IMM Investment Corp., GS Holdings Corp., GS Holdings Corp. and CBC Group signed definitive agreement to acquire 43.2% stake in Hugel, Inc. from Leguh Issuer Designated Activity Company for KRW 1.7 trillion.

IMM Investment Corp., GS Holdings Corp. (KOSE:A078930), GS Holdings Corp. (KOSE:A078930) and CBC Group signed definitive agreement to acquire 43.2% stake in Hugel, Inc. (KOSDAQ:A145020) from Leguh Issuer Designated Activity Company for KRW 1.7 trillion on August 24, 2021.

Under the terms, IMM Investment Corp., GS Holdings Corp. (KOSE:A078930), GS Holdings Corp. (KOSE:A078930) and CBC Group will acquire 5.35 million shares under two installments.

First transaction closing KRW 1.4 trillion will be paid with transfer of 3.98 million shares and 0.8 million convertible shares and remaining KRW 384 billion by transfer of 1.37 million shares by January 12, 2022. CBC Group completed the acquisition of stake in Hugel and holds 43.241% stake following completion. As on April 29, 2022, all the prerequisites for closing the transaction, such as government approval, are satisfied.

the transaction is expected to complete on May 3, 2022. Morgan Stanley (NYSE:MS) is acting as CBC's financial advisor in relation to the transaction. Karl Pires of Shearman & Sterling LLP acted as legal advisor to Mubadala Investment Company PJSC.

Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to CBC Group.