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Hybe has recently given up its takeover bid of SM Entertainment and made the decision to just work together with Kakao. Before this, the three companies were in a heated conflict due to the sale of shares.
Kakao was able to finally acquire a bigger stake in SM Entertainment after Hybe decided to cooperate with the leading tech firm in the country and end their dispute. Now, in the latest update, it was reported that Hybe is now selling the stake it acquired from SME’s founder, Lee Soo Man, to Kakao.
BTS boy group’s managing agency said last week that it would be selling all of its SM Entertainment stake, which is 15.78%, to Kakao. The company’s move follows after its apparent failure to acquire SME.
According to Yonhap News Agency, Hybe stated in its more recent regulatory filing that it would sell a total of 3.75 million SM Entertainment shares for KRW563.5 billion, which is about $436.8 million in U.S. dollars. The company is selling these by participating in an open tender bid set up by Kakao, where it will be offered at KRW150,000 per share.
"We decided to sell some or all of the held shares after participating in (Kakao's) public stock purchase after withdrawing its bid to acquire SM's management rights," Hybe said in a statement.
Now, Kakao is said to be aiming to gain a total of 35% percent share in SM Entertainment by the coming weekend. With its increased stake ownership, Kakao will become the entertainment firm’s largest shareholder. In any case, as the new owner of SM Entertainment, The Korea Times reported that Kakao is looking to boost the global presence of its newly-acquired entertainment firm.
"By merging SM Entertainment's global intellectual property (IP) and producing system with Kakao's IT technologies and business strategies, we will create new values," Kakao’s chief investment officer, Bae Jae Hyun, said in a statement.
