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SK Securities gets regulatory nod to sell 10% stake to private equity investor

South Korea's Financial Services Commission approved the acquisition of SK Securities Co. Ltd. by South Korea-based private equity investor J&W Partners, Money Today reported.

The FSC approved the change of the brokerage's controlling shareholder to J&W Partners from SK Holdings Co. Ltd., upholding the Securities and Futures Commission's decision July 18.

SK Holdings began looking for a buyer of its 10% stake in SK Securities in June 2017 and agreed to sell the stake to a CAPE Investment & Securities Co. Ltd. consortium in August 2017.

The deal with CAPE Investment & Securities fell apart later after the regulator did not approve the proposal.

J&W Partners came forward with an offer to buy the stake for 51.5 billion won, which SK Holdings accepted in March.

As of July 26, US$1 was equivalent to 1,122.45 South Korean won.