Skylake Equity Partners Limited signed a preliminary agreement to acquire a 52.9% stake in Doosan Solus Co., Ltd. (KOSE:A336370) from Doosan Corporation (KOSE:A000150) and eight other shareholders on July 3, 2020. Skylake Equity Partners Limited signed a stock purchase agreement to acquire a 52.9% stake in Doosan Solus Co., Ltd. (KOSE:A336370) from Doosan Corporation (KOSE:A000150) and eight other shareholders for approximately KRW 700 billion on September 4, 2020. Skylake Equity Partners will acquire 5.5 million shares representing 18.05% stake in Doosan Solus from Doosan Corporation for approximately KRW 240 billion.

The remaining 10.7 million shares representing 34.88% stake will be acquired from eight individual shareholders. The transaction is expected to complete on October 30, 2020. As on October 14, 2020, transaction is expected to complete on November 20, 2020.

As of November 20, 2020 extraordinary general shareholders' meeting, the expected completion date is expected to be confirmed in December 2020. As of November 4, 2020, 10.67 million shares representing 34.88% stake is acquired by Skylake Equity Partners Limited. Proceeds from the disposal will be used as a resource for improving the financial structure of the group.

Lee & Ko acted as legal advisor to Skylake Equity Partners. Credit Suisse Group AG acted as financial advisor to Skylake Equity Partners Limited in the transaction.