It'S SKIN Co., Ltd. completed the acquisition of Hanbul Cosmetics Co.,Ltd.
May 30, 2017
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It'S SKIN Co., Ltd. (KOSE:A226320) signed a merger contract to acquire Hanbul Cosmetics Co.,Ltd. for approximately KRW 400 billion on February 17, 2017. As consideration, It'S SKIN Co., Ltd. will issue 4.5 million new shares and 4.8 million treasury shares. It'S SKIN will acquire 1.1 million shares of Hanbul Cosmetics. The merger ratio is 1: 8.1186341 between It'S SKIN Co., Ltd. and Hanbul Cosmetics Co.,Ltd. Post-closing, Hanbul Cosmetics Co.,Ltd. will be dissolved and It'S SKIN Co., Ltd. will change its name to Its Hanbul. It'S Skin will absorb Hanbul’s research and development center as well as production facilities including a plant under construction in Huzhou, China. The deal is subject to approval by the shareholders of It'S SKIN and Hanbul Cosmetics on March 17, 2017. The Board of Directors of It'S SKIN Co., Ltd. made a resolution in favor of the transaction on February 17, 2017. The merger is expected to close on May 1, 2017. KPMG Samjong Accounting Corp. acted as external rating institution. Samjong KPMG Advisory Inc. acted as a financial advisor and fairness opinion advisor to It'S Hanbul Co., Ltd.
It'S SKIN Co., Ltd. (KOSE:A226320) completed the acquisition of Hanbul Cosmetics Co.,Ltd. on May 1, 2017.
IT'S HANBUL CO., LTD., formerly It's skin CO., LTD., is a Korea-based company mainly engaged in the retail of cosmetics. The Company mainly retails basic skin cares including toners, essences, emulsions, creams, eye creams, eye masks, sun cares, cleansing foams, exfoliations and others; base makeups including makeup bases, highlighters, concealers foundations, blemish balms (BBs), color control (CC) creams, powders, pacts and others; point makeups including eye shadows, lipsticks, eyebrows, eyeliners and others; body cares including body washes, body scrubs, body lotions, body creams, body oils and body mists; hair cares including hair sprays, hair rinses, hair shampoos and others and other cosmetics.