SK Networks Company Ltd. (KOSE:A001740) entered into a letter of intention to acquire Tong Yang Magic Inc. from Glenwood Private Equity and Nonghyup Private Equity for approximately KRW 620 billion on August 11, 2016. Under the terms, 1 million shares will be acquired at KRW 0.6 million per share. For the year ended December 31, 2015, Tong Yang Magic Inc. reported total assets of KRW 332.7 billion, sales of KRW 390.3 billion and net profit of KRW 17.6 billion. The board of SK Networks Company Ltd. approved the resolution for the deal on September 30, 2016. The deal is expected to close on November 11, 2016. As of October 11, 2016, Tong Yang Magic amended the deal. The consideration for the transaction will now be KRW 610 million. The agreement for the transaction was signed on October 11, 2016. The transaction is expected to close on November 28, 2016. Credit Suisse Securities (Europe) Limited acted as financial advisor to SK Networks Company Limited (KOSE:A001740).