Iconex LLC signed a definitive agreement to acquire Schades A/S and 83.3% in R+S Group GmbH from Hansol Paper Co., Ltd. (KOSE:A213500) on November 2, 2018. As per terms, 5 shares of R+S Group GmbH will be acquired for KRW 8.3 billion. For the year ended December 31, 2017, R+S Group GmbH reported total assets of KRW 31.7 billion, net assets of KRW 8.2 billion, sales of KRW 56.3 billion and net profit of KRW 568 million. With the integration of Schades and R+S, Iconex will have employees spanning across fourteen locations in eight countries. Iconex will continue to be headquartered in Duluth, Georgia. The Board of Directors of Hansol Paper Co., Ltd. resolved the deal on November 5, 2018. As notified on April 1, 2019, the transaction was submitted to European Commission for review and deadline for this is May 13, 2019. As of June 10, 2019, the Competition and Markets Authority that the following transaction may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. Iconex LLC and Hansol Paper Co., Ltd. have until June 17, 2019 to offer a solution to the CMA’s concerns. If they are unable to address these, the merger will be referred for an in-depth Phase 2 investigation. Closing of deal is expected to take place in the fourth quarter of 2018 with acquisition of R+S Group GmbH closing on December 17, 2018. As per amendment on December 17, 2018, the expected date to close the deal is now January 31, 2019. As of January 31, 2019, the deal is now expected to close on March 5, 2019. As of February 25, 2019, the deal is now expected to close on May 31, 2019 and the reason for revision is consideration of the duration of the approval review period between the company to be sold and the EU. Iconex LLC completed the acquisition of 83.3% stake in R+S Group GmbH from Hansol Paper Co., Ltd. (KOSE:A213500) on May 14, 2019. The European Commission has approved the transaction. Paul Hastings LLP, led by Frankfurt partner Regina Engelstädter and Seoul partner Daniel Sae-Chin Kim, with support in Frankfurt from corporate associates Sebastian Klein and Sebastian Ens, tax advisor Uwe Halbig, and real estate associate Jan Hueniken; in London from employment partner Suzanne Horne and corporate associate Catherine Kennedy; and in Paris from corporate partner Sébastien Crepy and associate Ted Dimvula, and employment partner Stéphane Henry and associate Alexandre Ruiz, acted as legal advisor to Hansol Paper Co., Ltd. on the deal.