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.