SK Gas Co., Ltd. (KOSE:A018670) agreed to acquire LPG business from SK Networks Company Limited (KOSE:A001740) for approximately KRW 310 billion on February 28, 2017. In a a related transaction, Pine Street Asset Management agreed to acquire LPG charging station from SK Networks Company Limited (KOSE:A001740) for approximately KRW 300 billion. The target had total assets of KRW 332.8 billion and sales of KRW 214.6 billion.

Board of Directors of SK Networks Company Limited made a resolution in favor of the transaction on February 28, 2017. The transaction is subject to Fair trade law. The transaction is expected to close on March 31, 2017.

SK Networks Company Limited will use the proceeds to strengthen financial stability and to secure investment resources.