Bae Kim & Lee LLC (“BKL”) advised GS Engineering and Construction Corporation (“GS E&C”) on its acquisition of an approximately 80% stake in OHL Medio Ambiente Inima S.A. (“Inima”) one of the top water treatment companies in the world. The National Pension Service of Korea through a special purpose vehicle acquired the remaining 20% minority stake. The overall purchase price was approximately EUR 231 million (KRW 340 billion) and the acquisition closed on May 31 2012.
Inima was the water treatment arm of the OHL Group a large Spanish construction conglomerate and has operations worldwide in areas such as Spain Portugal Brazil Mexico Algeria and the USA. Headquartered in Madrid Inima has a track record of building over 200 water plants during the past 50 years since its establishment in 1957. GS E&C one of Korea’s leading construction companies is seeking to increase its overseas sales and has declared its goal of growing into a “sustainable global company.” Consistent with such objectives the acquisition of Inima demonstrates GS E&C’s desire to develop and invest in new growth engines both geographically and in terms of industries.
As lead counsel BKL advised GS E&C on a wide range of issues in connection with the auction bidding process negotiation of the definitive agreements multi-jurisdictional due diligence matters global antitrust requirements and the closing of the transaction; and worked closely with and managed various local law firms in Spain USA Brazil Portugal Mexico and Algeria. International law firm Linklaters LLP acted as counsel for Obrascón Huarte Lain S.A. (the “Seller”) and Spain-based investment bank BBVA (Banca Bilbao Vizcaya Argentaria) acted as financial advisor to the Seller. Global investment bank UBS acted as financial advisor to GS E&C.
The BKL team was led by partners Joonki Yi and Han Kang from the outbound M&A team in BKL’s corporate practice group and included foreign legal advisor Steve Kim and associates Hyomin Kim and Jong Kwon Ryoo.
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