Telcon Co., Ltd. (KOSDAQ:A200230) agreed to acquire 31.8% stake in Vivozon, Inc. from Doohyun Lee and 60 others for KRW 26.1 billion in cash and convertible bond on July 1, 2016. Telcon Co., Ltd. has deposited KRW 1.2 billion to the escrow account on the signing date and balance will be paid on August 12, 2016, in form of cash and convertible bond issuance i.e. KRW 11.34 billion and cash and KRW 13.57 billion in convertible bond issuance of Telcon Co., Ltd. Telcon Co., Ltd. will acquire approximately 2 million shares in Vivozon. As of December 31, 2015, Vivozon reported total assets of KRW 11.5 billion, total capital of KRW 6.8 billion, sales of KRW 1.3 billion and net loss of KRW 367.12 million. The transaction is expected to close on August 12, 2016. Hyundai Accounting Corporation acted as External Rating Institution. On August 9, 2016, Telcon has amended the terms of the transaction. Telcon Co., Ltd. will now acquire 33.4% stake in Vivozon, Inc. from Doohyun Lee and 61 others for KRW 23.5 billion. Under the amended terms, Telcon Co., will acquire 2.1 million shares in Vivozon and will deposit cash to the escrow account in the amount of KRW 1.2 billion on contract signing, will pay KRW 8.98 billion in cash and KRW10.98 billion in convertible bond on August 9, 2016 and pay KRW 2.34 billion in cash on August 10, 2016. The transaction is expected to close on August 10, 2016.