I&C Technology Co., Ltd. completed the acquisition of XRONet, Inc. from JAFCO Investment (Asia Pacific) Ltd., IDG Ventures Korea and others.
June 05, 2013 at 09:30 am IST
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I&C Technology Co., Ltd. (KOSE:A052860) signed a statutory merger agreement to acquire XRONet, Inc. from JAFCO Investment (Asia Pacific) Ltd., IDG Ventures Korea and others in stock on April 4, 2013. The merger ratio of I&C Technology and XRONet is 1:0.1549269. On completion, I&C Technology will survive and XRONet will be dissolved. For the year ended December 31, 2012, XRONet, Inc. reported revenues of KRW 350 million, total assets of KRW 4.7 billion, net loss of KRW 11.65 billion and negative total common equity of KRW 3.9 billion. The transaction shall become effective on May 29, 2013. As on April 22, 2013, I&C Technology and XRONet made amendments to the agreement. Pursuant to the amendments, merger ratio of I&C Technology and XRONet is 1:0.1289718 and the merger effective date will be June 5, 2013. As on May 15, 2013, the transaction has been approved by the Board of Directors of I&C Technology Co., Ltd.
I&C Technology Co., Ltd. (KOSE:A052860) completed the acquisition of XRONet, Inc. from JAFCO Investment (Asia Pacific) Ltd., IDG Ventures Korea and others on June 5, 2013.
I&C Technology Co., Ltd. is a Korea-based company engaged in the development and manufacture of integrated circuits (ICs). The Company mainly operates in three divisions: mobile television (TV) system on chip (SoC), security IC and digital radio SoC. The Companyâs ICs are mainly used in mobile televisions (TVs), set top boxes (STBs) and intelligent transportation systems (ITSs). The Company provides ICs under the brand names of T3300, T3500, T3700, RFT500, RFG7200, D3000, Star CI, Star CI2win, SE200 and others. It has partnerships with C&S Technology, EVER, LG Electronics, Samsung Electronics, Pantech and others. On June 5, 2013, the Company merged with XRONet Corporation, a Korea-based company mainly engaged in the wireless fidelity system-on-a-chip business.