Tencent Said to Be Considering Bid for Gaming Company Nexon's Parent

Tencent Said to Be Considering Bid for Gaming Company Nexon's Parent

Chinese gaming titan Tencent Holdings is considering a bid for the holding company that controls South Korean gaming company Nexon, two sources with knowledge of the matter told Reuters.

Tencent is looking to enlist co-investors, the sources said. One of the sources also said private equity firms are studying options for a deal, including taking the listed company private.

Nexon founder Kim Jung-ju plans to sell a controlling 98.64 percent stake in Nexon's holding firm NXC Corp, held by himself and related parties including his wife, the Korea Economic Daily newspaper reported this month.

The stake is worth between KRW 8 trillion and 10 trillion ($7.1 billion and $8.9 billion), according to reports from Korea Economic Daily and the Maeil Business Newspaper.

Deutsche Bank and Morgan Stanley are running the sale, sources told Reuters.

Morgan Stanley declined to comment. Deutsche Bank was not immediately available for comment.

The Maeil Business Newspaper said Tencent has picked Goldman Sachs as adviser, citing unidentified sources. It added that other potential bidders include KKR & Co, TPG Capital, Carlyle Group and MBK Partners.

NXC and Tencent declined to comment.

© Thomson Reuters 2019

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