ODTech Co., Ltd. (KOSDAQ:A080520) and T.S. 2015-9 Growth Strategy M&A Investment Fund, a fund managed by T.S. Investment Corporation (KOSDAQ:A246690) signed a contract to acquire a 30.32% stake in Leenos Corp. (KOSDAQ:A039980) from SPES, INC and Hag-Young Roh for KRW 43.6 billion on June 14, 2017. ODTech Co., Ltd. and T.S. 2015-9 Growth Strategy M&A Investment Fund will each acquire 5.46 million shares each in Leenos Corp.

at a price of KRW 4,000 per share. The buyers will pay first deposit, being KRW 2.2 billion on June 14, 2017, second deposit of KRW 2.2 billion on June 16, 2017 and the balance of KRW 39.3 billion on July 28, 2017. The shares will be transferred upon receiving the balance consideration.

As on July 27, 2017, the deal terms were revised. As per the amendment, ODTech Co., Ltd. and T.S. 2015-9 Growth Strategy M&A Investment Fund will pay KRW 3900 per share for the acquisition. The buyers paid first deposit, being KRW 2.2 billion on June 14, 2017, second deposit of KRW 2.2 billion on June 16, 2017 and the balance of KRW 39.3 billion will be paid on July 28, 2017.

Post completion, ODTech Co., Ltd. and T.S. 2015-9 Growth Strategy M&A Investment Fund will hold 15.16% stake each and SPES, INC will hold 2.78% stake in Leenos Corp. The transaction is expected to close on July 28, 2017. Myungil Accounting Corporation acted as external rating institution in the transaction.

Ernst & Young, Korea acted as accountant advisor for SPES, INC. Ernst & Young Global Limited, Corporate Finance acted as financial advisor to SPES Inc.