VESPA Inc. (KOSDAQ:A299910) agreed to acquire Art of Field Co., Ltd. from Jaehwan Yoo for KRW 600 million on December 28, 2023. The consideration consists of KRW 300 million in cash and KRW 300 million in convertible debt. As part of the consideration, KRW 600 million was paid towards common equity.

Art of Field Co., Ltd. reported Total assets worth KRW 204 million, Sales of KRW 945 million, Total Debt of KRW 648 million and Net loss of KRW 95 million on September 2023. Transaction is expected to complete on December 28, 2023.