Kakao eyes acquiring Fund Online Korea
[THE INVESTOR] Kakao Pay, Korea’s top mobile messenger firm’s payment service, is joining the race to purchase Fund Online Korea, a local fund supermarket operator, in an attempt to expand its financial service offerings, according to industry sources on June 20.
Six firms have shown interest in taking over Fund Online Korea, including Kakao Pay, KG Inicis and other fintech firms. The approximate deal size is unknown.
Fund Online Korea is planning to receive letters of intent by early next month, and then pick a preferred bidder. The firm will evaluate the bidding price, business plan and total investment amount to select the preferred bidder. With increased interest in the fund operator, Fund Online Korea will be able to find a new owner by end-July, with plans to close the deal within this year.
Last year, Dayli Financial Group was selected as a preferred bidder to purchase Fund Online Korea, but the deal was scraped after delays in the screening process.
By Ahn Sung-mi (firstname.lastname@example.org)