Nexon GT Co., Ltd. (KOSDAQ:A041140) agreed to acquire 99.9% stake in JoongAng Pangyo Development Co., Ltd from JoongAng Media Network Co., Ltd and JoongAng Ilbo Co.,Ltd. for KRW 28.8 billion on August 24, 2017. Nexon GT will acquire 65.42 million shares and 1.44 million preferred shares from JoongAng Media Network Co., Ltd for KRW 23.6 billion. Nexon GT will acquire 11.48 million shares and 3.17 million preferred shares from JoongAng Ilbo Co.,Ltd for KRW 5.2 billion. Nexon GT Co., Ltd. will use own cash for the acquisition. JoongAng Pangyo Development Co., Ltd reported revenues of KRW 1.9 billion, operating income of KRW 209 million and net loss of KRW 2 billion for the year ended December 31, 2016 and total assets of KRW 51.2 billion and net liabilities of KRW 13.4 billion as of December 31, 2016. The transaction is approved by the Board of Nexcon Co. Ltd on August 24, 2017. Board of Nexcon Co. Ltd made a resolution in favor of the transaction on August 31, 2017. The scheduled date for resolution of Nexcon GT Board, contract signing date and share transfer date is August 31, 2017. As of September 6, 2017, conditions were completely fulfilled hence the scheduled closing date has been changed from October 11, 2017 to September 6, 2017. The transaction involves an advisory fee of KRW 1.2 billion. Young Jin Accounting Corporation acted as external rating institution. Nexon GT Co., Ltd. (KOSDAQ:A041140) cancelled the acquisition of 99.9% stake in JoongAng Pangyo Development Co., Ltd from JoongAng Media Network Co., Ltd and JoongAng Ilbo Co.,Ltd. on August 24, 2018.