Samsung Electronics shares in $1.66 bln block deal, reports say

Family members offer Samsung Electronics shares in $1.66 bln block deal, sources say

SEOUL, Jan 10 (Reuters) – The mother and two sisters of Samsung Electronics (005930.KS) Chairman Jay Y. Lee plan to sell shares in the tech giant in a block deal seen worth about 2.19 trillion won ($1.66 billion), South Korean newspapers reported on Wednesday.

The sale of about 29.8 million shares in the deal will be at a discount of 1.2% to 2.0% from Samsung shares’ Wednesday close price of 73,600 won, the Seoul Economic Daily reported, citing unnamed investment banking sources.

Goldman Sachs, Citibank, UBS and JP Morgan are involved in the deal, which is for the family members to raise funds to pay in installments the billions of dollars in inheritance tax incurred when Samsung patriarch Lee Kun-hee died in 2020, the Korea Economic Daily reported, citing unnamed investment banking sources.

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