Sale of Controlling Stake in Douzone Bizon

Douzone Bizon, one of Korea's largest software developers, is known for its ERP software as well as its mobile solutions, cybersecurity, and groupware services. The seller decided to transfer control of the company to a buyer capable of growing it into a global software developer.

The transaction combined a controlling stake sale with a voluntary delisting effected through a tender offer, presenting a number of intricate legal and structural challenges. Recent amendments to the Korean Commercial Code, which expanded directors’ fiduciary duties and strengthened protections for minority shareholders, required the transaction to carefully balance the interests of both controlling and minority shareholders. The involvement of multiple sellers with differing priorities also meant that the deal structure was the subject of extended discussion and was revised on several occasions

Throughout the process, Lee & Ko coordinated the interests of the sellers, proposed an efficient transaction structure, and led the drafting and negotiation of the transaction documents. Following receipt of the requisite government approvals earlier in the year, the transaction closed on March 26, 2026.