Mirae Asset Securities Halts Talks to Acquire U.S. Public.com, Says Retail Expansion Will Continue

[Financial News] Mirae Asset Securities has suspended talks to acquire Public.com, a U.S. retail brokerage platform. However, it has not abandoned its strategy of entering the U.S. retail market. The company plans to keep expanding its North American business, leaving open a range of options from acquiring a local brokerage to building its own system.
According to Mirae Asset Securities on the 28th, the company had been in talks to acquire Public Holdings, the operator of Public.com, but recently halted the discussions. The company said the two sides failed to narrow their differences over the terms of the deal.
A Mirae Asset Securities official said, "We are broadly reviewing various options to enter the U.S. retail market, including acquiring local targets or having our U.S. unit build its own system." The official added, "At present, nothing has been specifically decided or finalized regarding any particular transaction." The official also said, "We will disclose our future expansion direction and key decisions through public filings when they are finalized."
Public.com is a fintech platform founded in New York in 2019 that allows users to trade stocks, exchange-traded funds (ETFs), U.S. Treasuries and bonds, options, and virtual assets. It has attracted more than 3 million members by emphasizing fractional investing and investor-to-investor communication features.
Mirae Asset Securities' consideration of acquiring Public.com is seen as part of a strategy to quickly secure the U.S. retail investor market. The company currently operates a business for institutional investors through its New York unit, but it does not have a large retail platform for local individual investors.
Mirae Asset Financial Group Chairman Park Hyeon-Joo said in May that the group planned to acquire a U.S. brokerage to strengthen its competitiveness in the local retail market. Accordingly, separate from the halted talks with Public.com, the company is expected to continue pursuing follow-up steps to enter the U.S. retail market, including acquiring another local brokerage or building its own platform.
[email protected] Choi Du-seon Reporter