author: Bart Swiatek
Korean gaming giant Nexon up for sale
NXC holding, along with Korea's biggest game developer and publisher company, is being put up for sale.
IN A NUTSHELL:
- NXC holding - the owner of the Korean company Nexon - was put up for sale;
- Kim Jung-ju, the founder of the company, who owns 98.64% of the shares, wants to get rid of his shares;
- potential buyers include Electronic Arts and Tencent.
NXC Holding, the owner of Nexon, Korea's largest game developer and publisher, responsible for the release of such productions as Fantasy War Tactics and Dynasty Warriors: Unleashed, was put up for sale by its former owner, Kim Jung-ju. The businessman, together with his wife and the company he founded, Wisekids, owns 98.64% of NXC shares.
The sale of a giant like Nexon can have a significant impact on the situation in the industry, especially as Electronic Arts and Tencent are among those interested in buying (the list also includes Korean companies Kakao Corp. and Netmarble Corp, which are somewhat less known in the West).
Why did Kim Jung-ju decide to sell his shares? Initial reports suggested that the businessman was tired of subsequent legal regulations hindering his business, as well as the long court battle in which he defended his good name against accusations of corruption (he was eventually found innocent). The Korean game site Gamemeca, however, managed to get a commentary from NXC, which categorically denies this information (via Kotaku).
The reports about CEO Kim Jung-ju looking to sell his shares because of increasing regulations and mentioning about being tired from regulations is different from the truth. We are in the process of verifying the sales and it’s taking a bit of time because of issues with our official announcement. Regardless of that fact, we are trying to make an announcement about this as soon as possible but it may be in the days that follow.