The Firm recently represented the underwriters for the initial public offering of 44,437,420 common shares of Samsung Life Insurance Co., Ltd. by its selling shareholders. The offering, consisting of a public offer in Korea and an international placement pursuant to Rule 144A and Regulation S of the Securities Act, resulted in gross proceeds of approximately US$4.4 billion. The international placement was underwritten by Goldman Sachs, Merrill Lynch, Morgan Stanley, Citi and Nomura, and the domestic public offer was underwritten by Korea Investment & Securities, Shinhan Investment, Samsung Securities, Tong Yang Securities, KB Investment and Woori Investment.
The offering is the largest IPO in Korea to date, including dual-listed IPOs.
Samsung Life has been the leading life insurance company in Korea since the 1960s and is one of the flagship companies of the Samsung Group, which is the largest business group in Korea.
The Simpson Thacher team included Jin Hyuk Park, Johneth C. Park and Yeon Jin Seong (Corporate) in Hong Kong, Jonathan Cantor, John J Creed and Amie N. Broder (Tax) Jeanne M. Annarumma (Executive Compensation and Employee Benefits) and Andrew J. Pagliughi (Blue Sky) in New York.