PXN Holdings Co., Ltd agreed to acquire 15.31% stake in PAXNet, Inc. (KOSDAQ:A038160) from The Asia Business Daily Co., Ltd. (KOSDAQ:A127710) for KRW 25.3 billion on August 7, 2018. A total of 1.7 million shares will be acquired as part of the deal. Consideration will be paid in a lump sum cash amount within 5 business days from the contract date. Board of Directors of The Asia Business Daily resolved in favor of the deal on August 7, 2018. Deal is expected to close on August 14, 2018. The transaction is expected to close on August 10, 2018 as per amendment report on August 10, 2018. Samyoung Accounting Corporation acted as external rating institution in the deal.

PXN Holdings Co., Ltd completed the acquisition of 15.31% stake in PAXNet, Inc. (KOSDAQ:A038160) from The Asia Business Daily Co., Ltd. (KOSDAQ:A127710) on August 10, 2018