NEW YORK – May 3, 2023– Attorneys from global law firm Greenberg Traurig, LLP acted as legal counsel to Kakaopay Corporation (“Kakao Pay”), a fintech subsidiary of Korean-based conglomerate Kakao Corp., on its agreement to purchase newly issued shares representing 19.9% interest in Siebert Financial Corp. (“Siebert”) for approximately $17 million, the agreements for which were signed on April 27, 2023. Subject to shareholder and regulatory approvals, Kakao Pay will acquire an additional 31.1% interest in Siebert by purchase of additional newly issued shares. After the close of this second transaction, Kakao Pay will become the majority shareholder of Siebert with a total of 51% ownership of Siebert.
The partnership and capital infusion will accelerate Siebert’s growth plans while broadening its platform and distribution capabilities. Kakao Pay will leverage its technology expertise in the financial services sector, while providing an enhanced user experience and additional benefits for users who invest in foreign stocks.
Kakao Pay is a fintech subsidiary of Kakao Corp., spun off in April 2017, with approximately 40 million registered users. Kakao Pay offers a diverse array of financial services, including a lifestyle financial platform leading the transition into a wallet-less society.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE. Siebert, through its subsidiaries, provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions.
The Greenberg Traurig team was led by Jang Hyuk Yeo, Eun Sang Hwang, Michael D. Helsel, Adam S. Namoury, Brian N. Wheaton, Hyewon Lee and Dario Ciapponi.