SK Networks Company Limited (KOSE:A001740) agreed to acquire 42.23% stake AJ Rent A Car Co., Ltd. (KOSE:A068400) from AJ Networks Co., Ltd. (KOSE:A095570), Dukyoung Moon, Kiyeon Shin and Jihoi Moon and Sunwoo Moon for KRW 300 billion on September 21, 2018. The consideration may change during the course of contract. Consideration will be paid in cash.

AJ Networks Co., Ltd., Dukyoung Moon, Kiyeon Shin, Jihoi Moon and Sunwoo Moon will sell 8.8 million shares, 0.2 million shares, 0.32 million shares, 0.01 million shares and 0.01 million shares respectively. AJ Networks will be getting KRW 282.7 billion as part of the deal. Board of AJ Networks resolved in favor of the deal on the same date.

Deal is expected to close by December 31, 2018. As per the amendment the transaction is now expected to be completed on January 2, 2019. AJ Networks will use the proceeds for securing investment resources to enter into new business.

Young Jin Accounting Corporation acted as external evaluation agency. Samjong KPMG Advisory Inc. acted as the financial advisor to SK Networks.