HB Technology Co., Ltd. (KOSDAQ:A078150) agreed to acquire 34% stake in LET Co., Ltd from Heunggeun Lee, Jihyun Cho, Jungsik Yoon, Youngkyung Kim and Ilho Kim for KRW 26.6 billion on June 28, 2018. Under the terms, HB Technology Co., Ltd will acquire 0.14 million shares of LET Co., Ltd. The consideration will be paid through lending bond offset payment of KRW 6.9 billion and remaining consideration of KRW 19.7 billion will be paid on September 30, 2018. The transaction has been funded through HB Technology Co., Ltd internal retained funds.

As of December 31, 2017, LET Co., Ltd reported total assets of KRW 17.8 billion, net assets of KRW 8.9 billion, sales of KRW 26.5 billion and net profit of KRW 2.74 billion. The transaction has been resolved by the Board of Directors of HB Technology Co., Ltd at the meeting held on June 28, 2018. The transaction is expected to be completed on September 30, 2018. Samil PricewaterhouseCoopers acted as external rating institution in the transaction.