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ETF provider Global X merging with Korea-based Mirae Asset

New York-based exchange-traded fund provider Global X Management Co. LLC has agreed to sell 100% of its fully diluted shares to Seoul, Korea-based independent financial company Mirae Asset Global Investments Co. Ltd.

The day-to-day operations of the Global X business will not change and it will continue to be run under the Global X brand.

The transaction is expected to close in the third quarter, pending necessary third-party approvals, including certain regulatory matters and requisite shareholder approvals.

RBC Capital Markets served as exclusive financial adviser to Global X in connection with the transaction. Baker & McKenzie and Shearman & Sterling are acting as legal counsel to Global X. Dechert and Shin & Kim are acting as legal counsel to Mirae Asset.

The combined ETF operation has $30 billion in assets under management as of Jan. 31.