Paul Hastings and Morrison & Foerster are advising Japanese telecoms group SoftBank Corp on its $1 billion investment in South Korean online retailer Coupang.

The funding, which is expected to close in July, brings the total sum Coupang has raised over the past year to $1.5 billion, the companies said in a joint statement. They did not disclose the size of SoftBank’s stake in Coupang following the deal.

Coupang, founded in 2010 by Harvard dropout Bom Kim, offers daily deals on goods ranging from beauty products to tickets for travel and is South Korea’s top online commerce firm by revenue.

Paul Hastings Seoul partner Daniel Sae-Chin Kim and Shanghai partners David Wang and Jia Yan are advising SoftBank.

Morrison & Foerster Tokyo partners Ken Siegel and Ivan Smallwood are representing the Japanese group on its investment, while Fenwick & West is advising Coupang.

SoftBank’s investment comes after Groupon Inc’s announcement in April that it would sell a 46 percent stake in Ticket Monster, its South Korean e-commerce business, for $360 million to a partnership formed by KKR and Anchor Equity Partners.

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