March 27, 2023
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S.Korea’s Kakao Corp signs $173M deal to acquire 9.05% stake in SM Entertainment

SEOUL — South Korea’s Kakao Corp stated on Tuesday it would acquire a 9.05% stake in SM Entertainment, an leisure company behind K-pop acts together with NCT and Aespa, in a deal price 217.2 billion gained ($172.8 million).

The transfer will see Kakao acquire 112 billion gained price of shares in SM Entertainment in addition to convertible bonds price 105 billion gained, changing into the second-largest shareholder of the corporate when the deal is full.

The 2 will staff up to pursue joint administration tasks collectively together with world K-pop auditions, Kakao stated in an emailed assertion.

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

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