LG Uplus Corp. (KOSE:A032640) agreed to acquire 50% stake in CJ Hello Co., Ltd. (KOSE:A037560) from CJ ENM CO., Ltd. (KOSDAQ:A035760) for KRW 800 billion on February 14, 2019. Under the transaction, LG Uplus Corp. is acquiring 38.7 million shares in CJ Hello Co., Ltd. A down payment would be made at contract signing date and balance will be paid at stock transfer date. LG Uplus Corp. will make another disclosure when the scheduled date of acquisition is approved by the relevant authority. The transaction has been approved by the Board of Directors of LG Uplus Corp. On November 10, 2019, Fair Trade Commission approved the transaction. On December 15, 2019, Ministry of Science and ICT approved the transaction. As of December 20, 2019, the transaction is expected to close on December 24, 2019. Ernst & Young, Korea acted as external rating institute under the transaction. Morgan Stanley acted as financial advisor to CJ Hello Co., Ltd. Goldman Sachs acted as financial advisor to CJ ENM CO., Ltd.
LG Uplus Corp. (KOSE:A032640) completed the acquisition of 50% stake in CJ Hello Co., Ltd. (KOSE:A037560) from CJ ENM CO., Ltd. (KOSDAQ:A035760) on December 24, 2019.