Daesung Industrial Gases Co., Ltd. Shareholders Announce Agreement With MBK Partners to Sell Outstanding Share Capital in Largest Secondary Buyout in Korean History

March 24, 2017

S&C clients Goldman Sachs, Daesung Group Partners Co., Ltd., Atinum Partners and Blue Run closed their sale of the entire outstanding share capital of Daesung Industrial Gases Co., Ltd. to a fund managed by MBK Partners. The transaction is the largest secondary buyout in Korea in history.

The Stock Purchase Agreement was entered into on February 24. Regulatory approval was obtained on March 13.

Daesung Industrial Gases is the largest manufacturer and distributor of industrial gases in Korea. Daesung Group is a Korean conglomerate and the historic owner of Daesung Industrial Gases. In 2014, a group of investors led by Goldman Sachs acquired a non-controlling stake in Daesung Industrial Gases.
 
The core S&C team was led by Michael DeSombre, along with Joonkeun Yoo, Jinhee Chung and Lu Ma. Jamie Logie and Alan Zhang advised on acquisition financing matters. Theodore Edelman and Steven Peikin advised on anti-corruption matters. Ronald Creamer and Dana Brodsky advised on tax matters. Nader Mousavi and Ali Amirmahani advised on intellectual property matters. Matthew Friestedt and Regina Readling advised on executive compensation and benefits matters. Matthew Brennan advised on environmental matters.