Modacom Co., Ltd. (KOSDAQ:A149940) agreed to acquire IMI Exchange from Oak Investment Partners XI, L.P., a fund of Oak Investment Partners and other shareholders for KRW 61.8 billion on April 21, 2016. An earn-out payment of KRW 14 billion will also be paid as consideration. The transaction is expected to close by June 13, 2016.

As on June 8, 2016, the deal is expected to close on June 20, 2016. As on June 20, 2016, the deal is expected to close on June 30, 2016. Kim & Chang acted as legal advisor to MODACOM.