Kakao did not immediately comment on the news, when contacted by Reuters. Nexon, Netmarble and MBK declined to comment. Sources said this year that whoever won the bidding for NXC would have to ensure Tencent was cooperative.īids from Kakao and MBK Partners fell short of Nexon’s expectations, while Netmarble’s funding capability was in doubt, the paper added.
NEXON ROCKET ARENA LICENSE
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.
The paper reported that big tech giants like Tencent had not joined the bidding, which contributed to the collapse of the deal. “I am not picking a preferred bidder in light of market conditions and others,” its billionaire founder said in an email sent to bidders via adviser Morgan Stanley, South Korean newspaper Joongang Ilbo reported. Since it emerged in January, the sales plan has been dogged by funding challenges, the intricacies of Nexon’s relationship with its biggest customer, China’s Tencent Holdings, and protectionist South Korean sentiments. 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. SEOUL, July 8 (Reuters) - Nexon Co founder Jungju Kim has scrapped plans to sell a controlling stake in its parent NXC, two sources with direct knowledge of the matter said on Monday, scuppering potentially the largest deal in the gaming sector at up to $16 billion. * Transaction could have been worth as much as $16 bln * Kakao, MBK bids short of Nexon’s expectations - paper Gaming deal - (Corrects adviser’s name in final paragraph to Deutsche Bank)
This article from Reuters back on the 7th presented more clear facts in regarding the canceled sale.
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