Baker McKenzie advised the South Korean ICT company SK Telecom on the establishment of a 5G technology joint venture with Deutsche Telekom.
SK Telecom and Deutsche Telekom will each hold 50 percent of the joint venture and each will name one representative to lead the new entity. The joint venture will be headquartered in Germany. The creation of the joint venture is still subject to mandatory regulatory approval.
An international team of Baker McKenzie lawyers led by Dr. Thomas Gilles (Frankfurt) and Jae-Hyon Ahn (Seoul) advised SK Telecom on all legal aspects of the transaction.
“This is a significant transaction we advised on for our client SK Telecom. The transaction highlights our expertise in the technology sector and our track record on advising on Asia-related transactions. The joint venture enables our client to develop new products in the area of innovative 5G solutions," comments Baker McKenzie corporate/M&A partner Dr. Thomas Gilles.
SK Telecom is Korea’s leading ICT company, driving innovations in the areas of mobile communications, media, security, commerce and mobility. Armed with cutting-edge ICT including AI and 5G, the company is ushering in a new level of convergence to deliver unprecedented value to customers. As the global 5G pioneer, SKT is committed to realizing the full potential of 5G through ground-breaking services that can improve people's lives, transform businesses, and lead to a better society.
Deutsche Telekom AG is paving the way for the gigabit society: As a leading company in communication and information technology, Deutsche Telekom is very successfully shaping the digital world of tomorrow with innovative solutions for private and business customers. In the financial year of 2019, the Deutsche Telekom generated sales of € 80.5 billion with approx. 211,000 employees worldwide. Be it Europe, Africa, Asia, North or South America – with its subsidiaries the Deutsche Telekom is represented all over the world.
The global Corporate/M&A team of Baker McKenzie advises on more cross-border transactions than any other law firm. Most recently the team advised LIVEKINDLY on the acquisition of LikeMeat, Chr. Hansen Holding A/S on the acquisition of Jennewein Biotechnologie GmbH, GEA on the sale of the compressor manufacturer Bock to NORD Holding, DBAG on an investment in congatec Holding AG, SAP on the sale of the communication unit SAP Digital Interconnect to Sinch AB, Air Liquide on the sale of the Schülke Group to the Swedish financial investor EQT, METRO AG on the establishment of a strategic partnership with Wumei Technology Group, Bayer AG on the sale of its majority stake in the chemical park operator Currenta, SPIE on the acquisition of OSMO, Toppan Printing Co. Ltd. on the acquisition of the German Interprint Group and Evonik on the sale of its methacrylate business to Advent International.
Legal advisor to SK Telecom:
Corporate/M&A: Dr. Thomas Gilles (partner, Frankfurt)
Finance & Projects: Jae-Hyon Ahn (partner, Seoul)
Team: Corporate/M&A: Dr. Peter Wand (partner, Frankfurt), Stephan Orf (associate, Frankfurt)
IP: Dr. Rembert Niebel (partner, Frankfurt), Dr. Markus Hecht (sen-ior associate, Frankfurt)
Antitrust: Christian Horstkotte (partner, Dusseldorf), Dr. Johannes Weichbrodt (partner, Dusseldorf)
SK Telekom Inhouse: Hyun Kyu Park, Legal Counsel
Deutsche Telekom Inhouse: Jan Christoph Pfeffer, LL.M., Legal M&A