EconomyForex

S.Korea’s Kakao Corp signs $173M deal to acquire 9.05% stake in SM Entertainment

1 Mins read

SEOUL — South Korea’s Kakao Corp said on Tuesday it will acquire a 9.05% stake in SM Entertainment, an entertainment agency behind K-pop acts including NCT and Aespa, in a deal worth 217.2 billion won ($172.8 million).

The move will see Kakao acquire 112 billion won worth of shares in SM Entertainment as well as convertible bonds worth 105 billion won, becoming the second-largest shareholder of the company when the deal is complete.

The two will team up to pursue joint management projects together including global K-pop auditions, Kakao said in an emailed statement.

“We hope to work together in competing in the heavily contested global music and content market through this investment,” said Kakao Chief Investment Officer Bae Jae-hyun. — Reuters

Related posts
EconomyForex

PSEi ends flat as market awaits Fed policy hints

2 Mins read
BW FILE PHOTO PHILIPPINE STOCKS ended flat on Wednesday as investors stayed on the sidelines ahead of a trading break and the…
EconomyForex

‘Game-Changing Insights’: Dealers’ Business Forum ignites passion and purpose among partners

2 Mins read
By Jay Ann Bonghanoy It wasn’t just another seminar. For many dealers in the room, it marked a real turning point. On…
EconomyForex

‘Game-Changing Insights’: Dealers’ Business Forum ignites passion and purpose among partners

2 Mins read
By Jay Ann Bonghanoy It wasn’t just another seminar. For many dealers in the room, it marked a real turning point. On…
Power your team with InHype
[mc4wp_form id="17"]

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *