Bae Kim & Lee (BKL) and Kim & Chang have advised on the KRW500 billion (USD326 million) acquisition of Daekyung O&T, Korea’s largest biodiesel feedstock producer.
SK On, Eugene Private Equity and Korea Development Bank are selling Daekyung O&T to a consortium led by HD Hyundai Oilbank and Tenet Equity Partners.
“Given the highly regulated nature of the business, BKL advised the parties on key energy and environmental regulations to align their understanding and facilitate the transition to contract negotiations,” Cholung Choi, lead partner for the BKL team, told Asia Business Law Journal.
BKL acted as lead counsel for the sellers, advising on all stages of the transaction from inception to completion. This included handling deal structuring, legal due diligence, bid management, contract drafting and negotiation, and final closing formalities. While associate Jeehun Suh provided key support to Choi, the deal was also handled by Sungjo Yun, head of BKL’s M&A practice group.
Kim & Chang served as the legal adviser for the buyers.
Founded in 1995, Daekyung O&T specialises in producing biodiesel and other sustainable fuels using a feedstock supply chain that includes animal fat from slaughterhouses and recovered cooking oil.
The transaction was signed in late May 2026 and closed a month later.
