This article was first published on Signal, the Seoul Economic Daily's capital markets intelligence service, at 15:42 on March 29, 2026.
The first-quarter mergers and acquisitions market in 2026 was marked by large-scale foreign capital flowing into Korean infrastructure and energy companies with strong cash flows. As external risks grew sharply due to the U.S.-Iran war and artificial intelligence-driven industrial restructuring accelerated, investors sought relatively stable acquisition targets. Advisory firms that participated in major infrastructure M&A deals posted strong results, shaking up the rankings across categories.
According to the league table compiled by the Seoul Economic Daily's Signal, the largest completed M&A deal in the first quarter was the approximately 4.85 trillion won ($3.6 billion) sale of DIG Airgas. French industrial gas company Air Liquide signed a share purchase agreement (SPA) with the previous largest shareholder, Macquarie Asset Management, in August last year and completed the acquisition in January. JP Morgan and Goldman Sachs, which served as deal advisors, ranked second (2.9047 trillion won in advisory value) and third (2.3 trillion won) respectively in financial advisory. Samil PwC, a perennial powerhouse, claimed first place with 3.6856 trillion won.
The DIG Airgas deal also shaped the accounting advisory rankings. Deloitte Anjin, which ranked first with 6.2376 trillion won in advisory value, was lifted by its role as the sole accounting advisor for the DIG Airgas side. EY Hanyoung ranked second with 5.8008 trillion won after serving as acquisition accounting advisor for Air Liquide. Kim & Chang (10.3092 trillion won) and Lee & Ko (7.2544 trillion won), which ranked first and second in legal advisory, also widened their lead over competitors by handling the DIG Airgas transaction.
Most of the large M&A deals in the first quarter involved foreign investors acquiring domestic infrastructure and energy companies. Beyond the DIG Airgas deal, a representative case was the transaction between global private equity firm Kohlberg Kravis Roberts (KKR) and SK Group. Last month, KKR was named the preferred bidder for the renewable energy divisions under SK Innovation (096770.KS), SK Ecoplant, and SK Discovery (006120.KS), as well as a 31.03% stake in SK Eternix (475150.KQ). The package deal price is reported at approximately 2.5 trillion won. SK Group and KKR plan to form a joint venture for the renewable energy business after closing, which would have assets of approximately 5 trillion won upon launch.
SK Group has continued aggressive rebalancing this year to streamline its assets. A prime example is the data center project being built in Ulsan at a cost of approximately 3 trillion won. SK Group is expected to sell a 49% stake in the project to financial investors to secure funding. KKR and IMM Investment are among the leading candidates for the stake acquisition.
As global geopolitical instability intensified and industrial restructuring driven by technological advances accelerated, domestic and foreign investors turned their attention to companies with stable cash flows. Stik Investment signed an SPA in December last year to acquire Cleanतopia from JKL Partners for 630 billion won and closed the deal in February by making payment. Cleantopia holds the top position in Korea's laundry industry based on its unrivaled online and offline business network, earning high marks for business stability. Multiple foreign financial investors besides Stik Investment were reportedly interested in the acquisition.
Aekyung Industrial (018250.KS) and LG Chem's (051910.KS) aesthetics division also belong to industry sectors relatively insulated from AI technology variables. A consortium of Taekwang Industrial (003240.KS), T2 Private Equity, and Yuanta Investment acquired Aekyung Industrial this month for 444.2 billion won. Aekyung Industrial has built long-standing brand recognition in the consumer goods industry with its "Kerasys" and "2080" brands. VIG Partners acquired LG Chem's aesthetics division for 200 billion won, and analysts expect synergies with VIG's existing medical aesthetics device portfolio. Sales of small and mid-sized waste management and environmental infrastructure firms such as Koentec, K-Eco, and KS Environmental Development also took place.
Experts characterize these trends as strategic choices to minimize risk amid accelerating AI adoption and an uncertain macroeconomic environment. Ultimately, securing stable investments that guarantee predictable returns and preemptively positioning along the AI value chain are expected to emerge as the key mega-trends in this year's M&A market.
"In the first quarter, heightened domestic and external uncertainties led primarily to relatively stable M&A deals," an investment banking industry official said. "However, many investors are focused on power and semiconductor companies that stand to benefit from AI advances, and we expect trillion-won-scale 'big deals' targeting technology firms to materialize within the year."