Intelligent Digital Integrated Security Co., Ltd. completed the acquisition of 44.8% stake in KT Powertel Co., Ltd. from KT Corporation.
May 30, 2021
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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.
Intelligent Digital Integrated Security Co., Ltd. (KOSDAQ:A143160) completed the acquisition of 44.8% stake in KT Powertel Co., Ltd. from KT Corporation (KOSE:A030200) on May 31, 2021. The balance payment of KRW 35.3 billion has been paid on May 31, 2021.
Intelligent Digital Integrated Security Co., Ltd. is a Korea-based company mainly engaged in the development, manufacture and distribution of digital video recorders (DVRs). The Companyâs products portfolio consists of personal computer (PC)-based DVRs under the brand name Pacom, S1 and others, and stand alone DVRs for security usages under the brand name Honeywell, ADT and others. In addition, the Company engages in the manufacture of cameras and DVR peripherals under the brand name IDIS. The Company distributes its products within domestic market and to overseas markets. Its affiliated companies consist of HD PRO CO., LTD, engaged in the manufacture of cameras; IDIS Holdings Co., Ltd, a holding company, as well as Matrix Network Inc, IDIS Europe Limited and Revo America Corporation, which are engaged in the distribution of DVRs.