Since its establishment in 1952 as a frontier in the Korean explosives business, Hanwha Corporation has been Hanwha Group’s de facto holding company. In November 2014, Hanwha Group in Korea closed a deal with Samsung Group in order to strengthen its core competence and to discover new growth drivers. Hanwha Corporation agreed to pay KRW 1.9 trillion (USD 1.7 billion) in total to enhance market power and competitiveness in defense and petrochemical industries by acquiring Samsung Techwin (now Hanwha Aerospace and Hanwha Techwin) and Samsung Total Petrochemical (now Hanwha Total Petrochemical), and also by indirectly controlling Samsung Thales (now Hanwha Systems) and Samsung Total Petrochemical (now Hanwha Total Petrochemical). Through the acquisitions, Hanwha Group has restructured its business portfolio in the chemical and defense industries, which are the mainstay of the group’s manufacturing sector, to pursue a significant growth. At the same time, it has laid the groundwork for enhancing competiveness and profitability. In particular, Hanwha Corporation has made utmost efforts to integrate the former Samsung affiliates effectively and smoothly in business, organizational, and emotional aspects. This article documents Hanwha Corporation’s M&A initiatives and the aftermath based on the experiences faced by the top management. As M&As are an important mode of growth, this case provides an insightful story for the discussion of issues and solutions during the M&A process.