Recent Developments

Lee & Ko advised on the spin-off of the business division of SK Broadband Co., Ltd. engaged in the provision of data center services (including CDN services) and international leased line services based on its self-owned submarine cables (with total assets of approximately KRW 2.06 trillion), through which SK Horizon Co., Ltd. (tentative name) will be established.

The Transaction was undertaken to spin off the data center-related business division of SK Broadband Co., Ltd., thereby securing its independence from the other businesses operated by SK Broadband Co., Ltd., and to enhance corporate value by facilitating focused investment in core businesses and increasing sustainable growth potential through the specialization of each business division.

Lee & Ko advised SK Broadband Co., Ltd. throughout the entire process, from the review of the spin-off timeline and transaction structure to the preparation of the spin-off plan and other relevant documents, the resolutions of the board of directors and the general meeting of shareholders, and the transfer of relevant licenses and permits. Over the course of the engagement, Lee & Ko identified and analyzed the various legal issues involved and proposed effective solutions, and has been recognized for its successful advisory role in the Transaction.
 

Lee & Ko advised SK Telecom Co., Ltd. on the sale of 24,481,427 existing shares of its subsidiary, SK Horizon Co., Ltd. (tentative name), to KKR and the IMM Investment-Stonebridge Capital consortium for approximately KRW 1.88 trillion, as well as the additional investment of approximately KRW 1.2 trillion by the Purchasers through a subsequent issuance of new shares by SK Horizon Co., Ltd.

The Transaction was undertaken to secure funding for the business growth of SK Horizon Co., Ltd., a company to be established through the spin-off of the business division of SK Broadband Co., Ltd. engaged in the provision of data center services (including CDN services) and international leased line services based on its self-owned submarine cables, thereby enhancing its corporate value. As a transaction in the AI data center sector, one of the most rapidly growing areas of the digital infrastructure market and given its substantial deal size and future growth potential, the Transaction attracted significant market attention.

Lee & Ko provided comprehensive legal advice to SK Telecom Co., Ltd. throughout the entire process, from the review of the optimal transaction structure to the review of various licensing and regulatory matters and consultations with the relevant authorities, responding to the Purchasers’ due diligence, the review of the optimal transaction timeline for the implementation of the complex transaction structure, and the drafting, negotiation and execution of the relevant agreements. In particular, the Transaction involved a complex structure, including the execution of two separate share purchase agreements with the respective Purchasers, the contemplated issuance of additional new shares by SK Horizon Co., Ltd. to the Purchasers, and the execution of a tripartite shareholders’ agreement. Lee & Ko appropriately analyzed the various legal issues arising in the review and implementation of the transaction structure and proposed effective solutions, thereby contributing to the successful execution of the Transaction.
 

Lee & Ko advised TPG, a global private equity firm, on its acquisition of a controlling stake in Lotte Rental Co., Ltd. Valued at approximately KRW 1.31 trillion, the transaction was one of the most prominent private equity deals in Korea's M&A market in 2026 and involved a range of complex legal and regulatory issues, including merger control, capital markets regulation and acquisition financing.

Lee & Ko provided comprehensive legal counsel across all aspects of the transaction, including legal due diligence, transaction structuring, review of the share purchase agreement and disclosure documents, acquisition financing, merger control filings, warranty and indemnity (W&I) insurance and the establishment of a special purpose vehicle. By closely analyzing the Korean regulatory issues arising from the acquisition of a listed company and proposing practical solutions, Lee & Ko contributed to the successful signing of the transaction.
 

the operator of the global milk tea brand Gong cha, from TA Associates and minority shareholders. The transaction is valued at approximately US$635 million (approximately KRW 900 billion) and is expected to close in the fourth quarter of 2026.

The transaction has attracted significant market attention as a cross-border secondary deal involving a global franchise group with roots in Korea and Taiwan and more than 2,000 stores across over 30 markets worldwide. As Korean legal counsel to Bain Capital, Lee & Ko conducted comprehensive legal due diligence on Gong cha Korea, closely reviewing and analyzing key risks under Korean law, including franchising, employment and regulatory matters, thereby helping mitigate execution risk across the global transaction. In particular, during negotiations of the share purchase agreement, Lee & Ko played a key role in calibrating the contractual terms by advising on significant issues, including potential refund obligations relating to franchise margins. Lee & Ko will continue to advise through closing and support the successful completion of the transaction.
 

In July 2026, Lee & Ko advised NAVER Corporation in connection with a US$1 billion strategic equity investment from NVIDIA Corporation, a global leader in AI and GPU technology. The transaction attracted significant market attention as an investment by NVIDIA in a Korean company. It was structured as a third-party allotment of new shares, pursuant to which NVIDIA subscribed for 7,241,564 new common shares of NAVER at an issue price of KRW 204,500 per share.

Lee & Ko advised NAVER on all aspects of the transaction. Its work included negotiating and reviewing the principal transaction documents, including the share subscription agreement; advising on the board resolutions and related disclosures required for the third-party allotment and cancellation of treasury shares; and assisting with the procedures for execution of the transaction documents. Lee & Ko played a key role in the successful completion of the transaction.
 

Lee & Ko represented founder and Chairman Jin Ho Ko and his related parties in the sale of a 100% equity interest in Futronic to Blackstone, a global private equity firm. Futronic manufactures automotive electronic and information and communications technology products, including high-precision actuators. The transaction was one of the notable private equity deals in Korea’s automotive parts and electronics sector in 2026. In connection with Blackstone’s acquisition of Futronic, a corporate restructuring was implemented under which Futronic sold its entire 28.91% stake in KOSDAQ-listed Smotronic to Autronic, a company controlled by Chairman Koh and the sellers. Following completion of the merger control process, the two transactions will be closed concurrently in or around September 2026.

The transaction required careful alignment of complex stakeholder interests and sophisticated structuring because it contemplated an ongoing partnership between the selling shareholders and Blackstone. Chairman Ko would remain CEO of Futronic and be involved in the management of Futronic after closing. Lee & Ko represented the sellers and provided comprehensive legal counsel, including legal due diligence relating to Futronic and the drafting and negotiation of the share purchase agreement, shareholders agreement, CEO appointment agreement and various ancillary agreements. In parallel, Lee & Ko advised Autronic on the sale and purchase of the Smotronic stake, including review of the share purchase agreement, disclosure-related advice and the required board and shareholder approval procedures. By carefully coordinating the intentions and interests of multiple stakeholders within a tight timeframe and reflecting them in the transaction structure and related agreements, Lee & Ko played a central role in bringing successful progress of the transaction.
 

On March 12, 2026, Hahn & Company Air Services Holdings entered into a share purchase agreement with Korean Air, under which Hahn & Company agreed to sell its entire stake, representing 80% of the total issued shares, in Korean Air C&D Services Co., Ltd. (“KC&D”) to Korean Air for KRW 750 billion. The transaction is expected to close after June 2026. 

Lee & Ko advised Hahn & Company from the earliest stages of the transaction and led the deal throughout its entirety, providing comprehensive and timely advice across every phase. This included reviewing the transaction structure, preparing responses and materials for the buyer’s requests for information, developing negotiation strategy, and conducting legal analysis of the relevant issues in connection with the buy-side due diligence process, as well as drafting, negotiating, and executing the transaction documentation, including the MOU, NDA, and share purchase agreement. 

Given the circumstances of the parties, the transaction required a number of complex issues to be resolved within a tight timeframe. The parties held differing positions on key points of negotiation, including the purchase price adjustment, the refinancing structure for the acquisition financing, and special indemnification provisions, calling for careful and deliberate negotiation. Throughout this process, Lee & Ko worked closely with the client to understand its objectives, proposed practical alternatives and optimal solutions, and helped strike a balanced outcome in the negotiations, contributing to the successful execution of the agreement within a limited timeframe.
 

Lee & Ko advised Petrico Partners PE on the acquisition, through LAAA Investment (“SPC”), of a controlling stake in Kakao Games, a KOSDAQ-listed company, leading the transaction from the execution of the share purchase agreement, new share subscription agreement, and convertible bond subscription agreement on March 24, 2026, through to closing on June 19, 2026. The transaction consisted of (i) the SPC's purchase of 18,107,732 existing shares of Kakao Games from Kakao, the seller, for approximately KRW 248 billion, (ii) the SPC's subscription for 17,458,354 new shares issued by Kakao Games through a third-party allotment for approximately KRW 240 billion, and (iii) the SPC's subscription for approximately KRW 60 billion in unregistered, unsecured, privately placed convertible bonds issued by Kakao Games. Following closing, the SPC became the largest shareholder of Kakao Games, holding approximately 33.43%, with Kakao remaining as the second-largest shareholder, holding approximately 14.68%.

The transaction involved the acquisition of Kakao Games, a KOSDAQ-listed company, through an SPC jointly invested in with a strategic investor, requiring prompt coordination with the strategic investor on investment terms. The deal was also highly complex in structure, combining the subscription of new shares and convertible bonds issued by a listed company, which required careful review of the related legal issues and their reflection in both the transaction structure and the transaction documents.

Lee & Ko represented the SPC as buyer and successfully carried out a wide range of work across the transaction, including legal due diligence, drafting, review, revision, and negotiation support for the share purchase agreement, new share subscription agreement, convertible bond subscription agreement, and the acquisition financing loan and security agreements, negotiation of terms relating to W&I insurance, business combination filings, and coordination with the exchange on disclosure matters relating to the listed company.
 

Lee & Ko advised HD Hyundai Oilbank Co., Ltd. on its joint acquisition, together with Tenet Equity Partners Co., Ltd., of all issued shares in Daekyung O&T Co., Ltd. for KRW 470 billion.

Lee & Ko advised on the full transaction process, from the initial review of the transaction structure and related legal issues through negotiations with Tenet and the sellers and execution of the transaction documents. In addition to supporting negotiations between the seller and purchaser, Lee & Ko carefully structured and negotiated the shareholders agreement to balance the interests, rights and obligations of HD Hyundai Oilbank, whose principal objective was a strategic business alliance, and Tenet, whose principal objective was a financial investment. This advice played a key role in bringing the transaction to a successful signing.