Lee Soo Man has sold his remaining 868,948 shares of SM Entertainment to HYBE.
HYBE shared that they have acquired 868,948 shares of SM Entertainment, valued at ₩104 billion KRW (about $78.1 million USD), from Lee Soo Man. This equates to 3.68% stake in SM Entertainment and also means that Lee Soo Man has officially sold off every since share of SM Entertainment he previously owned.
The acquisition price for each share was ₩120,000 KRW (about $89.90 USD), about 50% higher than the previous closing price of ₩79,000 KRW (about $59.20 USD). With this latest acquisition, HYBE now stands to own 12.6% of SM Entertainment. The expected acquisition date for their new stock is March 7.
