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| (Photo = Kakao Pay) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Kakao Pay, South Korea's leading fintech firm, is seeking to acquire management rights of "Siebert Financial," a comprehensive securities firm listed on the NASDAQ in the U.S.
It plans to invest 103.8 billion won in acquisition funds to secure a 51% stake by next year.
Kakao Pay will enter the global market in earnest through the acquisition of Seibert. Kakao Pay's strength, technology and user-centered UI·UX, will be combined with the Siebert stock ordering system to challenge the global fintech market.
Kakao Pay announced on the 27th that it decided to acquire 33,832,077 Shibert shares (51% stake) for a total of 103.85 billion won. This deal will be proceeded twice in total. In the first transaction on the 4th of next month, Siebert will acquire 8,075,607 new shares (19.9% stake) to be issued through paid-in capital increase. It plans to acquire the remaining 31.1% stake after the approval of the shareholders' meeting and the approval of the US regulatory authorities.
Siebert is a US-based financial company that entered the comprehensive securities industry in 1967 and has more than 55 years of experience. It is listed on the NASDAQ in the US, and with six subsidiaries, it provides a variety of brokerage and financial advisory services including securities trading, investment advice, and corporate stock plan management solutions.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
