S.M. Entertainment Co., Ltd. completed the acquisition of 25.1% stake in Keyeast Co., Ltd. from Bae Yong-jun.
May 13, 2018
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S.M. Entertainment Co., Ltd. (KOSDAQ:A041510) agreed to acquire 25.1% stake in Keyeast Co., Ltd. (KOSDAQ:A054780) from Bae Yong-jun for KRW 53.3 billion on March 14, 2018. Under the terms of transaction, S.M. Entertainment Co., Ltd. will acquire 19.5 million shares, and will pay KRW 15 billion in cash and will issue 0.92 million new shares. As per the new amendment dated March 19, 2018, KRW 50 billion will be paid on May 14, 2018 and on the same day shares will be transferred to S.M. Entertainment Co., Ltd. In a related transaction, S.M. Entertainment Co., Ltd. will acquire FNC ADD CULTURE. Co., Ltd. (KOSDAQ:A063440) for KRW 30 billion. After the conclusion of the contract, Keyeast Co., Ltd. shall receive a resignation from the Directors and Auditors designated by S.M. Entertainment Co., Ltd., submit it to S.M. Entertainment Co., Ltd. and hold the extraordinary meeting of shareholders to elect a director and an auditor designated by S.M. Entertainment Co., Ltd. The transaction is expected to be completed by May 14, 2018.
S.M. Entertainment Co., Ltd. (KOSDAQ:A041510) completed the acquisition of 25.1% stake in Keyeast Co., Ltd. (KOSDAQ:A054780) from Bae Yong-jun on May 14, 2018.
KEYEAST Co., Ltd. is a Korea-based company engaged in the entertainment business. The Company engages in the management of recruiting new and top actors and brand marketing of actors; planning, manufacture and sale of the value added products based on Korean dramas and movies with affiliated artists through merchandising and licensing business; production and planning of dramas, movies, music and other culture contents as well as provision of contents through media platforms; investment of dramas and movies, and planning and conducting of events, such as performances, exhibitions and conventions. On August 27, 2012, the Company established a new wholly owned subsidiary, which is mainly engaged in the producing of drama and broadcasting contents.
KEYEAST.CO.,LTD. 