[THE INVESTOR] Korea’s leading game company Nexon’s founder Kim Jung-ju plans to sell his controlling stake worth around 10 trillion won (US$8.90 billion) in its holding firm NXC, the Korea Economic Daily reported on Jan.3.
Kim reportedly seeks to sell a total of 98.64 percent stake held by him and related parties including his wife.
Nexon’s current market cap on the Tokyo Stock Exchange amounts to 1.26 trillion yen (US$11.70 billion), with NXC’s stake exceeding 6 trillion won. The total value of the shares include the holding firm’s stake in affiliates and Kim’s management premium.
Deutsche Bank and Morgan Stanley have been selected to manage the stake sale, with bids due next month. Shares of Nexon affiliates, including Nexon GT and NAT Games, jumped almost 30 percent in the morning session.
By Choi Ji-won (firstname.lastname@example.org)