Route One Fund, Route One Fund 2 and Route One Fund 3 signed a contract to acquire a 69.67% stake in Nexen Tech Corporation (KOSDAQ:A073070) from Nexen Corporation (KOSE:A005720) and Byung-Joong Kang for KRW 65 billion on June 8, 2017. Under the terms, Nexen Corporation and Byung-Joong Kang will sell 5.05 million shares each such that Route One Fund, Route One Fund 2 and Route One Fund 3 will acquire 3.58 million, 3.26 million and 3.26 million shares representing 24.65%, 22.51% and 22.51% stake respectively in Nexen Tech Corporation. The shares will be acquired at KRW 6,434 per share. A deposit of KRW 13 billion will be paid on contract signing date and the balance of KRW 52 billion will be paid on the extraordinary shareholders' meeting, the first to be held after the contract signing. Post acquisition, Nexen Corporation and Byung-Joong Kang will not hold any stake in Nexen Tech Corporation. Jean-Pierre Raffarin, Daren Morris, Junghoon Kim and Wonhyuk Heo will be appointed as the internal Directors, Jiil Hong and Philippe Lee will be appointed as the external Directors of Nexen Tech Corporation. The transaction is expected to close on July 21, 2017.

Route One Fund, Route One Fund 2 and Route One Fund 3 completed the acquisition of 69.67% stake in Nexen Tech Corporation (KOSDAQ:A073070) from Nexen Corporation (KOSE:A005720) and Byung-Joong Kang on July 21, 2017.