In order to focus on the electronic and chemical material industry, Cheil Industries Inc. (“Cheil”) sold its fashion business to Samsung Everland for over KRW 1 trillion. Lee & Ko advised Cheil throughout the transaction on complex legal issues including purchase-price adjustment issues such as revaluation of inventory assets and depreciation, tax issues, copyright and unfair competition related issues, labor issues involving transfer of personnel, exercise of appraisal right by shareholders, preferential transfer of bonds and issues related to simultaneous business transfers. The transaction was successfully completed in December, 2013.