April 18, 2024

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Seoul-based NHN Korea Cyber Payment announced a merger with its mobile payment solution subsidiary MC Pay following a board agreement on Sept. 19, the company said in a regulatory filing.

NHN KCP, South Korea’s largest payment gateway and network operator, said the merger as poised to take place in Nov. 25, with an aim to improve its governance structure.

According to the plan, MC Pay will be merged into NHN KCP. Creditholders of NHN KCP may express a right to veto the deal from Oct. 23 to Nov. 22. Based in Seoul, MC Pay makes devices and solutions for payments involving smartphones.

The announcement came five years after NHN KCP became a major shareholder holding two-thirds of MC Pay for a new product development. NHN KCP has since raised its ownership to 100 percent.

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