South Korean firms Lee & Ko and Kim & Chang have advised on domestic alternative investment firm Glenwood Private Equity’s KRW1.4 trillion (USD950 million) acquisition of LG Chem’s water solution business, which closed in December this year.
“This deal involved the separation and relocation of part of a manufacturing facility located within an industrial complex, and thus, consultations with multiple government authorities — including the industrial complex management body — were required under applicable industrial and environmental regulations,” said Hyoung Geun Hong, one of the lead partners at Lee & Ko, acting for LG Chem.
According to Hong, many companies in South Korea are increasingly prioritising business diversification, while private equity firms are seeking to acquire carve-out assets of those companies with strong growth potential, as well as to enhance their value.
Lee & Ko’s advisory team for LG Chem was also co-led by partners Daehoon Koo and Namgu Ryu, with senior foreign attorneys Ki Wook Kang and Do Kyeom Kim also playing key roles. Kim & Chang confirmed it had advised Glenwood on the transaction.
The water solution business of LG Chem changed its official name to NanoH2O on 2 December. According to a statement from Mubadala Investment Company, which co-invested in NanoH2O alongside Glenwood, NanoH2O is a leading global provider of reverse osmosis membranes for desalination and the treatment of brackish water. Its annual revenue in 2024 was KRW222 billion (USD150 million).
