Jeju Air Co., Ltd. (KOSE:A089590) entered into a memorandum of understanding to acquire 51.17% stake in Eastar Jet Co.,Ltd. from Eastar Holdings Co., Ltd. and two other sellers for KRW 54.5 billion on December 18, 2019. The parties plan to enter into a stock sale contract on December 31, 2019. The parties will sign the contract for the acquisition in January 2020. As of January 31, 2020, the parties will sign the contract for the acquisition in February 2020. The parties signed contract on March 2, 2020. The consideration may be changed in the final transaction after due diligence. Part consideration of KRW 11.5 billion is paid upon the conclusion of memorandum of understanding. The acquisition financing in the form of syndicate loan will be arranged by State lenders for approximately KRW 200 billion to support the transaction. The transaction is subject to approval from the regulatory of Thailand and Vietnam. As of April 23, 2020, the transaction has been approved by the South Korean antitrust regulator. As of June 29, 2020, Founding family members of Eastar Jet Co. will donate all of shares in Eastar Jet owned via Eastar Holding. The transaction is expected to close on April 29, 2020. The deal is expected to close on June 29, 2020. Date of acquisition is subject to change depending on the Fair Trade Commission's corporate union report. Jeju Air Co., Ltd. (KOSE:A089590) cancelled the acquisition of 51.17% stake in Eastar Jet Co.,Ltd. from Eastar Holdings Co., Ltd. and two other sellers on July 23, 2020. Jeju Air Co., Ltd. cited unnamed key violations of undisclosed preconditions. Eastar Jet could not be immediately reached.