S.Korea's Kakao Corp to acquire $89 mln of shares in SM Entertainment

SM Entertainment Co

07/02/2023 04:50

SEOUL, Feb 7 (Reuters) - South Korea's Kakao Corp
 035720.KS  said in a regulatory filing on Tuesday it will
acquire 112 billion won ($89.06 million) worth of shares in SM
Entertainment 041510.KQ , an entertainment agency behind K-pop
acts including NCT and Aespa
    The move will see Kakao acquire a 9.05% stake in SM and the
two will team up to pursue joint management projects together
including global K-pop auditions, Kakao said in an emailed
statement.
($1 = 1,257.5400 won)
 (Reporting by Hyunsu Yim; Editing by Kim Coghill)
 ((Hyunsu.Yim@thomsonreuters.com;))