This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:02 p.m. on Jan. 23, 2026.
Yoon & Yang LLC drew attention last year by bringing in a large number of star lawyers in the mergers and acquisitions (M&A) advisory field, and is now being seen as having taken a meaningful first step by successfully closing an acquisition worth hundreds of billions of won representing a global private equity (PE) firm.
Yoon & Yang plans to keep expanding its M&A team, which currently has about 80 lawyers, this year. The firm aims to broaden its client base around foreign PE firms and kick off full-fledged competition with law firms that are traditional powerhouses in the M&A field.
According to the investment banking (IB) industry and according to legal sources on the 23rd, Yoon & Yang represented Carlyle at the end of December last year in the acquisition of KFC Korea. Carlyle acquired KFC Korea from Orchestra PE for the mid-200 billion won range.
Yoon & Yang represented Carlyle starting from July to August last year. Managing partner Yoon Hee-woong was said to have played a decisive role in winning the mandate. The KFC Korea sale deal faced the risk of collapse due to differences over price, but it was ultimately concluded in dramatic fashion.
During the process, there was also a change in the acquiring entity. Initially, Carlyle sought to acquire KFC Korea through the coffee franchise A TWOSOME PLACE, but ultimately shifted to a direct acquisition without using A TWOSOME PLACE, pursuing synergy with KFC Japan.
The Yoon & Yang M&A team had primarily represented domestic managers and corporations rather than global PEs like Carlyle. A legal industry source said, "M&A led by global PEs is a so-called 'not just anyone can do it' deal," adding, "It takes many years of accumulated experience and capability."
Yoon & Yang aggressively expanded its M&A field by bringing in former YulChon managing partner Yoon Hee-woong and former Sejong foreign attorney Ryu Myeong-hyeon, followed by former YulChon attorneys Lee Jin-guk and Yoon So-yeon, among others, last year. Recently, the firm appointed attorney Lee Jin-guk as head of the M&A team.
They are known as attorneys with extensive deal experience both in Korea and overseas. Managing partner Yoon advised on Standard Chartered Bank's acquisition of Cheil Bank, Lotte Shopping's acquisition of Hi-Mart, and Hanwha Group's acquisitions of Samsung General Chemicals and Samsung Total. Attorney Lee is a veteran who has advised on global M&A, including Hanwha Group's acquisition of Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean), Naver's acquisition of U.S. Poshmark, Hillhouse Capital's acquisition of SK Ecoprome, and Japan's JX Group's sale of its equity in LS-Nikko Copper (now LS MnM).
Foreign attorney Ryu has especially extensive experience working with global PEs. Ryu has handled a wide range of cross-border deals, including Carlyle's investment in HCN, Lone Star's sale of Star Tower, GIC's acquisition of equity in Starbucks Korea, Baring PE's (now EQT) investment in Shinhan Financial Group, Sequoia's acquisition of RareMarket and investment in Woowa Brothers, and KKR's attempted acquisition of Medit. Attorney Yoon has likewise advised on major deals, including Naver's acquisition of Poshmark, ARM's investment in Rebellions, and the establishment of a JV by Shinsegae and Alibaba.
About 80 attorneys belong to the Yoon & Yang M&A team. The firm plans to further expand its scope by adding top talent again this year while increasing its client roster around foreign PEs.