HYBE has announced they have become the number one shareholder in SM Entertainment, acquiring most of Lee Soo Man‘s stocks.
In a statement shared with various media outlets including Sports Donga, HYBE announced they acquired 14.8% of SM Entertainment’s stocks, making them the highest shareholder in the company.
We have signed a contract on February 8 to acquire a 14.8% stake, or 3,523,420 shares, in SM Entertainment that were previously held by Lee Soo Man.
— HYBE
The shares are expected to be transferred at a valuation of ₩120,000 KRW (about $94.90 USD) each, meaning the entire deal will be worth ₩423 billion KRW (about $334 million USD). The deal is expected to be finalized on March 6.
Lee Soo Man was the previous number one shareholder in SM Entertainment, holding 18.46% of the company’s stock. This deal will leave him with 3.66% of the company’s stock. Earlier, it was reported that SM Entertainment and Kakao joined hands, with further news stating that Lee Soo Man disapproved of the deal and is intending to sue the directors of SM Entertainment.
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