Lotte Confectionery (New) (KOSE:A280360) signed a definitive agreement to acquire 80% stake in L&M Mayson Company Limited for KRW 76.9 billion on October 23, 2018. As per terms, 25.6 million shares will be acquired in cash. The Board of Directors of Lotte Confectionery (New) resolved and approved the deal on October 23, 2018. The deal is expected to close on January 15, 2019. The transaction is now expected to be completed by January 30, 2018. Ernst & Young acted as financial advisor to Lotte confectionery.