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| Mohammed bin Salman The Crown Prince of Saudi Arabia (far right) is talking with the heads of domestic companies at Lotte Hotel in Jung-gu, Seoul when he visited Korea last month |
Kakao Entertainment, a content subsidiary of Kakao, has attracted large-scale investments from Saudi Arabia's PIF·Public Investment Fund (PIF) and the Singapore Investment Authority (GIC).
According to the investment banking (IB) industry on November 11, Kakao Entertainment signed an investment attraction contract with two institutional investors. Saudi Arabia's sovereign wealth fund and the Singapore Investment Authority are said to have invested a total of 1.1 trillion won to 1.2 trillion won on a similar scale. The corporate value is known to be around 10 trillion won.
Kakao Entertainment has been promoting pre-IPO (attracting investment before listing) since the second half of last year.
The investment is also expected to increase the influence of Saudi sovereign wealth funds on Hallyu content.
Kakao Entertainment is expected to use the funds secured by attracting investment for aggressive mergers and acquisitions (M&A).
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
