Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Credit Suisse expands stellar presence in M&A advisory market
Credit Suisse headquarters in Switzerland / Courtesy of Credit Suisse
By Anna J. Park
By Anna J. Park
Despite deteriorating market conditions due to COVID-19, the Korean unit of Credit Suisse is continuing its legacy of leading the local M&A advisory market this year, involving major buyout deals such as Doosan Group and the restructuring deal of Korean Air.
The Switzerland-based financial firm topped the corporate M&A advisory market last year with its management of over 10.6 trillion won ($8.9 billion) worth of buyout deals, including a merger of SK Broadband and T-broad, MBK Partners' Lotte Card acquisition and SKC's acquisition of KCFT.
The global investment bank's noticeable achievements in the advisory market also include its involvement in the finalizing of Korean Air's share purchase agreement (SPA) with local private equity firm Hahn & Company in selling the flag carrier's in-flight meal services. Given that the deal was signed in just three months' time despite the initial differences of the two sides, Credit Suisse's meticulous handling of the advisory work received positive feedback from the involved parties.
The firm is also playing a significant role in Doosan Group's series of asset sales. It advised Doosan's venture capital arm Neoplux to be sold to Shinhan Financial Group late last month at 73 billion won. Credit Suisse is also involved in sales of Doosan's other machinery affiliates ― Doosan Infracore and Doosan Mottrol BG as well.
Credit Suisse is also meticulously handling an ongoing sale deal of KDB Life Insurance from the state-owned Korean Development Bank. The state-run bank failed to find a new owner for its life insurer despite multiple attempts to sell it over the past few years due to its high price. It now is ready to be acquired by the preferred bidder, private equity firm (PEF) JC Partners.
Credit Suisse is also managing the heated buyout deal of Hyundai HCN ― Hyundai Department Store's cable TV subsidiary ― to preferred bidder KT. Despite initial concerns that a small cable TV operator wouldn't be coveted by major companies, Credit Suisse used its previous experience of successfully leading the merger between SK Broadband and T-broad last year, attracting the nation's top mobile carriers into the bidding competition, said sources.
Industry sources pointed out that the group of seasoned bankers led by Korean investment banking head Lee Kyung-in particularly helped Credit Suisse build a reputation as a firm specialized in highly complicated M&A deals in the Korean market. The Korean branch's CEO Lee Chun-kee, who is the country's longest-serving investment banking chief, has also contributed to maintaining a stable long-standing relationship with major clients.
“We believe the firm's strength in continuing and maintaining repeated businesses with key clients over time proves clients' trust and satisfaction,” an official from Credit Suisse told The Korea Times.