The Tencent and CyberAgent-backed online messaging service will acquire Daum in a reverse takeover that will value Kakao at about $3bn.
Korea-based messaging service Kakao has agreed to acquire Korea-based, publicly-listed internet portal Daum Communications in a reverse takeover that will allow Kakao to secure a public listing, Bloomberg has reported.
The deal values Kakao at roughly $3bn, according to a regulatory filing by Daum.
Investors in Kakao include internet service provider Tencent, which paid $63.7m for a 13.5% stake in the company in May 2012, and internet company CyberAgent, which invested in Kakao in 2011 alongside Korea Investment Partners, DCM,…
