The number of deals also declined significantly, falling to 50 from 87 in the previous year.
Among the transactions, Korean Air’s high-profile acquisition of Asiana Airlines for 1.8 trillion won ($1.38 billion), including 300 billion won in convertible bonds purchased in 2020, stood out as the only deal exceeding 1 trillion won. The merger, finalized on December 11, granted Korean Air a controlling 63.88 percent stake in its rival, solidifying its dominance in the aviation sector.
Technology companies, which had previously been aggressive in expanding through acquisitions, significantly curtailed their M&A activities. Kakao completed just one acquisition in 2024, a sharp drop from eight deals in 2023 and 15 in 2022. SK and Naver also pared back their investment strategies in the face of shifting market conditions.
Hanwha Aerospace, in partnership with Hanwha Ocean, executed the year’s second-largest acquisition, acquiring a 95.15 percent stake in Singapore-based floating marine facility specialist Dynamac for 820.7 billion won ($630 million) through a special purpose company.
LS ELECTRIC led the field in terms of the number of acquisitions, completing five deals valued at 110.5 billion won ($85 million). Other active players included E1, Sajo Daerim, SK Chemicals, DB Insurance, LX International, and TKG Taekwang, each closing two deals.
Several major deals remain pending, such as Hankook Tire & Technology’s acquisition of Hanon Systems, Woori Financial Group’s purchase of Dongyang Life and ABL Life Insurance, and Hanwha Systems and Hanwha Ocean’s joint bid for the Philippines’ Hanjin shipyard.
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