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.
About Greenberg Traurig’s Corporate Practice: Greenberg Traurig’s Corporate Practice comprises more than 550 lawyers in the United States, Europe, Asia, the Middle East and Latin America who regularly advise public and privately held companies, entrepreneurs and investment funds on global mergers and acquisitions, corporate restructurings, private equity and venture capital, underwritten and syndicated offerings, commercial finance and syndicated lending, cross-border transactions, and general corporate matters. The group’s industry experience includes transactions in a wide range of fields, from the pharmaceutical, medical devices, and life sciences fields, to representations involving clients in the aviation, banking, consumer products, energy, food and beverage, health care, manufacturing, media, technology, and telecommunications sectors.
About Greenberg Traurig’s Asia Practice: Greenberg Traurig’s Asia Practice regularly represents companies throughout China, India, Japan, Korea and Taiwan in their business dealings in the United States and abroad. The firm also advises U.S. and European companies engaging in transactions throughout the Asia-Pacific region. Attorneys provide strategic advice and legal services in connection with mergers and acquisitions, financings and securitization activities, intellectual property, trade and governmental strategies, international dispute resolution, infrastructure and project finance, export controls, and business immigration issues. The practice brings together attorneys based in the firm’s Shanghai, Seoul, and Tokyo offices along with numerous multilingual attorneys from across Greenberg Traurig’s global organization with experience handling client matters in Asia.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2650 attorneys in 45 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 250. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.