Woori Bank Co.,LTD and MBK Partners agreed to acquire 79.83% stake in Lotte Card CO.,LTD from LOTTE Korea and LOTTE Corporation (KOSE:A004990) on May 21, 2019. Woori Bank Co.,LTD and MBK Partners signed an agreement to acquire 79.83% stake in Lotte Card CO.,LTD from LOTTE Korea and LOTTE Corporation for KRW 1.38 trillion on May 24, 2019. The consideration is subject to adjustment. Woori Bank would provide the necessary funds for MBK Partners. In October Woori Financial Group acquired 20% stake in Lotte Card. As of May 24, 2019, the transaction was approved by the board of directors of Lotte. The transaction is expected to close on October 10, 2019. Citibank Korea Inc. acted as a financial advisor to LOTTE Korea. Credit Suisse acted as financial advisor to MBK Partners. KPMG acted as financial due diligence provider to MBK. Shin & Kim acted as a legal adviser to the transaction. Dae-Joon Park and Joo-Ho Choi of PwC Korea acted as M&A advisor for Woori Bank. Woori Bank Co.,LTD and MBK Partners completed the acquisition of 79.83% stake in Lotte Card CO.,LTD. from LOTTE Korea and LOTTE Corporation (KOSE:A004990) in October 2019. MBK Partners completed the acquisition of a majority stake in Lotte Card in October 2019.