Kakao buys 9% of SM Entertainment, now 2nd largest shareholder
Kakao is buying 9.05 percent of SM Entertainment for 217.2 billion won ($172.8 million) to become the second-largest shareholder of the K-pop company, the two companies said Tuesday.
The tech company bought 1.23 million newly-issued shares at 91,000 won per share and 105.2 billion won of convertible bonds, which will give Kakao 1.14 million additional shares.
Kakao and SM Entertainment also signed a business agreement Kakao Entertainment to use their expertise in tech, entertainment and music to produce new K-pop artists and run global businesses.
BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]
with the Korea JoongAng Daily
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