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Yulchon: M&A Highlights 2025

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

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  • 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