The Acquisition
The next day, the South Korean stock market stabilized and began to show signs of a shift. News broke that Kim Jong-il’s death would not lead to a sudden collapse, and that China was sending a special envoy to offer condolences. International reports suggested that North Korea would undergo a natural succession of power without a coup, and the markets began to climb. The stocks Taesik had purchased turned red, rebounding instantly to their prices from two days prior. He began to offload his holdings, selling off half of what he had bought the day before. Since he had focused on blue-chip stocks, his selling didn't significantly impact the market, and the return of foreign investors made the exit easier than expected.
The following day, Taesik finished liquidating his positions and reviewed his profits. "A 4% return is excellent. Not bad for a few days of work—700 billion won." Satisfied with his investment, he closed the trading window and turned to the tasks he had been putting off. By the next week, Miso entered his office with a report, ready to brief him on the information he had been waiting for.
"Representative, the report you were waiting for has finally arrived."
Taesik hurriedly began to read.
"Current lithium-ion batteries cannot meet the specifications required for UAM (Urban Air Mobility). We need to develop new lithium-sulfur batteries with higher energy density."
"Representative, as you can see, it's impossible with current technology. The report states that if we use lithium-ion batteries, the limit is about 30 minutes, depending on the electric motor."
"The technology isn't there yet. If it takes at least seven to eight years to develop a lithium-sulfur battery, commercialization right now is out of the question."
"Correct. It seems you will need to make a long-term investment."
As Taesik looked disappointed, Miso handed him another report.
"What is this?"
"It’s a report on electric motors, a core technology for UAM. I prepared it in advance, thinking you would look for it."
Miso opened the report, which summarized the companies currently developing electric motors. "There are three companies currently researching axial flux motors: Emrax in Slovenia, Siemens in Germany, and MagniX in the U.S. Since developing it in-house in Korea would take too much time, I believe it is necessary to acquire one of these three to save time."
Taesik reviewed the thoroughly analyzed technical levels and revenue scales of each company. "This is a report I didn't expect. Thank you, Miso."
"Not at all. It's my job. In my judgment, while Siemens is ahead in technical prowess, they are impossible to acquire. I think it would be efficient to decide between Emrax and MagniX."
"Have you contacted them?"
"Yes. MagniX only wants investment capital, but Emrax is willing to sell the entire company. For reference, Emrax is willing to sell for 10 million dollars."
"Thank you. Things are so much easier with you around."
"No, it's only natural for a secretary. And thanks to you, I made a tidy 6% profit in the stock market."
Taesik was surprised that Miso had made a higher profit than he had. "I entered the market early, and I only managed a 4% return..."
"Haha. I followed my father's usual advice. He often said that a manager's basic attitude is to entrust work to those who are good at it and reap greater rewards. I paid a commission and asked Misung Securities to handle the stock purchases for me."
Hearing that Miso had achieved a higher percentage of profit than he had with all his hard work, Taesik felt a pang of self-reproach. "I should start entrusting work to experts from now on. Also, Miso, can you come on a business trip with me?"
"To Slovenia?"
"Yes. Since we're talking about it, we should go and finalize it immediately."
"I'll prepare right away."
Taesik decided to head to Slovenia with Miso for the acquisition and boarded a plane. Upon arriving in the small town of Kamnik, Slovenia, Taesik and Miso headed straight to Emrax, where they were greeted by the CEO, Roman. After a brief introduction and an exchange of business cards, Taesik got straight to the point.
"As mentioned in the proposal, I would like to acquire Emrax's technology."
"May I ask what business you intend to use our technology for?"
"Starlink owns an aviation subsidiary, and we are planning to develop UAM in the long term."
"That's a relief. You're a company that shares our dream. The proposal didn't mention employment succession..."
"Are there employees who are willing to work for Starlink? The company size is less than 30 people..."
"They haven't made up their minds yet. And since we've only been receiving investment without any profit, everyone is struggling..."
"Let's settle the price first! I am prepared to pay 10 million dollars immediately."
When money was mentioned, Roman, the CEO of Emrax, answered immediately. "If you guarantee employment succession for those who wish to stay, I will accept immediately."
Taesik looked troubled at the mention of employment succession. "I am thinking of relocating Emrax to Korea or the U.S. As you know, Slovenia is not an environment suitable for developing UAM. Are there any employees willing to relocate to Korea or the U.S.?"
"Everyone has their roots here in Slovenia..."
"If they relocate to Korea or the U.S., employment succession is possible immediately."
As the two stood at an impasse, Miso stepped in. "Representative, isn't what you need the motor for UAM? Then is there a need to relocate? Utilizing the existing personnel here would be helpful..."
"Miso, Slovenia is not an environment for UAM testing."
"Can't we operate Emrax as an exclusive research lab? You need Emrax's technology right now, Representative."
Roman, who had been listening to their conversation, said, "If Emrax is operated as a research lab, I would like to stay as well."
"Hmm..."
"The current axial flux motor lacks capacity for UAM. We need to increase the capacity by at least 20 times, and the only place that can compete with us in the motor market is Germany. Wouldn't it be better to keep the current experts rather than looking for new ones?"
At their persuasion, Taesik nodded. Once Taesik gave the okay, Roman was overjoyed. "Then, I will change Emrax into the Starlink Aviation Motor Research Lab. Instead, we will discontinue the electric motor business for automobiles. It is too late for Emrax to focus on automotive electric motors as a latecomer."
"I know that too. We started this research to receive investment from car companies because we lacked capital while researching UAM motors."
"And I will provide unlimited investment for the R&D of UAM motors. If you need funds, submit a usage plan to Miso here, and it will be approved immediately."
"Yes, I understand. Now there will be no shortage of research funds."
Taesik revised the draft contract he had prepared, signed it, and shook hands. "Now, Roman, you are the Director of the Starlink Aviation Motor Research Lab. Once the company acquisition process is complete, please come to Korea. You should meet with Starlink CEO Jo Yun-je."
"Yes. I will go to Korea as soon as things are settled."
Having acquired the company with the motor technology necessary for UAM development, Taesik left Emrax with a light heart. Miso, who had helped him from the side, congratulated him on the acquisition. "Representative, we've come all the way to Slovenia, you aren't just going to leave, are you? You successfully acquired the company you wanted."
"Where should we go? I'll buy you something delicious today."
Miso immediately took out a piece of paper. "There is the Postojna Cave here... it's extremely famous, and they say it's a place you must visit."
Taesik smiled and decided to take the time to visit the tourist attraction Miso wanted to see. The two spent the day touring the site, acting more like a couple than a representative and his secretary.
After returning from the business trip, Taesik visited Starlink Aviation with Miso to share the news of the acquisition of the Slovenian company for UAM development and instructed them to prepare for the development of a 5-seater UAM.
"Representative, to develop a UAM, we need motor information and secondary battery information to design the interface."
"You can get the electric motor information through the motor research lab, but what about the secondary batteries?"
"Misung SDI will help with the secondary batteries, and Miso here will coordinate between the companies. From now on, Lee Miso will be in charge of the UAM business."
CEO Jo Yun-je accepted the decision immediately, perhaps having heard about Miso through Department Head Park Kyung-hoon, but he mentioned another problem. "As you know, even if we develop a UAM aircraft now, it is in a state where practical application is difficult. What is the goal you are aiming for, Representative?"
"I also think it's difficult to commercialize it all at once. I want to build a prototype to identify the possibilities and identify problems in advance as a demonstration aircraft."
"Understood. I will review the details after receiving the specific information from Misung SDI and the motor research lab. More than that, mounting the Switchblade on the maneuver helicopter has met with opposition from the Army."
"Why? It should be fine from the Army's perspective, too..."
"The Army is planning to introduce Apaches from the U.S. to replace the existing Cobras and develop a new small armed helicopter, and they seem to think that if long-range weapons are mounted on maneuver helicopters, it will affect those projects."
"Good grief! They can mount the Switchblade on the small armed helicopters, too; the Army is worrying about nothing."
"What do the Ministry of National Defense and the Defense Acquisition Program Administration say?"
"Their position is that since the Switchblade linkage test is included in the maneuver helicopter development plan, we should push ahead."
"Then there is no problem."
"The evaluation of the basic items among the maneuver helicopter test evaluation items has been completed, and we only need to proceed with the Switchblade mounting test."
"When is the schedule set for?"
"Next Monday."
"I will come down according to the schedule then. Can I see the maneuver helicopter today?"
"Yes. The prototype is ready in the helicopter hangar."
Taesik moved to the hangar with Miso, who was visiting the aviation company for the first time, and checked the maneuver helicopter prepared on-site. In the crew seats of the maneuver helicopter, Switchblade launch tubes were arranged in a box shape on the left and right, and workers were checking on-site whether the screen shown by the Switchblade's electro-optical camera was linked to the helicopter.
"Where is the terminal linked to the Switchblade optical camera?"
"It is linked to the multi-function display installed in the helicopter cockpit. Since it is a digital-based cockpit, a separate terminal was not needed."
The lead engineer answered in place of CEO Jo Yun-je to Taesik's question. "Then where did you install the Switchblade controller?"
"We installed a separate terminal in the center of the cockpit so the co-pilot can operate it. We conceived it so that the crew can also operate it in case the pilot is busy."