NEW YORK (May 20, 2011) — International law firm McDermott Will & Emery LLP represented Fila Korea Ltd., the owner of the Fila® brand globally, and Mirae Asset Private Equity, the largest private equity firm in Korea, in connection with their agreement to purchase the Acushnet golf business from Fortune Brands, Inc. (NYSE:FO). The agreed purchase price is USD $1.225 billion in cash. The closing is scheduled to occur after satisfaction of certain identified conditions.
Established in Italy in 1911, Fila is a leading sport and leisure footwear and apparel brand that is distributed worldwide. The group led by Fila Korea and Mirae includes Korea Development Bank, Korea’s largest government-owned bank and is also expected to include the National Pension Service of Korea, the nation’s largest state-owned pension fund.
Acushnet is the leading golf equipment company in the world; its portfolio of brands includes Titleist, the number one ball in golf and a leader in high-performance golf clubs, as well as FootJoy, the number one shoe and glove in golf and a leader in performance outerwear.
“We’re delighted to build upon our existing relationship with Fila by representing the company and Mirae Asset Private Equity on this momentous deal,” said David Goldman, head of McDermott’s Corporate Advisory Practice Group. “McDermott’s global M&A and Korea Practice Groups worked together seamlessly. We expect to be actively involved as Korean M&A activity expands in the months ahead.”
“McDermott has a dedicated practice with Korean-born and Korean-speaking lawyers working in the United States and elsewhere but spending significant time in Korea,” Goldman explained. “Our team has deep roots in Korea, working with Korean businesses as well as directly with Korean government agencies. The result is our integrated ability to advise them on outbound work.”
McDermott’s Mergers & Acquisitions Practice Group represents a wide spectrum of publicly and privately held businesses, from Global 50 companies to venture backed start-ups, as well as private equity funds and investment banks. As a globally integrated team, the Firm’s lawyers manage complex transactions with components in multiple jurisdictions throughout the world. McDermott’s Korean Practice Group, led by In-Young Lee, has for many years represented Korean and U.S.-based organizations and institutions in their inbound and outbound commercial activities worldwide. Members of the group have studied and trained in Korea and, accordingly, have a substantial knowledge of the legal and business culture of Korea.
The McDermott team was led by David Goldman, Paul Kim, Matt Rizzo and Tom Conaghan and included lawyers in the Firm’s corporate, M&A, antitrust, intellectual property, environmental, employment and labor groups from the Firm’s New York, London, Boston, Orange County, Washington, D.C., Brussels, Paris, Munich, Milan and Rome offices. Additionally, lawyers from MWE China Law Offices in Shanghai served as part of the deal team.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, the Firm has offices in Boston, Brussels, Chicago, Düsseldorf, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Silicon Valley and Washington, D.C., and a close strategic alliance with MWE China Law Offices in Shanghai.