YKVN advised Vingroup (ticker “VIC”) as lead counsel in relation to the sale of a 6.1% stake to SK Group.
Seeking new business opportunities to develop in Southeast Asia, SK Group entered into a strategic partnership agreement and other transaction agreements with conglomerate Vingroup on May 16, 2019. Subject to regulatory and corporate approvals and other closing conditions, SK Group acquired a combination of primary shares and secondary shares for a consideration equal to USD1 billion. This is the largest investment in a Vietnamese listed company so far and the transaction agreements are amongst the most complex corporate transactions in Vietnam to date.
The transaction was primarily structured as an M&A transaction but also had complex capital market elements as Vingroup is a listed company. YKVN acted as lead counsel for Vingroup. The team was led by partner Truong Nhat Quang and assisted by counsel Nguyen Nam Hung and Nguyen Van Hai and a team of associates in Hanoi and Ho Chi Minh City.
SK Group, also known as SK Holdings, is one of the largest chaebols (conglomerates) in South Korea and operates in telecommunications, technology, electronics, energy, logistics, and service provision.
Vingroup is currently one of the largest private economic groups in Vietnam and is the largest listed company by market cap in the country.
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