December 15, 2017 / 8:39 AM / a year ago

South Korea's Kakao to issue GDRs of up to $1 billion for M&A

SEOUL (Reuters) - South Korean messaging app service provider Kakao Corp said on Friday it is targeting raising up to $1 billion overseas for use in global mergers and acquisitions.

Kakao said in a statement that it expects to issue global depositary receipts (GDRs) to foreign investors and list them on the Singapore Exchange by February.

Kakao has expanded its business beyond South Korea’s dominant messaging app Kakao Talk to co-developing artificial intelligence technology with companies such as Hyundai Motor, taxi and ride hailing, e-books and other services.

It said it is seeking merger and acquisition opportunities of global contents platform providers, as well as key technologies in artificial intelligence and other areas.

Reporting by Joyce Lee; Editing by Muralikumar Anantharaman

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