October 30, 2024

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Seoul-based online content company Kidari Studio will buy a 20.9 percent stake in French webtoom firm Delitton for 2.3 billion won ($2 million).

The cash payment will be completed by July 30. Once the transaction is completed, Kidari Studio will hold 60.2 percent of the French company, according to a disclosure on July 2. 
 

Courtesy of Delitoon SAS

Kidari bought 333 shares from five investors, including Sparkling Partners. For the remaining Delitoon stake owned by Sparkling, Kidari is entitled to exercise a call option by July 2022, while Sparkling may carry out a put option by July 2023.

Kidari Studio’s stock price was bullish on the news. Trading on Korea’s main board Kospi, Kidari was 21.7 percent higher than the previous day’s close as of 2 p.m.

The stock acquisition is aimed at creating synergy between platforms of Delitoon and Kidari and paving the way for webtoons created by Kidari to tap into the foreign market, Kidari said in the disclosure.

Kidari Studio currently owns 39.3 percent of shares of Delitoon, formerly known as Wosmu SAS, as Kidari Studio merged with its sister company Kidari ENT -- both shareholders of Delitoon -- on June 30.

Kidari is a subsidiary of IT-to-finance conglomerate Daou Kiwoom Group.

By Son Ji-hyoung (consnow@heraldcorp.com)