KWN 1.6 trillion acquisition of Hyundai Oilbank by Saudi Aramco

Lee & Ko successfully acted as lead counsel in Saudi Aramco’s acquisition of 17% of Hyundai Heavy Industries Holdings’ shareholding in Hyundai Oilbank for KRW 1.37 trillion on April 15, 2019. Saudi Aramco was also granted call option to acquire 2.9% of Hyundai Oilbank shares for KRW 234 billion. Lee & Ko has been providing legal advice to Saudi Aramco since 2018 on matters involved with the overall transaction, including due diligence, review of antitrust matters, review of merger filing requirements, share purchase agreement and shareholders agreement negotiations, and execution of those agreements. Through this transaction, Saudi Aramco became the second-biggest shareholder of the Hyundai Oilbank.