Combining online and offline businesses worth KRW 1 trillion in sales
Nice Information and Communication announced on the 1st that it officially launched a merger corporation with Nice Payments. The merger of the two companies will create the largest general payment company in Korea with sales of KRW 1 trillion and 740,000 merchants.
The merger is a combination of the value-added telecommunications (VAN) business and the electronic payment and payment agency (PG) business. The company explained, “It is a strategic decision to respond quickly to the rapidly changing payment environment and leap to a leading payment company with all online, offline, and global services under the integrated payment brand.” The two companies plan to focus on enhancing corporate value by maximizing competitiveness and improving operational efficiency as the No. 1 operator through the merger.
The combination of VAN-PG enables the company to provide a one-stop payment and settlement package service that connects domestic online and offline payments to overseas cross-border payments.
The merger was carried out in a structure in which Nice Information and Communication merged the new division of Nice Payments. According to the small-scale merger procedure, it was carried out in a non-capital increase (1:0) without issuing new shares. There is no change in the largest shareholder due to the merger, as Nice Information and Communication has a 100% stake in Nice Payments.
“We will lead innovation in the payment ecosystem by strengthening innovation capabilities for new payment methods based on integrated synergy that will be created through the one-team strategy,” said Kim Seung-hyun, CEO of Nice Information and Communication. “We will work harder on corporate value-up by securing growth momentum with the launch of the VAN-PG integrated brand.”
Source: mk.co.kr
