Mirae Asset Securities Co., South Korea’s leading asset management firm, has signed an agreement with the state-run Korea Development Bank (KDB) on Monday to acquire a 43 percent stake in KDB Daewoo Securities Co. The securities firm plans to complete the 2.38 trillion won ($1.98 billion) deal in early April after conducting due diligence for two weeks and receiving approval on the change in major shareholder from the country’s financial authority. 

On Monday, Mirae Asset Securities and KDB each convened a board of directors meeting and approved the Daewoo Securities deal. The final transaction value would be 2.45 trillion won when including the 66 billion won deal to acquire KDB Asset Management Co. 

Mirae Asset Securities plans to conduct due diligence on Daewoo Securities for two weeks starting Tuesday and based on the result further negotiate the purchasing price with KDB until the end of next month before concluding the final purchasing price. Considering that price adjustment is limited to 3 percent of the bidding price, the range for price adjustment is expected to not exceed 70 billion won. 

After negotiating the final purchasing price, Mirae Asset Securities plans to request approval from the Financial Services Commission on the change in the major shareholder before the Lunar New Year holiday on Feb. 8.

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