Ashurst acts on acquisition of Australian digital marketing company

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Global firm Ashurst has advised Innocean Worldwide, a South Korean advertising agency affiliated with Hyundai Motor Group, on its proposed acquisition of 85% of the share capital in Australian digital marketing company Wellcom Group.

Wellcom has entered into a scheme implementation deed with Innocean under which Innocean has agreed to acquire 85% of the issued share capital of Wellcom for $6.70 in cash per share by way of a scheme of arrangement, subject to conditions including shareholder and court approvals.

The Ashurst team was led by partners Huiyeon Kim and Stuart Dullard and counsel Andrew Kim, with key client relationship support from partners John Kim and Peter Kwon.

"We are delighted to have assisted Innocean Worldwide on its major Australian M&A transaction, being the first Australia public M&A transaction for a company affiliated with the Hyundai Motor Group,” said John Kim. “The transaction will expand Innocean's offerings for the benefit of its clients."