Acquisitions in South Korea

Utopai East acquired 100% of Seoul-based Alquimista Media, a Korean scripted television and film production company. The deal establishes a fully owned studio presence in Korea for Utopai East and adds Alquimista Media’s active slate of projects to support Utopai East’s launch and expansion in the region.

Airwallex acquired South Korea-based Paynuri Co. Ltd. to establish a licensed entry into the Korean market. The acquisition provides Airwallex with local regulatory permissions including Payment Gateway and Prepaid Electronic Payment Instrument licenses, along with a Foreign Exchange Business registration, enabling it to roll out products such as global business accounts and payment acquiring in Korea.

Curi Bio completed the full acquisition of South Korea-based Quvit Bio and established Curi Bio Co., Ltd. as a wholly owned subsidiary to serve as its Asia-Pacific commercial and operational hub. Curi Bio is integrating Quvit Bio’s assets and team to expand localized sales, R&D, and operational capabilities across South Korea, Japan, and China.

OSR Holdings, Inc. announced that shareholders of Woori IO Co., Ltd. approved a share exchange that will make Woori IO a wholly-owned subsidiary of OSR Holdings’ Korean intermediate holding company, OSR Holdings Co., Ltd. (OSRK). The transaction is the final step in integrating Woori IO into the OSR Group, supporting continued development and regulatory pathways for Woori IO’s noninvasive glucose monitoring technology in South Korea and the United States.

BTQ Technologies Corp. announced a strategic investment in Keypair, a Korean full-stack security company serving critical infrastructure, defense, energy, and financial services customers. As part of the collaboration, BTQ will co-own Keypair’s existing and future post-quantum cryptography (PQC) intellectual property and the companies will jointly develop post-quantum-ready, hardware-rooted security technologies for infrastructure-grade, long-lifecycle systems.

Cropster, a global software provider for coffee businesses, announced the acquisition of Firescope, a South Korea-based developer of roasting software for small roasters. Firescope will initially remain a standalone product while being integrated into Cropster’s platform over the next 12 months, expanding Cropster’s reach in Asia and globally. The transaction supports Cropster’s strategy to build an end-to-end “crop-to-cup” software platform for the coffee supply chain.

KKR will fully acquire Samhwa Co., Ltd., a South Korean luxury cosmetics packaging manufacturer, from TPG for KRW 733 billion (approximately US$528 million). TPG, which invested in Samhwa in 2023, is exiting following its transformation of the business from family-owned into a scaled premium packaging platform; KKR is investing primarily via its Asian Fund IV and K-Series.

Monotype Imaging Inc. acquired Design210, a Seoul-based Korean type foundry, to deepen its presence in South Korea and expand its library of Korean typefaces. Design210 brings more than 1,100 original fonts and custom type design expertise; it will maintain its brand presence in South Korea as a Monotype company and continue serving customers without interruption.

Sun Metals Holdings (SMH), an Australian subsidiary of Korea Zinc, acquired a 10.3% stake in Young Poong via a dividends-in-kind transfer from Sun Metals Corporation (SMC). The transfer involved 190,226 Young Poong shares and created a cross-shareholding structure that restricts Young Poong’s voting rights in Korea Zinc under Korean commercial law.

LifeSemantics approved a merger agreement with Sphere Korea at a special shareholders meeting, with the merger scheduled to take effect on March 1. Sphere Korea is a Tier 1 vendor to the world’s largest private space agency and a key Asian supplier of special alloys for rocket launch vehicles. The merger is intended to strengthen LifeSemantics’ parts supply chain and internalize Sphere Korea’s precision processing and testing capabilities to reduce costs and drive sales growth.

Star Vision, operator of Korea’s colour contact lens brand OLENS, entered a strategic partnership with CVC through CVC’s purchase of a 49% stake in the company. Existing investors PS Alliance and Pearl Investment agreed to sell their entire 49% holding to CVC, valuing Star Vision in the upper KRW 600 billion range. The partnership is intended to support Star Vision’s continued growth and global expansion across Asia and beyond.

South Korea’s online travel and leisure platforms Yanolja Platform and Interpark Triple merged to create a new integrated corporation, Nol Universe. The combined company will offer a broad B2C platform spanning travel (flights, accommodations, package tours) and leisure/entertainment offerings, and is headquartered in Pangyo 2nd Techno Valley, Gyeonggi Province, South Korea.

MBK Partners, via its special purpose company Korea Corporate Investment Holdings Co., is pursuing a hostile takeover of Korea Zinc and continued buying shares on-market after its tender offer period ended. Regulatory filings indicate MBK increased its stake to 39.83% after purchasing an additional 282,366 shares (1.36%) between October 18 and November 11 for about KRW 292.1 billion, partly financed with external borrowing from NH Investment & Securities.

Huons Co., Ltd. agreed to acquire shares in PanGen Biotech Inc. for KRW 14.3 billion through purchases from existing shareholders and participation in a third-party allocated capital increase. Following the transaction, Huons will hold 3,983,167 shares (31.53%) and become PanGen’s largest shareholder, with plans to secure management rights and incorporate PanGen as a subsidiary. The deal is intended to expand Huons’ biopharmaceutical R&D and CDMO manufacturing capabilities, including human-derived hyaluronidase production.

Digital Turbine announced it is acquiring ONE Store International, a ONE Store subsidiary focused on global expansion. The deal expands the companies’ strategic partnership to bring ONE Store’s alternative app marketplace—alongside Digital Turbine’s app growth solutions such as SingleTap—to North America, the European Union, and Latin America.

Momentive Technologies has completed the acquisition of Sibelco's spherical alumina and spherical silica businesses located in South Korea. The deal expands Momentive’s ceramic powders portfolio, strengthening its thermal filler offerings used in thermal interface materials for applications such as electric vehicles, artificial intelligence, renewable energy, consumer electronics, and telecommunications.

ARCHIMED agreed to acquire Jeisys Medical, a Seoul-based developer of non-invasive aesthetic medicine (energy-based) skincare devices, in a take-private transaction valued at approximately ₩990 billion. Following change-of-control steps including public tenders, ARCHIMED will delist Jeisys Medical from the Korea Exchange via a simplified cash-for-shares swap. Jeisys Medical CEO and founder Dong Hwan Kang will reinvest a substantial portion of his proceeds to retain a material stake in the privatized company.

PharmaResearch secured a KRW 200 billion investment from global private equity firm CVC via the issuance of redeemable convertible preferred shares (RCPS). The funding and strategic partnership are intended to support PharmaResearch’s overseas expansion, including potential international M&A, local subsidiary formation, and enhanced R&D and product pipeline development.

Armacell acquired all of joint-venture partner JIOS Aerogel’s shares in Armacell JIOS Aerogels Limited (AJA), taking full ownership of the aerogel business established in 2016. Following the transaction, AJA becomes a wholly owned subsidiary of Armacell and will continue operating under an evergreen license from JIOS for its patented aerogel powder production technology. Financial terms were not disclosed.

EQT Infrastructure VI has entered into a definitive agreement to acquire KJ Environment and its affiliated companies from Genesis Private Equity. The acquisition is intended to establish a scaled end-to-end waste treatment platform in South Korea focused on recyclable waste sorting, plastic recycling, and waste-to-energy, and is expected to close in Q4 2024 subject to customary approvals.

Macquarie Asset Management, via Macquarie Korea Infrastructure Fund (MKIF), agreed to acquire the Hanam Data Centre (Hanam IDC) in the Greater Seoul Area of South Korea. The agreed sale price is KRW734 billion, and the total transaction size is KRW918 billion including costs and additional capital to complete remaining mechanical, electrical and plumbing works.

Sajo Group, through its subsidiaries Oyang and Sajo CPK, acquired a 99.86% stake in South Korea-based Foodist for KRW 252 billion (about USD 180–181 million). Foodist is a food materials distribution and catering/meal service operator; the business was sold by private equity firm VIG Partners, which had formed Foodist in 2021 after merging Hanwha’s former in-house food service unit with WinPlus.

Hahn & Co. acquired a 100% stake in SKC’s fine ceramics business for 360 billion won (about $270 million). Following the deal, the business will operate under the new name Solmics and produces high-purity quartz and silicon carbide consumables used in advanced semiconductor manufacturing.

Hahn & Co. has completed the sale of SK Eco Prime, a biodiesel manufacturer, to Hillhouse Capital. The deal value was not disclosed, though media estimates place it at roughly 400–500 billion won. SK Eco Prime was formed after Hahn & Co. acquired SK Chemical’s bioenergy division in 2020 and later expanded via the acquisition of DH Bio.

South Korean private equity firm VIG Partners acquired a 100% stake in The Skin Factory Co., the operator of the hair and body care brand Kundal, for roughly 150–200 billion won (about $132 million reported in one source; about 200 billion won in another) in May 2021. Following the acquisition, The Skin Factory expanded its product lineup and overseas distribution, and later completed an additional acquisition of Abill Korea (owner of skincare brand Nacific) for an undisclosed price.

Jangwon Remicon, a subsidiary of Jungsun Aggregate Group, acquired a 79% stake in SsangYong Remicon Co. along with related real estate and factories from SsangYong C&E Co. The deal follows a share purchase agreement signed in July and includes the transfer of 13.06 million shares plus associated asset disposals, totaling roughly 440 billion won in proceeds.

Element Materials Technology (Element), a global testing, inspection and certification (TIC) company, acquired South Korea-based CTK Co., Ltd. to expand its connected technology testing capabilities and presence in Asia. CTK specializes in electromagnetic compatibility (EMC) and wireless testing, product safety, and certification, and the deal increases Element’s testing capacity and regional scale in South Korea.

TPG Inc. has agreed to acquire a 100% stake in Samhwa Co., a South Korean cosmetic packaging supplier to global beauty brands. The mid-$230 million deal includes the purchase of controlling stakes in certain Samhwa affiliates from CEO Cho Seong-hwan, founder Cho Hwi-cheol, and affiliated persons. Cho Seong-hwan is expected to reinvest and take a minority stake in Samhwa following the transaction.

Hahn & Company signed definitive agreements with Lutronic founder and CEO Haelyung Hwang to jointly launch a tender offer to purchase all remaining shares of Lutronic for total consideration of KRW 957.0 billion (US$735.9 million). Lutronic is a South Korea-founded global manufacturer of aesthetic medical devices, and the transaction would take the company fully under the buyer group’s control.

EQT Infrastructure VI ("EQT Value-Add Infrastructure") has agreed to acquire a controlling stake (68%) in SK Shieldus Co Ltd, a South Korean integrated physical and cyber security operator. The stake is being acquired from SK Square and Macquarie Asset Management’s Infrastructure business, with SK Square retaining a 32% minority ownership following closing (expected Q3 2023, subject to approvals).

Hahn & Co. completed a 1.6 trillion won ($1.2 billion) transaction to wholly acquire SKC Ltd.'s industrial film business, which manufactures polyethylene terephthalate (PET) films used in displays, semiconductors, and industrial applications. The sale was part of SK Group’s portfolio shift toward eco-friendly businesses such as EV batteries, battery materials, and hydrogen production.

NPX Capital announced that its portfolio company, Terapin Studios, acquired Korean webtoon platform Toomics for $160 million. The deal expands Terapin Studios’ global digital entertainment platform by combining Toomics’ webtoon IP and distribution scale with Terapin’s content and production capabilities.

The Middleby Corporation acquired Icetro, a manufacturer of commercial ice, soft serve, and slush machines used globally in foodservice. Icetro generates approximately $40 million in annual sales and is headquartered in South Korea, with U.S. operations based in Anaheim, California. The deal expands Middleby’s beverage equipment portfolio and strengthens its Asian manufacturing footprint.

VIG Partners entered into a definitive agreement to acquire an 85% stake in Teazen Inc, a South Korean tea-based health drinks company. VIG will buy the full 70% stake held by IBK-TS Private Equity Fund and an additional 15% from CEO Jong-tae Kim and related parties for approximately $70 million, with closing expected in May.

Avacta Group plc increased its equity ownership in AffyXell Therapeutics, a joint venture with Daewoong Pharmaceutical, after achieving a development milestone and transferring related Affimer intellectual property into the JV. The milestone equity payment raised Avacta’s shareholding in AffyXell to 22%. AffyXell is developing genetically modified mesenchymal stem cell therapies that secrete therapeutic Affimer proteins.

Hahn & Co.-owned Korean Air Catering & Duty Free Services Co. agreed to acquire more than a 95% stake in South Korean meal kit provider MyChef for 75 billion won (about $61 million). The deal includes the purchase of both existing and newly issued shares, providing MyChef with fresh funding to complete automated production lines near Seoul. The transaction is positioned as a bolt-on acquisition intended to enhance Korean Air Catering’s cost efficiency and product development capabilities.

Tilting Point, a free-to-play mobile games publisher, acquired a majority stake in South Korea-based game developer AN Games following a successful live publishing partnership on the mobile strategy title ASTROKINGS. AN Games will continue to operate independently while gaining access to Tilting Point’s publishing, user acquisition, and amplification capabilities across its game portfolio, strengthening Tilting Point’s presence in Korea and broader Asian markets.

SEMIFIVE, a platform-based custom silicon and SoC design solutions provider, acquired Hanatec Co. Ltd., a Samsung Foundry Design Solution Partner specializing in ASIC design services. The deal combines Hanatec’s design, turnkey, and platform services with SEMIFIVE’s SoC platform and ASIC capabilities to expand SEMIFIVE’s Samsung Foundry SAFE ecosystem offerings and global scale.

VIG Partners sold a 10% stake in Preedlife, a Seoul-based South Korean funeral service provider, to Mastern Partners for about 50 billion won (approximately $43 million). The transaction values Preedlife at roughly 500 billion won and is intended to help diversify Preedlife’s investment portfolio into alternative assets such as real estate and real assets.

Baring Private Equity Asia (BPEA) sold South Korean domestic parcel delivery company Logen to Daemyung Chemical Group via its publicly listed fashion retail subsidiary, Cowell Fashion, in a transaction valuing Logen at an enterprise value of $324 million. BPEA had acquired 100% of Logen in 2013 and exited following operational improvements and strong parcel-volume and financial performance as e-commerce demand accelerated. The deal was expected to close in Q3 (subject to approvals) and was later confirmed as completed on October 11, 2021.

Assurant announced it has purchased the remaining shareholding in Olivar Co. Ltd., a South Korea-based provider of mobile device lifecycle management and asset disposition. The acquisition strengthens Assurant’s Connected Living growth strategy and expands its mobile lifecycle device management and global asset disposition capabilities in South Korea and the broader Asia Pacific region.

Hahn & Co acquired SK Shipping, the shipping arm of SK Group, in October 2018 as part of SK Group’s broader restructuring. The 1.5 trillion won ($1.35 billion) transaction included the purchase of debt and a new capital injection, and Hahn & Co became the largest shareholder with a 71.43% stake while SK Holdings retained 16.35%.

South Korean private equity firm VIG Partners has acquired supermarket chain Homenuri Mart. The transaction is a bolt-on add-on intended to create synergies with VIG Partners’ existing portfolio company, foodstuffs retailer Winplus.

Hahn & Co. and Hana Financial Group agreed to acquire a 100% stake in South Korea-based H-Line Shipping for 1.8 trillion won (about $1.45 billion). The buyers plan to form a project fund to execute a leveraged buyout, with roughly 45% of the purchase price financed with leverage. H-Line Shipping, a dry bulk and LNG shipping operator, was previously acquired and owned by a Hahn & Co. fund after being split from Hanjin Shipping.

SeAH Besteel Corporation acquired Changwon Precision Extrusions (CPE) from Arconic, Inc. CPE, based in Changwon, South Korea, manufactures hard alloy aluminum extruded products for aerospace, defense, automotive, and industrial applications. Angle Advisors served as exclusive investment banking advisor to Arconic on the transaction.

Jensen Hughes acquired SAFire Co. Ltd., a Seoul-based fire protection engineering firm, to expand its fire engineering presence in Korea and broaden reach across Asia-Pacific. Jensen Hughes is a portfolio company of Gryphon Investors, and the deal strengthens its global safety and risk-based engineering and consulting capabilities.

VIG Partners, through its portfolio company Winplus, signed an agreement to acquire Hanwha Hotels & Resorts’ food service business unit for about 100 billion won. The transaction is a bolt-on for Winplus, with VIG acquiring the institutional catering service and foodstuffs retailing departments while excluding the food concession business.