Baker McKenzie has advised SK Holdings Co., Ltd. (“SK”) on the successful private placement of shares in ESR Cayman Limited ("ESR Cayman") for HKD 3.15 billion (approximately USD 404 million) before transaction costs. Following the completion of the placing, SK remains one of the key shareholders of ESR Cayman.
SK is a publicly listed company, whose shares are listed on the Korea Stock Exchange. SK and its subsidiaries are engaged in the business of energy, telecommunications and semiconductors.
ESR Cayman is the largest logistics real estate operator in Asia Pacific, with business covering China, Japan, Singapore, South Korea, Australia and India. Its shares are listed on the Hong Kong Stock Exchange.
The proceeds from the sale will be used to finance SK's expansion in areas such as biopharmaceuticals, semiconductors, rechargeable batteries, big data and artificial intelligence.
The Baker McKenzie team was led by Partner, Ivy Wong, who heads the Firm's Asia Pacific Capital Markets Practice with support from associates, William Cho and Stephanie Chen in Hong Kong, in collaboration with Principal, Kenny Kwan of member firm Baker McKenzie Wong & Leow in Singapore.
Commenting on the deal, Ivy Wong said, "We are pleased to have completed another important transaction together with SK Holdings and played a part in their growth and expansion plans. This transaction offers us the opportunity to advise SK on its rights as a substantial shareholder of ESR Cayman at the time, the relevant regulatory considerations in having a board representation and the relevant director's duties. We look forward to working with the SK team again on their other business and corporate endeavors."
Merrill Lynch (Asia Pacific) Limited and Morgan Stanley & Co. International plc acted as placing agent of SK in relation to the private placement.