Netmarble Corporation (KOSE:A251270) agreed to acquire 25.08% stake in Woongjin Coway Co., Ltd. (KOSE:A021240) from Woongjin Thinkbig Co., Ltd. (KOSE:A095720) for KRW 1.7 trillion on October 14, 2019. Netmarble was chosen as the preferred bidder for stake Woongjin Coway. Netmarble Corporation will acquire 18.5 million shares in Woongjin Coway Co., Ltd. for a cash consideration. The down payment of 10% will be made on December 30, 2019 while the balance of 90% is planned to be paid on February 28, 2020. Netmarble Corporation plans to sign a contract for the acquisition of Woongjin Coway Co., Ltd on December 30, 2019. Parties to the transaction signed an agreement for the transaction on February 7, 2020. 100% of the consideration will be paid on February 11, 2020. The transaction is expected to close on February 11, 2020. The Board of Woongjin Thinkbig approved the sale. Woongjin Thinkbig Co., Ltd.'s Board approve the transaction on December 27, 2019. BDO Daejoo LLC and Daejoo Accounting Corporation acted as external evaluation body for the transaction. KPMG International Cooperative acted as due diligence provider to Woongjin Thinkbig Co., Ltd. (KOSE:A095720).

Netmarble Corporation (KOSE:A251270) completed the acquisiiton of 25.08% stake in Woongjin Coway Co., Ltd. (KOSE:A021240) from Woongjin Thinkbig Co., Ltd. (KOSE:A095720) on February 11, 2020. Hana Bank and Credit Swiss Bank has funded KRW 550 billion for the acquisition.