Aurelius Group Acquires Shares in LSG Sky Chefs Korea Co., Ltd.

Lee & Ko’s Antitrust and Competition Practice Group represented Aurelius Group affiliate, Truffle UK BidCo One Ltd., in filing the merger notification for the acquisition of 80% of the shares of in-flight meals producer and seller LSG Sky Chefs Korea Co., Ltd.

The Aurelius Group has been engaged in global investments (with a focus on Europe), and this acquisition marked its entry into investing in the Korean market as part of a long-term investment strategy, which focuses on acquiring companies with potential for improving and developing operations. As this was a large investment made by Aurelius Group in Korea, the determinations by the Korea Fair Trade Commission (“KFTC”) on the definition of the relevant market and potential restrictions on competition were important issues. 

Lee & Ko’s Antitrust and Competition Practice Group effectively explained in the merger filing notification that (i) the market for the investment business and the market for the production and sales of in-flight meals is a conglomerate merger involving products that are non-complementary and cannot be substituted, (ii) the Korean investment market is fragmented with many businesses engaged in fierce competition, and (iii) there are strong competitors in the Korean in-flight meal production and sales market. As a result, the KFTC issued unconditional approval 7 days after the submission of the merger filing notification.