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Successful advisory for sales transaction of Hugel to Bain Capital
- Recent Matters
- 2018.01.17
Yoon & Yang LLC advised Hugel, a Kosdaq-listed Korean botox manufacturing company and its management in both managerial control dispute and the sales transaction.
On July 14 2017, Hugel sold its managerial control by selling all of its shares in Tongyang HC (former majority shareholder of 24.36% stakes of Hugel) owned by the co-founders to Bain Capital, an US based major private equity fund. In addition, Bain Capital acquired Hugel’s management rights by additionally acquiring newly issued shares in the amount of KRW 354.7 billion and purchasing convertible bonds in the amount of KRW 99.9 billion (Total deal size: KRW 927.4 billion).
Yoon & Yang advised Hugel’s former management persons in both the managerial control dispute and the M&A transaction to successfully close and end the disputes through providing the client with comprehensive legal advices including drafting, negotiating the documents and closing of the transactions.
The successful sales transaction of Hugel to a global PEF allowed Hugel to overcome its internal conflicts and become a stepping stone for the Korean botox manufacturer to expand its presence into the global market. In addition, the deal sets a precedent as the first large scale outbound transaction of managerial rights in the bio-healthcare sector.
On July 14 2017, Hugel sold its managerial control by selling all of its shares in Tongyang HC (former majority shareholder of 24.36% stakes of Hugel) owned by the co-founders to Bain Capital, an US based major private equity fund. In addition, Bain Capital acquired Hugel’s management rights by additionally acquiring newly issued shares in the amount of KRW 354.7 billion and purchasing convertible bonds in the amount of KRW 99.9 billion (Total deal size: KRW 927.4 billion).
Yoon & Yang advised Hugel’s former management persons in both the managerial control dispute and the M&A transaction to successfully close and end the disputes through providing the client with comprehensive legal advices including drafting, negotiating the documents and closing of the transactions.
The successful sales transaction of Hugel to a global PEF allowed Hugel to overcome its internal conflicts and become a stepping stone for the Korean botox manufacturer to expand its presence into the global market. In addition, the deal sets a precedent as the first large scale outbound transaction of managerial rights in the bio-healthcare sector.
