Kakao Sells Dunamu Stake for 1 Trillion Won, Turning Early Bet Into 500x Gain

Kakao disclosed on the 14th that its subsidiary Kakao Investment will dispose of 2.284 million shares in Dunamu. The transaction is valued at 1,003,251,568,000 won and is scheduled for June 15. The shares represent a 6.55% stake in Dunamu. After the sale, Kakao’s ownership in Dunamu will fall from 10.58% to 4.03%, moving it down to the position of sixth-largest shareholder. Kakao was an early investor in Dunamu, having invested about 2 billion won near the company’s founding. The stake being sold has grown to roughly 500 times that initial investment. As Dunamu prepares for a merger with Naver Financial, Kakao is moving to reorganize its long-standing relationship and plans to reinvest the proceeds in artificial intelligence and other new businesses. Source: rss.donga.com