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Around 5.25 million Samsung Electronics Co (OTC:SSNLF) shares are up for sale in a block deal valued at approximately $330 million.
According to reports citing anonymous investment banking sources, Lee Boo-jin, sister to Samsung Electronics Chairman Jay Y. Lee, is the seller.
The shares are being offered at a price range of 83,700 won to 84,500 won each, representing a discount of up to 0.95% off Samsung’s closing price on Monday of 84,500 won, Reuters cites a term sheet.
Also Read: Samsung and Arm’s Latest AI Chip Collaboration: A New Era for Mobile Computing
According to the term sheet, investor orders received before the launch on Monday were already sufficient to cover the entirety of the sale.
This sale comes after a January block deal in which Lee Boo-jin and her mother and sister divested approximately 0.5% of their stake in Samsung Electronics.
The sale, totaling 2.17 trillion won ($1.6 billion), was part of an effort to gather funds necessary to pay a substantial inheritance tax bill following the death of Samsung’s patriarch, Lee Kun-hee, in 2020.
Prior reports indicated Samsung transitioning to a new chip-manufacturing method, a move previously championed by its rival SK Hynix, to strengthen its presence in the premium chip sector vital for artificial intelligence applications.
This strategic pivot is designed to make Samsung a more formidable competitor, potentially capturing business from AI chip giants like Nvidia Corp (NASDAQ:NVDA).
Also Read: Nvidia to Benefit from SK Hynix’s New $3.9B Indiana Facility Focused on High-Bandwidth Memory Chips
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Samsung
