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Chat app maker Kakao is merging with Korea's second largest portal company Daum

     

bill

3:59 am on May 26, 2014 (gmt 0)

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http://english.yonhapnews.co.kr/business/2014/05/26/73/0503000000AEN20140526002100320F.html [english.yonhapnews.co.kr]

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