The sale of the South Korean video game publisher Nexon Co. Ltd. (OTCMKTS: NEXOF) listed in the Tokyo stock market which had a set price tag of USD 15 Billion has been shelved after 7 months of struggle in order to find a buyer.
After it went public in 2011, the company raised $1.2 billion, which is one of the biggest ever for a gaming company. Nexon is one of the biggest revenue generating video-gaming companies in the world and it’s founder Kim Jung-ju together with his wife hold 98.6% of it. The sale was shelved since sellers and buyers were not able to agree on a price due to low bids and lack of buyers, “ The price tag was too high for domestic strategic buyers” said Choi Kwan-soon at SK securities.
Nexon is known for Dungeon fighter Online, sudden attack and MapleStory which are online games justifying Nexon’s weak presence is the fast-growing mobile game market. Even Though its net profit jumped 90 percent to JPY 107.7 Billion 2018 sales of JPY 253.7 Billion, it growth prospect are not positive after latest dearth of successful games.
Morgan Stanley and Deutsche bank which are the two appointed banks to manage the deal did not make any comments, however the sale of the company by Mr Kim is expected to be pursued later on making it be potentially the largest deal in the industry.