The Fair Trade Commission announced on the 11th that it has approved Woongjin's corporate merger notification regarding the acquisition of the funeral company Freidlife.
Woongjin had signed a stock purchase agreement (SPA) to acquire 99.77% of Freidlife's equity for about 883 billion won on April 29th. Freidlife is the leading company in the funeral market.
With this approval from the Fair Trade Commission, the acquisition process is expected to soon enter its final stages.
Initially, Woongjin aimed to finalize the acquisition on the 30th of last month, but the schedule was postponed to the 13th of this month as the Fair Trade Commission's review had not been completed.