Viva Republica has been picked as the preferred bidder for LG Uplus’ mobile payment business unit, according to industry sources Monday.

The operator of mobile payment app Toss is expected to sign a deal worth more than 300 billion won ($253.6 million) within this month. The two companies have not yet confirmed the agreement. 

“The bottom line is whether Viva Repblica can secure that much amount of money to fund the acquisition,” said an industry source. “We have to wait and see how the negations unfold.”

Viva Republica was the sole bidder for the acquisition deal, which was managed by Seoul-based accounting firm Deloitte Anjin.

Industry sources expect it would help Viva Republica enhance its payment business with a mobile network while LG Uplus can focus on its wireless network and paid TV business.

(jasonyeo@heraldcorp.com)