Kakao agrees merger with Daum

Monday 26 May 2014 | 08:56 CET | News
Korean messaging services provider Kakao has agreed to merge with internet portal Daum Communications in an all-stock deal that values the messaging app operator at more than KRW 3 trillion (USD 2.9 billion). Under the deal, privately-held Kakao has dropped plans to list its shares in Seoul early next year. The tie-up will help both companies better compete with Naver, the country's biggest internet portal operator, which also owns rival mobile messaging app Line, the Financial Times reports. Daum, the country's second-largest internet portal, will issue 43 million new shares to Kakao

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Categories: Internet / Mobile & Wireless
Companies: Daum Kakao / Kakao
Countries: Asia / Korea, Republic of
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