Binggrae Co., Ltd. (KOSE:A005180) agreed to acquire Haitai Icecream Co., Ltd. from Haitai Confectionery&Foods Co.,ltd. (KOSE:A101530) for approximately KRW 130 billion on March 31, 2020. Binggrae will make the consideration in cash with 10% to be paid as down payment on March 31, 2020 and the remaining 90% will be paid on 5 business days from the date that all the prerequisites are met in the stock trading agreement or the parties and after the Korea Fair Trade Commission approves the deal. The transaction will be funded through its funds held. The transaction has been approved by the Fair Trade Commission on September 29, 2020. The transaction is expected to be completed on the 5th business day from the date on which all of the prerequisites on the stock sale agreement are met due to un-confirmation or on the date the parties agree otherwise. Hanul Accounting Firm and Samil PricewaterhouseCoopers acted as the external evaluation agency for the transaction. The transaction is expected to be completed and balance consideration will be paid on on October 5, 2020. The Fair Trade Commission (FTC) on September 29, 2020 allowed Binggrae to scoop up Haitai Icecream.

Binggrae Co., Ltd. (KOSE:A005180) completed the acquisition of Haitai Icecream Co., Ltd. from Haitai Confectionery&Foods Co.,ltd. (KOSE:A101530) on October 5, 2020. Jang, Jae-young of Shin & Kim acted as legal advisor to Haitai Confectionery&Foods Co.,ltd. in the transaction.