BusinessOn Communication Co., Ltd (KOSDAQ:A138580) agreed to acquire a 66.7% stake in Shiftee Inc. from Seungwon Shin and 9 others for KRW 27.9 billion on February 4, 2022. BusinessOn Communication will pay first consideration of KRW 10.99 billion on February 4, 2022, and second consideration of 16.99 billion on February 16, 2022, to acquire 4.56 million shares in Shiftee. The consideration will be funded from own funds and borrowings of KRW 16.99 billion from Korea Development Bank.
The transaction is resolved by the board of BusinessOn Communication. The transaction is expected to complete on February 16, 2022.