Geonics agreed to acquire 32.6% stake in Ace Woojin Private Equity Investment Co., Ltd. from TONGYANG Networks Co., Ltd. (KOSE:A030790) for KRW 45 billion on September 5, 2019. Geonics Ltd has paid KRW 4.5 billion on September 5, 2019 and KRW 40.5 billion will be paid on completion. Ace Woojin Private Equity Investment Co will be sold 45 billion shares. The transaction is expected to complete on December 31, 2019. As of December 26, 2019, the transaction is expected to completed by April 20, 2020. Geonics cancelled the acquisition of 32.6% stake in Ace Woojin Private Equity Investment Co., Ltd. from TONGYANG Networks Co., Ltd. (KOSE:A030790) on August 13, 2021.