Continental Aktiengesellschaft (XTRA:CON) agreed to acquire 35% stake in Vitesco Technologies Korea Co., Ltd. from Seoul City Gas Co., Ltd. (KOSE:A017390) for approximately KRW 240 billion on August 28, 2020. Continental Aktiengesellschaft will acquire 0.44 million shares and the consideration will be paid in cash. For the year ending 2019, Vitesco Technologies Korea Co., Ltd. reported total assets of KRW 492.74 billion, total equity of KRW 205.8 billion, sales of KRW 679.06 billion and net income of KRW 71.66 billion.

The transaction is expected to complete on September 18, 2020.