HYBE sells off 19.43% of its shares in SM Entertainment to Kakao at ~$437 million USD

It has been reported on March 24 KST that HYBE Labels has officially sold off 19.43% of SM Entertainment's shares to Kakao at 564 billion KRW (~ $437 million USD), participating in Kakao's public takeover bid.

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Initially, HYBE purchased 14.8% of SM Entertainment's shares from former producer Lee Soo Man at 120,000 KRW per share. Then, after reaching a business agreement on March 12, Kakao proceeded with a tender offer at 150,000 KRW.

It's believe by selling off its shares in SM Entertainment, HYBE has successfully procured a profit of approximately 112.7 billion KRW (~ $87.4 million USD).

Source: Allkpop