Hong Kong-based Everbright Securities Co. Ltd. unit Everbright Securities Financial Holdings Ltd. agreed to acquire the remaining 30% stake it does not own in Sun Hung Kai Financial Group Ltd.

The Everbright Securities unit will acquire the stake from Sun Hung Kai & Co. Ltd. for around HK$2.41 billion, according to a Nov. 17 release.

Under the deal, Everbright Securities Financial will pay Sun Hung Kai about HK$1.26 billion in cash as an initial payment for the stake. The balance of around HK$1.16 billion will be paid by Sun Hung Kai Financial in installments.

In 2015, Everbright Securities Financial acquired a 70% stake in Sun Hung Kai Financial. As part of the transaction, Sun Hung Kai is entitled to the put option in relation to the 30% stake it owns in Sun Hung Kai Financial.

Following the acquisition, Sun Hung Kai Financial and its unit, Everbright Sun Hung Kai Co. Ltd., will become direct wholly owned units of Everbright Securities Financial and ultimately units of Everbright Securities.