Hancom Secure Inc. (KOSDAQ:A054920) signed a contract to acquire the remaining stake in Hancom GMD Inc. (KOSDAQ:A077280) for KRW 21.6 billion on October 15, 2019. Under the terms of the transaction, Hancom Secure will acquire 9.4 million shares and will issue its 0.8474363 share for 1 share of Hancom GMD. Upon completion, largest shareholder and related parties of the merged entity will own 30.52% stake in the merged entity.

Post completion, Hancom Secure and Hancom GMD will merge and Hancom Secure will remain as a surviving corporation. Transaction was resolved by the Board of Hancom Secure.The transaction is subject to shareholder approval. Transaction is expected to close on December 28, 2019.