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Photo = SK Telecom |
[Alpha Biz= Paul Lee] SK Telecom (SKT) announced on April 25 that it will sell its entire stake in Kakao, amounting to 413.3 billion won, through a block deal.
The company stated that the sale is intended to raise funds for acquiring shares in SK Broadband, to fully integrate it as a subsidiary, and to secure capital for future growth investments, including in Artificial Intelligence (AI) and other areas. The number of shares to be sold is 10,818,510.
In November of last year, SK Telecom entered into a share purchase agreement to acquire 24.8% of SK Broadband from Taekwang Group and Mirae Asset Group. The shares held by Taekwang and Mirae Asset were 16.75% and 8.01%, respectively. SK Telecom plans to buy these shares at a price of 11,511 won per share, totaling 1.15 trillion won. Once the acquisition is completed, SK Broadband will effectively become a fully-owned subsidiary of SK Telecom.
Following the announcement of SKT’s full stake sale in Kakao, Kakao's stock price closed at 37,950 won, down 3.80% from the previous session. The stock price initially fell by 4.06% after the opening but later deepened its losses, dropping by as much as 5.83% at one point.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
