"Did you just say Korea Express?"
Chairman Park Tae-hong narrowed his brows and asked again, to which Seok-won responded
immediately.
"Yes."
Korea Express, one of the core subsidiaries of the Apate Group, was a top-tier logistics company in Korea, competing for first and second place in the industry. It also operated a rental car business.
This year alone, it recorded sales of 1.15 trillion won, ranking 75th in the business world by
revenue—a true gem of a company.
"As I mentioned once before, the importance of logistics is only going to grow with time," Seok-won said seriously, looking at his father and older brother.
"Just as Amazon is creating waves in the U.S., the more e-commerce expands through the
internet, the more rapid the growth in delivery services will be."
"That's why, when we restructured and sold off non-core businesses, we kept the parcel delivery company instead of selling it," Chairman Park commented, folding his arms.
"But starting from scratch now would require a lot of time and capital to build up our
competitiveness. On the other hand, acquiring Korea Express, already a top player, would
eliminate those concerns in one stroke."
Across from him, President Park Jin-hyung looked slightly skeptical.
"If we did bring Korea Express under our wing, like you said, we could instantly rise to the top of the industry. But the issue is—it's not even on the market, right?"
Chairman Park seemed to agree, exhaling a cloud of cigarette smoke.
"That's one of the subsidiaries Chairman Song Dae-seop treasures most, along with Apate
Construction. He wouldn't sell it even with a knife to his throat."
But Seok-won's lips curled into a subtle, knowing smile.
"Of course, a company generating that kind of profit wouldn't be up for sale under normal
circumstances."
"..."
"But the entire country is in a state of emergency right now."
Chairman Park leaned forward, his frown deepening.
"Are you suggesting Apate Group might go bankrupt?"
Meeting their gazes, Seok-won replied calmly,
"While their redevelopment and private construction investments are tied up due to the currency crisis, their assets still exceed their liabilities by over a trillion won. So relatively speaking, I'd say they're stable."
Chairman Park furrowed his brow.
"Then that makes it even less likely for them to sell Korea Express."
"You haven't heard me out yet. No matter how many assets they have, if their liquidity suddenly freezes and they can't move funds, they'll collapse all the same."
"...!"
"Besides, since construction is the root of Apate Group, most of their assets are tied up in real
estate. And in times like these, everything's value drops—but especially stocks and real estate, which plunge the most."
Seok-won gave a small shrug.
"And the real problem is, those assets are incredibly difficult to liquidate right now. Converting them into cash quickly would be almost impossible."
At that point, Chairman Park finally seemed to understand where this was going and let out a low sound of realization.
"Hmph. So they might go bankrupt despite being in the black."
"Exactly. And from Apate Group's perspective, the most painful part is their weak relationship with the New Era National Council, which is likely to form the next government. Well, that's true for most companies, really."
Chairman Park nodded with a heavy expression, holding his cigarette between his fingers.
"If their liquidity dries up and they can't rely on the government's support, then, as you said, they won't be able to hold out for long."
President Park Jin-hyung also spoke grimly.
"And if, as Seok-won predicted, the big deal initiative moves forward on a large scale… Apate Group might end up as one of the sacrifices."
The air in the room grew heavy.
Then Seok-won, wearing a meaningful smile, spoke again.
"From Apate Group's perspective, it would be an unfortunate and unfair situation. But for us, it might be a once-in-a-lifetime opportunity."
President Park Jin-hyung's eyes lit up, and he turned to look at Chairman Park.
"Just as Seok-won said, this could be the perfect chance to leap to the top of the industry in one stroke."
Chairman Park Tae-hong couldn't hide the interest on his face.
However, as someone with years of experience leading the group, he maintained his composure and didn't act hastily. His expression was calm and his manner cautious.
"If that company looks tempting to us, surely the other conglomerates are eyeing it as well."
Seok-won replied with a deepening smile.
"That's why we need to make our move before someone else stakes a claim."
"How do you mean?"
"Once the election ends and the president-elect is confirmed, there'll probably be a meeting with the Federation of Korean Industries' executive board, right?"
Chairman Park, pressing the nearly burned-out cigarette into the crystal ashtray on the table,
responded,
"Yeah. It's tradition for the president-elect to have a sit-down with the FKI leadership. That's
likely."
"Then at that meeting, we highlight our intention to focus on logistics as our group's next growth engine—and that we plan to invest heavily and nurture the industry."
"You think that alone will be enough?"
Chairman Park sounded a bit disappointed.
"I agree. It seems too passive," President Park Jin-hyung added, also looking unconvinced.
Noting their reactions, Seok-won lightly shook his head and responded,
"Apate Group isn't in crisis yet. If we push too hard now, it could backfire. People might suspect we're manipulating the situation—like we're colluding with the administration to drive Apate Group into bankruptcy just to acquire Korea Express."
"Hmph. That would do us no good."
Chairman Park nodded slowly, arms crossed.
"A government only lasts five years, and who knows what happens after that. Getting too
entangled might actually be dangerous."
President Park Jin-hyung cautiously agreed.
"As they say, the protruding nail gets hammered. It's smartest to keep some distance from
political power."
"True."
Chairman Park let out a low hiss, clicking his tongue.
"But still… isn't that too weak a play to guarantee we'll get Korea Express?"
"No. We have an ace up our sleeve that no other group can imitate. If Korea Express is ever put up for sale, we'll be the ones to claim it."
Seok-won grinned, speaking with full confidence.
Seeing that, Chairman Park straightened up, curiosity lighting up his eyes.
"What kind of ace are we talking about?"
President Park Jin-hyung also looked intrigued, watching him expectantly.
"The exchange rate, which once passed 2,000 won per dollar, has been stabilizing, but there are still a lot of uncertainties. A sudden spike could happen again at any time—you both know that."
"Right. The fire of the currency crisis hasn't been fully put out yet."
"That's why the top priority for the new administration will be securing as many dollars as possible—by any means."
As the two nodded in agreement, Seok-won continued with a relaxed smile.
"And the group holding the most dollars domestically… is us."
"...!"
"If we offer to pay the full acquisition price in U.S. dollars, I bet the government would be eager to have Korea Express sold to us."
Chairman Park suddenly slapped the armrest of the sofa with his palm and burst out laughing.
"Ha ha ha! Right! In times like this, there's nothing you can't do with dollars. I completely
overlooked that!"
President Park Jin-hyung looked impressed, as if the plan was nothing short of brilliant.
"You're right. There's no better card to play than that."
Then, with a hint of concern in his eyes, he asked,
"But even in this economic climate, we're still talking about a company with over a trillion won in revenue. The acquisition cost won't be trivial—are we going to be okay?"
Seok-won smiled lightly and answered,
"That much? I could have it ready by the end of today. Just make sure to give me a generous
interest rate on the dollars I lend you."
At that, Chairman Park Tae-hong chimed in with a hearty laugh and an amused expression.
"Of course! If we can land Korea Express, you'll get your interest and then some. Don't worry about that!"
The three men—father and sons—continued for quite some time, engaging in an in-depth
discussion about how to acquire Korea Express and what they would do with it once it was theirs.
***
The next day.
While reviewing approval documents at the office, Executive Director Yoo Hyun-seok came into the president's office and handed over a file folder.
Seok-won, still seated, glanced up at him and asked,
"What's this?"
"It's the final investment agreement we reached with Seum Technologies."
Seok-won had been waiting for this, so he immediately opened the folder without hesitation.
As his eyes scanned the document, Yoo Hyun-seok explained helpfully from across the desk.
"As you'll see, we're investing 3 billion won in the form of a paid-in capital increase, in exchange for a 30% stake in Seum Technologies."
"So that means Seum Technologies has been valued at 10 billion won."
"That's right."
Hyun-seok glanced at Seok-won cautiously and added in a careful tone,
"Internally, we had appraised it lower, but based on your instruction to secure as much equity as possible, we agreed to a higher valuation."
It was an overpayment—no doubt about it. Seum Technologies was a small venture company with nothing significant to its name, and it wouldn't have been surprising if it collapsed at any moment.
Still, since they were injecting capital as equity rather than debt to stabilize the company, they had no choice but to inflate its valuation to make the deal work.
Although Yoo Hyun-seok had followed instructions to the letter, he braced for criticism, thinking he'd be scolded for giving away too much.
But Seok-won's reaction was entirely unexpected.
"Well done."
He nodded nonchalantly, took out his Montblanc fountain pen, and signed the papers smoothly before handing back the approval folder.
Now it was Yoo Hyun-seok's turn to look bewildered.
"Are you sure it's okay to proceed with the contract like this?"
"Go ahead. Oh, and don't interfere with the company's operations. If they request support, give them what they need."
"…Understood."
"If there's nothing else, you may go."
Yoo Hyun-seok bowed half-heartedly and left the office. Even as he walked out, he couldn't help but tilt his head with a conflicted look, still unsure if this was really the right decision.
Once the door closed and he was alone, Seok-won leaned back in his chair and smiled in
satisfaction.
"3 billion won for 30%... It's practically a steal."
At the peak of the IT bubble, Seum Technologies had been one of the market leaders, reaching a market cap of 4.8 trillion won.
"Sure, after a record-breaking 150-fold surge, it crashed like a sandcastle—but still."
Its market cap had once exceeded that of Lotte Group and several other conglomerates combined, a clear indication of just how inflated the bubble had been.
In any case, he had just acquired 30% of a future high-flyer at bargain-bin prices—an incredibly profitable move.
"Don't even need to sit on it long. In just a few years, this thing will yield a return of 47,900%. I could skip lunch and still feel full just thinking about it."
A constant grin stretched across Seok-won's face.
He made a mental note to give Executive Director Yoo a very generous year-end bonus for
handling the deal so well.