South Korean gaming firm Nexon’s parent delays bidding for stake sale

  • Miles
  • May 14, 2019
  • Comments Off on South Korean gaming firm Nexon’s parent delays bidding for stake sale

SEOUL, May 14 (Reuters) – The parent of top South Korean gaming firm Nexon Co Ltd has delayed the bidding process for its controlling stake in the company, originally scheduled for Wednesday, two sources familiar with the matter told Reuters.

One of the people said the bidding had been postponed by one week.

A spokeswoman from Nexon’s holding firm, NXC Corp, declined to comment.

A deal would rank as one of South Korea’s biggest, and at potentially $16 billion, the biggest gaming deal worldwide.

Chinese gaming giant Tencent , South Korean tech firms Netmarble and Kakao , as well as private equity firms Bain Capital, MBK Partners and KKR submitted initial bids in February, sources told Reuters previously.

The Nexon parent was originally scheduled to receive main bids on Wednesday, which would come after a due diligence process.

Shares of Nexon, listed in Japan, were down 2.6 percent as of 0220 GMT.

[“source=nasdaq”]