Yujin Group Completes Acquisition of YTN Shares... "Dedicated Team Established"
by Keum Boryeong
Published 15 Feb.2024 14:12(KST)
Payment of 287.9 Billion KRW for YTN Sale Balance on the 14th
Contract Signed Last Year with KEPCO KDN and Korea Racing Authority
Eugene Group affiliate Eugene ENT announced on the 15th that it has paid the remaining balance for the acquisition of YTN and completed the purchase of a 30.95% stake.
On November 10th last year, Eugene ENT signed a contract to acquire YTN shares with KEPCO KDN and Korea Racing Authority. On the 7th of this month, it received approval from the Korea Communications Commission as the largest investor in YTN. Subsequently, it paid KRW 287.937 billion as the remaining balance for the YTN acquisition to KEPCO KDN and Korea Racing Authority the day before, gaining the rights of the largest shareholder.
A Eugene Group official stated, “As a follow-up procedure, Eugene ENT is forming a dedicated acquisition team and preparing various requests for the post-merger integration (PMI) process,” adding, “Eugene ENT plans to enhance the fairness and objectivity of broadcasting as well as the professionalism and responsibility of management through transparent governance centered on the board of directors.”
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