Samsung Elec family shares block sale seen at $1.66 billion, reports. According to South Korean tabloids on Wednesday, the mother and two sisters of Samsung Electronics (005930. KS) Chairman Jay Y. Lee want to sell the tech giant’s shares in a block transaction valued at around 2.19 trillion won ($1.66 billion).
According to Seoul Economic Daily, which cited anonymous sources in the investment banking industry, Samsung shares closed at 73,600 won on Wednesday; the sale of around 29.8 million shares will be at a discount of 1.2% to 2.0%.
The shares signify a 0.5% ownership position in Samsung Electronics. The agreement, which is for the family members to raise money to pay the billions of dollars in inheritance tax incurred after Samsung patriarch Lee Kun-hee passed away in 2020 in installments, involves Goldman Sachs, Citibank, UBS, and JP Morgan, according to the Korea Economic Daily, which cited anonymous sources in the investment banking industry.
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.
