FnGuide Inc. cancelled the acquisition of 80.5% stake in Wisefn Corporation.
July 10, 2019
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FnGuide Inc. (XKON:A064850) signed a merger contract to acquire 80.5% stake in Wisefn Corporation for KRW 14.5 billion on July 11, 2018. Under the terms, FnGuide Inc. will acquire Wisefn Corporation in a statutory merger where FnGuide Inc. will be the surviving company and Wisefn Corporation will be the dissolved company. The exchange ratio for the consideration between FnGuide Inc.: Wisefn Corporation is 1: 6.1370. In a related transaction, FnGuide Inc. signed a contract to acquire 19.5% stake in Wisefn Corporation from a group of sellers for KRW 3 billion on July 11, 2018.
For the year ended December 31, 2017, Wisefn Corporation had total assets of KRW 5.6 billion, net assets of KRW 3.9 billion, sales of KRW 6 billion and net profit of KRW 451.5 million. As of September 27, 2018, Cheol Soon Lee, Chief Executive Officer of Wisefn Corporation, got appointed as Director of FnGuide Inc. The transaction was resolved by the Board of Directors of FnGuide Inc. on July 11, 2018. General meeting of shareholders will be held on September 11, 2018. The transaction was approved by the shareholders of FnGuide on September 27, 2018. The transaction is expected to close on October 15, 2018. As per amendment report on August 14, 2018, the transaction is expected to be completed by October 31, 2018.
FnGuide Inc. (XKON:A064850) cancelled the acquisition of 80.5% stake in Wisefn Corporation on July 11, 2019.
FnGuide Inc. is a Korea-based company principally engaged in the collection and analysis of financial data. The Company operates its business through financial solutions, data management services, DataGuide, FnGuide.com, publication services and global research services. Its financial solutions provides Website, data feeding, specific software, system integration and other solutions for asset management systems, risk management systems, investment consulting and others. Its DataGuide is a financial modeling tool. Its FnGuide.com is a financial library.