[Deal Tracker] What Korean Companies Bought Overseas — German Machinery, New Zealand AI

46 overseas direct investments over 2 years, KRW 3.5845 trillion… One or two large deals determine the scale by country
Manufacturing and materials secure bases and technology, bio acquires pipelines
Trend of decreasing deal volume but increasing deal size… Average of KRW 98.7 billion per deal in 2025, a 63% increase year-on-year

They bought machine tools in Germany, production bases in Indonesia, and AI medical technology in New Zealand. The 46 overseas direct investments totaling KRW 3.5845 trillion, disclosed on DART from March 2024 to March 2026, show where Korean companies intend to build their next competitive edge. They have begun injecting money directly into markets they previously only exported to.

Manufacturing Bought Bases, and Bio Bought Technology

When dividing the 46 deals by industry, three distinct paths emerge. Manufacturing and materials secured overseas production bases and technologies. A prime example is DN Solutions acquiring the German machine tool company Heller in two deals worth KRW 392.2 billion. LS MnM invested KRW 265.3 billion in an Indonesian metal materials company, and Gaon Cable invested KRW 204.2 billion in a U.S. cable production corporation. This is a trend of directly planting production bases in markets where they previously exported products.

The bio and healthcare sector purchased technologies not available domestically. Lunit acquired New Zealand's Volpara for KRW 252.5 billion, securing AI breast cancer imaging diagnostic technology, and Samsung Medison bought France's Sonio for KRW 126.5 billion to bring in AI ultrasound diagnostic capabilities. Bukwang Pharmaceutical injected KRW 63.2 billion into Denmark's Contera, securing a CNS new drug pipeline. It is a strategy to shorten the time to acquire technologies that would take years to develop independently through acquisitions.

United States Ranks 1st in Volume, Germany Hits KRW 392.2 Billion with 2 Deals

The United States ranks first in volume with 9 deals. Gaon Cable, Hanwha, CJ, and Doosan entered various industries including cables, solar power, content, and robotics. Conversely, Germany had only 2 deals but approached the U.S. (KRW 524.9 billion) with KRW 392.2 billion, and Indonesia was of a similar scale with 4 deals at KRW 383.0 billion. If the U.S. spread its investments widely, Germany and Indonesia poured them deeply into one area.

For New Zealand (1 deal, KRW 252.5 billion by Lunit) and France (1 deal, KRW 126.5 billion by Samsung Medison), a single large deal accounts for the entire investment amount in that country. The strategic weight of overseas investment lies not in the number of deals but in the scale per deal. By volume, it is centered around the U.S., but by amount, Germany, Indonesia, and New Zealand have generated scales comparable to the U.S. with just one or two large deals.

Deal Volume Decreased, but Average Deal Size Grew by 63%

In 2024, overseas investments recorded 24 deals totaling KRW 1.4527 trillion. In 2025, the number decreased to 15 deals, but the amount actually increased to KRW 1.4803 trillion. The average per deal rose 63% from KRW 60.5 billion to KRW 98.7 billion. Although the number of outbound transactions decreased, the execution scale per deal distinctly grew.

The first quarter of 2026 also remains at a high level with 7 deals amounting to KRW 651.5 billion. The average of KRW 93.1 billion per deal is 1.5 times the annual average of 2024. In overseas direct investment, small deals are shrinking, and it is restructuring around strategically selected large deals.

The destinations of the 46 deals ultimately fell into two paths: buying a place to make things, or buying the technology to make things.

*Amounts and ratios are based on the Flow Tracer DB, classifying transactions targeting overseas corporations among direct investment disclosures.

*Total 46 deals, KRW 3.5845 trillion. Based on the disclosure receipt date from March 18, 2024, to March 24, 2026. Transactions via overseas SPCs and those falling below disclosure requirements are not included.

This article was written based on Flow Tracer, created by News Epoch to track capital flows in the Korean VC/PE market.