Naver Webtoon, a South Korean internet company Naver’s webtoon business affiliate, has acquired Munpia, the largest web novel platform provider in South Korea, by establishing a consortium with Premier Partners, a private equity fund in South Korea. In this transaction, Yoon & Yang has successfully provided the buyers, Naver Webtoon and Premier Partners, with comprehensive legal advice including reviewing the deal structure from the early phase of the deal, drafting MOU and agreements and handling other related legal issues. This deal was closed on September 30, 2021.
 
It is meaningful in that the transaction required more sophisticated legal reviews for the buyers compared to other mergers and acquisitions deals due to the complicated legal status within the concerned parties such as existing shareholders’ rights of first refusal (ROFR) and tag-along rights. Yoon & Yang successfully helped the buyers in handling such issues and also resolved tax issues in order to close the transaction.