The Clap
Kakao’s stock surged after reports that the Public Investment Fund (PIF) is plotting a significant investment in the entertainment unit of the South Korean internet giant.
What
The Saudi fund is in talks with Singapore’s GIC for joint financing of up to $591 million ahead of the IPO of “Kakao Entertainment” next year, according to the South Korean newspaper “Maeil Business”.
So What
The news follows the visit of Saudi Crown Prince Mohammed bin Salman to Seoul last week, which saw $30 billion worth of deals for Korean companies.
Now What
A Kakao spokesperson said the group is reviewing various options ahead of the IPO, but a decision has yet to be made.
