The Firm recently represented Merrill Lynch and Korean underwriters in connection with the initial public offering of SK C&C Co., Ltd. (“SKCC“), a Korean information technology company, and listing of its shares of common shares on the Korea Exchange.
The global offering consisted of sale by the selling shareholders, SK Telecom and SK Networks, of 18,000,000 common shares in the international placement outside of Korea and a public offer in Korea. The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933.
SKCC was founded in 1924 and is Korea’s leading information technology services provider. According to IDC, which is an international market research firm specializing in the technology sector, SKCC was the third largest services provider in the Korean information technology services market in terms of revenues in 2008. SKCC provides outsourcing services, systems integration services and information technology consulting services. SKCC is effectively the controlling shareholder of SK Holdings, the holding company of SK Group companies including SK Telecom, SK Energy and SK Networks.
The Simpson Thacher team for the transaction included Youngjin Sohn, Kristina Kang, Yeon Jin Seong and Sarah Park (Corporate) in Hong Kong, and Jennifer P. Klein (Tax), Jeanne M. Annarumma (Executive Compensation and Employee Benefits) and Jennie Getsin and Andrew Pagliughi (Blue Sky) in New York.