SM Entertainment acquires $22 million worth of shares from travel company BT&I

16 Apr

SM Entertainment is growing big!  Two months ago, the mega-giant entertainment company acquired a travel agency called ‘Happy Hawaii’.  This time, SM Entertainment has acquired a large portion of shares from BT&I, South Korea’s fifth largest travel management corporation that is listed on KOSDAQ.

On April 13th, held a meeting among board of directors and came to a conclusion to purchase 25 billion KRW (~$22 million USD) worth of shares from BT&I and have significant influence over its operations.  That is about 45.45% of BT&I’s total outstanding shares.  SM Entertainment will be purchasing the shares through third party allocation and BT&I will be conducting a meeting with their board of directors on this significant trade on April 29.

Through this acquisition, SM Entertainment plans to further promote and develop its drama production activities and global video content.  BT&I also plans to benefit from this trade as SM’s global power will support the travel company’s global travel business.

SM Entertainment’s CEO, Kim Young Min also shared the company’s newly set goals and plans after BT&I’s acquisition. “The drama production and global video content business that we have long prepared will be largely developed through this acquisition and BT&I will become Asia’s best video content enterprise.  Through this opportunity, SM Entertainment will become a large provider of music and video zhs content.  In addition BT&I’s travel, leisure, and tour business will synergize with Hallyu’s developing K-Pop content.  The K-Pop culture business model will be shaped through the combination of K-Pop and various business activities such as dining, fashion, accommodation services, and exhibition.”

Source + Photos:  Heraldbiz via Nate (1)(2)(3)

credit : allkpop

Shared on by [NM]


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