[DigitalToday reporter Sangyeop Oh (오상엽)] Mirae Asset Securities will acquire Japan's Sanko Securities and move to expand its local business. It will buy 100% of Sanko Securities' stake through its U.S. subsidiary, Mirae Asset Security Holdings.

Mirae Asset Securities disclosed on Oct. 29 that it held a board meeting and approved Mirae Asset Security Holdings' acquisition of 100% of Sanko Securities' issued shares and a capital contribution for the deal.

According to the disclosure, the money needed to acquire Sanko Securities' shares is about 47.6 billion won at current levels. The final acquisition price will be fixed at the time the transaction closes after approvals from relevant authorities and other procedures.

Mirae Asset Securities will invest 12 billion yen, or about 100.6 billion won, in Mirae Asset Security Holdings for the acquisition.

It plans to use part of the investment to pay for the share purchase and use the remainder as funds to expand its business in Japan.

The transaction is structured so that Mirae Asset Securities does not directly acquire Sanko Securities' stake, but instead buys the Japanese securities firm through its U.S. subsidiary.

Mirae Asset Securities is expected to use the acquisition of Sanko Securities to secure a local sales base in Japan and accelerate its global business expansion.