Foxbrain Holdings Co., Ltd agreed to acquire 5.89% stake in U-Tech Co., Ltd. (KOSDAQ:A178780) from S&P Holdings Co., Ltd. for KRW 10 billion on April 16, 2018. KRW 12,885 will be paid for each U-Tech Co’s share. Consideration will be paid in cash. KRW 1 billion will be paid at the signing of the agreement and the remaining KRW 9 billion will be paid a day prior to the extraordinary meeting of shareholders of U-Tech Co., Ltd. Foxbrain will acquire 0.78 million shares as part of the deal. As per the amended plan as of April 20, 2018, KRW 1 billion will be paid as initial deposit, KRW 4 billion will be paid as of April 20, 2018. 0.39 million shares of U-Tech Co will be transferred at that time only. The remaining amount will be paid one day before the extraordinary shareholders’ meeting on May 30, 2018. Along with this the remaining 0.39 million shares of U-Tech will be transferred to Foxbrain. As per the amendment on April 26, 2018, the deposit of KRW 1 billion has been paid, second payment of KRW 4 billion has been paid on April 20, 2018, third payment of KRW 3 billion will be paid on April 26, 2018, and remaining amount of KRW 2 billion will be paid one day before the extraordinary shareholders’ meeting on May 30, 2018. Out of total shares, 0.39 million was transferred on April 20, 2018, 0.23 million will be transferred on April 26, 2018, and remaining of 0.16 million on May 30, 2018. Deal is expected to close by May 30, 2018. Foxbrain Holdings Co., Ltd completed the acquisition of 5.89% stake in U-Tech Co., Ltd. (KOSDAQ:A178780) from S&P Holdings Co., Ltd. on May 30, 2018.