ORIX Corporation (TSE:8591) was appointed as preferred bidder to acquire up to 49% stake in STX Energy Co., Ltd. from STX Corp. (KOSE:A011810) on September 24, 2012. ORIX will acquire a maximum of 49% stake in STX Energy. A contract will be signed in October 2012.

As of October 31, 2012, ORIX Corporation signed a contract to acquire 43.1% stake in STX Energy Co., Ltd. from STX Corp. (KOSE:A011810) for approximately KRW 360 billion. Under the agreement, STX Group will sell existing and new shares and issue convertible bonds. Following the completion of the deal, STX Corp will maintain its management rights in STX Energy with a more than 50% stake. STX Energy recorded KRW 1.22 trillion of total assets, KRW 364.86 billion of total shareholders' equity, KRW 1.07 trillion of sales, KRW 66.3 billion of operating income and KRW 15.03 billion of net income for the year ended December 31, 2011.