Breaking: HYBE Becomes Top Shareholder Of SM Ent. After Acquiring 422.8 Billion Won Stake From Lee Soo Man
It’s official: HYBE has inked a deal with SM Entertainment founder Lee Soo Man that will make it the largest shareholder of the company.
On February 10, HYBE was officially confirmed to be acquiring a 14.8 percent stake of SM Entertainment from Lee Soo Man for 422.8 billion won . Before the deal, Lee Soo Man possessed an 18.46 percent stake in SM Entertainment, making him the company’s top shareholder. Earlier this week, Kakao became theshareholder after acquiring a 9.05 percent stake in the company: a move that Lee Soo Man denounced as illegal—and against which he is taking legal action.
Outside of its deal with Lee Soo Man, HYBE has also announced that it plans to acquire additional shares of SM Entertainment from minority shareholders, which will further increase its stake in the company.
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