Contents And People, Logistics Energy company,.LTD (KOSE:A006490) agreed to acquire 87.52% stake in Space Net Co., Ltd. for KRW 21.3 billion on May 19, 2015. Under the terms of the deal, Space Net will be merged into Contents And People, Logistics Energy. Consideration comprise of issue of 13.13 million shares of Contents And People, Logistics Energy at an exchange ratio of 34.134625 share for every share of Space Net.

As of recent business year, Space Net Co. had total assets of KRW 6.6 billion, total liabilities of KRW 4.6 billion, sales revenue of KRW 15.6 billion, net assets of KRW 2.1 billion and net profit of KRW 1.2 billion. The transaction is subject to special resolutions of the general meeting of shareholders.

The scheduled date of general meeting of stockholders is July 3, 2015. As of July 3, 2015, the shareholders of Contents And People, Logistics Energy company approved the transaction. The deal is expected to be completed by August 5, 2015.

The deal is expected to be completed by August 7, 2015.