International legal practice, Osborne Clarke, has advised long-standing advertising agency client Iris on its strategic partnership deal with Cheil Worldwide Inc.

As part of the transaction, Cheil will make a significant investment in Iris. Both agencies will continue to operate as separate entities. An option for Cheil to buy Iris outright within the next five years has also been put in place.

Iris counts Samsung, Adidas, Barclaycard and BMW Mini as clients.

The Osborne Clarke team that advised on the transaction was led by Partner Simon Smith and included Associate Director Mathias Loertscher (Corporate) and Partner Michael Bell (Tax).

This is the third significant “east meets west” transaction in the advertising and marketing services sector that Osborne Clarke has advised on this year, having also advised We Are Social on its acquisition by BlueFocus and Fetch on its acquisition by Dentsu Aegis.

Cheil was advised by Results International and Linklaters.