The sale of a controlling stake in the parent of South Korean gaming firm Nexon ...
HONG KONG/SEOUL - The sale of a controlling stake in the parent of South Korean gaming firm Nexon Co is now narrowing to a handful of serious bidders after generating fevered speculation.
51-year-old Kim said last year he did not plan to leave his company to his children, and earlier this year he hired investment banks Deutsche Bank and Morgan Stanley to explore a sale of his NXC stake, sources said.Bankers are licking their lips in anticipation of a deal because not only can they earn fees from advising potential players but also they might get to finance any transaction.
Local media named Amazon, Comcast and Electronic Arts as initial bidders, but Reuters could not verify that.Chinese gaming giant Tencent, its South Korean peer Kakao, as well as private equity firms Bain Capital, MBK Partners and KKR submitted initial bids, according to five sources.The sale move, however, is angering some South Koreans.
But two sources close to the company say it has not yet fully recovered from China’s crackdown on new online games last year and it has also just gone through its largest-ever round of executive lay-offs.
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