Koreacenter Co.,Ltd. (KOSDAQ:A290510) entered into a share transfer agreement to acquire 51.3% stake in Danawa Co., Ltd (KOSDAQ:A119860) from Seong, Jang-Hyeon, and three other shareholders for approximately KRW 400 billion on November 26, 2021. Under the terms of transaction, Koreacenter acquired 6.7 million shares for KRW 59,331 per share. KRW 39.6 billion will be paid on November 26, 2021 and balance of KRW 358.1 billion will be paid on contract termination date. As per correction document on March 28, 2022, the total consideration is KRW 397.4 billion of which down payment (10%) of KRW 39.8 billion paid on agreement date and the balance (90%) of KRW 357.6 billion paid on the closing date of the contract. As per disclosure of January 14, 2022, Koreacenter stated that it has raised approximately KRW 400 billion in funds from e-commerce Holdings Korea. Specifically, it includes KRW 197.9 billion in third-party allocation paid-in capital increase, KRW 100 billion in private equity convertible bonds and KRW 100 billion won in private equity bonds. The transaction is subject to approval of Fair Trade Commission. As per disclosure of March 17, 2022, Fair Trade Commission approved the deal. As per initial disclosure, the transaction is expected to close in the first half of next year. As per disclosure of March 17, 2022, the expected closing date was set as March 28, 2022. Ki-Young Lee of KPMG Samjong Accounting Corp. acted as due diligence provider to Danawa.

Koreacenter Co.,Ltd. (KOSDAQ:A290510) completed the acquisition of 51.3% stake in Danawa Co., Ltd (KOSDAQ:A119860) from Seong, Jang-Hyeon, and three other shareholders on March 28, 2022.