Kim & Chang represented Brookfield in its acquisition of new shares of SK Airplus which can be redeemed by the shares in SK AirCore Co., Ltd. formed through the spin-off of SK Airplus Incorporated's LCO2 business division and industrial gas production facilities. Our firm provided comprehensive legal, accounting, and tax advice and served as the lead advisor to the investors involved in the transaction. We provided legal counsel with regard to the full spectrum of the transaction, including the establishment of the transaction structure, legal due diligence, the preparation and negotiation of agreements, and closing and post-closing support.

The transaction featured a complex structure encompassing (i) two rounds of issuance and subscription of redeemable convertible preferred shares, (ii) a vertical spin-off of the target company, and (iii) the determination of the legal relations of the preferred shareholders with respect to the target company as well as the newly spun-off company. The client sought comprehensive and thorough review of all potential legal, tax, and accounting issues regarding the transaction’s complex structure, and requested detailed coordination of each party’s interests. In response to the client’s requests, we devised and delivered solutions throughout all aspects and steps of the transaction.