KG Inicis solidifies lead with controlling stake in Samsung’s Allat

[THE INVESTOR] KG Inicis, provider of Korea’s largest online payment gateway services, is acquiring a 60 percent stake in Samsung’s mobile payment affiliate Allat for 27 billion won (US$ 24.40 million) on Sept. 26.

With the acquisition, KG Inicis is expected to solidify its dominant market position by securing a market share of over 40 percent, according to industry figures.

This year, KG is expected to secure up to 18 trillion won worth of transactions, including 2 trillion from Allat. KG would also attain all of Allat’s 32,000 franchises, bringing the total of its franchise stores to around 130,000.

By Kim Ji-hyun (jemmie@heraldcorp.com)