Meritz Financial Group Inc. completed the acquisition of 40.5% stake in Meritz Fire & Marine Insurance Co., Ltd..
February 31, 2023
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Meritz Financial Group Inc. (KOSE:A138040) agreed to acquire the remaining 40.5% stake in Meritz Fire & Marine Insurance Co., Ltd. (KOSE:A000060) for KRW 1500 billion on November 21, 2022. Meritz Financial Group Inc. will issue 1.265738 shares for every share of Meritz Fire & Marine Insurance Co., Ltd. A shareholder confirmation process will be held on December 6, 2022. The stock exchange contract between Meritz Financial Holdings Co., Ltd. and Meritz Fire & Marine Insurance Co., Ltd. has been approved by more than 2/3 of the voting rights of shareholders present at the general meeting of shareholders. The transaction is expected to close on February 1, 2023.
Meritz Financial Group Inc. (KOSE:A138040) completed the acquisition of 40.5% stake in Meritz Fire & Marine Insurance Co., Ltd. (KOSE:A000060) on February 1, 2023.
Meritz Financial Group Inc is a Korea-based company engaged in the financial industry. The Company operates its business through four segments. The Non-Life Insurance Business segment engages in insurance, asset management, and other business that can be operated under the Insurance Business Act and related laws. The Financial Investment Business segment engages in the business of investment trading, investment brokerage, collective investment, and specialized private recruitment collective investment. The Specialized Credit Finance Business segment operates facility rental business, installment finance business, new technology business finance business, credit or collateral loans under the Specialized Credit Finance Business Act. The Other segment engages in collective investment business such as fund establishment and management, professional private recruitment collective investment business, original insurance and reinsurance for non-life insurance.