By Yoon Sung-won
The nation’s fair trade watchdog approved the business integration of Nexon and NCSOFT, the nation’s two largest game companies.
In June 2012, Nexon’s headquarters in Japan acquired 14.7 percent of NCSOFT shares worth about 804.5 billion won ($720 million) at the time of purchase owned by the NCSOFT CEO Kim Taek-jin.
In October, Nexon’s affiliate in Korea obtained 0.4 percent of NCSOFT’s shares.
This gave Nexon control of more than 15 percent of NCSOFT shares, requiring a notice to the Fair Trade Commission (FTC).
Nexon said it has no plan to purchase extra shares of NCSOFT.
“We were notified by the FTC about the approval of the business combination between Nexon and NCSOFT on Dec. 3,” a Nexon Korea spokeswoman said Monday. “We respect the commission’s decision. But we do not plan to purchase extra shares of NCSOFT as of now.”
The watchdog said it approved the business combination because the NCSOFT shares owned by Nexon are not significant enough to create a monopoly or discourage competition.
It also said the approval is not likely to lead to a change in control of NCSOFT.