SEOUL, April 12 (Reuters) - South Korean banking group KB Financial Group Inc said on Tuesday it will acquire a stake in brokerage Hyundai Securities Co Ltd, big enough to give it operational control, for 1.25 trillion won ($1.09 billion). KB Financial said in a statement will acquire a 22.56 percent stake in the brokerage, whose shares are widely held on the Seoul stock exchange, from Hyundai Merchant Marine Co Ltd and other shareholders. Reflecting a high premium paid for acquiring effective control of the brokerage, the deal’s value was nearly four times that of the listed shares as of Tuesday’s close, about 361 billion won. ($1 = 1,142.9100 won) (Reporting by Joyce Lee; Editing by Kenneth Maxwell)
KB Financial is to buy a 22.56% stake in Hyundai Securities, big enough to give it operational control, for a price of KRW 1.25tn ($1.09bn). The deal was done at approximately four times the price of the listed shares at Tuesday's close.