South Korea

Yulchon celebrates a year of transformative transactions across technology, mobility, energy transition, financial services and consumer sectors. This highlight showcases a selection of representative matters that demonstrate Yulchon's ability to lead complex, cross-border deals and support clients through regulatory and strategic challenges in Korea and beyond. Key themes observed across our 2024–2025 Corporate/M&A matters: Growing interest in outbound M&A by Korean conglomerates and local/regional financial sponsors in such sectors as technology, consumer and financial services, but tempered by Korean Won depreciation Increased intercompany restructuring transactions and sale of non-core assets by large business groups Continued global interest in K-beauty and K-content companies Growing emphasis on ESG and energy transition investments, including platform assets in infrastructure-related services A representative selection of M&A transactions advised by Yulchon. 1. Naver Financial - Acquisition of Dunamu / USD 11.15B Incorporating Korea’s leading digital asset platform into a fintech ecosystem QUICK TAKE A landmark fintech transaction combining Naver Financial—Naver's core fintech subsidiary—with Dunamu, operator of Upbit, Korea's leading digital asset exchange, through a comprehensive stock exchange resulting in Dunamu becoming the wholly-owned subsidiary of Naver Financial. WHY IT MATTERS This transaction is expected to position Naver Corp, Naver Financial and Dunamu as a pioneer in Korea's stablecoin and digital asset proliferation, creating expansion opportunities across payment innovation, asset tokenization and global markets. It also supports long-term growth in the Web3 era by combining data, AI and blockchain to unlock new digital finance capabilities and business opportunities. FULL DEAL SUMMARY Yulchon advised Naver Financial on a comprehensive stock exchange transaction pursuant to which Dunamu became a 100% wholly owned subsidiary, including key corporate law considerations for a high-profile platform consolidation. 2. Shinsegae × Alibaba Joint Venture / USD 4.15B Creating a new e-commerce powerhouse: Gmarket and AliExpress Korea QUICK TAKE Large-scale JV combining two major e-commerce platforms under a KRW 6 trillion valuation in Korea. WHY IT MATTERS Consolidates two major online retail ecosystems and accelerates Korea’s digital commerce competitiveness. FULL DEAL SUMMARY Yulchon advised Shinsegae Group on its joint venture agreement with Alibaba Group, combining the e-commerce platforms Gmarket and AliExpress Korea in a transaction valued at approximately KRW 6 trillion. The joint venture agreement was signed in December 2024, and Shinsegae Group obtained court approval for in-kind contributions and Korean Fair Trade Commission merger clearance in 2025, with Yulchon the lead counsel in both regulatory steps. Upon completion in November 2025, Shinsegae and Alibaba each held a 50% shareholding interest in the joint venture. 3. IMM PE & IMM Investment –Acquisition of Ecorbit / USD 1.7B One of the largest Korean M&A transactions in the environmental sector QUICK TAKE Competitive process involving major global PE funds for a leading waste-management platform. WHY IT MATTERS A landmark ESG-aligned acquisition strengthening Korea’s sustainability infrastructure. FULL DEAL SUMMARY Yulchon advised IMM PE and IMM Investment Consortium on their successful acquisition of Ecorbit Corp., one of Korea's leading environment and waste management companies. Yulchon supported consortium formation, due diligence, SPA structuring and negotiations, securing the deal against competition from major global private equity firms including Gaw Capital, Keppel and Carlyle. 4. DB Insurance – Acquisition of U.S. Specialty Insurance Company, Fortegra / USD 1.65B Strategic expansion into the U.S. specialty insurance market QUICK TAKE Yulchon is advising DB Insurance on its acquisition of The Fortegra Group, a U.S.-based specialty insurance company with operations in the U.S. and Europe, in a transaction valued at approximately USD1.65 billion—one of the largest overseas insurance M&A deals by a Korean insurer. WHY IT MATTERS The transaction marks a significant step in DB Insurance’s global expansion strategy, strengthening its footprint in the U.S. market and broadening its product offering in specialty insurance, while diversifying revenue streams beyond the domestic market. FULL DEAL SUMMARY Yulchon is advising DB Insurance on the acquisition of The Fortegra Group, Inc., a Florida-based specialty insurer focusing on automobile warranty, consumer product warranties and related specialty lines with operations in the U.S. and Europe. The closing of the deal is pending the receipt of regulatory approvals. Through its acquisition, DB Insurance gains full ownership of The Fortegra Group, reinforcing its U.S. and European presence and strategic positioning in high-growth specialty insurance segments. 5. Hanwha Aerospace – Cross Border Joint Venture and Missile Supply Arrangement in Poland / USD 4B Strategic joint venture formation and missile supply arrangement supporting localized defense production in Europe QUICK TAKE Yulchon advised Hanwha Aerospace on the establishment of a cross-border joint venture with Poland’s WB Group to localize missile production in Poland, together with a related missile supply arrangement valued at USD 4 billion. WHY IT MATTERS This transaction represents a significant outbound investment by a Korean defense company in Europe and reflects a shift from export-focused models toward localized production through joint ventures. The deal required careful alignment of cross-border M&A structuring with defense-industry regulations, industrial security requirements and technology-transfer considerations, underscoring the growing complexity of defense-sector transactions. The transaction also highlights the accelerating global footprint of Korea’s defense industry, positioning K-defense players as long-term strategic partners in Europe’s defense supply chain rather than mere exporters. FULL DEAL SUMMARY Yulchon advised Hanwha Aerospace on all legal aspects of the transaction, including cross-border joint venture structuring, shareholder arrangements, corporate governance, outbound investment, industrial security, export controls, and technology and IP matters, while coordinating with non-Korean counsel. 6. L’Oréal – Acquisition of Gowoonsesang Cosmetics Expanding premium K-Beauty through the Dr.G brand QUICK TAKE Global beauty group expansion into a Korean derma-brand with strong international growth potential. WHY IT MATTERS Reinforces K-Beauty’s position in the global skincare market through a high-profile strategic acquisition. FULL DEAL SUMMARY Yulchon advised L'Oréal Groupe on its acquisition of Gowoonsesang Cosmetics Co., Ltd., owner of the Korean skincare brand Dr.G, from Swiss retail group Migros. The transaction, signed on 23 December 2024, will integrate Dr.G into L'Oréal's Consumer Products Division, strengthening its skincare portfolio and accelerating the global expansion of K-Beauty. If you would like to learn more about Yulchon’s Corporate/M&A group or explore how we can support your transaction, please feel free to contact: Young Su SHIN ([email protected]) Jae Hyun PARK ([email protected]) For more information, please visit: https://yulchonllc.com/yulchonllc/newsletter/2026/ma/year-in-review-2025.html  

 Lee & Ko has once again reaffirmed its position as one of Korea’s premier law firms earning six honors including “Korea Deal Firm of the Year” and “Litigation Law Firm of the Year” at the ALB Korea Law Awards 2025, hosted by Asian Legal Business (ALB), a Thomson Reuters affiliate and one of Asia’s most respected legal publications. In the Firm Categories, Lee & Ko was recognized as “Korea Deal Firm of the Year”, “Litigation Law Firm of the Year”, and “Tax & Trusts Law Firm of the Year”, achieving its third consecutive recognition in the litigation category. These accolades highlight the firm’s sustained excellence across dispute resolution, corporate advisory, and tax practices, supported by exceptional teamwork and execution capabilities. In particular, the firm achieved significant victories in cases of broad social and economic importance, including the Pohang Earthquake Damages Appeal, the HSBC Short-Selling Criminal Case, and the SK Chemicals Humidifier Disinfectant Case. Beyond litigation, the firm’s transactional and advisory expertise was also recognized through its work on several landmark matters, such as LG Energy Solution’s acquisition of assets from Ultium Cells LLC, SK’s sale of SK Specialty, and Lotte Group’s VAT dispute, underscoring the firm’s depth of experience and cross-practice capabilities. In the Deal Categories, Lee & Ko earned top honors for its exceptional advisory capabilities in M&A and Capital Markets, winning “Debt Market Deal of the Year” for advising on Hanwha Life Insurance’s Tier II Subordinated Capital Securities, “Equity Market Deal of the Year” for LG Chem, Ltd.’s issuance of exchangeable bonds due 2028, and “M&A Deal of the Year” for Korean Air Lines’ acquisition of Asiana Airlines and sale of Asiana Airlines’ cargo business. The ALB Korea Law Awards celebrate the most outstanding achievements in Korea’s legal market, evaluating law firms and in-house teams based on submitted materials and independent research. These six awards are a testament to Lee & Ko’s unwavering commitment to excellence, innovation, and leadership across all practice areas. The awards won by Lee & Ko are as follows. [Firm Categories] Korea Deal Firm of the Year Litigation Law Firm of the Year Tax and Trusts Law Firm of the Year [Deal Categories] Debt Market Deal of the Year (Hanwha Life Insurance Tier II Subordinated Capital Securities) Equity Market Deal of the Year (LG Chem, Ltd. Issuance of Exchangeable Bonds due 2028) M&A Deal of the Year (Korean Air Lines Acquisition of Asiana Airlines and Sale of Asiana Airlines Cargo Business)  

On November 19, 2021, Company C, a manufacturer of equipment for secondary batteries, filed a lawsuit against Wonik PNE Co., Ltd. (the “Company”), which operates in the same industry. The counterparty alleged that the Company was infringing its patent for a “secondary battery pouch folding device” (the “Subject Patent”) and sought both an injunction and KRW 3 billion in damages. Representing the Company, Lee & Ko argued that the true inventor of the Subject Patent is employee A, and that the Subject Patent amounts to an employee invention that rightfully belongs to the Company. On this basis, Lee & Ko argued that the counterparty’s claim of patent infringement constituted an abuse of patent rights, since the Company was the legitimate patentee. The facts showed that employee A completed the invention while still employed by the Company, but did not disclose it to the Company. Instead, A provided the design drawings to another employee, B. After leaving the Company, B filed for and registered the Subject Patent in his own name, and later transferred it to the counterparty, a company he had established. Lee & Ko persuasively argued that, under these circumstances, the counterparty’s assertion of patent infringement was an abuse of rights. As a result, the Company secured a complete victory at the first instance on October 11, 2024. Although Company C filed an appeal, Lee & Ko, acting on behalf of the Company, initiated a claim against C seeking the transfer of the Subject Patent registration. The courts recognized that the application for the Subject Patent qualified as an “application filed by an unentitled person” and ruled in favor of the Company. The Company secured a complete victory at both the first instance and on appeal before the IP High Court. On June 5, 2025, the Supreme Court dismissed C’s appeal, thereby rendering the final the judgment. Following this decision, C withdrew its own appeal, making the case fully resolved. Lee & Ko’s IP Practice Group conducted a detailed analysis of the technical features of the Subject Patent, the Company’s technical data, as well as related email communications and messenger records. Based on this review, the team successfully proved that the Subject Patent was not B’s personal invention, but rather an employee invention by A, thereby securing a judgment ordering the transfer of the patent rights. Consequently, C’s claims for an injunction and damages for patent infringement were also dismissed. This case highlights Lee & Ko IP’s outstanding litigation capability, demonstrating how thorough technical examination and rigorous legal analysis can lead to a complete victory for the client.

Lee & Ko represented CJ ENM and TVING in the Korea Fair Trade Commission’s (“KFTC”) merger review of a transaction which CJ ENM sought to acquire control of Wavve by having its executives hold concurrent positions at Wavve, based on the premise of a future TVING-Wavve merger. Lee & Ko successfully secured conditional approval with corrective measures that minimize the impact on the business operations of the companies. In this case, the companies had a high market share in the subscription-based OTT market which is focused on pre-produced content. The KFTC, in line with its precedents in the OTT and media sectors, conservatively defined the relevant market in a manner disadvantageous to the companies. However, Lee & Ko utilized its deep understanding of the media sector and extensive experience in merger cases to persuasively present arguments addressing the KFTC’s concerns regarding the potential anticompetitive effects of the transaction. This resulted in the KFTC concluding that the transaction posed no concerns regarding (i) vertical overlap in the content supply and OTT markets and (ii) conglomerate effects between the OTT market and mobile telecommunications retail market. Lee & Ko proactively utilized the voluntary commitment procedure, which was recently introduced in 2024, to propose behavioral remedies that addressed the KFTC’s concerns regarding potential anticompetitive effects and minimize business disruptions to the companies. In close coordination with the KFTC, Lee & Ko effectively demonstrated the effectiveness of the remedies and timely secured the KFTC’s approval of the transaction. According to the KFTC, this case is particularly meaningful as it is the first instance where behavioral remedies were imposed utilizing the newly implemented voluntary commitment procedure.