Neungyule Education, Inc. entered into merger contract to acquire Educhallenge Co,. Ltd for KRW 12.1 billion.
August 17, 2017
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Neungyule Education, Inc. (KOSDAQ:A053290) entered into merger contract to acquire Educhallenge Co,. Ltd for KRW 12.1 billion on August 17, 2017. Neungyule Education, Inc. will issue 1.95 million shares for the acquisition. The exchange ratio is 1: 3.2472382 between Neungyule Education and Educhallenge. Educhallenge will be merged into Neungyule Education, Inc. Neungyule Education, Inc. changed its name to NE Neungyule, Inc. caused by statutory merger acquiring Edu Challenge Co.,Ltd. The payment of the consideration was done on October 27, 2017. Educhallenge had total assets of KRW 20.54 billion, net liabilities of KRW 1.52 billion, sales of KRW 51.06 billion, and net profit of KRW 2.08 billion in 2016. The deal is subject to approval from shareholders of Neungyule Education, Inc. in general meeting due on September 28, 2017. The Board of Directors of Neungyule Education, Inc. made a resolution in favor of the transaction on August 17, 2017. On September 28, 2017, the shareholders of Neungyule Education, Inc. approved the deal. The expected merger date is November 1, 2017. Nexia-Samduk acted as external rating institution.
NE Neungyule, Inc., formerly Neungyule Education, Inc., is a Korea-based company principally engaged in the publishing business. The Company operates its business through two segments. The Publishing Business segment produces English learning books, early childhood textbooks, teaching aids and others. The Service Business segment provides educational services including e-learning, telephone video English, copyright, among others.
NEUNGYULE EDUCATION, INC. 
