Akin Gump Assists Underwriters in $2.49 Billion Offering by Korea Telecom Corp.
(New York, NY) - In the largest non-Japanese, Asian offering of American Depositary Shares (ADSs) to date, Korea Telecom Corp., the leading provider of telecommunications services in Korea, raised $2.49 billion in a May 29, 1999, global offering.
The government of the Republic of Korea was a selling stockholder in the global offering and has retained 59% of the common stock of Korea Telecom. The ADSs have been listed on the New York Stock Exchange and the London Stock Exchange. The shares of common stock underlying the ADSs offered in the global offering represented approximately 14% of Korea Telecom’s outstanding shares of common stock.
Akin, Gump, Strauss, Hauer & Feld, L.L.P. represented Morgan Stanley Dean Witter, global coordinator of the syndicate of underwriters, in this transaction.
Founded in 1945, Akin, Gump, Strauss, Hauer & Feld, L.L.P., a leading international law firm, numbers 850 lawyers with offices in Austin, Brussels, Dallas, Houston, London, Los Angeles, Moscow, New York, Philadelphia, San Antonio and Washington. The firm has a diversified practice and represents regional, national and international clients in a wide range of areas, including antitrust; banking and financial institutions; bankruptcy, reorganization and creditors’ rights; capital markets; communications; corporate and securities; employee benefits; energy; entertainment; environmental; estate planning and probate; food and drug; government contracts; health; insurance; intellectual property; international; investment management; labor and employment; litigation; mergers and acquisitions; privatization; project finance; public law and policy; real estate and finance; taxation; and technology. For additional information, please visit our Web site at http://www.akingump.com.