KR Motors Co., Ltd. (KOSE:A000040) agreed to acquire Daelim Motor Co., Ltd. from Daelim Industrial Co. Ltd., Standard Chartered Private Equity Korea I, Standard Chartered Private Equity Korea II and Marina Finance L.P. for KRW 33.4 billion on July 11, 2017. KR Motors Co., Ltd. will acquire 22.5 million shares of Daelim Motor Co., Ltd. in cash.

After the transaction, KR Motors Co., Ltd. will hold 100% stake in Daelim Motor Co., Ltd. Daelim Industrial held 59% stake in Daelim Motor. Daelim Motor Co., Ltd. reported total assets of KRW 440.09 billion, revenues of KRW 384.07 billion and net profit of KRW 3.12 billion. The Board of Directors passed a resolution for the transaction on July 11, 2017.

The transaction is expected to be completed on October 18, 2017. Samil PricewaterhouseCoopers acted as the external rating institution and Deloitte Anjin LLC acted as the auditor in the transaction.