KidariStudio, Inc. agreed to acquire Lezhin Entertainment, Inc. from Jeong-hyuk Kwon and others for approximately KRW 130 billion.
December 13, 2020
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KidariStudio, Inc. (KOSE:A020120) agreed to acquire Lezhin Entertainment, Inc. from Jeong-hyuk Kwon and others for approximately KRW 130 billion on December 14, 2020. Under the terms the exchange ratio is 1: 3.8610381 and KidariStudio, Inc. will issue 13.6 million shares as consideration. The consideration is expected to be paid by February 19, 2021. Post acquisition Lezhin Entertainment, Inc. will be wholly owned subsidiary of KidariStudio, Inc. and Kidaris Studio Co., Ltd. will remain as a stock-listed corporation, and Lezhin Entertainment Co., Ltd., will be maintained as a stock-not-listed corporation. For the year ended December 2019, Lezhin Entertainment, Inc. reported total assets of KRW 20 billion and equity of KRW 9.6 billion. The transaction is expected to close on February 23, 2021.
KidariStudio Inc, formerly Daouincube, is a Korea-based company engaged in the provision of technological solutions to publishing industry. It provides solutions for creating rich media contents deliverables for multi-channels including tablet personal computers, smart phones and other interactive electronic devices. It operates two business divisions. Its Quark division specializes in domestic operation and marketing for QuarkXPress products and Quark solutions, which are software used in desktop publishing (DTP) electronic publishing and editing sectors. Its E-Book division provides conversion solutions, which enables automatic conversion of original publication made by QuarkXPress to ePub files. On February 20, 2014, the Company sold its entire shares of Smartphy, a Korea-based company engaged in the manufacturing of semiconductor development.