NHN Entertainment Corp. (KOSE:A181710) agreed to acquire 35% stake in Neowiz Internet Corporation (KOSDAQ:A104200) from NEOWIZ HOLDINGS Corporation (KOSDAQ:A042420) for KRW 87.5 billion in cash on May 7, 2015. On May 29, 2015, a contract was signed. NHN Entertainment Corp. will acquire 4.73 million shares at the price of KRW 18481 per share. In a related transaction, Neowiz Internet Corporation will carry out a capital increase of 1.3 million shares at KRW 14,200 per share. After both the transactions, NHN Entertainment Corp. will be the largest shareholder of Neowiz Internet Corporation. NHN Entertainment granted put option to NEOWIZ HOLDINGS Corporation to acquire 0.68 million shares of Neowiz Internet after 2 years. The contract will be signed on May 20, 2015 and KRW 8.75 billion will be paid on signing of the agreement. The remaining consideration will be paid on closing.

The Board of NHN Entertainment passed a resolution for the transaction on May 7, 2015. As of May 20, 2015, the contract signing date and KRW 8.75 billion payment date has been changed to May 29, 2015, and balance payment date has been changed to July 16, 2015. The transaction is expected to complete on July 7, 2015. As of May 22, 2015, the scheduled acquisition date has been changed to July 16, 2015. As of June 26, 2015, the scheduled acquisition date has been changed to June 26, 2015 from July 16, 2015. BDO Daejoo LLC acted as external evaluating agency in the deal.