Deal: Ashurst has advised Innocean on the proposed acquisition of 85 per cent of the share capital in Wellcom Group Limited, a company headquartered in Australia.

Value: $6.70 in cash per share

Area: M&A

Key players: The Ashurst team was led by partners Huiyeon Kim and Stuart Dullard, with assistance from counsel Andrew Kim. The team had key relationship support from partners John Kim and Peter Kwon.

Also supporting were foreign lawyers in Kim and Woo Kim, lawyers Georgia Monaghan, Fran Barber and Matthew Parbhu and graduate Chris Beck. From intellectual property, partner Anita Cade, senior associate Maria Sun, lawyer Maggie Kearney and graduate Harriet Forster assisted, as did partner Tim Brookes and lawyer Sashini Walpola.

In banking and finance, counsel Paul Zanelli and graduate Justin Fazzolari assisted, along with partner Jennie Mansfield and senior associate Jacqui Woodroffe, partners Sanjay Wavde and Barbara Phair, counsel Paul Glover and lawyer Laura Scro.

Deal significance: Wellcom, a company specialising in digital marketing, operations technology and content production, entered into a scheme implementation deal with South Korea’s global advertising agency Innocean, a Hyundai Motor Group affiliate.

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Innocean agreed to acquire 85 per cent of the issued share capital of Wellcom for a total of $6.70 in cash per share by way of a scheme of agreements, subject to the conditions including shareholder and court approvals.

SIDCOM, a company associated with the founding shareholder, will retain the 15 per cent remaining of the shares in Wellcom, and shortly prior to the implementation of the scheme, SIDCOM will enter in an option deed with Innocean.

The option deed will grant a put option to SIDCOM and a call option to Innocean, that is exercisable in certain circumstances over a seven-year period from implementation of the scheme. The matter is due for completion on 27 November 2019.

Partner John Kim said: “We are delighted to have assisted Innocean Worldwide in its major Australian M&A transaction, being the first Australian public M&A transaction for a company affiliated with the Hyundai Motor Group. The transaction will expand on Innocean’s offerings for the benefit of its clients.”

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