H&Q Equity Partners’ Acquisition of TNF Holdings

Lee & Ko successfully advised H&Q Equity Partners (“H&Q”) on its acquisition of TNF Holdings, a company engaged in the manufacturing of automotive electronic components. The total purchase price for the transaction was approximately KRW 162 billion.

The transaction was structured as an equity investment by Tenerife Holdings LLC, an SPC established using dry powder from KHQ No. 4 PEF, a blind fund formed and managed by H&Q, with a portion of the acquisition funding sourced through acquisition financing. Through this transaction, H&Q acquired 100% of the issued and outstanding shares of TNF Holdings.

Lee & Ko provided comprehensive legal services throughout all phases of the transaction, including legal due diligence on TNF Holdings, review of W&I insurance, advice on acquisition financing, incorporation of the SPC and regulatory filings related to the PEF, negotiation and execution of the share purchase agreement and shareholders’ agreement, merger control filing, and closing. Despite the complex legal and procedural issues involved, Lee & Ko’s support contributed to the successful and expeditious consummation of the transaction.