Intelligent Digital Integrated Security Co., Ltd. (KOSDAQ:A143160) agreed to acquire 44.8% stake in KT Powertel Co., Ltd. from KT Corporation (KOSE:A030200) for KRW 40.6 billion during the week ending January 15, 2021. IDIS. Ltd. was selected as the preferred bidder to acquire 44.9% stake in KT Powertel Co., Ltd. The consideration will be paid in cash as down payment of KRW 4.06 billion on January 22, 2021 and balance of KRW 36.54 billion on March 31, 2021 or the date agreed upon by the parties.

The deal will be funded with holding funds. The transaction is subject to regulatory approval. The transaction was resolved by the Board of Directors of Intelligent Digital Integrated Security Co., Ltd. on January 22, 2021.

The acquisition is scheduled to close on March 31, 2021. The proceeds from the deal will be used in business projects that can make KT a platform company covering not only IT and telecommunications, but also finance and media. KPMG acted as due diligence provider to KT Corporation.