Softbank Investment Corp. buys E*Trade Korea

Telecommunications Mergers & Acquisitions, July, 2004 by Anonymous

Japan's Softbank Investment Corp. said it will make South Korean online brokerage house E*Trade Korea Co. its subsidiary by purchasing an 87 percent stake in the company from current shareholders.

Softbank Investment, which controls E*Trade Securities Co. in Japan, said it had already bought 47 percent of E*Trade Korea's shares outstanding from LG Investment & Securities Co. and others for 22.19 billion won ($19.1 million). Softbank Investment will buy an additional 40 percent stake in E*Trade Korea later this week from its parent company, Softbank Corp., to take its total stake to 87 percent, it said. The remaining 13 percent of E*Trade Korea's shares are held by E*Trade Financial Corp. of the U.S.

Softbank Investment said E*Trade in Japan will help its Korean...

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