VT GMP Co.,Ltd (KOSDAQ:A018290) agreed to acquire 30.6% stake in Cube Entertainment Inc. (KOSDAQ:A182360) from IHQ Inc. (KOSE:A003560) for KRW 29.1 billion on February 21, 2020. As per the terms, consideration will be paid in cash and VT GMP will acquire 8.1 million shares. Down payment of KRW 3 billion will be paid on February 21, 2020 and balance of KRW 26.1 billion will be paid on March 26, 2020. The transaction is expected to be completed on March 26, 2020. Hyundai Accounting Corporation acted as external evaluation body for IHQ Inc. in the transaction. Ernst & Young, Korea, Financial Advisory Arm acted as a financial advisor and due diligence provider to IHQ Inc. (KOSE:A003560).

VT GMP Co.,Ltd (KOSDAQ:A018290) completed the acquisition of 30.6% stake in Cube Entertainment Inc. (KOSDAQ:A182360) from IHQ Inc. (KOSE:A003560) on March 26, 2020.