SVEL Group JSC agreed to acquire 99.09% stake in Hyundai Heavy Industries Co. Bulgaria JSC from Hyundai Electric & Energy Systems Co., Ltd. (KOSE:A267260) for KRW 28.9 billion on November 29, 2019. The payment procedure will be completed on the expected closing date of the transaction. Post completion, Hyundai Electric & Energy Systems will not hold any shares in Hyundai Heavy Industries. As of August 25, 2020, the deal terms were revised and the payment amount is now KRW 26.7 billion. Hyundai Heavy Industries had total assets of KRW 39.1 billion, net assets of KRW 31.4 billion, sales of KRW 42.7 billion and net loss of KRW 1.6 billion in 2018. Transaction was resolved by the Board of Hyundai Electric & Energy Systems on November 29, 2019. Transaction is expected to close on December 31, 2019. As of December 31, 2019, the transaction is expected to close on January 31, 2020. As of August 25, 2020, the transaction is expected to close on August 31, 2020. Martin Kolbinger, Peter Endres, Stefan Lüft, Markus Häuser, Björn Herbers of CMS Germany and Gentscho Pavlov of CMS Sofia acted as legal advisors to Hyundai Electric & Energy Systems. Ernst & Young (CIS) Ltd., Transaction Advisory Services acted as financial advisor to SVEL Group JSC.