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[Alpha Biz=(Chicago) Reporter Paul Lee] Eugene Group has signed a contract to acquire a 30.95% stake in the largest shareholder of the news channel YTN. As a result, Eugene Group's acquisition of YTN will only be approved by the Korea Communications Commission.
According to the government and industry on the 10th, Eugene Group signed a contract with the two institutions to acquire a 30.95% stake held by KEPCO KDN (21.43%) and the Korea Racing Authority (9.52%), the largest shareholders of YTN, and paid 32 billion won, or 10% of the acquisition price, as a deposit.
Previously, Eugene Group wrote 319.9 billion won in a bid to sell its stake in YTN on the 23rd of last month, beating its rival Hansae Yes24 Holdings (234 billion won) and One Korea Media Holdings (126.3 billion won), which is related to the Unification Bridge.
Eugene Group will acquire YTN through Eugene E&T, a special purpose company (SPC), where Eugene Corporation (023410), a holding company, invested 51% and Dongyang (001520), a building material affiliate such as ready-mixed concrete, invested 49%.
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