Lee & Ko acted as legal counsel to Astra Asset Management (“Astra”) in connection with its acquisition of equity interests in KC. The transaction was structured as a secondary acquisition of 100,000 shares (representing 100% of the outstanding common shares, excluding treasury shares) in KC from four individual shareholders. The acquisition was carried out jointly by (i) an SPC established by an investment trust-type private equity fund formed and managed by Astra (as a general partner), and (ii) a fund managed by UAMCO (IBK–UAMCO SME Growth Fund). The aggregate purchase price for the transaction was KRW 170.5 billion. The transaction successfully closed on February 21, 2025.

This transaction represents a rare example of a buyout investment executed by a private equity fund in Korea. Lee & Ko provided comprehensive legal support throughout all stages of the transaction, including structuring, legal due diligence on KC, fund formation and capital contribution approval, review of W&I insurance, acquisition financing, and negotiation and execution of the share purchase agreement and shareholders’ agreement; by navigating various complex legal and regulatory issues, Lee & Ko contributed meaningfully to the successful closing of the transaction.

KC is a global top-tier manufacturer of marine and offshore equipment, holding over 75% market share in Korea and more than 30% globally. Following the acquisition, Astra plans to enhance management efficiency and pursue further value creation with a target initial public offering (IPO) in 2026.

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