General Electric International (Benelux) BV agreed to acquire Heat Recovery Steam Generator Division of Doosan Engineering & Construction Co., Ltd. (KOSE:A011160) for KRW 300 billion on May 10, 2016. The transaction is subject to approval by regulators and Doosan shareholders. The transaction shall close between May 10, 2016 and July 29, 2016. As of June 8, 2016, the transaction is approved by Competition Commission of India. As of June 23, 2016, the transaction was approved by the shareholders of Doosan Engineering & Construction Co., Ltd. As on July 29, 2016, the expected closing date will be extended to August 2016 due to approval process of the related institutions. General Electric acquired 80% stake in the HRSG business on August 16, 2016. The remaining 20% of the HRSG business continues to be subject to local regulatory requirements and we expect a staggered close beginning in the first quarter of 2017 through the first half of 2017. Kim & Chang acted as legal advisor and Howard Lee, Ryan Jung, Yougyeong Kwon and Seungmin Lee from BDA Partners acted as financial advisor to Doosan Engineering & Construction. General Electric International (Benelux) BV completed the acquisition of 95% stake in Heat Recovery Steam Generator Division of Doosan Engineering & Construction Co., Ltd. (KOSE:A011160) for approximately $255 million (KRW 280 billion) on May 23, 2017. The agreement to purchase the remaining 5% of the HRSG business was terminated on October 13, 2017.