Baker advises SK Holdings sale of ESR Cayman stake

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SK Holdings, the parent company of South Korean conglomerate SK Group, has sold its shares in ESR Cayman for HK$3.15 billion (US$406 million). Baker McKenzie advised SK on the deal, while Merrill Lynch (Asia-Pacific) and Morgan Stanley acted as the group’s placing agent.

The Baker McKenzie team was led by partner Ivy Wong, with support from associates William Cho and Stephanie Chen in Hong Kong, and in collaboration with principal Kenny Kwan of Baker McKenzie Wong & Leow in Singapore.

“Now that it has been months since covid-19 was declared a pandemic, professional parties and clients have certainly become more accustomed and open to remote or online negotiations and executions,” Wong told Asia Business Law Journal. “Commercial terms that address covid-19 issues have also become more developed and acceptable to parties, which makes completion of transactions more possible and probable.”

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