This article appeared on Signal, the capital markets compass, at 5:46 p.m. on July 2, 2026.
Samil PwC simultaneously topped both the financial advisory and accounting advisory categories in Korea's mergers and acquisitions (M&A) market in the first half of this year. In legal advisory, Kim & Chang ranked first. Global private equity fund (PEF) managers led trillion-won mega deals, while major domestic PEFs took a breather. Deal volume rose sharply as major Korean companies pursued business restructuring by expanding new businesses and divesting non-core assets.
According to a league table compiled by The Seoul Economic Daily on July 2, M&A deals that completed final payment in the first half of this year totaled 244 transactions worth 46.9796 trillion won. That marked a 65.5% surge from 28.3945 trillion won (222 transactions) in the same period last year. Deal volume based on announcements in the first half, which reflects the market's future temperature, stood at 20.0624 trillion won, more than double the 9.3312 trillion won in the same period last year.
Amid the M&A market's growth, competition among advisers for the rankings was also fierce. In financial advisory, Samil PwC defended its top spot with a record of 5.1265 trillion won. It was followed by foreign investment banks (IBs) including Goldman Sachs (2.3107 trillion won), BofA Merrill Lynch (1.0033 trillion won) and Morgan Stanley (610 billion won). In accounting advisory, Samil PwC reclaimed the lead with 9.5289 trillion won, while Samjong KPMG (3.3049 trillion won) and Deloitte Anjin (893.8 billion won) ranked second and third, respectively. In legal advisory, traditional powerhouse Kim & Chang continued its solo run with 10.7665 trillion won, followed by Yulchon (6.2399 trillion won) and Shin & Kim (3.3928 trillion won).
Behind this first-half growth in the M&A market was the relentless offensive of large global fund managers (PEFs). Analysts say the high exchange-rate environment offered strong price advantages to foreign investors, while their overwhelming dry powder (uncommitted capital) served as a decisive foothold for taking early positions in the domestic market.
Indeed, foreign capital held the initiative in most of the large deals that shook the market in the first half. Representative examples include France's Air Liquide's acquisition of DIG Airgas (4.85 trillion won), considered the largest deal of the first half; Europe-based EQT Partners' acquisition of Douzone Bizon (3.2 trillion won); and Kohlberg Kravis Roberts (KKR)'s investment in Samsung SDS convertible bonds (CBs) (1.22 trillion won). Hong Kong-based Gaw Capital also successfully closed a deal by acquiring domestic waste treatment company Koentec for 735 billion won. Among the domestic PEF camp, the consortium of STIC Investments and Korea Investment Private Equity kept its pride intact by putting the Ulsan GPS investment (1.2242 trillion won) on the list of trillion-won deals.
While foreign capital pulled off the large deals, major Korean conglomerates also added warmth to the market by expanding into new businesses and reshaping their portfolios. DB Insurance's acquisition of Fortegra in the United States (2.3106 trillion won), POSCO's investment in its India subsidiary (1.6096 trillion won) and Hana Bank's stake investment in Dunamu (1.0033 trillion won) were recorded one after another as trillion-won deals. Kyobo Life Insurance wrapped up its acquisition of SBI Savings Bank (450 billion won) about a year after signing a share purchase agreement (SPA), and fashion company F&F expanded its reach by acquiring diffuser and beauty company Ssukssuk Company for about 154 billion won together with a financial investor (FI). KG Group signed a contract to acquire K Car from Hahn & Company for 750 billion won, accelerating the expansion of its mobility platform business.
Market experts believe that, with conglomerates' portfolio diversification trend showing no signs of stopping, the negotiation results of the large assets currently on the table will determine the success or failure of the second-half market. The M&A market is currently teeming with premium assets spanning defense, shipbuilding and food and beverage, including Lotte Rental, MNC Solution and Lotte Insurance, as well as Golfzon County, Yulgok, Nexflex, Baim, Burger King Korea and Mom's Touch.
The maneuvering over big deals already surfaced is also fierce. Lotte Rental is speeding up its sale process, with US-based global mega PEF Texas Pacific Group (TPG) reportedly having begun detailed acquisition due diligence. For Lotte Insurance, major financial holding companies Shinhan Financial Group and Korea Investment Holdings are carefully weighing acquisitions. MNC Solution, drawing attention as a core defense parts maker, is in negotiations with Korea Investment Partners having secured preferred bidder status. As negotiations for trillion-won deals begin in earnest, whether they reach final closing is expected to be the biggest watershed determining additional growth momentum for Korea's M&A market in the second half.
