Sale of 100% Equity Interest in Circuit Foil Luxembourg by Volta Energy Solutions

Lee & Ko represented Volta Energy Solutions S.à r.l. (“VES”), a Luxembourg company, in the sale of its 100% equity interest in Circuit Foil Luxembourg (“CFL”), a copper foil manufacturing and sales company located in Luxembourg, to an institutional private equity fund (“PEF”) managed by Skylake Equity Partners (“Skylake”). VES is a subsidiary of Solus Advanced Materials Co., Ltd. (a KOSPI-listed company), a key portfolio company of Skylake. This transaction was valued at approximately KRW 300 billion, with the Share Purchase Agreement executed on January 21, 2026, and the transaction closing on April 28, 2026.

This transaction involved the transfer of assets by VES, a portfolio company of Skylake, to another fund under the control of Skylake, thus resembling a type of continuation fund sale, and was executed within a tight timeframe following the termination of a prior sale agreement between VES and a Chinese buyer.

The transaction proceeded under an extremely demanding schedule from commencement to signing, while involving a multitude of considerations as a multi-layered cross-border transaction – the target company CFL and the seller VES were located in Luxembourg, CFL conducted operations through overseas subsidiaries in China and the U.S., and the ultimate controlling shareholders of both seller and buyer were located in Korea. In addition, the transaction required the examination and resolution of various complex legal issues, including ensuring the definitive termination of the prior sale agreement with the Chinese buyer to insulate the related risks, reviewing and preparing credit agreements and documentation on an expedited basis to secure bridge financing for acquisition financing, advising on foreign direct investment (FDI) filing procedures with the Luxembourg authorities, and resolving potential conflicts of interest arising from the nature of a continuation fund transaction between a Skylake portfolio company and another fund managed by Skylake.

Despite such complexity and tight timeline, Lee & Ko played a critical role in the successful execution of the Share Purchase Agreement and the consummation of this transaction by providing proactive support and practical advice based on its expertise accumulated through its continued support and representation since advising on the original acquisition of Solus Advanced Materials.