Glenwood Private Equity agreed to acquire 54.06% stake in SKCKOLONPI, Inc. (KOSDAQ:A178920) from SKC Co., Ltd. (KOSE:A011790) and Kolon Industries, Inc. (KOSE:A120110) for approximately KRW 610 billion on November 21, 2019. Glenwood is selected as a preferred bidder for the transaction. An agreement to acquire 54.06% stake in SKCKOLONPI, Inc. from SKC Co., Ltd. and Kolon Industries, Inc. is signed on December 24, 2019.

Under the term, SKC Co., Ltd. and Kolon Industries, Inc. both the will receive KRW 303.45 billion each by transferring 7.938 million shares of SKCKOLONPI, Inc. The transaction was resolved by the board of directors of Kolon on December 24, 2019. The transaction is expected to close in February 28, 2020. As on February 26, 2020, the transaction is expected to close on March 6, 2020.

Credit Suisse (South Korea) acted as financial advisor to SKC Co., Ltd. and Kolon Industries, Inc. KPMG Samjong Accounting Corp. acted as due diligence provider and Samjong KPMG Advisory Inc. acted as financial advisor to Glenwood Private Equity in the transaction. Jang, Jae-young of Shin & Kim acted as legal advisor for SKC and Kolon Industries selling a stake in SKC Kolon PI.