Sale of Korea’s Largest Payment Processor
2020.03.09.
Yulchon advised Net 1, a global leader in payment solutions and processing services, on the sale of its 100% stake in KSNET Inc. (the “Company”) to a consortium consisting of Stonebridge Capital Inc., a financial investor, and Payletter Inc., a strategic investor. The Company is Korea’s largest provider of value-added network service for credit card and banking transaction processing, also offering electronic payment gateway services for e-commerce businesses and credit status inquiry and approval services in Korea.
Yulchon’s assistance has ranged from structural advice, which enabled the parties to optimize their commercial interests by selling and purchasing the shares of the Company’s parent company instead of the Company itself, and drafting and negotiating most of the transaction documents, to assistance with the closing process, including making necessary banking and foreign exchange arrangements for the parties.
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