Meritz Financial Group Inc. (KOSE:A138040) agreed to acquire the remaining 40.5% stake in Meritz Fire & Marine Insurance Co., Ltd. (KOSE:A000060) for KRW 1500 billion on November 21, 2022. Meritz Financial Group Inc. will issue 1.265738 shares for every share of Meritz Fire & Marine Insurance Co., Ltd. A shareholder confirmation process will be held on December 6, 2022. The stock exchange contract between Meritz Financial Holdings Co., Ltd. and Meritz Fire & Marine Insurance Co., Ltd. has been approved by more than 2/3 of the voting rights of shareholders present at the general meeting of shareholders.

The transaction is expected to close on February 1, 2023.