Cleary, Paul Hastings advise on Samsung SDS $1.1bn IPO
Cleary Gottlieb Steen & Hamilton has acted opposite Paul Hastings on the IPO of Samsung's technology services subsidiary company Samsung SDS, for $1.1bn.
November 17, 2014 at 02:03 AM
2 minute read
Cleary Gottlieb Steen & Hamilton has acted opposite Paul Hastings on the IPO of Samsung's technology services subsidiary Samsung SDS, for $1.1bn.
The listing, which included an international tranche, is understood to be the largest Korean IPO since Samsung Life Insurance's $4bn public debut in April 2010.
Providing US counsel to the issuer was Cleary, with a team led by Seoul-based international securities partner Yong Guk Lee. The firm worked alongside local outfit Kim & Chang, which advised on Korean law.
Underwriters Goldman Sachs, Korea Investment & Securities and JP Morgan were advised by Paul Hastings, with a group of lawyers overseen by corporate partners Dong Chul Kim and Daniel Sae-Chin Kim, with support from partner Steven Winegar.
Advising the banks on local issues was Shin & Kim.
Samsung SDS, part of the Samsung group, is the largest IT services company in Korea and the second largest in Asia-Pacific, excluding Japan.
It first filed for an IPO in September last year as part of a company restructure, according to Bloomberg.
Paul Hastings says it has advised member companies of the Samsung group on a range of capital markets and M&A related transactions over the years, including representing Samsung Electronics on the $1.4bn sale of its hard disk drive operations to Seagate Technologies.
Cleary is meanwhile among one of the top advisors on capital markets deals in Korea after launching in the country in the first half of 2012, soon after the market opened to foreigners, and has also advised Samsung on a number of transactions.
It previously advised Samsung Life on its 2007 IPO, and is currently acting as US counsel to Cheil Industries – formerly known as Samsung Everland – on its listing to be completed in December.
The firm also acted for Samsung Electronics in its acquisition of Quietside – a provider of heating, ventilation and air conditioning equipment to wholesale distributors throughout Canada and the US – in August 2014.
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