Three Samsung affiliates agreed to buy a 4% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, for a total of 612.8 billion won worth $408 million, the Korea Herald reported.
Investment bank Samsung Securities is set to take a 2% stake in Dunamu in a 306 billion-won cash transaction, from affiliates of technology conglomerate Kakao, according to a Thursday filing.
It is joined by credit card provider Samsung Card and IT arm Samsung SDS, each taking a 1% stake, according to the Korea Herald.
The deals, scheduled to complete on June 19, mean Kakao will have sold about $1.5 billion worth of equity in Dunamu in less than a month.
It sold a 6.55% stake for about 1 trillion won to Seoul-based financial institution Hana Bank about two weeks ago, followed by a 600 billion won stake to Hanwha Investment and Securities.
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