Mirae Asset to acquire Japanese brokerage Sanko
The headquarters of Mirae Asset Group, the parent company of Mirae Asset Securities, in Seoul / Courtesy of Mirae Asset Securities
Mirae Asset Securities, a major Korean securities firm, said Thursday it will acquire the Japanese brokerage Sanko Securities, in a drive to expand its presence in the Japanese financial sector.
In a regulatory filing, Mirae Asset said its board has approved a plan to buy a 100-percent stake in Sanko Securities.
The stake will be purchased by the company's U.S. affiliate, Mirae Asset Securities Holdings, according to the filing.
Mirae Asset said the acquisition was worth some 47.6 billion won ($35.6 million) and its final value will be decided when the transaction is completed, the filing said.
For the deal, Mirae Asset will invest about 100 billion won into the U.S. affiliate and the fund will be used to expand businesses in Japan, according to the filing.