Kirkland Represents Corning on Realignment of Interest in Dow Corning

Kirkland & Ellis LLP advised Corning Inc. (NYSE: GLW) on the strategic realignment of its interest in Dow Corning Corp. Corning will exchange its 50 percent interest in Dow Corning Corp. for 100 percent of a newly formed entity that will become a wholly owned subsidiary of Corning Inc. The newly formed entity will hold an approximately 40 percent ownership interest in Hemlock Semiconductor Group and other assets including approximately $4.8 billion in cash. Corning expects the realignment to be substantially tax-free. Upon completion of the exchange, The Dow Chemical Co., an equal owner of Dow Corning with Corning since 1943, will own 100 percent of Dow Corning. The full release is available here.

The Kirkland team was led by corporate partners Sarkis Jebejian, David Fox and Joshua Soszynski and associates Claire James, Clément Smadja, Bobak Fatemizadeh, Erika López and Marcos Garcia Gonzalez; and tax partners Dean Shulman, Sara Zablotney and Vincent Thorn and associate Meg Dewar.