Sale of Korean Air C&D Services by Hahn & Company Air Services Holdings

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.