CJ Freshway Corporation (KOSDAQ:A051500) agreed to acquire Songlim Food Co., Ltd. from a group of shareholders for KRW 34 billion on November 9, 2016. Byunghak Han will sell 44.7% stake while Ahn Byung-moo and 5 others will sell 55.3% stake. Under the terms, 0.99 million shares representing 70% stake will be acquired in 2016 and remaining in 10% installments in 2017, 2018 and 2019. As announced on November 30, 2016, the deposit of 10% was paid on November 9, 2016 and the remaining balance will be paid until December 30, 2016. On December 20, 2016, acquisition of 70% stake is completed and and 10% each will be acquired in 2018, 2019 and 2020. The balance 90% consideration is also paid on December 20, 2016. For the year ended December 31, 2015, Songlim Food Co., Ltd. reported total revenue of KRW 18.3 billion, total assets of KRW 13.8 billion, net assets of KRW 7.6 billion and net income of KRW 1.7 billion. The Board of Directors resolved the transaction on November 9, 2016. The transaction is expected to complete by December 30, 2016. As per the new terms, the deal will be closed on June 30, 2020. CJ Freshway Corporation (KOSDAQ:A051500) completed the acquisition of Songlim Food Co., Ltd. from a group of shareholders for KRW 35 billion on May 4, 2020.