Widwin Networks Corp. (KOSDAQ:A043220) signed a contract to acquire Sam Kwang Power System Corp. from Samyang Holdings Corporation (KOSE:A000070) and Jungsub Nam for KRW 9.8 billion on September 1, 2016.

Widwin Networks Corp. will acquire 0.18 million common shares from Samkwang Holdings Co., Ltd. and 0.02 million preferred shares from Jungsub Nam. A cash payment of KRW 1 billion has been paid on September 1, 2016 and the balance of KRW 8.8 million will be paid on September 8, 2016.

Sam Kwang Power System Corp had total assets of KRW 42.2 billion, sales of KRW 46.4 billion and net income of KRW 2 billion for the year ended December 31, 2015. The board of directors of Widwin Networks resolved the deal on September 1, 2016. The deal is expected to close on September 8, 2016.

Jiam Accounting Corporation acted as external rating institution in the deal.