GW Vitek CO.,LTD. (KOSDAQ:A036180) agreed to acquire a 40.7% stake in SNP Genetics Inc. (XKON:A086460) from Hyoung-doo Shin and Myung-cheol Kim for KRW 9.4 billion on February 21, 2022. GW Vitek will acquire 547,155 shares for KRW 6.96 billion from Hyoung-doo Shin of which KRW 4.64 billion in cash and KRW 2.32 billion in convertible bonds scheduled to be issued in March. 10% of total consideration amount to Hyoung-doo Shin equals KRW 696.1 million in cash will be paid on date of contract signing, and the balance of KRW 3.94 billion in cash transferred to SNP Genetics's escrow account 2 weeks before the regular general meeting of shareholders. In addition, GW Vitek will acquire 195,000 shares for KRW 2.48 billion from Myung-cheol Kim of which KRW 1.66 billion will be paid in cash and KRW 820 million convertible bonds to be issued in March, transferred to SNP Genetics's escrow account 2 weeks before the regular general meeting of shareholders.

Hyoung-doo Shin and Myung-cheol Kim will receive the amount in escrow along with the convertible bonds after the general meeting of shareholders. The transaction is resolved by the board of GW Vitek and expected to complete on April 1, 2022.