Davis Polk, Lee & Ko, Shin & Kim and Yoon & Yang are among law firms involved in asset management company TPG’s KRW1.3 trillion (USD925 million) acquisition of a 61.2% stake in South Korean car rental enterprise Lotte Rental.
TPG will purchase the shares from Hotel Lotte and Lotte Hotel Busan at KRW59,000 per share.
Davis Polk, who spearheaded the transaction, said the deal was one of South Korea’s largest private equity transactions this year.
The global law firm advised TPG, with the corporate team comprising partner and head of Korea Samuel Kang, counsel – registered foreign lawyer Xi Shi, and registered foreign lawyers Yong Lee and Claire Park.
“Advising TPG on one of this year’s largest deals in Korea reflects both the significance of the transaction and the continued strength of Korea’s private equity market,” Kang told Asia Business Law Journal.
Lee & Ko served as Korean counsel to TPG, while Shin & Kim, led by partners Sangdon Lee and Seung Hyeon Sung, handled competition and antitrust matters domestically.
Yoon & Yang counselled Hotel Lotte and Lotte Hotel Busan. Partners Jin Kook Lee, So Yeon Yoon, Minji Kim and senior foreign attorney Myong-Hyon Brandon Ryu led the team.
Established in 1986 and listed on the Korea Composite Stock Price Index (KOSPI), Lotte Rental is South Korea’s largest car rental company.
TPG, founded in 1992, manages USD327 billion in assets.
The acquisition is subject to regulatory approvals and other customary closing conditions.
