K-Pop Streamer Loen Jumps as Kakao to Buy $1.5 Billion Stake

  • Acquisition will complement South Korea's top messaging app
  • Company has been adding features to its Kakao Talk service

Loen Entertainment Inc., the Korean operator of the Spotify-like MelOn music service, rose in Seoul trading after the company attracted a 1.87 trillion won ($1.5 billion) takeover offer from top messaging service Kakao Corp.

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