YJ Fund 3 and Alberge Fund agreed to acquire 8.6% in S-MAC CO., Ltd. (KOSDAQ:A097780) from Aprogen Healthcare & Games Inc. (KOSDAQ:A109960) for KRW 20 billion on November 21, 2019. As per terms, 19 million shares will be acquired in cash. On November 21, 2019, 0.95 million shares will be acquired by each of the buyers and on January 31, 2020, 8.6 million shares will be acquired by each of the buyers.

As per terms, KRW 1.9 billion is payable on November 21, 2019 and balance on January 31, 2020. As of January 31, 2020, balance payment is payable on February 28, 2020. As of February 27, 2020, balance payment is payable on March 31, 2020.

As reported on March 31, 2020, balance payment is payable on May 29, 2020. Post completion, Locojoy International Corporation will continue holding 25.1 million shares in S-MAC CO., Ltd. The Board of Directors resolved the deal on November 21, 2019. The deal will close on January 31, 2020.

As of January 31, 2020, transaction is scheduled to close on February 28, 2020. As of February 27, 2020, the transaction is expected to close on March 31, 2020. As reported on March 31, 2020, the transaction is expected to close on May 29, 2020.