New York Seo to sell off its US-listed business to New York Times
New York’s Seo Group has agreed to sell its US listed company, the New York State Department of Financial Services (DFS), to New Zealand-based company Seo Holdings Limited.
Seo Holdings was acquired in October by New York-based New York investment firm JSS Partners, which also owns a stake in New York City-based digital media company J.B. Hunt Holdings.
“The transaction is subject to the approval of New York state regulators and is expected to close in the third quarter of 2019,” a spokeswoman for the DFS said.JSS Partners said in a statement it expects to complete the transaction in the fourth quarter.
The deal will allow Seo’s remaining assets to be used for the expansion of the company, with the new entity likely to be called Seo Seo Limited.
It is unclear whether New York authorities will require the company to disclose its value, but the deal is expected under New York law to give Seo more flexibility in how it distributes the assets.
The sale follows a series of moves by New Zealanders, who are increasingly looking to move their digital assets offshore, to help them reduce tax.
The number of US residents in New Zealand has risen to more than 40 million, and the number of Americans in the country has increased by more than 20 million.