MEGAZONE CLOUD Corp. agreed to acquire 70% stake in Sejoong Cloud Co., Ltd from Sejoong Co., Ltd. (KOSDAQ:A039310) for KRW 15.8 billion on August 31, 2022. As part of transaction, 280,000 shares will be acquired.

For period ended March 2022, Sejoong Cloud reported total assets of KRW 33.2 billion, total debt of KRW 31.2 billion and capital of KRW 2 billion. The transaction is expected to complete on February 8, 2023. As on February 8, 2023, the transaction is expected to complete on May 1, 2023.

As on April 28, 2023, The transaction is expected to complete on July 3, 2023.