Lee & Ko advised STX Co., Ltd. (“STX”) in a transaction where STX sold 43.2% of the shares in STX Energy Co., Ltd. (“STX Energy”) to Buffalo E& P Limited (“Buffalo E&P”), an entity established by the Japanese Orix Corporation for KRW 270 billion. The transaction successfully closed on July, 2013.
Also noteworthy is the fact that the minority shareholders of STX and STX Energy filed a lawsuit challenging the validity of the convertible preferred stock and redeemable preferred stock issued by STX Energy. This lawsuit was important in that the value of the shares of STX Energy held by STX could have been significantly impacted. Lee & Ko, in addition to serving as the lead counsel to the transaction, successfully defended STX in litigation which resulted in the shares of STX Energy receiving adequate valuation.