Double J Private Equity No1 Investment Partnership and Junpa Investment Association signed a contract to acquire a 33.61% stake in Foxbrain Co., Ltd. (KOSDAQ:A039230) from Soulbrain Co.,Ltd. (KOSDAQ:A036830) for KRW 25 billion on July 18, 2016. Under the terms, Double J Private Equity PEF No. 1 and Junpa Investment Association will acquire 6.12 million shares each. A deposit of KRW 2.5 billion amounting to 10% of the transaction price will be paid at the signing of the contract. The transaction is expected to be completed on August 31, 2016.

As of August 24, 2016, Gemini Investment Corporation (KOSDAQ:A019570) was added as the buyer in the agreement. Gemini Investment will acquire 0.49 million shares at KRW 1 billion. The payment will be made in cash on September 9, 2016 from the retained funds. The transaction is now expected to be completed on September 9, 2016. Double J Private Equity No1 Investment Partnership and Junpa Investment Association partially completed the acquisition of 33.5% stake in Foxbrain Co., Ltd. from Soulbrain Co.,Ltd. on August 30, 2016. As on September 9, 2016, the completion for acquisition of 0.49 million shares by Gemini Investment has been postponed to September 30, 2016. As of November 30, 2016, the transaction is expected to be completed by December 30, 2016. As of December 30, 2016, the transaction is expected to be completed by January 31, 2017. The transaction is now expected to close on February 28, 2017. Anse Accounting Corporation acted as an external rating institution in the transaction.

Double J Private Equity No1 Investment Partnership, Junpa Investment Association and Gemini Investment Corporation (KOSDAQ:A019570) completed the acquisition of a 34.9% stake in Foxbrain Co., Ltd. (KOSDAQ:A039230) from Soulbrain Co.,Ltd. (KOSDAQ:A036830) for KRW 26 billion on February 28, 2017. Gemini Investment Corporation acquired 0.48 million shares, representing 1.3% stake in Foxbrain Co., Ltd.