South Korea’s Bae Kim & Lee (BKL) and Singapore’s K&L Gates Straits Law have advised Big Bite Company, an affiliate of Korean food company SPC Group, on the incorporation of S&C Restaurant Holdings, a joint venture with Chipotle Mexican Grill, to introduce the American fast-casual brand to Asia for the first time.
BKL’s team was led by Seoul-based partners Cheolhyo Ahn, Hwijin (HJ) Choi and Jaeyong Jeong in collaboration with Eric Eunyong Yang, the managing director of BKL in Singapore. The firm was also supported by K&L Gates Straits Law, which was led by partners and directors Henry Kim and Christopher Tan.
“The most important aspect in discussions with the regulatory authorities was obtaining merger approval from the KFTC (Korea Fair Trade Commission),” Choi told Asia Business Law Journal.
He added BKL contributed to securing timely merger approval by facilitating smooth communication and prompt responses with the KFTC.
BKL provided advisory services to SPC Group and Big Bite Company during the establishment of the joint venture with Chipotle, as well as advising on regulatory issues in Singapore and South Korea, including matters related to setting up the necessary entities, said Choi.
Choi also noted that this transaction involved various considerations in establishing the necessary entities to operate the business in South Korea and Singapore through a joint venture structure. The value of the transaction was undisclosed.
“In relation to the KFTC’s merger review, key issues included how to define the relevant market and how to assess the current state of that relevant market,” said Choi.
Big Bite Company has secured exclusive operating rights in Korea and Singapore through this joint venture.
