Weil, Hughes Hubbard Advise on SoftBank Vision Fund's $2B Investment in Korean E-Commerce Giant

Weil, Gotshal & Manges and Hughes Hubbard & Reed have the lead roles on a $2 billion investment in South Korean e-commerce giant Coupang Corp. by Japanese conglomerate SoftBank Group Corp.’s Vision Fund.

Since launching in 2010 by Harvard Business School dropout Bom Kim, Coupang has become the top online retailer in Asia’s fourth-largest economy. Half of South Korea's 51 million people have downloaded its mobile application, Coupang said in a statement. Revenue has more than doubled in the past two years and expects to reach nearly $5 billion this year, the company said.

SoftBank Group already invested $1 billion in Coupang in June 2015—then valuing the company at around $9 billion, according to Reuters—and gained a seat on its board. Its almost $100 billion Vision Fund was established in 2016 in cooperation with a Saudi Arabian sovereign fund for technology investment around the world. Vision Fund portfolio companies include Indian e-commerce company Flipkart and shared office space provider WeWork Companies Inc.

Weil Shanghai partner Charles Ching and Hong Kong partner Chris Welty are advising the Vision Fund. Last year, the New York firm represented SoftBank Group on a $3.3 billion acquisition of New York Stock Exchange-listed alternative investment firm Fortress Investment Group.

Hughes Hubbard is representing Coupang. Last year, Hughes Hubbard, alongside Sheppard, Mullin, Richter & Hampton, advised Southeast Asian ride-hailing app Grab Holdings Inc. on a $2.5 billion investment from SoftBank Group and Chinese car-sharing company Didi Chuxing.

Separate teams of South Korean firm Kim & Chang are serving as Korean counsel to both sides of the deal.

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