[Asia Economy Reporter Park So-yeon] HYBE, the agency of the group BTS, is set to acquire the major K-pop agency SM Entertainment.
On the 10th, HYBE announced that it will acquire 14.8% of shares held by SM's major shareholder Lee Soo-man for 422.8 billion KRW.
Lee Soo-man, the largest shareholder of SM with an 18.46% stake, will be surpassed by HYBE as the largest shareholder through this deal. Although Kakao partnered with SM by securing 9.05% through a paid-in capital increase on the 7th, HYBE has allied with Lee Soo-man.
HYBE also stated that it will proceed with a public tender offer for shares held by SM's minority shareholders.
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