Medtronic Korea Holdings Co., Ltd. agreed to acquire a 18.54% stake in EOFLOW Co.,Ltd. (KOSDAQ:A294090) from Jaejin Kim for approximately KRW 170 billion on May 25, 2023. Under the terms, 5,640,680 shares will be acquired at a price of KRW 30,000 per share in cash. 60% of the balance on the closing date of the transaction Payment, the remaining 40% is paid in installments for up to 3 years from the date of transaction termination. The transaction is subject to regulatory approvals. Transaction is expected to close on October 25, 2023. As of November 3, 2023, Transaction is expected to close on January 3, 2024. Medtronic's financial advisor for the transaction is JP Morgan Securities LLC, with Kim & Chang and Ropes & Gray LLP acting as legal advisors. EOFlow's financial advisor is Goldman Sachs & Co. LLC, with Bae, Kim & Lee LLC acting as legal advisor. EY acted as due diligence provider to Medtronic.

Medtronic Korea Holdings Co., Ltd. cancelled the acquisition of 18.54% stake in EOFLOW Co.,Ltd. (KOSDAQ:A294090) from Jaejin Kim on December 6, 2023.