One4U to Absorb Unlisted GreenB Partners at '2.8 Billion Won Value'... Maximizing Video Call and Control Synergy

KONEX-listed company One4U Co., Ltd. (CEO Jeon Dong-ho) announced on the 6th that it will absorb and merge with GreenB Partners Co., Ltd. (CEO Ham Don-kyung), a telecommunications equipment and non-face-to-face video call solution company, at a value of approximately 2.81 billion won.

According to the disclosure, One4U will absorb and merge with GreenB Partners. Following the merger, One4U will remain as the surviving company and maintain its listing, while the disappearing company, GreenB Partners, will be dissolved. This merger will be conducted by issuing and delivering new shares, and no separate cash merger provision will be paid.

The per-share evaluation value of the two companies was calculated at 1,077 won for the surviving entity One4U (based on a par value of 100 won) and 4,686 won for the merged entity GreenB Partners (based on a par value of 500 won). The resulting merger ratio is 1 to 4.3509749, meaning approximately 4.35 common shares of One4U will be allocated for each common share of GreenB Partners, resulting in the issuance of a total of 2,610,584 new shares of One4U. This amounts to approximately 7.97% of One4U's total issued shares.

The merged entity, GreenB Partners, is a company specializing in the manufacture and sale of telecommunications equipment and non-face-to-face video call services, established in 2014. Until now, it has been exclusively in charge of developing applications and operating and maintaining the billing control service system for One4U, which holds communication line partnerships and billing infrastructure. Through this merger, One4U plans to maximize management efficiency by unifying the system development and control capabilities that had been dispersed between the two companies.

One4U stated that by carrying out unified management of the services being provided, it will reduce costs and improve management efficiency, and maximize human and technological synergies to enhance shareholder value through tangible financial results such as future increases in sales and operating profit.

Meanwhile, this merger will be conducted as a small-scale merger in accordance with Article 527-3 of the Commercial Act. Approval from the general shareholders' meeting will be replaced by a board of directors' resolution on September 10, and appraisal rights will not be granted to shareholders of the surviving company. The date of signing the merger agreement is August 12, the period for creditors to submit objections is from September 10 to October 12, the final merger date is October 13, and the expected listing date of the new shares is November 5.