NEOWIZ Games Corporation signed a merger to acquired Neowiz Internet Corporation from Neowiz Corp. and other shareholders for approximately KRW 200 billion in stock.

NEOWIZ Games Corporation (KOSE:A095660) signed a merger to acquired Neowiz Internet Corporation (KOSE:A104200) from Neowiz Corp. (KOSE:A042420) and other shareholders for approximately KRW 200 billion in stock on October 12, 2012. The merger ratio for the transaction is set to be 1:0.5842697.

NEOWIZ Games Corporation is issuing 7.49 million new shares as part of consideration. The transaction is resolved by Board of Directors and is subject to approval by shareholders of both NEOWIZ Games Corporation and Neowiz Internet Corporation. The shareholders meeting of NEOWIZ Games Corporation and Neowiz Internet Corporation will be held on November 22, 2012, for the approval of the acquisition.

As of November 22, 2012 the deal was approved by shareholders of Neowiz Internet Corporation. The transaction is expected to close on January 1, 2013.