RBW, Inc. (KOSDAQ:A361570) agreed to acquire 50% stake in Urban Works Media Inc. for approximately KRW 10 billion on December 28, 2022. As a part of acquisition, RBW will acquire 0.3 million shares. KRW 5 billion will be paid on January 2, 2023 and remaining will be paid on June 30, 2023.

For the period ended December 31, 2021, Urban Works Media reported total assets of KRW 3.5 billion, total stockholders equity of KRW-164 million, sales of KRW 6 billion and Net profit of KRW 5.4 billion. The transaction is expected to complete on January 1, 2023.