Cosmecca Korea Co., Ltd. (KOSDAQ:A241710) agreed to acquire 34.71% stake in Englewood Lab, LLC from David C. Chung for KRW 57.8 billion on April 23, 2018. The consideration will be paid in cash. A deposit will be paid on the completion date of overseas direct investment report scheduled to be on April 30, 2018 and the balance will be paid on the closing date. The consideration will be satisfied by way of retained funds and borrowings/loans. Cosmecca Korea Co., Ltd. will purchase 6.9 million shares of Englewood Lab, LLC. For the year ended December 31, 2017, Englewood Lab, LLC had sales of KRW 87.1 billion and net loss of KRW 13.9 billion. As of December 31, 2017, Englewood Lab, LLC had total assets of KRW 92.4 billion. The Board of Directors passed a resolution on the transaction on April 23, 2018. The transaction is expected to close on June 8, 2018. Shinwoo Accounting Corporation acted as the external rating institution for the transaction. Ernst & Young acted as a due diligence provider to Cosmecca Korea Co., Ltd. Ernst & Young acted as financial advisor to Cosmecca Korea Co., Ltd.