The Oozoo Co., Ltd. signed a contract to acquire 11.57% stake in Ybroad Co.,Ltd. (KOSE:A010600) from PATI Games Corporation (KOSDAQ:A194510) for KRW 11 billion on April 11, 2018. The Oozoo Co., Ltd. will acquire 1.76 million shares. As part of consideration, a deposit of KRW 550 million will be paid on April 11, 2018, a second payment of KRW 550 million will be paid on April 30, 2018 and the balance KRW 9.9 billion will be paid within 3 months from April 11, 2018.

The deal will be funded with own funds and borrowings. The Board of Directors passed a resolution on the transaction on April 11, 2018. The transaction is expected to complete on July 11, 2018.