KCGI Helios 1st Private Equity Fund and LIG Nex1 Co., Ltd. completed the acquisition of 18.57% stake in Innowireless Co., Ltd. from Jongtae Jung.
November 06, 2018
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KCGI Co., Ltd. and LIG Nex1 Co., Ltd. (KOSE:A079550) signed a contract to acquire 18.57% stake in Innowireless Co., Ltd. (KOSDAQ:A073490) from Jongtae Jung for KRW 27.9 billion on September 20, 2018. A total of 1.11 million shares will be acquired as part of the deal for KRW 25000 per share. KCGI Co., Ltd. and LIG Nex1 Co., Ltd. will acquire 0.82 million shares amounting to 13.58% stake for KRW 20.4 billion and 0.3 million shares amounting to 4.99% stake for KRW 7.5 billion respectively. As of November 6, 2018, KCGI Helios 1st Private Equity Fund will acquire 13.58% stake instead of KCGI Co., Ltd. The consideration will be paid on the closing date. After the completion of the deal, Jongtae Jung and Changduk Oh will be the Chief Executive Officer of Innowireless Co., Ltd. Deal is expected to close by November 7, 2018.
KCGI Helios 1st Private Equity Fund and LIG Nex1 Co., Ltd. (KOSE:A079550) completed the acquisition of 18.57% stake in Innowireless Co., Ltd. (KOSDAQ:A073490) from Jongtae Jung on November 7, 2018.
LIG Nex1 Co Ltd is a Korea-based company mainly engaged in the research, development and production of weapon systems. The Company provides weapons systems mainly used in defense industry fields including precision guided munitions (PGMs), intelligence, surveillance and reconnaissance (ISR), avionics and electronic warfare (AEW), command, control, communications, computers, and information (C4I). PGMs products are composed of antiair, antiship and antisubmarine, earth, air to ground and underwater weapons. ISR products include search radars, tracking radars, image radars, electro-optical equipment, and underwater surveillance systems. AEW products include electronic warfare systems such as avionics, ship and aircraft electronic warfare and army electronic warfare. C4I products include communication terminals, radios and combat systems.