Picture a village in a drought. The river dries up and the villagers queue at the one house that dug a deep well. The owner becomes the most important person in the village overnight — but the price of the well is not set by the water. It is set by how long the drought … Read more
Imagine a game studio that sells a majority of its disc-pressing plant to outside capital, keeps every line of copyright, and attaches one clause: if disc revenue falls below a certain line, the studio makes up the difference. The studio’s own digital launcher is what is killing disc demand. The party eroding the demand is … Read more
The best surgeon in the country does not decide when she operates; the hospital schedule does. On days with no surgery the equipment lease is still due and the team is still paid. Buyers of such an asset price the skill. The variable that sets the price is utilization, and someone else decides it. That … Read more
What is a controlling stake worth when the equity it controls is already below zero? Air Premia, the Korean long-haul carrier flying nine Boeing 787-9s on transpacific routes, closed 2025 with total equity of negative KRW 46.7 billion (approx. USD 34 million at KRW 1,365/USD, 23 September 2026), a capital-impairment ratio of 131.8%, and a … Read more
Torriden, the South Korean skincare brand built on its Dive-In hyaluronic acid line, grew revenue 47.5% in 2025 while operating profit grew 16.2%. When Goodai Global, the K-beauty group behind Beauty of Joseon and TIRTIR, arrived as a partner, it did not buy the company at the KRW 500 billion valuation that had circulated in … Read more
When a sale collapses just before closing, the asset that returns to market is not the asset that left it. It now carries a question no information memorandum will answer: what did the last buyer see? That question sits at the centre of CVC Capital Partners’ reported final talks with EQT over the mainland China … Read more
KKR has signed a definitive agreement to take a minority stake in Avisena Healthcare, a family-owned private hospital group in Shah Alam, Malaysia. The interesting question is not what the stake cost. It is what the stake owns on the day its most expensive asset opens. Picture a trader who has set his own prices … Read more
For roughly two years, MBK Partners made no new domestic investments in South Korea. Then, within about thirty days, the Seoul-based private equity firm assembled a three-piece K-beauty deal: control of Skin Idea, the derma-aesthetic company behind Medi-Peel and Derma Maison; control of health-supplement seller Life & Bio; and a 40% stake in vegan skincare … Read more
What does USD 10 billion buy when the growth case returns roughly seven percent? That is the question behind the Atlantic Aviation deal, in which Apollo-managed funds announced the acquisition of a significant stake in the US private-aviation ground-services operator from KKR, which remains a major shareholder, with GIC as co-investor. Atlantic runs a network … Read more
A seller who exits a half-built asset is rarely selling the asset. It is selling time it no longer has. SK ecoplant’s sale of a 35.62% controlling stake in SK Oceanplant, the South Korean offshore wind substructure manufacturer formerly known as Samkang M&T, is that trade: KRW 410 billion (approx. USD 306 million at KRW … Read more