Green Cross Lab Cell Corporation entered into a definitive merger agreement to acquire Green Cross Cell Corporation from a group of shareholders for approximately KRW 510 billion.

Green Cross Lab Cell Corporation (KOSDAQ:A144510) entered into a definitive merger agreement to acquire Green Cross Cell Corporation (KOSDAQ:A031390) from a group of shareholders for approximately KRW 510 billion on July 16, 2021. GC Cell stock will be exchanged for a fixed ratio of 0.4023542 shares of GC Lab Cell stock. Post completion, Green Cross Lab Cell Corporation will be the surviving entity.

The Boards of Directors of both companies have approved the combination. This deal is subject to approval by shareholders, receipt of regulatory approvals and other customary closing conditions. The transaction was resolved by the board of GC Cell on July 16, 2021.

The general shareholder meeting will be held on September 13, 2021. On September 13, 2021, shareholders of GC LabCell and GC Cell approved the acquisition. The transaction is expected to close on October 29, 2021.

Transaction is expected to close on November 2, 2021. On September 14, 2021, merger date is set for November 1, 2021.