JS Corporation agreed to acquire Yakjin Trading Corporation from Carlyle Asia Growth Partners IV, L.P., managed by The Carlyle Group Inc. (NasdaqGS:CG) and Cho Yong-ro for KRW 14.3 billion.

JS Corporation (KOSE:A194370) agreed to acquire Yakjin Trading Corporation from Carlyle Asia Growth Partners IV, L.P., managed by The Carlyle Group Inc. (NasdaqGS:CG) and Cho Yong-ro for KRW 14.3 billion on August 21, 2020. As part of the acquisition, JS Corporation will acquire 19.4 million shares of Yakjin Trading Corporation. JS Corporation will acquire 70% stake of Yakjin Trading Corporation from Carlyle Asia Growth Partners IV, L.P. and 30% stake of Yakjin Trading Corporation from Cho Yong-ro.

After the acquisition completed, Yakjin Trading Co., Ltd. will be a major subsidiary of JS Corporation. As of December 31, 2019, Yakjin Trading Corporation has a total assets of KRW 317.9 billion, total equity of KRW 89.3 billion, total sales of KRW 556 billion and net income of KRW 1.03 billion. The transaction is expected to close on August 25, 2020.