daniel Sae-Chin Kim; Woojae Kim


Weitere Kernanwälte:

Hae-in Park


Referenzen

‘O’Melveny demonstrated exceptional and outstanding legal knowledge and consistently prioritised excellent client service. It also delivered within the agreed-upon.’

‘All the individuals I worked with were always available to address and respond to my questions and concerns. They were all very responsive and dedicated to providing answers not only the mainstream of work but also the branches of the project, typically easy to be missed.’

‘O’Melveny & Myers’ Corporate and M&A practice is marked by professionalism, dedication, and an ability to consistently meet client needs. The team excels in handling complex transactions with a collaborative approach that ensures comprehensive solutions.’

Kernmandanten

Samsung Electronics


Samsung Display


GS Energy


Highlight-Mandate


  • Advised Samsung Display in its US$218 million acquisition of eMagin Corporation (NYSE: EMAN).
  • Advised Samsung Electronics in its joint venture with Lennox (NYSE: LII), a leading US-based HVAC (heating, ventilation and air condition) company. The transaction involves multiple supply agreements and IP license agreements, in a major strategic alliance.
  • Advised GS Energy in its significant minority interest investment in a US-based energy start-up, Ndustrial.

Ropes & Gray LLP

Ropes & Gray LLP’s M&A team brings dedicated specialists with full deal execution capabilities and a profound understanding of the Korean market, establishing a strong track record in high-end inbound and outbound transactions. With particular expertise in private equity, technology, and life sciences, the team is led by Jaewoo Lee, known for his skill in market-shaping corporate and M&A transactions. Keun Shin advises private equity funds, corporations, and financial investors on complex cross-border M&A and joint ventures. Ethan Kim has extensive experience in cross-border M&A and corporate transactions, particularly from the US.

Praxisleiter:

Jaewoo Lee


Weitere Kernanwälte:

Keun Shin; Ethan Kim


Referenzen

‘Best private equity practice in Korea among foreign law firms in Korea led by top M&A partner Jaewoo Lee.’

‘Jaewoo Lee is an excellent lawyer with the smarts and commercial sense. Liked by clients and colleagues alike.’

‘The Corporate and M&A practice group of Ropes & Gray LLP is particularly strong in their M&A and private equity transactions and has great teamwork, insight into the latest trends for the relevant transactions and generally high-quality work product and work ethic.’

Kernmandanten

Bain Capital Private Equity


Bain Capital Special Situations


E-mart


KKR


Korea Investment Corporation


Mirae Asset Capital


Naver Corporation


TPG


Highlight-Mandate


  • Represented Bain Capital Special Situations in its subscription of bonds with warrants in Toss Payments.
  • Representing Bain Capital Special Situations in its sale of ST Unitas to MegaStudy Co., Ltd.
  • Representing TPG regarding its minority investments in Kakao Mobility, following representation in its initial investment in Kakao Mobility in 2017 (which Ropes & Gray’s Korea team also advised on).

Skadden, Arps, Slate, Meagher & Flom LLP

With a legacy spanning over three decades, Skadden, Arps, Slate, Meagher & Flom LLP has a prominent presence in South Korea, representing Korean and international corporations, financial institutions, government entities, and sovereign wealth funds across M&A, private equity, and major energy and infrastructure projects. Known for its expertise in handling high-profile M&A transactions domestically and globally, the team serves sectors such as semiconductors, batteries, energy storage, technology, automotive, and financial services. Led by H Young Shin, who combines extensive experience with strategic, commercially minded advice, the team also features Hyungsoo Kim, whose practice centres on high-profile corporate and M&A transactions for South Korea’s leading companies.

Praxisleiter:

H. Young Shin


Weitere Kernanwälte:

Hyungsoo Kim


Referenzen

‘Skadden demonstrated exceptional and outstanding legal knowledge and consistently prioritised excellent client service.’

‘All the individuals I worked with, especially H. Young Shin and Hyungsoon Kim were always available to address and respond to my questions and concerns. They were all very responsive and dedicated to providing answers not only the mainstream of work but also the branches of the project, typically easy to be missed.’

‘The Seoul office of Skadden understands the distinct needs of Korean clients.’

Kernmandanten

Korea Zinc Company, Ltd.


Hanwha Group


LIG Nex1 Co., Ltd.


SK hynix Inc.


Highlight-Mandate


  • Advised Korea Zinc Company, Ltd. in its approximately US$440 million acquisition of a majority stake in Igneo Technologies, LLC, an e-waste recycling company based in the U.S., and its follow-on acquisition of the remaining minority stake.
  • Advised Hanwha Aerospace Co., Ltd. and Hanwha Ocean Co., Ltd. in connection with their US$260 million acquisition of shares of NextDecade Corporation from York Capital Management Global Advisors.
  • Advising LIG Nex1 Co., Ltd., an aerospace and defence company based in South Korea, in its US$239 million acquisition of a controlling stake in Ghost Robotics, a robotics company known for developing robotic dogs based in the U.S.

White & Case LLP (Foreign Legal Consultant Office)

White & Case LLP (Foreign Legal Consultant Office) is known for its strong outbound M&A expertise, supporting clients in strategic expansion and growth. With vast resources and a global reach, the team is adept at managing complex cross-border legal issues, while its local expertise ensures a nuanced approach to domestic systems, cultures, and business practices. Led by Dongho Lee, who advises major Korean conglomerates, private equity firms, and companies in technology, entertainment, and media, the team includes Younghee Chung, focusing on pan-Asia cross-border transactions, particularly in private equity, and Kyle Oh, whose experience spans cross-border M&A, private equity, and corporate finance.

Praxisleiter:

Dongho Lee


Weitere Kernanwälte:

Younghee Chung; Kyle Oh; Yoon Choi; Woo Kim


Referenzen

‘Very knowledgeable and intelligent on the legal service. I depend upon their opinion a lot on the M&A deals and the regulatory work.’

‘Always happy to work with Dongho Lee and Kyle Oh as they are very responsive and know what they are doing.’

‘White & Case team has a wide pool of clients, has exceptional work quality and is alway available. White & Case team also excels at teamwork and is always enjoyable to work with.’

Kernmandanten

Brite Energy Partners


CJ Bioscience


E1 Corporation


GLAAM, Co., Ltd.


HYBE


KB Asset Management


KDB Investment–Hana Securities


Kohler Co.


Korea Investment Private Equity


Morgan Stanley Tactical Value


Shinhan Securities


SNB Capital


SK E&S


SK Inc.


Qatar Investment Authority


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Baker McKenzie KLP JV

Baker McKenzie KLP JV’s capabilities have expanded through a November 2023 joint venture with Korean law firm KL Partners, enhancing support for Korean corporate clients in cross-border transactions. Trusted by top domestic and international companies for M&A, investments, and regulatory matters, the corporate and M&A team is co-led by Hong Kong-based Won Lee, experienced in cross-border M&A and energy projects, and Seoul-based Seong Hoon (Sean) Yi, known for high-profile Korean M&A. Jae-Hyon Ahn frequently advises financial institutions, while Albert Chung focuses on cross-border M&A in manufacturing, technology, energy, and infrastructure sectors.

Praxisleiter:

Won Lee; Seong Hoon (Sean) Yi


Weitere Kernanwälte:

Jae-Hyon Ahn; Albert Chung; Ji Sun Hwang; Seonho Kim; Sunguk Kim


Referenzen

‘The team’s advantage is that it is a joint venture law firm established in Korea and can advise on both Korean and foreign law, meaning that it can advise on both outbound and inbound M&A. In particular, I would like to point out that the team is not only proficient in general M&A, but also in private equity transactions. I would also like to emphasise that their global network allows for immediate foreign law collaboration.’

‘I always work with Seong Hoon Yi has expertise in all types of M&A, including M&A of manufacturing companies, M&A of financial institutions, M&A of listed companies, and M&A of private equity funds, and I am confident that he is better than other lawyers because he is able to think commercially as well as legally.’

Kernmandanten

Hyundai Motor Company


Smart Holdings Co., Ltd.


Dongkang Holdings Co., Ltd.


CQV Co., Ltd.


Kumho Busline Co., Ltd.


Enovix Corporation


Enstar LLC


SK Telecom


DS Asset Management Co., Ltd.


Genesis Private Equity


Stella Investment


Highlight-Mandate


  • Represented Hyundai Motor Company on its formation of a joint venture with the Public Investment Fund, a Saudi Arabian sovereign wealth fund, to establish a USD 500 million smart automotive assembly and manufacturing facilities in Saudi Arabia. We were the lead counsel for HMC on all aspects of the transaction (including merger clearance), and also representing the joint venture to negotiate government incentives with the Ministry of Investment of Saudi Arabia.
  • Represented Smart Holdings Co., Ltd. & Dongkang Holdings Co., Ltd. in connection with Montvert CC’s sale of its golf club business.
  • Represented Enovix Corporation in connection with the acquisition of Routejade Inc.

Milbank

Milbank continues to significantly strengthen its foothold in Korea’s corporate finance and M&A market with significant work within the energy sector. Led by managing partner David Cho, who brings decades of international corporate expertise, the team handles high-value cross-border M&A and financing transactions. Special counsel Spencer Park is active in M&A, joint ventures, financing and real estate, particularly in outbound corporate and real estate investments involving Korean asset management.

Praxisleiter:

David Cho


Weitere Kernanwälte:

Spencer Park


Kernmandanten

SK geo centric Co., Ltd.


SK bioscience Co., Ltd.


SK Inc.


SK networks


Oaktree Capital Management


SK Square Co., Ltd.


SK ecoplant Co., Ltd.


i-SENS Co., Ltd.


SKC Co., Ltd.


Mirae Global Investments Co., Ltd.


SK gas Co., Ltd.


SK biopharmaceuticals Co., Ltd.


Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR)


AgaMatrix Inc.


Hico Ventures I LLP


Qoo10 Pte. Ltd.


Highlight-Mandate


  • Represented SKGC in connection with its proposed Asia joint venture arrangement with Loop. The joint venture, which is to be headquartered in Singapore, will deploy Loop’s circular plastics recycling technologies across the Asian market.
  • Represented SK bioscience Co., Ltd. in its subscription of 6.5 million shares of common stock of Novavax Inc. for US$84.5 million in a private placement.
  • Represented SK Inc. on a US$50 million PIPE commitment with NET Power and Rice Acquisition Corp. II.

Paul Hastings LLP

Paul Hastings LLP leverages its extensive international network and expertise to assist Korean clients with complex M&A and corporate financing matters. Led by Dong Chul Kim, the team advises domestic clients on outbound transactions and cross-border deals. Iksoo Kim has a strong track record representing strategic and private equity clients in domestic and cross-border M&A transactions.

Praxisleiter:

Dong Chul Kim


Weitere Kernanwälte:

Iksoo Kim; Sye Myung Kim


Kernmandanten

Samsung Group


Hanwha Group companies


SD Biosensor


SJL Partners


CJ Group companies


Jaguar Global Growth Corporation


Highlight-Mandate


  • Advised SD Biosensor and SJL Partners on their acquisition of Meridian Bioscience, Inc. (NASDAQ:VIVO), a leading global provider of diagnostic testing solutions and life science raw materials. SJL Partners made an additional investment in Meridian Bioscience, which completed in November 2023.
  • Advised Mirae Asset Global Investments in connection with a formation of a joint venture in the U.S. to develop and redevelop logistics assets with the contribution of properties from CJ Logistics and funding from KOBC.

Latham & Watkins LLP

Led by Hong Kong-based Wonsuk (Steve) Kang, Latham & Watkins LLP’s transactional practice in Korea continues to grow, advising major Korean businesses on high-profile matters. The team specialises in representing clients from the industrial, manufacturing, IT, and semiconductor sectors. Regina Jinseo Kim is integral to the Seoul team, focusing on inbound private equity deals for global clients.

Praxisleiter:

Wonsuk (Steve) Kang


Weitere Kernanwälte:

Regina Jinseo Kim


Kernmandanten

Hyundai Motor Company


LG Energy Solution


LG Chem Ltd.


LG Display


Samsung Electronics


Samsung Biologics


Hanwha


CJ E&M


Highlight-Mandate