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Thu, February 9, 2023 | 08:26
Game
Netmarble forms consortium with Tencent, MBK for Nexon
Posted : 2019-02-07 22:00
Updated : 2019-02-08 18:25
Jhoo Dong-chan
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By Jhoo Dong-chan

Netmarble has formed a consortium with Chinese internet services provider Tencent and private equity fund MBK Partners to bid for Nexon, according to investment banks and game industry officials, Thursday. The preliminary bid for the nation's largest game developer is scheduled Feb. 21.

In January, Nexon founder Kim Jung-ju announced he was selling a 98.64 stake in NXC Corp. owned by himself and related parties, including his wife. NXC Corp. has a 47.98 percent stake in Nexon and is its holding company. Valued at up to 10 trillion won ($8.87 billion), Kim's stake is said to be too rich for any single firm in Korea to acquire.

Many industry analysts have said Tencent will likely become a winner in the bidding as it holds as much as $100 billion in cash reserves, but the Chinese firm has yet to make any official announcement about its possible bid.

Tencent is also Nexon's partner in China, holding distribution rights for the Korean firm's popular online game "Dungeon Fighter Online."

Other major foreign firms, including TPG Capital and Kohlberg Kravis Roberts, have also expressed interest in acquiring the 98.64 percent stake in NXC Corp. This has led to market insiders expressing concern that a sale to these could kill the local game industry.

"Netmarble reviewed the acquisition of Nexon two months ago and made a final decision a month ago," said a Netmarble official.

"We believe that the tangible and intangible value of Nexon is a very important asset for the country. If Nexon is sold to an overseas firm, the Korean game industry and ecosystem could be damaged and its competitiveness weakened."

Given the Chinese firm is also the third-largest shareholder of Netmarble with a 17.7 percent stake, it will exert greater influence over Korea's game industry if the consortium manages to clinch the bid.


Emailjhoo@koreatimes.co.kr Article ListMore articles by this reporter
 
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