Paul Hastings Advises Samsung Display on US$1.9 Billion Sale of its Joint Venture Stake and its Strategic Investment in Corning Incorporated
Seoul (October 29, 2013) - Paul Hastings, a leading global law firm, announced today that it is representing Samsung Display Co., Ltd. (“Samsung Display”), a global leader in display panel technology and products and a subsidiary of Samsung Electronics, in its agreement with Samsung Corning Precision Materials (“SCP”) and Corning Incorporated (“Corning”) to have SCP repurchase Samsung Display’s 43% interest in SCP.
Samsung Display will furthermore make a strategic purchase of US$1.9 billion in fixed rate cumulative convertible preferred shares from a Corning affiliate, plus a direct subscription of an additional US$400 million in such preferred shares, resulting in its ownership of a 7.4% stake in Corning, on an as converted basis. The agreement is designed to strengthen the strategic partnership and technology collaboration between Samsung Display and Corning.
The transactions, which are subject to certain closing conditions, are expected to close in the first quarter of 2014.
The Paul Hastings team is being led by Seoul-based M&A partner Daniel Sae-Chin Kim and of counsel
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