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Biz News Korea(Eng)
Meritz Securities to buy Meritz Capital
- Collected
- 2016.11.17
- Distributed
- 2016.11.21
- Source
- Go Direct
According to the company, Meritz Securities’ plan to acquire Meritz Capital at 382.6 billion won ($326 million), or 8,857 won per share, was approved at a board meeting on Wednesday.
The brokerage company will issue new shares to buy its sister capital company and the deal will give Meritz Securities a 100 percent ownership of the capital unit. Meritz Securities also decided to buy back shares for 3,483 won apiece from ordinary shareholders who oppose the transaction.
There is no change in management rights after the stock swap, while Meritz Securities and Meritz Capital will be maintained as independent legal entities.
The transaction is expected to help Meritz Securities advance its schedule to reach 3 trillion won in equity capital, a key requirement to be recognized as a top-tier investment banker in Korea. As of September 30, Meritz Securities’ equity capital stood at 1.8 trillion won and will grow to around 2.2 trillion won when the deal is completed.
As of 2:39 p.m. on Thursday, Meritz Securities shares remained unchanged at 3,640 won from the previous session.
By Chae Jong-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]