SM Culture & Contents Co., Ltd. completed the acquisition of Woollim Entertainment Co. Ltd.
October 15, 2013 at 12:00 am EDT
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SM Culture & Contents Co., Ltd. (KOSE:A048550) signed a statutory merger agreement to acquire Woollim Entertainment Co. Ltd. for KRW 12.1 billion on August 8, 2013. SM Culture is issuing one share for every 311.4295133 shares of Woollim Entertainment Co. Ltd. i.e. SM Culture is issuing 3.77 million shares. For the period ending December 2012, Woollim Entertainment Co. Ltd. reported total assets of KRW 5.13 billion, net assets of KRW 2.35 billion, sales of KRW 11.74 billion and net profit of KRW 1.97 billion. The transaction has been resolved by Board of Directors of SM Culture & Contents Co., Ltd. and is expected to close by October 15, 2013.
SM Culture & Contents Co., Ltd. (KOSE:A048550) completed the acquisition of Woollim Entertainment Co. Ltd. on October 15, 2013.
SM Culture & Contents Co., Ltd., formerly BT&I Travel Group.,Inc., is a Korea-based company engaged in the provision of travel management services. The Company provides meeting, incentive, convention and exhibition (MICE) tour services for corporations; online tour services through www.tourexpress.com, including air tickets and hotels reservation and individual travel scheduling services, as well as advertising services, and travel information services. On May 21, 2013, the Company merged with a Korea-based company, mainly engaged in the program producing business. On October 15, 2013, it merged with Woollim Entertainment Co Ltd, a Seoul-based manufacturer of music records.
SM CULTURE & CONTENTS CO., LTD. 
