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On June 13, 2025, LG Chem entered into a Business Transfer Agreement to sell its Water Solutions business to Korea Water Solution Holdings, a subsidiary of Glenwood Private Equity, with the rights and obligations of the business subsequently transferred to NanoH2O, Inc. As legal counsel to LG Chem, Lee & Ko successfully provided comprehensive legal services throughout the entire process leading to the successful closing of the transaction.

This carve-out transaction involved significant complexities, as the seller was required not only to divide and transfer part of the site it currently occupies but also to transfer contracts, workforce, licenses, assets, rights, and obligations on a detailed, item-by-item basis. Additionally, to ensure a smooth transition, both parties had to agree on various operational matters, such as joint use of facilities, utility supply, and transition support.

Throughout the process, Lee & Ko provided swift and effective legal counsel on issues ranging from the division and sale of the factory site, the review of regulatory requirements for business and environmental permits, to negotiating and executing ancillary agreements essential for the seamless execution of the business transfer. The firm’s prompt and strategic advice played a critical role in the successful completion of the transaction.
 

Lee & Ko advised on an absorption-type merger transaction in which SK On was the surviving company and SK Enmove was the dissolving company.

The transaction attracted significant market attention because (i) it was carried out as part of a structural reorganization within the SK Group, one of the largest conglomerates in Korea, (ii) the combined net asset value of the merging entities amounted to approximately KRW 18 trillion, making it one of the largest M&A transactions in Korea this year in terms of scale, and (iii) each of the merging entities had financial investor (FI) shareholders, and the merger was linked to those FI shareholders’ exit.

In particular, through this transaction, SK On seeks to generate synergies in areas such as batteries and lubricants for electric vehicles by merging with SK Enmove, a company engaged in the production and sale of base oil and lubricants. The merger has also laid the groundwork for the continued growth of SK On’s battery business. As a result, SK On is regarded as having significantly strengthened its capabilities to lead Korea’s energy and materials industries.

Lee & Ko provided comprehensive legal advice to the merging companies and their largest shareholder, SK Innovation, including scheduling the transaction timeline, drafting the merger agreement, negotiating with FI shareholders and preparing related agreements, filing merger control notifications, and advising on other procedures and legal issues relating to the transaction. By appropriately analyzing the various legal issues involved and proposing effective solutions, the firm is regarded as having successfully advised on the transaction.
 

CJ CheilJedang Corporation and its subsidiaries entered into an agreement on October 1, 2025 to sell their shares in a total of 14 companies engaging in the feed and care business to De Heus Animal Nutrition B.V., a global animal feed company, and its affiliates.

The Transaction is a large-scale cross-border M&A deal involving the sale by multiple Sellers of shares in a total of 14 companies established in Korea and overseas to multiple Purchasers. Given the need for an extensive understanding of the legal systems across various jurisdictions from the transaction structure review stage, coupled with the involvement of a listed company as one of the Sellers, which required highly intensive negotiations within a short period of time to ensure confidentiality, the Transaction was complex and highly challenging.

Lee & Ko provided comprehensive and efficient legal advice on the entire Transaction by directly handling the review of Korean and Vietnamese legal issues throughout all stages of the deal, including transaction structure review, legal due diligence, and contract drafting, negotiation, and execution, and by serving as a command center overseeing and coordinating local counsels in Hong Kong, Indonesia, the Philippines, and Cambodia. Through such professional and systematic advisory work, Lee & Ko played a key role in successfully addressing the complex transaction structure and multinational legal issues, thereby contributing decisively to the smooth signing of the agreement.
 

Lee & Ko successfully advised Air Liquide group, one of the world’s largest industrial gas suppliers, on its acquisition of DIG Airgas. This transaction, valued at approximately KRW 4.6 trillion, represents one of the largest deals announced in Korea in 2025. Far beyond a simple large-scale acquisition, the transaction encompassed a wide range of complex legal and structural issues, including analysis and review of the transaction structure and acquisition financing structures from the initial stages of the transaction, repayment mechanisms for existing shareholder loans and acquisition facilities, assessment of post-merger integration (PMI) matters, analysis and advising on commercial agreements and withholding tax issues on capital gains realized by foreign sellers. Lee & Ko further provided comprehensive legal services throughout the entire process of the transaction, including legal due diligence on DIG Airgas and its Chinese subsidiaries, review and negotiation of the definitive agreements, business combination report filing with the Korea Fair Trade Commission and other required regulatory approvals including recently enacted and precedent-setting filing required by the Korean government, as well deep involvement with the W&I insurance underwriting process. Notably, the deal is highly regarded for having reached a definitive agreement within approximately two weeks following the final bidding process and approximately within a week from the initiation of intensive negotiations, in which Lee & Ko’s proactive role and contributions were instrumental. This deal stands as one of the representative examples of Lee & Ko’s global M&A expertise, successful negotiations with a global infra fund leveraging Lee & Ko’s significant expertise in advising on global GP-led transactions, undisputed leading experience with industrial gas transactions, unwavering client dedication, and proven execution capability in bringing highly complex transactions to completion within an accelerated timeframe.

Lee & Ko has been advising on production-related contracts and intellectual property clearance—covering copyright law, the Unfair Competition Prevention Act, and publicity rights—for Netflix series since 2022, contributing to the smooth production and distribution of major works. Representative projects include Squid Game Seasons 2 and 3, Culinary Class Wars, The Trauma Code: Heroes on Call, Karma, and Gyeongseong Creature Seasons 1 and 2.

Lee & Ko reviews a wide range of agreements essential to the production process, including talent and crew contracts, post-production agreements such as VFX, location leases, copyright use consents, and overseas PSAs for foreign shoots. Drawing on extensive experience, Lee & Ko provides practical, production-focused legal advice tailored to the needs of clients.

Lee & Ko’s clearance reviews primarily address issues in copyright, trademark, patent, and unfair competition law, as well as matters involving real names or depictions of real-life events. Depending on the content, Lee & Ko also advises on specialized issues, such as the use of Olympic symbols, youth protection in drama scenes and filming, and personal data consent. This breadth of expertise ensures that producers receive effective, comprehensive guidance across the many legal challenges of content creation.

Lee & Ko further supports clients on Errors & Omissions (E&O) insurance matters, including preparing title reports and conducting IP clearance, to help mitigate the risk of future copyright and personality rights claims. Representative work in this field includes MBC dramas Chief Detective 1958, Doubt, and Oh My Ghost Clients; SBS dramas Revenant, The First Responders, Payback: Money and Power and JTBC’s Reborn Rich.

Through these production-related legal services, Lee & Ko helps Netflix and leading production companies to actively identify and resolve legal issues in advance, safeguard against disputes, and ensure the seamless development and release of content. Lee & Ko continues to play a trusted role across numerous high-profile productions, earning consistent recognition and positive feedback from both Netflix and its production partners.

 

Lee & Ko’s Finance & Securities Group successfully completed projects for major financial companies across all financial sectors during the first half of 2025. These clients included BNK Financial Group, Suhyup Bank, DB Life Insurance, MetLife Insurance, DB Insurance, Lotte Insurance, Korean Reinsurance, Seoul Guarantee Insurance, Hyundai Card, Hyundai Commercial, Kyobo AXA Investment Managers, Daishin Securities, and Hyundai Capital, spanning banks, securities firms, card companies, capital firms, and savings banks. The projects involved preparing and submitting the newly introduced "Accountability Map" to the financial supervisory authorities in accordance with the amended Act on the Corporate Governance of Financial Companies, as well as refining the internal control systems of the respective financial institutions.

The introduction of the Accountability Map requires each financial company to prepare and submit a document to the financial authorities that specifically outlines the responsibilities of the CEO and executives related to internal controls. The implementation of this system necessitated systematic and detailed preparation by each financial company, integrating both legal and practical perspectives.

In response, Lee & Ko’s Finance & Securities Group went beyond simple legal advisory in these projects, playing a pivotal role in ensuring the effective operation of each financial company's internal control system as follows:
 

• Designing an Effective Accountability Allocation Structure: We designed a customized Accountability Map without gaps or redundancies by meticulously analyzing each company's work procedures and lines of command and supervision.


• Refining Overall Internal Regulations related to Internal Control: Through a detailed analysis of approximately 80 major laws and regulations related to internal control, we reviewed and amended key internal regulations, including the internal control standards.


• Providing a Comprehensive Diagnosis and Improvement Plan for the Internal Control System: We contributed to establishing a practically operable internal control system by comprehensively diagnosing potential risk factors in the existing system and proposing improvement measures.

Through the successful execution of these projects related to the introduction of the Accountability Map, our Finance & Securities Group has solidified its position as the most trusted legal advisor in the field of financial regulation by enabling our clients to build stable internal control systems amidst a rapidly changing financial regulatory environment.

Lee & Ko acted as Korean legal counsel to the joint lead managers in connection with Hanwha Life Insurance’s successful issuance of USD 1 billion hybrid capital securities in the international markets on June 24, 2025.

Despite heightened uncertainty in global financial markets due to the ongoing conflict in the Middle East, the offering was met with strong investor demand, attracting orders in excess of USD 8.8 billion—more than eight times the issuance amount—underscoring the deal’s success.

The securities were structured as 30-year notes callable after 5 years and were priced at an annual coupon of 6.3%. The transaction enabled Hanwha Life to strengthen its capital adequacy position under the Korean Insurance Capital Standard (K-ICS).

Lee & Ko provided a full range of legal support throughout the transaction, including review of the underwriting agreement, bond terms, and offering circular to ensure compliance with K-ICS requirements. Notably, following the circulation of the offering circular but just ahead of pricing, a revision to the Korean Insurance Supervisory Regulation lowered the recommended K-ICS threshold applicable to early redemption of subordinated bonds. Lee & Ko promptly coordinated with the underwriters and international counsel to issue a supplemental investor disclosure, ensuring the delivery of accurate information to investors and facilitating a successful issuance.

In addition to this transaction, Lee & Ko has advised on a number of major offshore bond offerings in the first half of 2025 by leading Korean issuers such as LG Chem, Korea National Oil Corporation, Korea Ocean Business Corporation, KB Kookmin Bank, KT&G, LG Energy Solution, Mirae Asset Securities, Industrial Bank of Korea, Hana Securities, and Hyundai Capital—further demonstrating its deep expertise and leading role in Korea’s capital markets practice.
 

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.