Wemade Creative Co.,Ltd agreed to acquire IO Entertainment Co., Ltd. from Joymax Co., Ltd. (KOSDAQ:A101730) in stock on September 16, 2015. Wemade Creative will issue 5.51312 shares for each share of IO Entertainment. Wemade Creative will issue a total of 2.21 million shares in the deal.

Wemade Creative will be the surviving company and IO Entertainment will dissolve in the merger. IO Entertainment reported total assets of KRW 18.25 billion in 2014. A scheduled general meeting of stockholders will be held on October 1, 2015 for the deal.

The deal was resolved by the Board of Directors of Joymax on September 16, 2015. The merger is expected to close by November 4, 2015.