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Daum to acquire Kakao, creating 3 tln won IT giant
Daum Communications, South Korea's second-largest Internet portal, announced Monday it will acquire Kakao, the country's top mobile messenger service, through a stock swap arrangement.
The merger and acquisition deal announced through a regulatory filing will create an information technology (IT) company with market capitalization exceeding 3 trillion won and shake up the local Internet portal and mobile social network market that has been dominated by Naver.
The deal will also make Daum-Kakao the second largest company on the tech-heavy KOSDAQ market in terms of aggregate value of listed stock