LG Electronics Inc. completed the acquisition of 12.54% stake in Robostar Co., Ltd. from Jungho Kim and Guiduk Kang.
July 16, 2018
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LG Electronics Inc. (KOSE:A066570) signed a contract to acquire 12.54% stake in Robostar Co., Ltd. (KOSDAQ:A090360) from Jungho Kim and Guiduk Kang for KRW 25.8 billion on May 29, 2018. Under the terms, LG Electronics Inc will acquire 0.98 million shares at KRW 0.03 million per share and the consideration will be paid on July 17, 2018. Jungho Kim and Guiduk Kang are selling 0.88 million shares and 0.1 million shares respectively in Robostar Co., Ltd. Post-acquisition, Jungho Kim will reduce the shareholding from 0.98 million shares (12.54%) to 0.1 million shares (1.25%) and Guiduk Kang will reduce the shareholding from 0.61 million shares (7.9%) to 0.52 million shares (6.63%) in Robostar Co., Ltd. LG Electronics Inc will acquire an additional 0.3 million shares in December 2019. Post completion, LG Electronics Inc. will hold 16.75% stake in Robostar Co., Ltd. In a related transaction, LG Electronics Inc will acquire 1.9 million new shares of Robostar Co., Ltd. LG Electronics Inc will fund the transaction through its internal reserved cash. On July 17, 2018, at the extraordinary meeting of shareholders of Robostar Co., Ltd, new director will be appointed and the management rights will be transferred. The transaction is expected to be completed on July 17, 2018. Ernst & Young acted as financial advisor to LG Electronics Inc.
LG Electronics Inc. (KOSE:A066570) completed the acquisition of 12.54% stake in Robostar Co., Ltd. (KOSDAQ:A090360) from Jungho Kim and Guiduk Kang on July 17, 2018.
Robostar Co.,Ltd. is a Korea-based company engaged in the manufacture and marketing of industrial robots. The Company provides four categories of products: robots, including Cartesian robots, linear robots, selective compliance assembly robot arm (SCARA) robots, desktop robots, vertical articulated robots and controllers; transfer robots, including wafer transfer robots, flat panel display (FPD) transfer robots, wafer vacuum robots and controllers; prevision stages, including gantry stages, bridge stages, customized stages and airbearing stages, and systems, including electronic parts such as crystal oscillator parts and information technology (IT) device components, as well as small component welders, smoke reducing filters and others. The Company distributes its products within domestic market and in overseas markets.