The number of affiliates of major conglomerates under S. Korea's antitrust watch list increased by 24 to reach 2,325 as of the end of October, with the groups expanding investments in digital content and financial firms.
The transactions that increased new affiliates under tight restrictions include KT Corp.'s acquisition of K-Bank, an online bank, and a Naver Corp. affiliate establishing four digital content firms.
KT Corp. is South Korea's largest fixed-line internet operator, while Naver Corp. is the leading online portal operator.
The business groups launched or acquired 56 new affiliates while offloading 32 others.
Affiliates of large conglomerates with assets exceeding 10 trillion won are restricted under the South Korean fair trade law from making equity investments in co-affiliated companies or offering loan guarantees to each other.
The conglomerates are prohibited from engaging in excessive trading among affiliates and are required to make public filings on their non-listed affiliates.
