Curexo Inc. (KOSDAQ:A060280) signed a term sheet to acquire Medical Robotics Business from Hyundai Heavy Industries Co., Ltd. (KOSE:A009540) for KRW 11.8 billion on March 13, 2017. The parties signed the agreement on April 25, 2017. As consideration, Curexo Inc. will issue 1.97 million new shares to Hyundai Heavy Industries.

Curexo Inc. will acquire the business resources including workforces. The transaction requires special decision of the general meeting of the shareholders. Scheduled date for the general meeting of shareholders is April 27, 2017.

As of May 13, 2017, the Board of Curexo Inc. resolved the transaction. As of April 27, the transaction is approved by the shareholders of Curexo Inc. The transaction is expected to complete on May 31, 2017. As of May 31, 2017, the closing of the transaction was re-scheduled to June 30, 2017.

As on June 30, 2017, the business merger report approval is delayed so payment is expected to be made by July 31, 2017. Now the deal is expected to close on July 31, 2017. As of July 31, 2017, the closing of the transaction was re-scheduled to September 30, 2017.

Hanshin Accounting Firm acted as an external rating institution in the transaction. As of September 8, 2017, the closing of the transaction was pre-poned to September 8, 2017.