[Edaily Reporter NA EUN-KYUNG ] #Graphy Inc. has completed the acquisition of the remaining shares of Ray Co., Ltd.(228670), securing a 26.14% stake. Following its rise to become Ray Co., Ltd.’s largest shareholder through the first transaction the previous day, Graphy Inc. finalized the management control acquisition process by concluding the scheduled second transaction. Moving forward, the company will proceed with business integration by combining Ray Co., Ltd.’s digital diagnostic equipment and software with Graphy Inc.’s 3D printing and shape-memory clear aligners.

On the 16th, Graphy Inc. announced that it had completed the acquisition of a total of 4,087,749 shares of Ray Co., Ltd. held by Ray Holdings and CEO Lee Sang-cheol. As a result, Graphy Inc.’s stake in Ray Co., Ltd. now stands at 26.14%.

Previously, on the previous day, Graphy Inc. had received a first tranche of 2,401,521 shares, consisting of 1,191,812 shares held by CEO Lee Sang-cheol and 1,209,709 shares held by Ray Co., Ltd. At that time, Graphy Inc. and eight other parties secured a 16.81% stake, shifting Ray Co., Ltd.’s largest shareholder from Lee Sang-cheol and 14 others to Graphy Inc. and eight other parties.

With the second transaction also finalized today, an additional 1,686,228 shares previously held by Ray Co., Ltd. were transferred to Graphy Inc. Graphy Inc.’s direct holdings of Ray Co., Ltd. shares have increased to a total of 4,087,749 shares. Its ownership stake now stands at 26.14%, with a total acquisition cost of 49,151,090,000 won.

The 1,686,228 shares subject to the second transaction were shares that Ray Holdings had deposited with the Korea Securities Depository (KSD) when it issued exchangeable bonds (EBs) in February 2024. Ray Holdings repaid the bondholders the previous day, reclaimed the shares, and then proceeded to transfer them to Graphy Inc. on this day.

Having completed the acquisition of management control, Graphy Inc. will now begin integrating the two companies’ businesses. Graphy Inc. is commercializing photopolymerizable materials for 3D printing and the “SMA (Shape Memory Aligner),” a shape-memory clear aligner. Ray Co., Ltd. specializes in digital diagnostic imaging equipment, including cone-beam computed tomography (CBCT), and related software.

However, even after the change in majority shareholder, Ray Co., Ltd. CEO Lee Sang-cheol will retain his position as CEO. Under the initial stock transfer agreement, CEO Lee is set to remain in his role as Ray Co., Ltd.’s CEO for the next five years. Although Graphy Inc. has become the majority shareholder, the management structure—in which the existing CEO continues to lead the company—will remain in place for the time being.

Through the acquisition of Ray Co., Ltd., Graphy Inc. plans to establish a digital dental workflow that connects the diagnostic stage—where patient oral and imaging data are acquired—to software-based treatment planning, 3D printing manufacturing, and treatment solutions. This structure adds Ray Co., Ltd.’s diagnostic equipment and software to Graphy Inc.’s existing business areas centered on materials and 3D printing.

For overseas operations, the two companies intend to leverage their respective distribution channels and customer networks. They will pursue cross-selling of products and joint sales and marketing efforts to acquire new customers in North America, Japan, Europe, and the Middle East. They also plan to pursue product integration and joint research and development.

Rather than immediately merging the two companies’ organizations following the acquisition, the plan is to collaborate in a phased manner, starting with areas where integration is feasible—such as technology, products, and sales. This approach aims to realize business synergies by focusing first on sectors where both companies’ products can be supplied together, while maintaining Ray Co., Ltd.’s existing business structure.

Shim Un-seop, CEO of Graphy Inc., stated, “The completion of the acquisition of Ray Co., Ltd.’s management control marks a turning point for Graphy Inc. as we expand our business scope beyond shape-memory transparent orthodontic technology into the field of digital dentistry.” He added, “We will combine Graphy Inc.’s materials, 3D printing, and SMA technologies with Ray Co., Ltd.’s digital diagnostic equipment, software, and global network to generate tangible business results.”