$2.1 billion block trade may set a record in South Korea! Samsung Electronics (SSNLF.US) shareholder plans to sell all remaining holdings. The seller behind the move is linked to Lee Kun-hee's widow.

Zhitong Finance APP learned from a set of transaction terms that a shareholder of Samsung Electronics (SSNLF.US) is seeking to sell all of its remaining shares in the company through a block trade. The transaction value could be as high as KRW 3.1 trillion (about $2.1 billion), which would become one of the largest stock-sale transactions of this kind in South Korea.

The terms show that the seller is Shinhan Bank (Shinhan Bank Co.). In this sale, 15 million shares will be sold, with a price per share ranging from KRW 204,395 to KRW 208,605. This represents a discount of 0.9% to 2.9% versus Samsung Electronics’ Wednesday closing price of KRW 210,500. The terms also indicate that the seller is concurrently selling 206,633 shares of preferred stock, valued at roughly $19 million.

The listing also shows that the shares being sold account for about 0.25% of Samsung Electronics’ total issued shares. Driven by easing risk-aversion sentiment sparked by news of a ceasefire in the Middle East, Samsung Electronics’ share price closed up 7.1% on Wednesday.

The transaction terms indicate that Bank of America, Citigroup, JPMorgan, Shinhan Securities, and UBS Group are the joint bookrunners for the deal.

Notably, Samsung’s late former chairman Lee Kun-hee’s widow, Hong Ra-hee, had signed an agreement last year to sell 15 million shares of Samsung Electronics stock through Shinhan Bank. The move was intended to be used to pay inheritance tax. At the time, the documents showed that this share sale would be handled by Shinhan Bank under a trust agreement and was expected to be completed before April this year.

As is known, South Korea levies hefty inheritance taxes on controlling shareholders of companies such as Samsung Electronics, which has put many of the country’s wealthiest families under severe financial pressure. Lee Kun-hee, former chairman of Samsung, died in 2020 at age 78, and his family has since carried one of the largest inheritance tax bills in South Korean history.

In response, a spokesperson for Samsung Electronics was unable to immediately comment on the request for comment. Shinhan Bank also could not be reached outside business hours.