이 기사는 2021년 11월 09일 08시05분 thebell에 표출된 기사입니다

South Korea’s largest law firm Kim & Chang has acted as a legal advisor to the nation’s gaming firm Krafton in its recent acquisition of US video game developer Unknown Worlds Entertainment.

Kim & Chang represented Krafton in its acquisition of Unknown Worlds, legal sources said on Friday. The transaction is in the process of closing.

Kim & Chang has been Krafton’s longtime legal advisor, providing legal advice since Krafton was Bluehole, the predecessor of Krafton, according to legal sources. Kim & Chang also represented Krafton in respect of its lisitng on the Korea Exchange.

Around 10 Kim & Chang professionals, including Lee Jung-chull and Kim Hye-sung, worked on the deal.

Lee, who is an attorney licensed in New York and California, is specialized in US tech sector and startups. Kim is a US-licensed attorney and has provided Krafton with legal services on its listing on the Seoul bourse.

Kim & Chang plans to continue cooperating with Krafton until the deal closing. Under the stock purchase agreement, the closing date of the transaction is the fifth business day from when all the prerequisites are met, including approval from authorities.

Last month, Krafton signed the stock purchase agreement to take over Unknown Worlds for $750 million, including an earnout payment of up to $250 million. Krafton will pay $500 million on the closing date, with the amount of the earnout to be finalized in 2026, depending on the US game developer’s future performance.

Kirkland & Ellis LLP also acted as legal advisor to Krafton along with Kim & Chang. With $4.83 billion gross revenue in 2020, Kirkland & Ellis placed first on The American Lawyer's 2021 Global 200 survey.

Aream & Co. acted as the exclusive financial advisor to Unknown Worlds throughout the transaction, and Fenwick & West served as legal advisor. (Reporting by Gyoung-tae Kim)