Mirae Asset Buy $2 Billion Stake in Daewoo Securitiesby
The deal creates South Korea's biggest brokerage by assets
Mirae buys 43 percent stake from Korea Development Bank
Mirae Asset Securities Co. agreed to buy a 43 percent stake in Daewoo Securities for 2.39 trillion won ($2 billion) in a deal that will create South Korea’s largest brokerage by assets.
Mirae Asset is acquiring 140.5 million shares of Daewoo Securities from Korea Development Bank, paying about 16,979 won per share, according to a regulatory filing. KDB is offloading the stake as part of government efforts to recoup public funds, which were used to purchase Daewoo Securities after the 1997-1998 Asian financial crisis triggered the collapse of Daewoo Group.
As of December, the combined assets of Mirae Asset Securities and Daewoo were about 61.9 trillion won, exceeding the 41.7 trillion won of assets held by the country’s biggest brokerage, NH Investment & Securities Co., according to data from the Korea Financial Investment Association.