(Bloomberg) -- KGI Securities Co. will acquire the brokerage business of Taishin Financial Holdings Co. for NT$29 billion ($880 million) to become the second-biggest equity brokerage firm in Taiwan.
KGI will pay NT$28 billion in cash and NT$1 billion worth of stock for the acquisition of Taishin Securities, Taishin Futures Co. and its Hong Kong unit Taishin Securities (Hong Kong) Co., Taishin Financial said in an exchange filing today.
Shares of KGI surged 6.7 percent to NT$15.2, a four-day high, as of 9:46 a.m. in local trading. Taishin Financial shares rose 5.7 percent to NT$8.54.
Taishin Financial is the parent of Taishin Securities, while KGI Securities is a unit of Chinatrust Financial Holdings Co. Chinatrust shares gained 4.5 percent to NT$19.60 in Taipei, while the benchmark Taiex index rose 2.1 percent.
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