This business transfer involves sale and acquisition of GE Healthcare Korea Inc.’s biopharma business by Global Life Sciences Solutions Korea Limited. This business transfer is the first step in consummating the global deal which involves Danaher Corporation acquiring General Electric Company’s biopharma business worldwide.
Once this business transfer transaction is completed, General Electric Company as a sole equity holder of Global Life Sciences Solutions Korea Limited, will be selling the 100% unit of Global Life Sciences Solutions Korea Limited to Pall Korea Ltd., the Korean subsidiary (acquisition vehicle) of Danaher group. This will ultimately transfer the biopharma business of GE Healthcare Korea Inc., to Danaher group.
As a Korean counsel to General Electric Company, Lee & Ko provided comprehensive review and advice on various potential legal issues pertaining to the business transfer including drafting the business transfer agreement, clearing the merger filing with the Korean Fair Trade Commission and advising capital increase of Global Life Sciences Solutions Korea Limited to fund the consideration of the business transfer. Lee & Ko’s effective advice led to a successful signing of the business transfer agreement on October 2, 2019. Lee & Ko is currently advising the closing of the business transfer transaction (and capital increase) and also the unit purchase agreement that will follow the closing of the business transfer.