Bain Capital’s Acquisition of Gong cha

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.