HN said on the 23rd that it will merge by absorption with NHN Investment Partners, its venture capital (VC) subsidiary.
The merger contract date is on the 31st of this month, and the merger effective date is Dec. 29.
NHN Investment Partners, established in 2016, is HN's investment institutional sector subsidiary, and HN owns 100% equity. HN said the reason for the merger is "as part of streamlining the group structure, we intend to focus our business capabilities around the parent company through an absorption-type merger."
The company recorded 24.4 billion won in revenue and 9.4 billion won in net income last year. Total capital amounted to 162.7 billion won.
Meanwhile, HN disclosed the same day that its subsidiary NHN Cloud decided to provide a joint guarantee worth 58 billion won for a total of 50 billion won borrowed from financial institutions including KB Kookmin Bank, NongHyup Bank, and the Korea Development Bank. The amount borrowed from the Korea Development Bank is 10 billion won as a facilities loan. The maturity date is until Nov. 10, 2032.
The amounts borrowed from KB Kookmin Bank and NongHyup Bank are 20 billion won each, with a one-year maturity. All are intended for facilities and working capital loans.