LOTTE Corporation (KOSE:A004990) agreed to acquire Human Resources Development Center business from Lotte Confectionery Co., Ltd. (KOSE:A280360) for KRW 8.6 billion on October 14, 2021. The transfer value is the amount evaluated by an external evaluation agency as of August 31, 2021 (the evaluation base date), and the difference between the evaluation base date and the transaction closing date (2022. 1. 1.) is added or reduced.

Therefore, the transfer price may change according to the settlement under mutual agreement. As of August 31, 2021, total asset of the business is KRW 13.3 billion. As of October 14, 2021, the transaction was approved by the board of Lotte Confectionery Co., Ltd. On October 19, 2021, the business transfer contract is scheduled to be concluded post resolution of the board of directors of Lotte Confectionery Co., Ltd. The transaction does not require approval from the general meeting of shareholders.

The transaction is expected to close on January 1, 2022.