Tencent's Absence Leads to the Nexon Founder Giving up $16 Billion Gaming Deal: Source

July 10, 2019 10:28 am

Beijing (PingWest)—Jungju Kim, the founder of Nexon Co, has abandoned plans to sell a controlling stake in its parent NXC, scuppering a potentially $16 billion deal that would have been the gaming sector’s most significant.

Kim had been looking to sell the 98.6% stake he and his wife hold in NXC, which in turn owns 48% of Tokyo-listed Nexon.

The paper reported that Tencent or other tech giants had not joined the bidding, which contributed to the collapse of the deal.

Tencent’s participation was seen as key to any deal, since it owns the exclusive China license for Dungeon Fighter (DNF), Nexon’s most successful game.

Source: Reuters