Nexon GT Co., Ltd. (KOSDAQ:A041140) agreed to acquire 99.9% stake in Jungang Pangyo Development Co.,Ltd. from JoongAng Media Network Co., Ltd. and JoongAng Ilbo Co.,Ltd. for KRW 28.8 billion on August 31, 2017. Joongang Media Network Co., Ltd. will sell 65.42 million shares and 1.44 million preferred shares for KRW 23.65 billion. JoongAng Ilbo Co.,Ltd. will sell 11.48 million shares and 3.17 million preferred shares for KRW 5.18 billion. Nexon GT Co., Ltd. will pay when contract conditions are fulfilled. Nexon GT Co., Ltd. will use own cash to fund the acquisition. During the year ended December 31, 2016, Jungang Pangyo Development Co.,Ltd. had total assets of KRW 50.97 billion, total capital of KRW 13.97 billion, sales of KRW 1.04 billion and net loss of KRW 430 million. Board of Directors of Nexon GT Co., Ltd. made a resolution in favor of the transaction on August 31, 2017. The scheduled date of acquisition is October 11, 2017. Young Jin Accounting Corporation acted as external rating institution.