According to South Korean newspapers on Wednesday, Jay Y. Lee, the chairman of Samsung Electronics (005930.KS), and his two sisters intend to sell the tech giant’s shares in a block deal valued at approximately 2.19 trillion won ($1.66 billion).
Samsung shares closed at 73,600 won on Wednesday; the sale of roughly 29.8 million shares will be at a discount of 1.2% to 2.0%, according to Seoul Economic Daily, which cited anonymous sources in the investment banking industry.
The shares signify a 0.5% ownership position in Samsung Electronics.
The agreement, which is for the family members to generate money to settle the billions of dollars in inheritance tax paid after Samsung patriarch Lee Kun-hee died in 2020, involves Goldman Sachs, Citibank, UBS, and JP Morgan.
referencing anonymous sources in investment banking.
Block offers valued at around 644 billion won are also being offered simultaneously for shares in affiliates Samsung C&T (028260.KS), Samsung SDS (018260.KS), and Samsung Life Insurance (032830.KS) with the same objective, according to the reports.
Samsung opted not to respond.
