Family members offer Samsung Electronics shares in $1.66-B block deal

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. REUTERS/Kim Hong-Ji/File Photo

SEOUL  -The mother and two sisters of Samsung Electronics Chairman Jay Y. Lee plan to sell shares in the tech giant in a block deal seen worth about 2.19 trillion won ($1.66 billion), South Korean newspapers reported on Wednesday.

The sale of about 29.8 million shares in the deal will be at a discount of 1.2 percent to 2.0 percent from Samsung shares’ Wednesday closing price of 73,600 won, the Seoul Economic Daily reported, citing unnamed investment banking sources.

READ: Samsung’s Lee family to pay more than 12 trillion won inheritance taxes

Goldman Sachs, Citibank, UBS and JP Morgan are involved in the deal, which is for the family members to raise funds to pay in installments the billions of dollars in inheritance tax incurred when Samsung patriarch Lee Kun-hee died in 2020, the Korea Economic Daily reported, citing unnamed investment banking sources.

READ: Samsung chief was wealthiest man in S. Korea

Samsung Electronics did not have an immediate comment.

($1 = 1,317.6500 won)