Cleary Gottlieb Steen & Hamilton and Korean firm Kim & Chang have advised Kakao, operator of Korea's leading messaging app KakaoTalk, on its $1 billion global depository receipts offering. Paul Hastings, Korean firm Bae, Kim & Lee, and Singaporean firm Shook Lin & Bok represented the underwriters Citigroup and Goldman Sachs.

The GDRs will be listed on the Singapore Exchange, while the underlying common shares will be listed on the Korea Exchange.

Kakao said it was seeking merger and acquisition opportunities of global contents platform providers, as well as key technologies in artificial intelligence and other areas.

The company has expanded its business beyond South Korea’s dominant messaging app Kakao Talk to co-developing artificial intelligence technology with companies such as Hyundai Motor, as well as taxi and ride hailing, e-books and other services, reported Reuters.

The Paul Hastings team was led by its Korea capital markets practice head Kim Dong-chul.

 

Related Articles

Appointments

Four-partner Saraf disputes unit leaves for CAM

by Nimitt Dixit |

Four disputes partners at Indian law firm Saraf and Partners, led by senior equity partner Manmeet Singh, have left the firm to join Cyril Amarchand Mangaldas, a source with knowledge of the move confirmed to ALB.

Deals

CAM, AZB, S&R, Sidley advise on record $2.15 bln Vodafone Idea FPO

by Nimitt Dixit |

Indian law firm Cyril Amarchand Mangaldas has advised Vodafone Idea on its 180-billion-rupee ($2.15 billion) further public offering (FPO). The issuance is the largest successful Indian FPO and the third-largest offering of public equity shares in India.

Appointments

White & Case bolsters HK cap markets practice with hire from A&O

by Mari Iwata |

Global law firm White & Case has hired equity capital markets expert Ryan Tou as a partner in Hong Kong from Allen & Overy, where he was an of counsel.