AKTK Partners Co., Ltd. and Kernel C&C Co., Ltd signed a contract to acquire 32.29% stake in People & Telecommunication Inc. (KOSDAQ:A054340) from Chul Kim and Youngmi Jung for KRW 19.9 billion on October 19, 2017. Under the terms of transaction, AKTK Partners Co., Ltd. and Kernel C&C Co., Ltd will acquire 7.94 million shares at KRW 2,500 each. AKTK Partners Co., Ltd. will acquire 0.4 million shares and Kernel C&C Co., Ltd. will acquire 7.54 million shares while Chul Kim will sell 6.79 million shares and Youngmi Jung will sell 1.15 million shares. The consideration will be made as a deposit of KRW 10 billion paid on October 19, 2017, upon which Chul Kim will deliver 4 million shares. The balance amount of KRW 9.9 billion will be paid on November 17, 2017, upon which Chul Kim will transfer rest of the 2.79 million shares and Youngmi Jung will transfer 1.15 million shares. The terms of the transaction were revised on November 17, 2017 and as per the revised terms, Kernel C&C Co., Ltd will acquire 7.54 million shares for KRW 18.9 billion and AKTK Partners Co., Ltd. will acquire 0.4 million shares for KRW 1 billion. The balance payment will now be paid on November 24, 2017. The terms of the transaction were revised on November 24, 2017 and as per the revised terms, AKTK Partners Co., Ltd and Kernel C&C Co., Ltd will pay the remaining balance of KRW 9.9 billion on November 30, 2017 and AKTK Partners Co., Ltd and Kernel C&C Co., Ltd will pay KRW 2 billion to the Chul Kim and Youngmi Jung as the down payment on November 24, 2017. In case the AKTK Partners and Kernel C&C fails to pay KRW 7.85 billion on November 30, 2017, the contract will be cancelled. The down payment will not be returned. The transaction is expected to be completed by November 17, 2017. Since, the transaction will close immediately after receiving the balance payment the transaction is expected to close on November 24, 2017. The transaction is expected to close on November 30, 2017.