Paul Hastings and Kim & Chang have advised the placement agents on Hyundai Motor Co’s chairman and son’s $1.1 billion sale of shares in logistics firm Hyundai Glovis Co.

Chairman Chung Mong-koo and his son Chung Eui-sun had sought to sell 13 percent of the affiliate to comply with new antitrust rules.

Reuters reported that investors walked away from an initial sale attempt in January, worried that the family may be pulling out from Hyundai Glovis, and uncertain if the stake sale was key to the group's efforts to hand over control to the younger Chung.

To soothe investors' concerns, the Chungs committed to a lock-up period of just under two years for their remaining combined stake of nearly 30 percent.

A Paul Hastings team led by corporate partner Dong Chul Kim in Seoul advised Citigroup and NH Investment & Securities, the deal’s placement agents, while Kim & Chang acted as Korean counsel. There was no counsel to the sellers.

Some 5 million shares in Hyundai Glovis were sold at 230,500 won each, a discount of 2.7 percent to Thursday’s (Feb. 12) close.