L&F (KRX:066970) acquired 100% equity in a local firm specializing in the production and sale of lithium iron phosphate (LFP) cathode materials, according to a Thursday filing with the Korea Exchange.

The purchase, approved by the board on July 10, totals 200 billion won and represents 7.14% of the acquirer's total assets.

The acquisition is part of the battery materials producer's strategy to expand into the LFP battery material market, according to the filing.

The acquisition is expected to be completed by Dec. 31, 2026.

Shares of L&F fell nearly 1% at market close.