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[Alpha Biz=(Chicago) Reporter Kim Jisun] Fintech firm Toss (toss· Viva Republica) will take over Shinsegae Group's Pay business units such as SSG Pay and Smile Pay to strengthen Tosspay's competitiveness.
Toss is discussing ways to hand over some of its shares to Shinsegae to reduce the burden of acquiring the Shinsegae Pay business, and Shinsegae is also considering synergy between payment and online shopping.
According to the investment banking (IB) industry on the 23rd, Shinsegae Group has decided to sell its SSG Pay division in its affiliate, SSG.com, and another affiliate, Gmarket, to Toss and is in last-minute negotiations. Previously, Toss and Naver Financial competed for the acquisition after Shinsegae announced its intention to sell its Pay business units, which were in charge of simple payments, and Toss took the lead.
While Naver Financial disagreed over the value of Shinsegae's Pay business, Toss was reportedly favored by Shinsegae by proposing various investment methods, such as exchanging shares, along with cash payments. Toss is said to have been active in acquiring the Shinsegae Pay business in a bid to successfully complete the ongoing new investment along with the expansion of the simple payment business of its subsidiary Toss Payments.
Shinsegae did not deny that it was discussing the sale with Toss, even though it was not in the stage of finalizing the sale of the Pay business. Toss is in talks with Shinsegae, considering the acquisition price of SSG Pay and Smile Pay at more than 150 billion won, and the price may change in the final coordination process.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
