Pioneer Private Equity Fund agreed to acquire a 31.61% stake in KOREIT from Istum & Trust Co., Ltd. and Istum Red Private Equity Fund for approximately KRW 150 billion.

Pioneer Private Equity Fund agreed to acquire a 31.61% stake in KOREIT (KOSDAQ:A034830) from Istum & Trust Co., Ltd. and Istum Red Private Equity Fund for approximately KRW 150 billion on December 31, 2014. Pioneer Private Equity Fund will offer KRW 1850 per share for 79.33 million shares of Istum & Trust Co., Ltd. and 0.48 million shares of Istum Red Private Equity Fund respectively. The deal is expected to close on January 30, 2015.

A supplementary agreement was signed on February 27, 2015. The deal is expected to close on March 31, 2015.