Brand X Co.,Ltd. agreed to acquire 59.3% stake in Gelato Lab Inc. for KRW 2.7 trillion.
November 18, 2020
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Brand X Co.,Ltd. (KOSDAQ:A337930) agreed to acquire 59.3% stake in Gelato Lab Inc. for KRW 2.7 trillion on November 19, 2020. Brand X Co.,Ltd. will acquire 19542 shares. The acquisition amount would be paid in three installments – KRW 1068.2 billion each on November 19, 2020 and December 2, 2020 and KRW 534 million on January 4, 2021. Gelato Lab Inc. had total assets of KRW 7.8 billion, total equity of KRW 5.4 billion, net income of KRW 2.3 billion. The deal is resolved by Board on November 19, 2020. The transaction is expected to close on January 4, 2020.
Brand X Co Ltd is a Korea-based company engaged in manufacturing uniforms, working clothes, and similar clothes. The Company's brand names in which the parent company operates are xexymix, mix2mix, WHIA, and Marcio Diego. Xexymix and mix2mix are engaged in the manufacture and sale of professional sportswear for women. WHIA sells toothbrush sterilizers and cleaners. Marcio Diego is engaged in the manufacture and sale of men's clothing, leather goods and cosmetics.
BRAND X CO.,LTD. 
