Iconex LLC agreed to acquire 50% stake in Hansol Denmark ApS from Hansol Paper Co., Ltd. for KRW 12.2 billion on November 5, 2018. Under the transaction, Hansol Paper Co., Ltd. sold 1.24 million shares of Hansol Denmark ApS. For the year ending June 30, 2018, Hansol Denmark ApS reported total assets of KRW 59.7 billion, net profit of KRW 773 million and sales of KRW 63.3 billion. The transaction was resolved by the Board of Hansol Paper Co., Ltd. and is expected to be completed on December 17, 2018. As of December 17, 2018, deal is expected to close on January 31, 2019. As of January 31, 2019, the transaction will now be completed on March 5, 2019. As of February 25, 2019, the deal is now expected to close on May 31, 2019 and the reason of extension is consideration of the duration of the approval review period between the company to be sold and the EU. As on May 13, 2019, the European Commission approved the merger. As of May 30, 2019, the transaction is expected to close on June 30, 2019, due to the term of validity of this agreement has been renewed by the Competition and Market Authority. As on June 18, 2019, CMA has decided not to refer the merger for a second phase. Engelstaedter Regina, Ens Sebastian, Kim Daniel Sae Chin, Klein Sebastian, Kim Dong Chul, Nah Jinkang Albert, Kirch Pierre and Crepy Sebastien of Paul Hastings LLP acted as legal advisor to Hansol Paper. Iconex LLC cancelled to acquire 50% stake in Hansol Denmark ApS from Hansol Paper Co., Ltd. on June 18, 2019. Following the cancellation of stock agreement, the disposals decision has been withdrawal.