DASAN Networks Inc. cancelled the acquisition of an additional 63.08% stake in ONGYANG TS Inc.
December 29, 2015 at 11:00 pm EST
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DASAN Networks Inc. (KOSDAQ:A039560) agreed to acquire an additional 63.08% stake in ONGYANG TS Inc. for KRW 9.5 billion on December 30, 2014. DASAN Networks will acquire an additional 1.9 million shares and on completion, DASAN Networks will hold 81.3% stake in ONGYANG TS.
DASAN Networks Inc. (KOSDAQ:A039560) cancelled the acquisition of an additional 63.08% stake in ONGYANG TS Inc. on December 30, 2015.
DASAN Networks, Inc. is a Korea-based company mainly engaged in the provision of network communication equipment. The Company mainly provides switches and digital subscriber line (xDSL) solutions, which enable wire-speed transmissions required for managing high-density data switching applications; fiber to the X (FTTx) solutions, which enable service providers to deliver bandwidth solutions; triple play service (TPS) devices, including Internet protocol (IP) set-top boxes (STBs), wireless fidelity (Wi-Fi) phones, desktop phones, IP phones and others, as well as gigabit Ethernet line cards, software and others. The Company distributes its products within domestic market and to overseas markets.